Aust. Shipping Line Profit Drops

Press, Volume CIII, Issue 30560, 1 October 1964, Page 17

Aust. Shipping Line Profit Drops

(NZ. Press Association—Copyright)

CANBERRA, September 30. The Australian Nat* ional Shipping Line made a profit of £1,035,411 in 1963-64. This profit was £305,325 less than in 1962-63. The Minister fbr Shipping and Transport, Mr G. Freeth, tabled the Australian National Line report in the House of Representatives yesterday. The report said that the line was unlikely to be able to maintain the profit rate without adjustments to freight and passenger fares. Revenue from operations in 1963-64 reached the record figure of £17,091,592, it said This resulted from an increase in cargo carried from 5,051,290 tons in the previous year to 7,139,134 tons in 196364.

The report said net profit before tax in 1963-64 was £2,265,847. The line paid the Federal Government a 6 per cent dividend. The report said rising costs and increased taxation had reduced profits. The line’s fixed assets increased from £30,995,970 to £34,073.208 in 1963-64, the report said The report said all the line’s ships were busy on the coastal trade in 1963-64 and none were available for overseas work.

More Planes. —Branif International Airways, of Dallas, the first United States airline to order the British B.A.C. one eleven twin jet airliner, has announced it has taken up an option for 12 more of the planes.— Washington, Sept 30.