EXTRA EDITION P. AND 0. COMPANY.

Hawera & Normanby Star, Volume XLII, Issue XLII, 19 October 1922, Page 7

EXTRA EDITION P. AND 0. COMPANY.

— + SOUND POSITION.

LOSS OF EGYPT. T; FUTURE PRECAUTIONS. BY CABLE—"PEESS ASSOCIATION—COPY iii«ill Received Oct. 19. 10.20 a.m. LONDON, Oct. 18. ' At the meeting of the P. and 0. Company Lord Inchcape, referring to the loss of the Egypt, said that nothing would be.wanting on the company's part in the direction of taking every possible precaution to protect lives. The organisation and discipline on Peninsula ships, were second to none, but the human element Was always present. The Egypt was . properly manned and ©quipped, in every respect. Owing to the expenses being far '- above those ruling before the war, the insurance account was not as success- '•'■ ful as in the previous year, But it increased by £94,242 despite the heavy payment on account of the Wiltshire. The conservative policy whic__ the Peninsula and associated companies had always followed gave a handsome sum I from investments which justified the payment of a similar dividend as in 1921. Apparently the poor trade period would continue for a year or two. Unfortunately branch liners were still filling only one-third of the space on out- j ward voyages, and he hoped that the} Australian trade would soon revive. I There must soon be considerable fur- • ther reductions in the seamen's wages if the ships are to be kept running, said Lord Inchcfape. He was glad that the previous reductions, had been effected without lock-outs or strikes. ' The company holds Government securities nominally valued at seven | and half million, which cOst £6,893,000.. These and other securities appeared' in. the accounts at much below the market' value. TEe credit balance included many small profits from running ships,'1: but the bulk was .delivered from invest- I ments. The valuation of the company's ships in the accounts worked out at under £1 for 20 tons, despite the ■* inclusion of the newest large vessels.— Aus.-N.Z. Cable Assn. i