MINIMUM FREIGHTS

Evening Post, Volume CXXVII, Issue 2, 4 January 1939, Page 12

MINIMUM FREIGHTS

POPULARITY OF CRUISING

(By Air Man, from "The Post's" uondon Representative.) " LONDON, December 8. A substantial improvement in working results, and an increase in distribution have been features of the year for the Peninsular and Oriental Steam Navigation Co. Sir William Currie, chairman, informed shareholders at the annual meeting that benefits from an improvement in world freight rates had been reaped, and, until recent months, a larger volume of cargo had been moving. Voyages showed improved balances, and allied companies were able to increase their dividends. Sir William also said that the liability of shipping to recurring periods of depression made it desirable that the higher distribution should be allotted in the form of dividend and bonus so as to indicate quite frankly that it should not be regarded as a standard for the future. The volume of cargo to the Far East from the United Kingdom, and also from the Continent, he said, had dwindled considerably during the year, but the decline to some extent had been offset by increased rates of freight on certain commodities. Given peace he was confident that although the export trade of China had been dislocated as a result of the present upheaval, the country's powers of recovery were such that trade would resume a normal course within a short time after the cessation of hostilities. The company meant to continue energetically to serve the Far Eastern trade. ■ INTERNATIONAL. CO-OPERATION. The difficulties through which the shipping industry had passed in recent years had brought about one most useful result, namely, a co-ordination of effort on an international basis with the object, for the common good, of a diminution of cut-throat competition. Sir William acknowledged the good work done in this way by the Shipping Administrative Committee and the International Consultative Committee. Between them they had brought about such a measure of co-operation, not only among British owners but among those of many other countries, as would have been undreamt of in previous years. One of the many problems was to equate the national shipping requirements in time of war with the needs of ordinary commercial peace-time trading. But the more effectively the Government fostered the increasing employment of British shipping in time of peace and so enabled it to compete successfully with foreign Government-assisted and, in some cases, Government-owned shipping, the less would be the necessity for special measures to meet times of crises. GOOD AUGURIES. The present position of world trade was not so favourable as could be wished, and the consequent decline in the volume of cargo moving was a matter which was causing the shipping industry considerable concern. A settlement of outstanding difficulties in the international sphere and an indication that there was good reason to anticipate a reasonably long period of tranquillity throughout the world, bringing with it confidence in the future, would be the best tonic to bring about an improvement in trade for merchants and shipowners alike. A further stimulant to a general revival in all industries would be the breaking down of trade barriers and closer co-operation between nations. It might well be hoped that the recent trade pact with America and the new Anglo-Italian Agreement augured well for such plans. CRUISING BUSINESS. From the United Kingdom last summer the P. and O. Company operated 15 cruises with vessels of the "Strath" class and the Viceroy of India. The results were not so good as in the previous year, due to some extent to increased operating costs; while disturbed political conditions, additional taxation, and trade recession also had their effect. But 10,539 passengers were \ carried during the cruising season, and the vast majority were satisfied clients. The choice of itineraries for vessels cruising ex the United Kingdom being limited presents a problem, and it was not easy to ring the changes to any great extent, particularly at a time like the present, when ports in Spain and Palestine are ruled out of consideration. "There would, however, seem to be an increasing desire among the company's cruising friends to spend more time at sea and to visit fewer ports," remarked Sir William. "Cruising is a useful source of employment for some of the company's vessels in the off-passenger season, and the fact that it enables continuous employment to he given to the crews is a valuable consideration. "The variety of cruising ports from Australia is naturally limited, New Zealand, Fiji, New Caledonia, and New Guinea being the range within which cruising is possible during the time at the disposal of the mail ships; but this form of holiday in Australia continues to be increasingly popular. The Australian cruising season extends from November to August, and during this period in 1937-38 nine cruises were performed, and 6933 passengers were carried."