HC Deb 10 April 1905 vol 144 cc996-7
MR. ROSE (Cambridgeshire, Newmarket)

To ask the Secretary of State for the Colonies whether he is aware that the Premier Diamond Mine has declared a dividend on its share capital for the half-year amounting to £210,000; and, if so, will he say whether the remaining 60 per cent, of the profits, amounting to £315,000, to which the Transvaal Government is entitled, will be paid at the same time.

(Answered by Mr. Secretary Lyttelton.) In a telegram recently received the officer administering the Government of the Transvaal states that before division of profits with the Transvaal Government the company are entitled to repayment with interest of the capital expended in the mine. This repayment is £85,000. The Sum of £125,000 will be paid to shareholders as an interim dividend. The Government share is therefore £187,000. Under the Ordinance the Government cannot claim any payment whatever on account of its share in profits, whether in the form of interim dividend or otherwise, till the company's yearly accounts are made up (that is to say, until January 31st, 1906), but the company has consented, in the event of any interim dividend to shareholders, to make an interim payment of the same amount to the Government, and to pay the balance of the Government share out of their next diamond sales, and before any further dividend is paid to shareholders. In connection with the present dividend the Government will receive £125,000 simultaneously with the shareholders, and £62,500 out of the next available cash.