IDLE SHIPPING.
FIFTH OF WORLD'S TONNAGE.
P. AND 0. LINE'S FINANCES
United Prass Association —Copyright 1 ) LONDON, December 7. The Hon. Alexander Shaw, addressing shareholders in the P. and O. Company, 'said that the payment of dividends on deferreds had only been possible for some years by conservative finance in the past. He was confident in view of the calamitous state of shipping, that shareholders would approve of the decision to pass the dividend and husband resources. The book value of the company's investments in subsidiaries, £10,588,665, was very conservative, and the present reduced income therefrom was not reflected in their inherent value. Shipping was still in the trough o( the most profound and prolonged depression in history, the chairman added In 1930, 5,000,000 tons of shipping was laid up, in 1931 10,500,000 tons and iin 1932 15,000,000 tons or one-fifth of the world's shipping was idle. By salary cuts and other economies the company has succeeded in reducing expenditure by £225,000 a year. All ships diverted to holiday cruises had shown a modest profit instead of heavy losses <m ordinary runs during the summer.
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Bibliographic details
Ashburton Guardian, Volume 53, Issue 51, 9 December 1932, Page 5
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185IDLE SHIPPING. Ashburton Guardian, Volume 53, Issue 51, 9 December 1932, Page 5
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