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ROYAL MAIL LINES

FIRST DIVIDEND PAID The most successful year’s trading yet experienced is reported by the directors of the Royal Mail Lines. Gross profit on voyages in 1935 was £888,362, a gain of £139,327 over the figure of the preceding year. The sum was arrived at after charging operating and lying-up expenses and insurance of fleet. A fleet replacement account was credited with £130,000, and a dividend of 3J per cent., less tax—the first paid—absorbed £108,500. The report states that there was an improvement in passenger business, in some measure attributable to special facilities introduced to encourage tourist traffic. Freight business continues to be hampered by trade restrictions of various kinds.

Speaking at the annual meeting in London, Lord Essendon, chairman of directors, said that, having regard to the high average age of the vessels of the fleet at the time they were taken over by the company in 1932, consideration of the question of replacement by a new building programme could not be very far distant. The company was formed under the Royal Mail group scheme of 1932 to acquire the fleet of Royal Mail Steam Packet Company, 29 vessels, and the ships of three smaller companies.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/ESD19360529.2.47.7

Bibliographic details

Evening Star, Issue 22351, 29 May 1936, Page 7

Word Count
199

ROYAL MAIL LINES Evening Star, Issue 22351, 29 May 1936, Page 7

ROYAL MAIL LINES Evening Star, Issue 22351, 29 May 1936, Page 7