SHIPPING COMPANY'S EARNINGS.

Evening Post, Volume CVII, Issue 150, 29 June 1929, Page 12

SHIPPING COMPANY'S EARNINGS.

The White Star Line, Ltd., which was registered in 1927 to acquire the share capital of the Oceanic Steam Navigation Co., Ltd., has made available its accounts for the year ended 31st December last. Profit from voyages, interest, dividends, ".be., was £481,962, against £450,200 for the previous jtear. Interest paid fell from £185,182 to .£145,811. Other .expenses were -£7804, and £31,262 written off formation;expenses reduced the total of these to £147,500. Net profit increased from £255,744 in 1927 to £297,085 in 1928. Dividend- on the' 8% ■ per cent, cumulative preference- capital' of £5,000,000 took £260,001, compared with £158,901 for 1927, when the capital did not earn a full year's dividend, .and dividend of 6 per eentj less tax, on the ordinary capital of £1,000,000 takes £48,000. Last year the ordinary dividend was at the same rate, but the amount absorbed was only £21,----317. .The sum of £64,610 is-carried forward, £75,526 having been brought in. During the year the company acquired ordinary shares' in the Shaw; Sayill, and Albion Company, Ltd., and practically all the ordinary share capital of' the latter company now is held in conjunction with the Oceanic Steam Navigation Company, Ltd. The Shaw,' gavill, and Albion Company owns seventeen vessels, totalling 156,075 tons gross, and averaging niie years of age. The fleet of the Australian Commonwealth Line,, consisting of seven vessels, totalling 88,587 tons gross, and averaging six years of age, was also acquired. In the' balance-sheet of the White Star Line, Ltd., paid-up capital is unchanged' at £6,000,000, the item "purchase price" has expanded from £2,350,000 to £4,000,000, .the latter sum comprising £1,650,000, balance of the purchase price of the Australian Commonwealth Line, payable in ten yearly instalments, and £2,350,000, balance of the purchase money due on account of the purchase of shares of the Oceanic Company. Current accounts appear in the ■ liabilities at £707,548, against only £4091 a year back. In the assets fleet investments are shown at £9,810,820, against £7,000,000 at 31st December, 1927, and current accounts (sundry debtors) at £1,009,333, "against £1,450,----934. ' '- ''