£1 shares
The following extract from the annual report of the chairman of United Steel, Mr. A. J. Peech, shows great expectations: “TF the steel industry is nationalised
we do not know the terms under which this might be brought about but it might not be out of place to give some figures of the value of the Company’s shares based on differing methods of valuation. These have been as follows:— Stock market valuation... 47/- Dividend yield ............ 57/- Balance Sheet value 45/- Current replacement cost 74/- Capitalisation of earnings 69/- “From the above it would seem that any figure of less than, say, 60/- could only be described as unfair expropriation. I trust that no British Government will lend itself to such action.” N.B.—The shares are {1 each. The difference between Mr. Peech’s balance sheet value and his current replacement cost would back up those who have been demanding access, by the workers concerned, to the books to work out the real value of employers’ wealth.
HOW MANY? Which newspaper asked: “How many of those who condemn the dockers would be prepared to sacrifice their own Sundays at home because they were told by the Government that it was in the national interest to do so?” The “Daily Worker”? No! The “T.G.W.U. Record”? No! The “Sun’’? Don’t be funny! No, it was the Financial Times of January sth.
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