International Finance And Its Reorganization

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The par value was PRINCIPLES AND PRACTICE IN THE WORLD WAR 359 5s. And as in the two previous cases dividends were payable at the prevailing rate of exchange. An interesting feature of the Rand securities is the fact that as commodity prices rose the dividends of this company declined. The dividend rates were as follows: 1909 — 350 per cent; 1910 to 1913 — 220 per cent; 1914 — 200 per cent; 1915 — 160 per cent; 1916 — 150 per cent; 1917 — 145 per cent; and 1918 — 85 per cent. The decline in com...modity prices ought to result in the return of the dividends toward the pre-war level. 4. De Beers shares — The De Beers Consolidated Mines, Ltd. , controls about 80 per cent of the output of the world's diamonds. In January, 1920, Lazard Freres of New York sold 32, 000 deferred shares or common stock of this company. The par value was £2 lOs. The British shares were deposited with the Central Union Trust Company and against them American shares were issued. The basis was 5 American shares for 2 of the British.

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