STATE SHIPS

Feilding Star, Volume XIX, Issue 4931, 5 July 1923, Page 3

STATE SHIPS

THE COMMONWEAILTH LIME

LOSSES RUN TO MILLIONS,

(By Electric Cable. —Copyright). (Aust.. and N.Z. Cable Association)

(Received July 5, 11.55 a.m.) Melbourne, July 5

Mr S. M. Bruce, Prime Minister, in moving the second reading of the Commonwealth Shipping Line Bull, said the net loss in 1921-22 was £1,171,570, and in 1922-23 the estimated loss was £1,626,150. The net loss for the whole period the Line’s existence was £2,645,761. lhe losses during the past two years had been due to tbe general slump m shipping throughout the world, to unsuitability of some of the Commonwealth ships for Australian purposes, and tho high rates of interest. The depreciation was due to the heavy capital cost. The Line will be handed over to the Australian Commonwealth Shipping Board, which will bo authorised to dispose of the vessels unsuitable. It was proposed also to write down the.value of the ships from £12,766,522 to £4, 718,150, a depreciation of more than £8,000,000. The debate was adjourned. FEDERAL REVENUE.

Tlie Commonwealth revenue shows receipts £63,837,000, expenditure £62,570,000. The accumulated surplus for 1921-22-23 was £7,074,500.