UNION COMPANY USING RESERVES TO PAY DIVIDENDS
WELLINGTON, March 23. Increased labour costs in both ship operation and supplementary activities, including surveys and overhauls of the fleet, were quoted as a major factor resulting in the substantial deficit for the year ended September 30, 1948, incurred by the Union Steam Ship Company, according to a reuort presented to the annual meeting to-day. A lesser factor wasstated to be the appreciation of the New Zealand pound. The traffic reports showed that traffic was again in high volume with the advantage of 11 months at increased freight and passage rates. Jt was decided to transfer to the profit and loss account from the reserves, £200,000; to pass again a divident on ordinary shares and to approve the usual dividends for the year already paid to holders of 51 per cent, preference shares. .... ..
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Grey River Argus, 24 March 1949, Page 6
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140UNION COMPANY USING RESERVES TO PAY DIVIDENDS Grey River Argus, 24 March 1949, Page 6
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