U.S.S. Earns Only 1.62 p.c.

Press, Volume CX, Issue 32208, 29 January 1970, Page 12

U.S.S. Earns Only 1.62 p.c.

The Union Steam Ship Company of New Zealand, Ltd, increased its profit by more than 300 per cent to $591,683 in the year to September 30, but this was still a return on capital of only 1.62 per cent The company’s trading profit in the 1968 year was a “microscopic” $135,665, an improvement nevertheless on losses of more than $600,000 in the two previous years. No ordinary dividend was paid to P and O Orient last year, but the annual meeting yesterday approved an ordinary payout of 3 per cent, taking $360,000 in addition to the 51 per eent dividend on the preference shares, which are listed in New Zealand. “Although the results for the year show an improved profit situation, it is not possible to view with equanimity the forward situation,” the chairman (Mr F. K. MacFarlane) told the meeting, the Press Association says. “Industrial disputes

harass not only the shipping scene but other industries as welL “Economic development or growth is hampered at every turn through unnecessary stoppages in industry,” he said. "Lack of statutory power to enable the Government to intervene in the interests of the country as a whole is a situation which must be rectified. “The Union Company provides the main avenue of employment under New Zealand conditions for New Zealand officers, engineers, seamen, cooks and stewards, while earning more than sl4m a year in overseas exchange for the country." The directors said in their report that the company’s fleet had adequately catered for all cargoes offering in the trades in which it operated. Two roll-on rolloff vessels, Maheno and Marama, built to operate a timetabled service from New Zealand to Sydney and Melbourne, had been delivered, but inter-union disputes had inhibited the smooth introduction of the service. I