SHIPPING PROFITS

Grey River Argus, 1 December 1920, Page 3

SHIPPING PROFITS

P. AND O. COMPANY.

THREE QUARTER MILLION PROFITS. ' AND' NOT SATISFIED. (A. and N.Z. Cable Association.)

I LONDON, November 29. The Peninsular and Oriental Company shows a credit balance of £772,CO6 and carried forward £11,938. I The Orient Company meeting ad*or>tIcd the capitalisation proposal. »- I Mr Kennitli Anderson presiding reIgrettcd that the profits wore on the ■flown grade, and ho was unable to talro Hfcanguine view of the future. The jrating of advance in the saloon passtgc rates was still far short of the atio of advanco in costs and far short f tho mileage charge on the other hief ocean .routes. There would! be n unanswerable cuao for an increase a. fares, but tho icaetion l>y checking raffle} might make a bad position rorse. If tho eight-hour day at sea was mv oscd tho result would be an almost isastrous embarrassment to the conuct of- the passenger business. Either arcs must rise to a prohibitive »vel r passengers must be content to llnd lore for themselves and accept a much iferior -standard of service. It is stimatcd that on a 16,000-ton vessel n eight-hour-day would involve addiional running costs of about £7000 tonthly. Until *me shipowners can ffect big economics in costs they must sonomise on the provision of facilies and tho standard of comfort and, jove all, in speed. - •The position regarding jnails is mnch ie same as last year. The company jH continue to do its best to meet Ie Commonwealth Government's wish[,and minimise inconvenience to the fclic.