28 MARCH 1931, Page 42

Before the merger each company is to pay a dividend

of 3s. per share, less tax, on its Ordinary shares, while the Colum- bia Graphophone Company will distribute among its share. holders a bonus in the form of Voting Trust Certificates, its holding in Columbia Phonograph Company, Inc.; of America. It is considered that under the combine some substantial economies can be effected. The concerns have for some time past, of course, been closely associated with American inter- ests, the chief shareholder of the Gramophone Company being at present the Victor Talking Machine Company, which is controlled by the Radio Corporation of America.