SHIPPING PROSPECTS

Evening Post, Volume CX, Issue 140, 11 December 1930, Page 9

SHIPPING PROSPECTS

FAR FROM BRIGHT

ECONOMIES FAIL

United Press Association—By Electric '.Telegraph—Copyright. (Received 11th December, 10 a.m.) LONDON, 10th December. During his lengthy experience he had never known trade to bo so bad as in the past few months, said Lord Inchcape at the annual meeting of the Peninsular and Oriental Company. The disturbances, lawlessness, and boycott in India,. tho conditions in Australia, and the civil war. in China, which had added to the severe fall in the sterling value of the dollar and tho tael, had seriously affected shipping. "The financial situation in Australia causes grave inconvenience," continued Lord Inchcape. "We have a large sum. of money lying idle there which we cannot got Home except at a heavy discount, which we do riot like to pay. In the meantime, the money is lodged in the banks, and is earning a fair rate of interest. "The prospects facing shipping are far from bright, despite the efforts to economise. Wo have now decided to reduce the insurance fund from £3,000,000 to £1,000,000, and apply the other £2,000,000 for depreciation of the fleet."

The past yeat. has not been a good one for shipping companies. The Boyal Mail Steam Packot Company, one of tho biggest groups in the world, which includes the White Star Company, has had to appoint a receiver and manager, while at the annual meeting of the White Star Line, Lord Kylsant said that tho results had been only "fairly satisfactory," and that "since the closo of the war there has been little (if any) sign of improvement in the condition of business and travel, and the immediate outlook is not as hopeful as might have been anticipated." * .