SHIPPING.

Hawera Star, Volume XLVIII, 2 September 1924, Page 9

SHIPPING.

INTERN ATI ON A L MER CAN Til,E

.MAIUM-.

According to- its preliminary (report ior trie 12 mouths eacted December 3], recently revicwecl by London Fail play , t-li-e world’s largest shipping corperauon, the Inte-nintidnai Mercantile Mamie Company of New Jersey, has to look back cii last year as one*of signal depression. Prolits arising out ol the working of the cbiiipany and of its subsidiaries, the Ain-ei iean ' line, the Rad *tar line, the White Star line, thet Atlantic Transport line, and the Leyland line, amounted to aoout 6,lid, op root ‘ as compared with 6,971,130d01. in 1922', i4,069.U53d01. m 1921, 17,484,G15d0i in 1920, and 24,597,808dc1. i n UJR). All these totals include insurance fund surplus, but operating and general expenses, taxes and interest on debenture bonds of subsidiary companies have been Ana,' after paying 2,223, 1 19d01. for interest and setting aside 5,579,800d01., compared with a loss of 1,269,783d01. in 1922, a orofit of o r 97,347d01. in 1921, amlof 9* 905,959 clol. in 1920. No dividend was therefore paid either on common or preferred stocks. (Since’ the formation of the company 20 years or so age no dividend has been paid on common stock, and, despite a valiant, attempt during the period 1917-21 at iifeur payment, arrears of the 6 per cent, preference dividend have now accumulated to 52 50 per cent, on 52,725,000d01. of stock) Since the profits of the White Star line, before allowing for depreciation last year exceeded 4,500,000d01, boats owned by the. parent company and running under the. American flag piresumMdy earned very littie. As reason for these losses reference might be made to the speech of the president-, Mr P. A. S. Franklin, at the annual meeting of the company, held on July 25 cf last He laid it down that until the political position in. Europe materially improved and existing economic conditions were corrected it was impossible to expect a resumption of normal interchange of freight and passenger traffic, amongst the nations of the world. In addition the company had very serious competition from the Government-own-ed steamers, operated regardless of financial .results.” New immigration laws Were also likely to cause loss to the company, which, after having shared considerably in the immigrant traffic to the United States, would naturally be affected by its curtailment. Only by an improvement cf the European position could a relief from shipping difficulties be expected.