The niggardly policy of the board of directors, more intent on peaceful dividends than on warlike rule, could not but be galling to soldiers of fortune.
The dividends paid by these mines amounted to about £1,750,000 sterling.
That the association is compulsory; and that dividends are paid, not in money, but in social advantage.
To sum up the causes of failure of the old chartered companies, they are to be attributed to (1) bad administration; (2) want of capital and credit; (3) bad economic organization; (4) distribution of dividends made prematurely or fictitiously.
To use the expression of Sir William Mackinnon, the shareholders have been compelled in some cases to "take out their dividends in philanthropy."