N.Z. Shipping Co. Has Bad Year

Press, Volume CVI, Issue 31318, 14 March 1967, Page 21

N.Z. Shipping Co. Has Bad Year

(Special Crspdt. N.Z.PA.) LONDON, March 12. A gloomy report on last year's trading has been circulated by the secretary of the New Zealand Shipping Company (Mr L. G. Sankey). In his report covering the 12 months to September 30 last year Mr Sankey said trading results were bad. “Gross revenue was down on recent years and there has been a big Increase in costs, particularly repairs and insurance for cargo claims.” Gross Profit The group profit before tax was £574,629, compared with more than £1.5 million the previous year. The profit represented a return of li per cent on £3B million issued capital and reserves. “The ordinary dividend for this year have been increased solely in order to obtain certain transitional benefits under the new United Kingdom taxation system.” The company proposed a final dividend of 1J per cent—gross. An interim dividend at the rate of fid

free of income tax of £1 of stock was paid on March 10 last year. Passengers Notes on the company’s operations during the year disclosed a fall of nearly 81,000 tons in cargo carried from New Zealand, Australia and wayports to the United Kingdom. In contrast, tonnag- carried to Australia and New Zealand and wayports rose by some 37,000 tons. The number of passengers carried on ocean voyages fell from 8829 to 5896, and cruise and trans-Tas-man traffic dropped from more than 1200 people to 306