THE P. AND O. COMPANY.

Taihape Daily Times, Volume XI, Issue 3362, 15 December 1919, Page 7

THE P. AND O. COMPANY.

THE COMPANY’S PROGRAMME. THE SYNDICATES’ 'WAIL. . LONDON, Dec. 10. At the I’. and O.“Comp*any".s annual meeting Lord Inchcape said that he company now controls 427 steamers, ‘the gross tonnage exceeding two and a-quarter millions. The P. and 0. am}. British India Companies had sufiered inol*din'a.te-ly by Government I'oqnisi~ tion and.'gtili'had 26 steamers in the

Governnumt .<orvi.cn. The P. and O. orloln_v action 91 ships of a gross ton.und A.llic.lconlpa.llies. had lost by mum. of 54,3,5.';30. It had I'epla.ced these and «.>t,:'l:-vs lossvs by purcha'sing‘ 169 ves.<lsr>.‘;.‘r,, c~.:*' .:= gl'oS.g tonnklgc of 1,198,289. Thu. f?o'».'<-‘:':lll2~cnt Still retained. ten of tho 1“. and O. Company’s best. steamers, but L-'5-rd Inchcapo saidhg hoped ;_J:).:e:w.r:g__r;*:' and mail service; would be L‘(-?b‘i'.O‘L’{‘(i to the oldfircgularify shortly. Lord .E:=.chc.ape_. proceeding, said‘ the Commr-nweéalth Government had been

owners, thus competing with private enterprise. If British shipmvners had. Austr'.alia.n resources .aga.i.nst them, they might. end by selling thei.-.' ships to the Austl'al'lall Govemment. “We regard it uncomnionly hard ‘that the A.u:<h‘:lli.'.m Government should borrow mo}l’.‘}' to place sfeamcrs in the Aus-tmli-an trade to compete with private enterprise. Me.:'e.hants do not I'eg*al'd the sfep favourably, realising "that if the Government enters into shipping it may ell‘tel' other spheres of.acti\'it_V. The l,al'(‘S(‘nli move is 9. direct attack‘

on individualism and private enterprise. M.crchan'tg know that step is a false one, and bound to act prejudically to Aushralia, but'ixl”Tlle meanti-me it may involn} the whole comniercial community iii dislocation and‘ loss.” Lore‘. Inu‘.l'v.:ipo mhlctl that he was satisfied timt ..\l_l- Hughes was actua.‘te(l by the highest motives when he started the Govemnwnt ‘shipping line, but he was con\'im3r\} that Mr Hughes had a wrong conoo..ption (if what was good for his country. IZ\ir Hughes would be ‘ infinitely‘ better advised if he left the.

business to those in commerce, 03.116 allowed V-the people to work out their owhi salvation. He hoped‘ that Mr Hughes‘ was satisfied with the p:ofit made out of the ships, and would dispose of them, which he could do at considerable gain, and cancel or assign ‘the con. tl'a.cts'.fo)' five new ships. ‘lf he‘ die} so he’ would follow the British Goiv-o el'mnent’..=: <c:;:=.m;ile ‘in Ic'.l'c\rixlg.n;oolVr:,-‘5 memo and industry to private enter; prise .-anél individual ini’tia£ive.. proppgal tp na._tionalisc British ¥ Bing is now.vdead.._;_-ch‘ i