COMMONWEALTH SHIPPING LOSSES.
Between Ist September, 1923, and 31st March, 1827, the Comomvealth Government's Shipping Line had a working ]o.ss of £628,894 (never less than £100,000 a year) and failed to pay interest due to the extent of £754,783 and to make good depreciation calculated at £534,136. The total loss for the period is therefore put at £1,917,815. According to tho report of the local committee on Public Accounts, the interest then due to the Treasury, calculated at 5 per cent., actually exceeds the amount stated above, and totals over £800,000; but "if actual pasment of interest were insitsed upon, the Treasurer ■would have to make an advance to the board of an amount equal to the sum outstanding, that amount would be returned by the board as payment for the interest due, and the board would have to issue further interest-bearing debentures; or as an alternative, the Treasurer would have to guarantee an overdraft with the bank, which would have to be drawn upou to its full extent to pay the outstanding •interests, and on this overdraft the board would have to pay interest to the bank." The Commonwealth Government is now trying to sell.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/EP19280128.2.125.3
Bibliographic details
Evening Post, Volume CV, Issue 23, 28 January 1928, Page 12
Word Count
196COMMONWEALTH SHIPPING LOSSES. Evening Post, Volume CV, Issue 23, 28 January 1928, Page 12
Using This Item
Stuff Ltd is the copyright owner for the Evening Post. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in