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New Zealand Listener, Volume 37, Issue 947, 4 October 1957, Page 2

What happens to every pound reireanve, we earn Everybody knows that money needs managing. That'$ why most of uS (from investments and S0 on). Tha are interested to hear how other people manage theirs. But; whether amount is 7d. That gives uS 38. 9d. in you re dealing with hundreds of pounds or with millions, the problems hand but not for long: are basically the same; it all comes down to shillings and pence in the To recover the original cost of our ships end. we set aside as Depreciation the sum of 2S. ofd. Shipping finance is nO exception. This is what happens to every we but costs of replacement continue to carn in the way of freight and passage money rise steeply and to make: some provision We 'spend on Fuel IS. Hd. for this wC put aside an additional 6d. 2S. 63d. Port Charges come to IS. 6d. Taxation takes Hfd: Insurance of ships; crews and cargoes To the Sharcholders we pay a dividend of' 3d. cost Iod. and that' $ it. Food, provisions and stores come to IS. 3ld. Close budgeting indeed ! Labour and services which includes, More than three-quarters of the expenditure goes on} actual operating not only wages for the crew; but the costs expenses; over a considerable part of which the Lines have virtually no of cargo handling; ship repairs and control. There iS, in consequence; little room for economies and adjust- general maintenance NIS. 3ld. ments. A small increase can possibly be absorbed, but if the shipping service is to continue then any substantial increase in costs (or 4 con- The original pound has already been tinuing small one) can only be met by increased charges for our reduced to 38. 2d. and only the actual services. Thcre is no other way IO balance the budget: operating expenses have been paid SO far. We can however at this point take in (Figures quoted from the accounts of one of the New Zealand Overseas Lines a small item for miscellaneous income over the SLX-year period ending September 1956) Issued in the interests of mutual understanding by NEW ZEALAND OVERSEAS SHIPPING LINES SHAW SAVILL & ALBION Co. LTD THE NEW ZEALAND SHIPPING Co= LTD PORT LINE LIMITED BLUE STAR LINE LIMITED