HIRE OF SHIPS
COMPLAINT THAT RATES ARE TOO LOW MADE BY BRITISH FIRM. LOSSES DUE TO THE WAR. (By Telegraph—Press Association—Copyright) (Received This Day, 9.50 a.m.) LONDON, June 15. Merchant ship owners are not getting a fair deal from the Government, according to Lord Milford and his codirectors- of the Court Line. They claim that when their ships were requisitioned, hire rates were intended to provide 5 per cent depreciation, plus 5 per cent interest on capital. The actual profits last year were only 5g per cent on the ships’ basic value. Earnings at £82,000 are down £71,000 compared with the previous year. Cash on hand, plus securities, is nearly doubled at £1,400,000, this reflecting ship losses due to the war. The directors claim that these resources are insufficient to replace all lost ships at present prices.
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Wairarapa Times-Age, 16 June 1942, Page 2
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137HIRE OF SHIPS Wairarapa Times-Age, 16 June 1942, Page 2
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