THE P. & O. COY.

Hokitika Guardian, 13 December 1923, Page 3

THE P. & O. COY.

LORD IN( 'll A I 'U’S ADDRESS. [Reuters Tel ix it a ms.] (Received this day at 11.15 a.m.) LONDON, Dee. 12. Lord ImTiape ai the R. and O. Coy’s meeting, said tliai he regretted that, with few exceptions, the earnings of every voyage of the I’, and (). Coy's steamers during the past twelve months wore below disbursements. The Coy. would he reluctantli' compelled to reduce the wages of the stall and further reductions might he necessary to keep the ships at sea and cover working charges. He suggested that unemnleymcnt might he remedied it Ihe trade unions - u-p-'uided the regulations in regard to minimum rates ol wages, the restriction of the hours of Labour and the output, and gave the economic conditions free play lor a year or tlwo, so that the costs of production might decrease and a world market he found lev the increased output of British manufaet urers. Lord Inelmpe said that. Imperial Conferences were undoubtedly valuable lo the Umpire, but had a somewhat disturbing influence in domestic aliairs. He Imped that when the next Imperial Conference was arranged, it would b- j one of the conditions that any mention of Imperial preference or tai'ill's he rigidly excluded from discussion. He would not rule out free trad' within tlie Umpire, hut as most ol the Dominions depended largely on revenue from high tariffs, he was afraid that for many years this would not lie a practical proposit ion. lie believed tie' different units of the Empire would hold together hi tler if they each were left free to carry oil in a "ay which was apparently the best suited to their own conditions. Tlmy I need Government compel iiton in shipping hut he did not want to boast. He realised that hard times were ahead besideCoiled States Government shipping. There was a legacy leii hv Mr llughr , whose Government shipping depart - nieiil east Australia million' that it would never see again.

Lord lueheape thought that tin- laxpavers would get tired ot liiisinews eomlneted on unsound principles and supplementing deficits'from the pockets of the taxpayers.

Lord lueheape said lie was coniiloi't that ail these visions of governmental commercial enterprises would fade in due time and the Rriti-h mercantile marine would enable Brittanin to continue to rule the waves.