WHITE STAR LINE.

Dunstan Times, Issue 3383, 18 July 1927, Page 7

WHITE STAR LINE.

REPORT FOR 1926

London; May 12. The report of the Oceanic Steam Navigation Company (White Star line) for 1926 mentions the fact that the control of tiie undertaking has returned to British hands, the Roya] Mail Steam Packet Company having acquired the entire share capital from the International Mercantile Marine Company, of New Jersey (U.S.), who had hold it for many years. The report states that a slight improvement occurred in the passenger movement to the United States, more particularly in the non-quota traffic carried in the new tourist class and in the third-class accommodation. As a result of the more liberal attitude of Canada towards immigration, Canadian traffic also showed an improvement, and there is every indication of a further increase during the current year, following on the promise of assured work for settlers.

The freight situation in 1926 was disappointing. The volume of traffic in all directions was seriously restricted as a result of labour disturbances. Freight rates in the latter part of the year advanced, but the Company’s ships most affected thereby, being coal burners, were prejudiced because of the abnormal prices for bunker coal.

The year’s profit, including interest on investments but after providing for depreciation, fell to £297,426, which will rank among the smallest in the Company’s recent history. For 1908 there was a loss after providing for depreciation, and for 1909 the profit was only £620,345, less £356.932 for depreciation, but for each of the years 1915 to 1922 inclusive it was considerably larger, being £2,402,758 for 1916, less £258.138 for depreciation. For 1923 it was £548,153, after allowing for depreciation, and since then it has been as shown in the following table: — 1926 1925 1924 £ £ £ Profit 297.426 438,992 557,142 Brought Forward 187.254 117,928 124,091 Available ... 484.650 556,920 781,233 Interest, lax. and fees ... 131,867 119,686 148,305 To reserve ... Dividend ... 250,000 250.000 375,000 Do per cent 5 5 7gPensions ... Carried Forward 102,793 187,234 117,925 The reserves shown in the last balancesheet were:—

Genera] £550,000. insurance fund £200,000. and general purposes fund £697,409. Tlie directors now state that £197,409 of the last-mentioned fund has been taken in order to write down the value of certain trade investments. Debentures to the amount required by the trust deed have been redeemed by purchase.