ORIENT STEAM EARNINGS
Effect Of Closing Of Canal (Special Correspondent N.Z.P.A.) LONDON. April 17 As a result of the closure of the Suez Canal, the Orient Company might not earn enough during the present financial year to provide full statutory depreciation on its fleet, said Sir Austin Anderson, chairman of the Orent Steam Navigation Company, at the company's annual meeting.
He added that voyage results since ■September 30, 1956, at any rate as far as the Australia-United Kingdom run was concerned, had been substantially worse than last year, especially in the case of older ships. “While we are now getting increased rates of passage money and freight to offset heavy extra increases in operating costs, loss of en route earnings from Ceylon and the Mediterranean was not taken into account when the scale of these increases was calculated.
“Furthermore, disturbed world conditions, the less attractive Cape route, and the temporarily deterrent effect of increased fares have discouraged many Australians from visiting Europe this year,” said Sir Austin Anderson.
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Press, Volume XCV, Issue 28257, 20 April 1957, Page 13
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168ORIENT STEAM EARNINGS Press, Volume XCV, Issue 28257, 20 April 1957, Page 13
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