SHIPBUILDING

Hokitika Guardian, 1 May 1931, Page 2

SHIPBUILDING

BRITISH RECORD OUTPUT. LONDON, March 20. Messrs Swan, Hunter and Wigham Richardson report that during tlie years 1930 there were launched from the company’s associated yards 37 ships of a total of 213,229 gross tonnage. This is the highest output over recorded by the company. The ships launched included two British torpedo boat destroyers, and three " sloops, eight British, and 24 foreign merchantmen, principally Dies:l oil tankers. In spice, however, of the greater, activity, the net profit of £171,907 compared with £203,130 for the previous year. A larger balance, however, had been brought in, and the total, after providing for debenture charges, was £195.258, against £213,685. A further dividend is announced of 3 per cent, on tiie ordinary shares, making 6 per cent, for the year, which compares with 71 per cent, for the previous year. There is again an increase, however in the carry forward, the present total being £45,203, against £37,964 a year ago, Tlie balance-sheet is a good °ns as regards liquid resources, cash and bills standing at £1,420,566, against £1,029,195 a year ago.

Although 1930 was a busy f° |- the company. tile directors stilt? that there is now a. lull in shipbui dium Owing to the great depression in trade many ships are idle, and there is a cessation of orders, for new vessels. The company’s work in hand, however, includes a. floating dock °f 17 (V' r > tons lifting capacity for the Wellington Harbour Board, a passeneer «ldn for Jugoslavia, and some oil tnnkships and cargo ships for Britis 1 and foreign owners. In the case three subsidiary companies, the auditors attach certain qualifications to their certificates, but in all cases the qualification appears to have been made by special provision on the part of the directors. Flic wlv !e oj tin investments have, it is ‘‘fated bi 11 carefully re-valued, and the in ,,,, 0-sed values of holding in the subsidiary comnani-s, together with existing * p serves, have been used to write down the value of holdings in other companies.