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Thursday, 4 April 1957

Mr SPEAKER - Order! The honorable member for East Sydney will refrain from interjecting.

Mr Pollard - That is the whole point.

Mr SPEAKER - Order! The honorable member for Lalor has already spoken.

Mr HULME - If the honorable member for East Sydney wants to raise the subject of watered capital 1 remind him that that is still part of the invested capital whether it is in the form of paid-up capital or reserves. If it were transferred from reserves to paid-up capital it would reduce the reserves, but make no difference to the invested capital, lt is impossible to conaider questions of profits without having regard to the invested capital. In 1955-56 the company's percentage of profit was 4.2. The Peninsular and Oriental Steam Navigation Company line has no fewer than 355 ships, the cost of which was £197,000,000 and the present book value of which is £I22,000,000. If the Opposition wants to think only in terms of paid-up capital, how. from a paid-up capital of £40,000,000, could be provided the capital cost of ships amounting to £197,000,000?

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