P. & O. COMPANY

Hokitika Guardian, 14 December 1928, Page 1

P. & O. COMPANY

DIVIDENDS INCREASED. lUnited Press Association.— By Electric Telegraph.—Copyright.) LONDON, December 2. Addressing the Peninsular ami Oriental Cov’s meeting. Lord Inchcape said the Company’s 32 steamers wore worth considerably more than the value at which they stood in the books. The Board, therefore, considered it would not lu> imprudent if it set aside -, smaller sum for depreciation, than it ),„d l>eeii in the lmhit of doing, and deferred stockholders a dividend of seven per cent, instead of rive lor 1,-df of the venr. The Company had ~‘ot made air offer for the Commonwealth Line as it considered it had foi the time being, quite enough on us hands in the Australian trade. Mr Hughes’s venture as a shipowner cost thereonntry something like twelve millions sterling. which added to the Commonwealth national debt. Australia would have done far better it it bad never established the Commonwealth Pine, which had not in the least been required. There bad been a considerable decline in output tonnage last vear, This could not be wondered at.