The searchlight. [volume] (Culbertson, Mont.) 1902-current, 1910-10-14

Of Improvement In revenue, are chief
~: ID A lump sum OF $4,000. 00C
francs. to be paid to the government
In 1913: t2) three per cent. OF gross
takings to be paid each to tho prince:
and t3) 10000 francs a year for the
next four years to be spent on road
| making-a mere fleabite that will
scarcely have any effect at all.
The burdens imposed on the com.
pany In 1898 and since seem ut flrst
sight considerable: but review OF its
history shows that they have hitherto
been borne with ease. For the year
1871-2-the accounts are made up tc
March 81 OF each year and Its dividend
coupons detached in May and Novem
bert paid q dividend Of no more
than $3.50 francs or 6h per cent. or
It's nominal capital: the company had
just made fair start after the Fran
co-Prussian war: but by 1882 the
dividend had been increased to Q.
francs or 12.s per cent. and ten years
later still for 1912. 1t stood at %.
francs. or A per cent. on the origina
| share.
Dividends Steadily Advancing.
Let us now see how II bore the
heavy burdens imposed upon II II
1898. which We can only do reliabl,
by observing the advance or setback
Of the dividend.
Turning now to the dividend rec
ord for 189s-9-the year when the com
pany pledged itself to pay 10000 ,00t
francs down and spend 100. 900 franc,
on public works. including theater-
the dividend stood at 275 francs. or 8.
per cent. on the original capital.
II was further handicapped. as no
ticed above. by the South African war
and the dividend next year dropped Il
220 francs or "A per cent. and the yeai
after that to 210 francs. or ~ pei
| cent. low.water mark II has sincs
never touched. During the next two
years 1t stood at 225 francs. or 45 per
cent. and then began to rise rapidly
the figures being AZ follows: 1904
295 francs. or So per cent: 1905, 32t
francs. or 64 per cent: 1866. 35t
francs. 10 per cent.-high-water mark;
1906-8. two years. 200 francs. 58 pen
cent: 1s0s.9. 300 francs. 60 per cent:
1909-i910. Bis francs. 60 per cent.
There II little doubt that the com
pany could. had II chosen, have dis
tributed much larger dividends thar
those noted of late years. But" say,
the Banque Henry Dupont In a recent
circular referring to this matter. .'the
| directors have made point of entire
ly amortising all the expenditures or
improvements and gradually accumuia
ting the sum OF 10000 900 francs to BE-
paid to the prince In 1918. The serie,
Of public works prescribed In now al
most completed.
Profit In the Peace Of Europe.
"On tho other hand the prolongatios
| OF the concession made last November
more than compensates for the new
burdens to be assumed since then
The ten years added to the conces
sion reduces the annual sinking fund
appropriation by almost 100000, 0Ot
francs. while the new annual charges
only mean about !. $4,000 francs"
| That this last calculation Ii pretty
| accurate appears from that fact thai
three per cent. on 3s.492.000 francs
the gross profits for 1909-10. works out
At 1.i64.700 francs: the road TO Nice
takes 10000 francs annually for fouI
| years; the annual loss on gas Ia .
tribe OF $4,000 francs and the pension
| fund takes 10000 francs. In all 1,479..
100 francs.
Deducting this from the amount BY
which the sinking fund appropriation
Ia reduced-namely 100000 francs
. positive annual gain to the company
OF about 10000 francs Ia apparent
According to this calcuation the com
pany has made an excellent bargain
with the prince and the only rock
ahead In the distant future Is the In
crease Of his percentage from three
to eight In 1s48.
All that the company has to do ID
to await with equanimity the In
creased amount that win surely be
gambled away during period Of In
creased trade prosperity. II has nc
serious competitor to fear: Corfu and
Egypt are too far distant to interfere
| with II: Spa and Ostend disappeared
| In 1908, and the Italian parliament
lately rejected the proposal to legal
Ire gambling stations along the Italian
Riviera II the peace of Europe II
maintained. the company's prollta
| must increase. for the gambling in
| stinct Of mankind II not to be eradi
Gated. and Monte Carlo n the worlds
/ gaming center.