SHIPPING INDUSTRY

Evening Star, Issue 20049, 14 December 1928, Page 4

SHIPPING INDUSTRY

THE P. AND 8. COMPANY ADDRESS by lord inohcape. J.’»'«S9 Association—By Telegraph—Copyright, LONDON, December 12. Addressing a meeting of the P. and 0. Company. Lord Inchcapo said tiiat tlio company's U2l summers were worth considerably more than tlio value at which t hoy stood in tho books. The board thoroloro considered it would not bo imprudent if it sot aside a smaller sum lor deprwinlum than it had been in tho habit of doing, and declared a deferred stockholders’ dividend of 7 per coni, instead of 5 per cent, for tlio half-year. Tlio company had not made an’offer for the Commonwealth Lino ns it was considered that it had for the time being quite enough on its hands in tho Australian trade. Mr Hughes’s venture as a shipowner had cost tho country something like £12,000,000, which was added to the Commonwealth national debt. Australia would have done far better if it had never established tho Commonwealth Line, which had not in tlio least been required. There had been a considerable decline in tho output of tonnage last year, but this could not bo wondered at. So far as ho could see there was more tonnage in tho world than was required to carry tho cargo available. Better conditions would eventually prevail and the country would continue to hold supVmacy of” the sea, as iu the past.—Australian Press Association-United Service.