NO DIVIDEND PAID

Hokitika Guardian, 22 December 1932, Page 5

NO DIVIDEND PAID

POOR PROSPECTS FOR SHIPPING

COMPLAINT AGAINST MATSON CO

United Press Association—By Electric Telegraph—Copyright.)

LONDON, December 20.

At the Orient Shipping Co’s meeting. Mr Alan Anderson presiding, said, “We have been guided in the decision not to pay a dividend, not so much by our cash which would enable the payment of a dividend, as by til© prosects of trade. The Australian passenger ti’ade does not yet show those clear signs of improvement which would alone justify the payment of a dividend from reserves. We have reason to be thankful in this year of collapse that we not only avoided actual loss but realised a cash profit of £IOO,OOO on holiday cruises, which helped to solve the unemployment problem. “Among the world causes of our depression is that one nation after another is giving enormous subsidies, dumping shipping services on the world with the apparent object of ruining shipowners who try to make cuds meet. The Matson Line, by placing on the San Francisco-New ZealandAustralian run three new vessels, whose capital cost and running expenses are much greater than, judged by pprt experiences, the trade will repay, is competing with a British line which cannot dip into the public purse, and is a Lie to offer the public such costly vessels. ✓ “If the Matson Line had found twenty-five million dollars themselves and were charged normal rates of interest on it, or were in any serious risk of having to pay the eventual loss, we might blame them for gambling, but as a grateful nation is taking the risk, we must congratulate them on being safe men and not gamblers.’’