Wiis
én dustrnlinn render has airemour attention to the following editroial which appoared in the dustrAlinn jourt 1 Pinnneinl Review:
"Thanks to thé new company law, the people of Australia have been told about the financial results of General Motors-Holdens in 1962.
Without this enforced obligation, we should still be in the dark as to what this immensely important company was doing, as the company took steps about two years ago to ensure secrecy about their profits in Australia.
There has already been mach discussion about the size of the profit made by the company - some 45% million, of which nearly £12 million has been remitted to the United States in the foim of dividends.
Mr. Staniforth Hicketson said recently to the shareholders of Capel Court Investment Company, on the subject of foreign companies investing in Australia: "In some quarters there has been a tendency to suggest that we in Australia should be grateful for the good things they have provided, as indeed we are.
“However, no one can justifiably claim that the entry of overseas capital into this country hasbeen due to any factor other than the desire’ to take advantage of Australian conditions and markets for the purpose of maxing profits.
"Fublic opinion has crystallised into a demand that overseas corporations which are reaping the benefits of Australian condittions should be prepared to coneede to the local publie at least a 30 per cent equity in their Australian operations.
"On more than one occasion, our present Prime Minister has emphasised the desirability of local participation in the equity and profits of Australian subsidiaries of overseas companies,...."
General Motors-Holdens have now given Mr. Ricketson their eonsidered answer. Having been obliged by law to tell the sustxelian public what profits they are making,and having bowed to that legal enforcement, this company now reveals that in 1962 they paid about £11.9 million in dividends to their United States parents,
This was equal to approximately one half the total earnings of all Australiata exports of butter during 1961-62,
It is clearly of no use any longer to even discuss thia issue with the G.M.-H. management, "