THE ROYAL MAIL STEAM PACKET COMPANY

Evening Post, Volume CIV, Issue 4, 5 July 1927, Page 14

THE ROYAL MAIL STEAM PACKET COMPANY

WOIU.D-WIDF, SPllKilF, ()!•

OI'KUATIONS,

STRONG FINANCIAL POSITION

THE WHITE STAR LINh ACQUISITION.

AUST.ItALABIAN TKAI)K

LORD KYLSANTS VIEWS.

The annual mooting of tho Royal Mail Stenm Packet Company was hold in .London on 25th May last. Lord Kylsant, Ii.C.M.U. (chairman of tho company), presided, and in (ho oourso of his spi-ocli said: r'or eightyeight, years tho vessels ot' this old-estab-lished company have, under ltoynl ('liartor, boon carrying mails, passengers, nnd cargo to and from various parts nC tho world, and tlio company can jusfJy claim to have mintrihutoil in no small monsuro to tho development, of British oversea trado. It is now twenty-four yoavs siuoo I had tho honour ot' becoming chairman ot tho company. ACCOUNTS, Tho. accounts rollout, tho abnormal conditions which obtained last, yonr as the result, of tho general strike and the prolonged coal stoppage. As n precautionary measure, tho court, ot: directors thought it well, in October last, to refrain from declaring (in interim dividend, bul, aflor providing for taxation, debenture Interest, and preference dividends, and writing oft' depreciation on the basis of (>'por cent, per aunuii from tho llrst ■ oost of tho fleet, they iu>\\" recommend tho paymottl, nlfii dividend im l.ho ordinary stock ot the thl.o of -t per eont. ppr iimiini), less income lax. .11 is proposed that tho balance of ai 1W5.752 nt Uio «vodit of prolit. and loss account, bo curried forward. The sum of. £150,000 hns boon withdrawn from tho roHorvo fund, which now stands at A 1,450,000, whUo (ho insurance fund utands at &,1,:t00,i>47.

WHITE STAR LINE. Stockholders are naturally interested lv tho part our company has taken In bringing, back from America to this country the ooutrol of tho White Star Lino, which tho Into Mr. .1. Piorpout. Morgan secured, twenty-live years ago. Might, years ago—namely," in Atny, 191l>—-as tho result of negotiation!!, in conjunction with tho Into Lord IMrrio,' oxtomUng ovor a. considerable period, I slgfteil n contract, on behalf of tho Koyul Mail Stonm racket, Company for tho acquisition of tho Will to. Stfir'.Liuo ttnd Hnyother British linos.<wtioso share capital whs owned by tho International MercaiiGle Marino Company of Now Jersey, IT.S.A. The <tul(ilmont; of this contract, doponded;:upon two conditions—ntimolv, confirmation by tho board oi! directors ot 1 tho^ .rutornatloual Mercantile Marino Company and also by tlio stockholders of that company. Whijut tho directors unanimously riUiuediho contract, it was subsequent. Jy rejected by tho stockholders of tho XntcriMiionnl Mercantile Marino Com-' patiy, su'id wiis thus unUUiod. Negotiations with tho International MaretfWtilo Marino Company were, howovor, contiivued from time to time, and ultimately reunited in the ownership of-the Wilto Star Lino, being brought baok to Great; Britain by a signed and confirmed contract, dated J71.1i November, 1920, under which we acquired tho share capital of; tho Oceanic Steam Navigation Company, Ltd., and took control of the business <>C the White Star Line a,s from Ist .Tauuary, 1027.

In order to rlvo effect to tho contract ■with tho International Mercantile Marino Company of November, '.lli^O, n now oompnny, called White Htnr Lino, Ltd., wan■ formed in .Tammry last, nil tho ordinary shares of which uro owned Xv us aml-our n^sociated companion, and un isaU'6 of preferenco shnves. fjunruntootV.Jiy. our company, was offered to, nnd tmtysorlboil by, tho public. Yoiw/Oiroutova arc of the opinion thnJt tho important additional interests sochrod' by tho Royal Mail Coi.pnny thrdtfßh tho <u<qqult)ltiou of tho White Star Lino will, by extomlinn tho upbore of .our.pperntions, which nro now worldw.Mo, provo a Bourco of incrensed strength to the coinpim.v.

NOKTH ATLANTIC TRADE. Itoynl Mull Conipnny hnd iiksoAiniiong for mnny yonrtf in tho pnst with tho .North Atlantui trado, MiroiiKh Iholr sovvjeo from Soiithnuvpton to nnd .from Now York, via tho Wont Indies. After tho .non-fulfilmout, of tho oonlviua of 1911), to -which I lmvo vofovrod, wo innufturntcd what was Icnown iik tho Itoynl Mall LlmVs "comfort routo" from Southampton nnd tho Continent, to NewYork, which Mervlco was performed hv our four "O" boats. In view oC tho important inlet-eats In tho North Atlnntiu trndo Noeured by tho npreomont of November, matt, our Nurvicu on tliis voiito htm now ln^en mortal ■ into Hint of tho W'liito Stnr ;ijim<. Wo intonil to do till in our power to mnlntnln nnd enhance Iho Kronl, |tui<lit,lou« of tho White .Star Lino in tho Tvfumntlnntio trade. AUSTRALASIAN TRADE. In addition to our increased participation liv tho North Atlantic, trade, avo lmvo, by tho act|ul.sition of tho White Stnr I lino, ngnin bu«omo Inrjjoly interested in the Australasian trade.

