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need funds for developments and extensions. Our new phenol plant has already cost us more money than we estimated and may have to be written off in case tariff changes again. Or again that plant may have to become central production of our main products. Then there is the Canadian plant to be developed, other plants of specialties as for instance composite cardboard and laminated products Embed-Art and transparent goods have opportunities of development where much money may be needed etc etc
[[strikethrough]] He has to achieve [[/strikethrough]] Hays fears government may tax us 25% on too large surplus, but when I ask him to cite me one single case where this has been done he cannot. Told him we can cross this bridge
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when we get to it. Even at its worst the government while taxing us 25% will only tax us one half of [[strikethrough]] what [[/strikethrough]] the personal surtax some of our larger stock holders would have to pay. My view is that [[strikethrough]] if [[/strikethrough]] we have declared already 12% extra dividends for the year. That if any more has to be declared we should not do so now but later in the year when we have better come to our conclusions. That an extra 3% as he proposes is a drop in the bucket
That if any legislation were threatened against us, we still have all the time to declare any extra dividend
R&H as well as Karpen Brothers when they get an extra dividend swallow it up in their companies and only have to pay 12½% taxes as profit of their respective companies. I and other stockholders who