P. AND O. COMPANY

Dominion, Volume 15, Issue 56, 30 November 1921, Page 5

P. AND O. COMPANY

SERIOUS LOSSES ON RECENT VOYAGES. London, November 28. Tho Peninsular aud Oriental Steam Navigation Company reports a credit balance of 41683,405, ami carries forward 41100,305. During the year the company’s insurance fund was increased by half a million, making it £'A, OOO,OOO. The report further states that, during the first half year tho company’s steamers were able to do something more than cover expenses, but for the last six months this has not been the case, and recent voyages have resulted in serious losses, therefore there will be no bonus. Tho company’s year closes on September 30. The credit balance last year was 41772,606, including .£115,230 brought forward from the previous year. • Tho dividends declared last year were 5 per cent, on preferred stock, 12 per cent., and 3 per cent, bonus on deferred stock, free of income tax, and 41111,938 was left to bs carried forward in 1921. Last year the company capitalised 41205,000 of its reserves, and distributed the same among deferred stock holders. Tho liabilities of the company, according to the last annual report, included 46,431,120 paidup capital, 411,4-95.880 debenture stock at 31 per cent., .£1,809,295 reserve fund, 411,000,000 contingent fund. 412,500,000 insurance fund; bills payable, sundry balances, and unclosed accounts 418,564,113, provident good service fund 41300,000, to profit and loss 41772.606. The assets were all together,- including steamers, buildings, wharves, cash in nnnd and at bankers, nnd debts owing to the company. shown ns one lump sum of <£22,593,548.—Au5.-N.Z. Cable Assn.