The Orient Line.

Hokitika Guardian, 15 December 1922, Page 1

The Orient Line.

PAST YEAR AND FUTURE PROSPECTS. LONDON, Dec. 12 At the annual meeting of the Orient Steam Navigation Company, Ltd., Sir Kenneth Anderson, who presided, said the net. result of the year’s operations which was in the neighbourhood of the pre-war standard, was not due to an increase in voyage earnings, hut to a very considerable and most welcome drop in the cost of running. The company’s passenger earnings had been less, both outwards and homewards, the latter markedly so. As regards the third-class traffic, the volume in 1923 would depend primarily on tho extent to which tlio Imperial and Commonwealth Governments were able to get their emigration scheme into ac tive being. The case for it was irresistible and it would he a strangely ]ierverse misfortune if the proposals should fail ill successful achievement. A policy of emigration by fits and starts was desperately expensive and wholly ineffectual. Tf their ships were to serve the trade cheaply they must have an economic load assured them, not for one or two years, but for life. The company’s average homeward freight earnings had been lower, owing to reduced rates which they could ill afford. The average outward freights had lieen better, hut that was due to the greater carrying capacity of the steamers employed this year as compared with last. year. In regard to fortnightly sailings, Sir Kenneth Anderson repeated the doubt he expressed last year as to whether the game was worth the candle. There had been no expansion in tho passenger traffic and the existing services had proved more than adequate to deal with all tho traffic offering. A better policy was to moot a gradual increase in traffic bv an increase in the size of their steamers. He had not seen any evidence that, since regularity in the intervals of the service hadj been restored, trade had suffered any grave disability in regard to tbe mail service. The credit balance of the Orient Steam Navigation Company, Ltd., was £217,(121. A dividend on tbe deferred shares of 12-}, per cent, tax free, bus been declared. The sum of £IOO,OOO lias been added to tho reserve fund, and £72,008 carried forward. Last year the credit balance was £265,320, and a dividend of 121 per cent was declared. The sum of £7llO was added to the general reserve, and £50.16n was carried forward.