WORLD SHIPPING
LARGE PROPORTION IDLE. ILLUMINATING FIGURES. PROFITS ON HOLIDAY CRUISES. (United Press Association-—By Electric Telegraph.—Copyright.) Received December 8, 12.10 p.m. LONDON, Dec. 7. Hon. Alexander Shaw, addressing a meeting of the P. and O. Steam Navigation Cov., said that the payment of the dividends on deferred shares was only possible for some years by conservative finance in the past. He was confident, in view of the calamitous state of shipping, .that the shareholders would approve of the decision to pass the dividend and husband their resources. The book value of the companies’ investments in subsidaries, £10,588,665, was very conservative. The present reduced income therefrom had nob reflected their inherent value. Shipping was still in the trough of the most profound and prolonged depression in history. He added that in 1930 5,000,000 tons of shipping were laid up ; in 1931, 10,500,000 r and in 1932 15,000,000 tons, or one-fifth of the world’s shipping, was idle. By salary cuts and other economies the company had succeeded in reducing the expenditure by £255,000 a year. He revealed that all the ships diverted to holiday cruises had shown a modest profit instead of the heavy losses on the ordinary runs during the summer.
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Manawatu Standard, Volume LIII, Issue 9, 8 December 1932, Page 7
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200WORLD SHIPPING Manawatu Standard, Volume LIII, Issue 9, 8 December 1932, Page 7
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