Baxter Springs news. [volume] (Baxter Springs, Kan.) 1882-1919, 1910-10-20

OF improvement in revenue, are chief
ly: ~ A lump sum Of 100000
francs. to be paid to the government
in 1913; (2) three per cent. OF gross
takings to be paid each to the prince;
and (3) 10000 francs 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 at first
sight considerable; but review Of its
history shows that they have hitherto
been borne with ease. For the year
1S71-2-the accounts are made up to
March 81 Of each year and its dividend
coupons detached in May and Novem-
bert paid a dividend OF no more
than $3.50 francs or 611 per cent. on
its nominal capital; the company had
just made fair start after the Fran
co-Prussian war; but by 1882 the
dividend had been increased to Ga
francs or 1913 per cent, and ten years
later still for 1912, It stood at 235
francs, or AZ per cent. on the original
share.
Dividends Steadily Advancing.
Let us now see how 1t bore the
heavy burdens imposed upon It in
1898. which We can only do reliably
by observing the advance or setback
of the dividend.
Turning now to the dividend rec
ord for 1S9S-9-the year when the COM
pany pledged itself to pay 10,000.000
francs down and spend 100000 francs
on public works, including theater-
the dividend stood at 275 francs, or IS
per cent. on the original capital.
II was further handicapped, as no
ticed aboveS by the South African war,
and the dividend next year dropped to
900 francs or A per cent. and the year
after that to 210 francs, or AZ per
cent. a low-water mark It has since
never touched. During the next two
years 1t stood at 225 francs, or IS per
cent, and then began to rise rapidly,
the figures being as follows: 1904,
295 francs, or 50 per cent; 1904-5. 800
francs. or Ga per cent; 1906. $50
francs, 70 per cent.-high-water mark;
1868, two years, 290 francs, So per
cent; 19OS.9, 300 francs. 60 per cent;
1909-1910, S15 francs, 60 per cent.
There is little doubt that the com.
pany could, had It chosen, have dis.
tributed much larger dividends than
those noted Of late years. But" says
the Banque Henry Dupont in a recent
circular referring to this matter. 'the
directors have made q point Of entire
ly amortising all the expenditures on
improvements and gradually accumula-
ting the sum of 100000 francs to be
paid to the prince in 1913. The series
of public works prescribed Is now al.
most completed.
Profit In the Peace Of Europe.
ION the other hand the prolongation
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 160.000,000
francs. while the new annual charges
only mean about 1,4S0,000 francs"
That this last calculation is pretty
accurate appears from that fact that
three per cent. on 3S.492,000 francs,
the gross profits for 1909-10, works out
at 1,154,700 francs; the road to Nice
takes 10000 francs annually for four
years; the annual loss on gas is a
trife of $4,000 francs and the pension
fund takes 100000 francs. in all 1.479,.
eco francs.
Deducting this from the amount By
which the sinking fund appropriation
is reduced-namely 100000 francs.
a positive annual gain to the company
of about 10000 francs is apparent
According to this Calculation the com.
many 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 194S.
All that the company has to do II
to await with equanlmity the in.
creased amount that viii surely b
gambled away during a period Of In
creased trade prosperity. II has no
serious competitor to fear; Corfu and
Egypt are too far distant to interiors
with It: Spa and ostend disappeared
in 1908. and the Italian parliament
lately rejected the proposal to legal
ize gambling stations along the Italian
Riviera. II the peace Of Europe IL
maintained. the company's profits
must Increase. for the gambling IN
stinct Of mankind Il not to Be eredi-
Gated. and Monte Carlo Is the worlds
gaming center.