UNPROFITABLE SHIPS.
EXTRA EDITION.
COMMONWEALTH LINE, TO BE OFFERED FOR SALE. BY CABLE —PRESS ASSOCIATION—COPYRIGHT. Received Fob, 24, 10.35 a.in. SYDNEY, Feb. 24. The Premier (Mr. Bruce) has made available the balance-sheet of the Commonwealth line of steamers from September 1, 1923, till March 31, 1924. it showed a loss of £245,474. The estimated result for the period September 1, 1923, till A up; list 31, 1924, was a loss of £480,939, exclusive of depreciation. The report' stated that the present position was due to high running costs, as compared with those of competing companies, and to labour troubles, to which the line was continually subjected. It expressed, the opinion that the ships could not run without serious loss while covered by Australian industrial awards. Mr. Bruce stated that, the Government intended to invite tenders from prospective purchasers for the line as a. going concern, subject to conditions requiring them to maintain an effective and regular service between Australia, Britain, and Continental ports, and that' thare should lie no increase in freights and passage rates unless under certain conditions. It was stated that there should lie no entry into any arrangement with a ring or combine.
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Bibliographic details
Hawera Star, Volume XLVIII, 24 February 1925, Page 7
Word Count
196UNPROFITABLE SHIPS. Hawera Star, Volume XLVIII, 24 February 1925, Page 7
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