SHIPPING LOSSES.

Manawatu Standard, Volume XLIV, Issue 1189, 11 December 1924, Page 5

SHIPPING LOSSES.

(GOVERNMENT’S EXPERIENCE. Received December 11 9.20 a.m. LONDON, Dec. K). At the annual meeting of the P. and O. Company. Lord inchcape. alluding to the competition from .State owned ships, said that with few exceptions the earnings every voyage were below the disbursements. lie feared that it would be some years before the pre-war conditions were restored. The Governments of America, Australia and Canada, which held on to (stale owned steamers after the war, were now attempting to dispose of the ships, Imt the vessels would not realise one quarter of their cost, lie recently bought for about £60,001) .two sleumers which cost- a certain Government' £600.000 only four years ago, and Heaven, only knew how much since.

Lord lnclicape referred io the proposal to build six twenty-knot steamers to carry passengers, mails, meat and fruit between England and Australia, which t lio_ Comnmnweultli Government had been invited to assist to finance. Application had also been made to the trade futilities committee. The estimated cost of the venture was £9.000.000. whereof it was proposed that £3)OCO.CCO be raised by subscriptions and £6,000,000 by debentures. If he was rightly informed, the Government would have nothing to tlo with such a wildcat scheme; he believed the whole idea was doomed lo failure.

Lord Inchcape. describing tbe waterside strikes, said that apparently law and order at Australian ports did not , exist temporarily. lie, however, had implicit faith (hat Air Bruce would protect the country from what' was more or less Bolshevism and save her trade from the existing paralysis. Lord lncluape foreshadowed a reduction of 25 gold centimes per ton on Sue/ canal dues, which would then he 7J francs compared with in 1914. Reuter.