SHIPS AND PROFITS

Ashburton Guardian, Volume XLIII, Issue 9749, 14 December 1922, Page 5

SHIPS AND PROFITS

THE VOLUME OF TRADE.

POSITION OF P. & 0. COMPANY . a

EMIGRATION SCHEME WANTED

(Per Press Association, Copyright.) LOiN iX)i\, i>ecemoer 12, At a meeting of tne Orient Steam Navigation Company, Sir Kenneth Anderson, chairman of directors, who presided, said: “The net result, which is in the neighbourhood of the prewar standard, is not due to an increase in the voyage earnings, but to a very considerable and most welcome drop in the cost of running. Our passenger earnings have been less, both outwards and homewards,, the latter markedly so as regards third-class traffic. The volume in 1923 will depend primarily on the extent to vvhich the Imperial and Commonwealth Governments are able to get their emigration scheme into active being. The case for it is irresistible, and it will be a strangely perverse misfortune if the proposals should fail in successful achievement. A policy of emigration by fits and starts is desptrately expensive and wholly ineffectual. If ships are to serve trade cheaply,, they must have an economic load assured them, not for one or two years v hut for life. Our average homeward freight earnings have been lower, due to reduced rates, which we could ill afford. Our average homeward freights have been better, but that is due to the greater carrying power of the steamers employed this year, as compared with last.” In regard to fortnightly sailings, he repeated .the doubt expressed last year-whether the game would be worEIT the candle. There had been no expansion in passenger traffic, and the existing services /had proved more than adequate to deal with the traffic offering. The better policy was to’ meet the gradual increase in traffic, by an increase in the size of the steamers. He had not seen evidence that since the regularity in t’ e intervals of the service had been restored, trade had suffered any grave disability in the mail service