The Guardian (And Evening star,with which is in-Corporate the west coast Times.) TUESDAY, AUGUST 14th. 1923 GERMAN SHIPPING TRADE

Hokitika Guardian, 14 August 1923, Page 2

The Guardian (And Evening star,with which is inCorporate the west coast Times.) TUESDAY, AUGUST 14th. 1923 GERMAN SHIPPING TRADE

According to information received in Sydney lately, German shipping companies in trade with Australia aro expressing satisfaction at the lesults already achieved since the removal of trade restrictions. One company, indeed, has adopted the policy of paying its dividends in gold marks instead, of the paper marks of questionable value handed out to shareholders in other German companies. ' The Deutsch-Aus-tra lisohe Dampfsehiffs Gesellschaft, otherwise known as the German-Aus-tralian Steamship Company, which, m conjunction with other concerns, resumed trade with Australia soon after the removal of restrictions last year, had previously entered upon a community of interests arrangement with the Kosmos Line, another German shipping concern. The first statement of accounts under this arrangement also covers the period of the German-Aus-tralian line’s post-war trade connection with Australia. Having regard to the difficult economic and political situation, however, the results are stated to be satisfactory. The accounts pf the

two companies reveal good profits. The Kosmos Line earned n gross profit of 411 million marks, and after deducting cost and taxes 67.9 million marks, ami reconstruction re,servo, 318 million marks, a net profit remained of 15.2 million marks. This company has paid a dividend of 24 gold pfennings per share. The Gernwn-Australian Steamship Company, however, had a gross profit ot 509 million marks, of which 100 million was set aside for cost and taxes and 375 million for reconstruction. Then the company showed a net profit of 22.8 million marks, and paid, a dividend of 30 gold pfennings per share. Discussing trade operations during the year, the reports of the companies state that trade to the Dutch Indies “brought an acceptable profit,” In August. 1922, the report of the Ger-man-AUhtralinn Company states that the first steamer was despatched to Australia via South Africa, and “that co-operation with Messrs Alfred Holt and Co., Ltd., proved favorable.” The service to the West Coast of South Amoiica, which 'the company maintained in conjunction with the Bremen Boland Line, was enlarged. The same applied to traffic with Central America, where, however, Germany’s incapability of buying larger quantities of coffee impaired the development considerably. After the opening of the sailings to the West Const a friendly agreement was established with the Hamburg Amerika Line, by which the company gets about tlie same share in the trade ns before the war. The service to the North l’acific Coast- was not- resumed during the financial year under review, hut the company hopes to do so in the current year.