MR. HUGHES, SHIPOWNER

Sun (Auckland), Volume II, Issue 537, 14 December 1928, Page 9

MR. HUGHES, SHIPOWNER

LORD INCHCAPE’S GIBE P. AND 0. ANNUAL MEETING (Australian and N.Z. Press Association) (United Service) LONDON, Wednesday. In his address at the annual meeting of shareholders in the Peninsular and Oriental Steam Navigation Company the chairman, Viscount Inchcape, said the company’s 324 steamers were worth considerably more than the value at which they stand in the company’s books. The board therefore considered it would not be imprudent if it set aside a smaller sum to depreciation than it had been in the habit of doing. This allowed the deferred stockholders to have a dividend of 7 per cent., instead of 5, for the half-Vear. The company had not made an offer to buy the ships of the Commonwealth Line, as the directors considered they had, for the time being, quite enough on their hands in the Australian trade. Mi*. W. M. Hughes’s venture as a shipowner had cost his country about. £12,000,000, which was added to the Commonwealth national debt. Australia would have done far better if she had never established the Commonwealth Line, which was not in the least required. ' There had been a considerable decline in the output of tonnage last year. This could not be wondered at. As far as one could see there was more tonnage in the world than was required to curry the cargo available. Better conditions would eventually prevail and Britain would continue to hold the supremacy at sea as in the past.