SEAMEN’S DISPUTE.

Gisborne Times, Volume XIX, Issue 1665, 3 February 1906, Page 2

SEAMEN’S DISPUTE.

UNION COMPANY’S DEFENCE.

(Per Press Association.) Dunedin, last night. Me J Mills, managing director of the Union Company, addressed the Arbitration Court to-day on tho financial aspect of the seamen’s demands. He said it had been contended that the business of the company had been so satisfactory that tho [ men were justified in asking for an inI crease, but he submitted that the balancesheets which ho had produced to the Court would not support the demand. The balance-sheets showed that during the past few years only 8 per cent had been returned to the shareholders out of profits, This was not by any means an ample return for the capital invested in a business of so precarious a character, the whole profits of which might bs swept aside at any time by interference from outside. As a matter of fact, during many yeais of the company’s existence the dividends had-■ not been abovo 5 per cent or 6 per cent, and at timeß there had been no dividends at all. The average payment to shareholders over a long period of years bad been per cent. Tho cost of living generally was not greater than it was at the timo of tho last award, The wages paid for overtimo were as good as those ruling in Australia, and it would not be proper that a higher rate of wages should be given hero than on ships trading to Australia. The proposal to give preference to unionists theoompaoy strongly resisted, as it was not desirable in the interests of discipline.