§ Mr. Thorneasked the Chancellor of the Exchequer whether he can give the House any information in connection with the Anglo-Iranian Oil Company, in which the British Government hold the controlling interest; what amount of new ordinary stock it will receive; what will be the total dividend paid on its £7,500,000 holding; and any other information that he can give about the matter?
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§ Sir J. SimonFollowing is a statement which was issued by the Directors of the Company at their meeting on 1st June. The amount of new ordinary stock the Government will receive is 3,750,000 £1 fully paid shares: the dividend for the year is 20 per cent. plus a bonus of 5 per cent.
The profits for the year 1936 amount to £6,123,469 to which has to be added £511,126 brought forward from 1935.After providing for Extra Depreciation £514,976 and placing £1, 200,000 to General Reserve, the Directors have decided to recommend at the Annual General Meeting to be held on 21st June, 1937, a final dividend of 15 per cent. (making 20 per cent. for the year) together with a bonus of 5 per cent. both less Income Tax at 5s. in the £ on the Ordinary Stock and to carry forward £492,135.At the Annual General Meeting the Directors will recommend the adoption of resolutions for the capitalisation of £2,327,500 from Debenture Stock Redemption Reserve and £4,385,000 from General Reserve and for the creation and issue by way of capital bonus of 6,712,500 new Ordinary shares of £1 each fully paid being at the rate of one new share for each £2 Ordinary Stock held on the 3oth June, 1937, fractions being adjusted in cash such new shares to rank for dividend in respect of the year commencing 1st January, 1937.