Financial Notes
PENALIZING TAXATION.
AN exceptionally interesting speech was delivered by Lord Bearsted at the recent meeting of the " Shell " Transport Company. The balance-sheet had shown an extraordinarily liquid position, and Lord Bearsted, in referring to this great increase in the cash holding, mentioned that the Shell-Royal Dutch group had no less than £35,000,000 of liquid resources, while the affiliated companies had a further £16,000,000, These vast liquid resources show, of course, that the company is in a strong position and able to face almost any adverse developments, but it is not surprising that Lord Bearsted should also have referred to the extent to which the company's profits were penalized by taxation. He pointed -out that on the trade of their group for 1932 the direct taxation, exclusive of income tax. on profits, was about 150,000,000 against which shareholders only .received in dividends about £6,000,000, on most of which they had to pay income tax.
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