THE CUNARD LINE

Gisborne Times, Volume LXXXII, Issue 12537, 26 April 1935, Page 6

THE CUNARD LINE

IS BALANCE SHEET SOUND?

A REMARKABLE ADDRESS

(U.P.A. by Elec. T«J.. Copyright.) (Received April2s, 11 • p.m.) LONDON, April 25.

There were remarkable passages in the speech by Sir Percy Bates, at the Onnard Company's annual meeting. He said that to-day nobody could tell whether the balance sheet was sound or not. In one direction there was a presumption of unsoundness, as the subsidiary Cun-ard-White Star Line had lost heavily last year, while the company had not provided 'for the year's depreciation on the balance sheet. It was further certain that shareholders could expect no return from the Atlantic during the current year, and unless the people of Britain and the United States could arrive at o. common denominator for their intercourse, the future must be ‘difficult. At present, both isides of the Atlantic gave the idea of uncertainty. Continuing, he said :

“I think each side knows ifc is in the ditch and both are begining to think about climbing out undeterred by the fear of falling into another ditch. The Cunard Company cannot prosper until the world does. I doubt whether the old degree of prosperity is possible until the world again has authorised an acknowledged medium of international exchange. Universal war is being waged ~Jtnday. The weapons were not navies and armies but tariffs, quotas, and shifting currencies. The only thing to stop it would ho to return to a otandard on the same basis."