DIFFICULT TIMES
SHIPPING AFFECTED. PROSPECTS FAR FROM BRIGHT. LORD INCHCAPE’S STATEMENT. (United Press Association—By Electric Telegraph.—Copyright.) Received December 11, 10.25 a.m. LONDON, Dec. 10. “During my lengthy experience I have never known trade to bo as bad as it has been during the past few months,” said Lord Inchcape at the annual meeting of the Peninsular and Orient Line.
“The disturbances, lawlessness and the boycott in India, the conditions in Australia, and the civil war in China have added to the severe fall of the sterling, the value of the dollar and the tael, and seriously affected shipping. . ... “The financial situation in Australia causes grave inconvenience. We have a large sum of money lying there which we cannot get home, except at a heavy discount, which we do not like to pay. In the meantime the money lodged in the banks is earning a fair rate of interest.
“The prospects facing shipping are far from bright. We have now decided to reduce the insurance fund from £3,000,000 to £1,000,000, and apply the other £2,000,000 for depreciation of the fleet.”
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Bibliographic details
Manawatu Standard, Volume LI, Issue 10, 11 December 1930, Page 7
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179DIFFICULT TIMES Manawatu Standard, Volume LI, Issue 10, 11 December 1930, Page 7
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