lieHldos tho vofjulnv Horvico to nml frcm Australia which the,. White Stnr Lino lms carried on for many years, Hie famous Aberdeen Lino to Australia, fP,nriTt&l,over v century iiko by Messrs. Guorjje, Thompson mid Co., hits also howmo■ohff ol! 1%. nssneinlod companies, t.!m>u||h tho nmpiisltiou of tho While Sfai' Lino. In nddltion, tho acquisition secures us n lu.rßo Interest in tho Shaw, Suvill, and Albion-, Company, Limited, whoso vessels,; jointly owned by tho Whito Star LUuytrado with Now Zealand. In^tliUM vosuntijiK, ut'tisv (in intorvitl ol\"$8* yonrx, tlio Uoynl OomT""^'.'!!, iHiiuioctlon with tho shipping tnins-<»f tho Rrcnt Oomntoinvoiilth of AnsU'Wla, it mny bo oi! intoros* to yon to voitiW tho vbmjmny'i) formor nsswnintlon; y(W\ Aiistiiilln. aMany yoars iiro wo tool< ovor from onr as«ocliitc<l. compimy, l.lio I'imillci NioiCm Nnvi)-ation Cmiipiiny, thoir intQrcst iv (ho Anstniljiiu mail sm-vion \v'h!cln;ii) oonjuiiction wllh tho Orionl, CVrnpajiy, they hnd jointly .imiuKiH'ul.iHl in^lS7.7, .nml had jointly cjimod on. ;TU'i).»iail I'ontraot whinh wo and tho PanittnJStoam Nnvlutjition Oompnny hnd slmrotl witli onv frloiuls tho Oriout'Onmjiuiiy tor .'t'J yoais o-vpiiod in 'JOOll. After jiotfotintions with tho Auntnilinn Oovcrnmont for a now joint mail Dorvieo tho Into Mr. Hoakin. thoii I'rimo Minlntor of Australia, in IOOS olVoiiml the .Itoynl Mail Oompnny tho ontiro ninil oontrni't, which wo' foil, obllgtxl to iloulino, althoujili avo oxpiossod our wlllingiiosH to coutimio to jiorform onohalf of tho oonlntot. Tho wliolc coiitrni't wiih thon plncoil with tho Orient Company, who hitherto had provided only ono-1 all! of tho «crvl««. Thoii^h, in IPOf), wo eunscd to oporato oiif■■Aiwl-mllnii «or\"-ic.o, wo iiolthut- di.tpd^rd of our inlorwt, In tho trndo nov viS^teteU" any iunnponß.it.ion or pnyniiml, lnr'rp^pip(>t of our mlwitp in tlio norvieo. H !h, tlicret'orp, with nil Iho morn pipnsuro Hint wi> rcaumo our very old

and close connect ion with the Australian trade. FLEET. Our lleej. has been maintain.'.l in the highest state uf. efficiency throughout tho year, whilst we have continued to : di-yoto the closest attention lo ivouoiuv in all departments. Tho second largo motor passenger 1 vessel built, lor our South ,\iuericau mail service, the Alcantara, of over .£2,000 tons gross register, was deliver yd in February last, and has since sue co:;sfuully completed her inaideu voyage. Her sisler motor ship, the Asturias, has now completed live round voyages to and from .IU-ar.il and tho b'iver \'h\\,\ as well as a long-distance cruise from Southampton to.New York, West Indies, South America, South and Kast Africa, and back to Southampton and Xew York. The gross registered tonnage o( (ho Meet of the lioyal Mail Steam I'ackel Company and X.M.S.I', M 0 ;il Transports, Limited, is ;!S:»,o7;> tons, whilst tho gross register tonnage of tin- combined Heels of the Koyal Mail Company and its associated' shipping compamos. now aggregates 2,(i:',i>.!ir; tony. As illustrating the magnitude and extent, of (ho combined activities of the Koyal .Mail and its associated eomp:inies, the following pai'ticnl.'.'s for || v . twelve months ended otst Oecemher JSCtt, will be of interest.

.During that period the vessel.-; of the associated shipping companies, oxclnsivo Of. tho White Star Line, 'covered over 17,150,000 miles, and mad,- nearly 70,000 entries into ports, whilst iho'v earned over l.iliiS.OOO passengers and over 12,150,000 lon.* of carf,n. • In connection with these' operations .Ihii average daily total number o( men employed on the vessels whs over :.'S,----750, and the number of shove stall" 20,-tOO. The lJoyal Mtiil and its associated companies have been rnnniui; motor vessels for more than ten vein's, and now own -t^ motor vessels, whilst they have a number of vessels at present, mitier const met ion, .nearly all of which will be tilted with motor engines. It is interest hi)* to note that, up to JUst .December last, the mileage which had been traversed Ivy tho molorships of tho group since they wore placed in commission ags'ie^aled ovi-r V ",7 i 000 miles. ' ' Tho Itoyal Mail Company is lieopiii" it:i jjroat or»anisation up-io-(iat«> mid abreast of tho times, and is in a p,si- (- tlcu to tiiko advantaj;e «if hotlei- limes us^ thoy materialise, (('lioors.) .Tho report; ami accounts wore unanimously adopted, „ud n hearty vote of thanks to tho chairman, lo the court, of directors, and to tho oUlcers and stalV of tho company afloat and ashore con. eluded tho proceedings.—(Published by airangoment.)