BRITISH SHIPPING

New Zealand Herald, Volume LXXII, Issue 22211, 11 September 1935, Page 9

BRITISH SHIPPING

ISSUES FACED BY TRADE ' _____ ■ ALTERNATIVES SUGGESTED VIEWS OF LORD ESSENDON The issues facing the British shipping industry were dealt with bj r Lord Essendon, chairman of directors of Furness, Withy and Company, Limited, at the annual meeting in London recently. "The shipping industry has three alternatives pending a strong revival in the volume of international trade," said Lord Essendon. "There is available today about 50 per cent more tonnage than in 1913, and because of that fact freight rates are considerably lower, whereas working costs are higher. On the other hand, the volume of traffic to be carried overseas is much less. The fact that there is at least 6,000,000 tons of merchant vessels laid up is bad enough, but of the remainder that is in employment a great deal of it is liner tonnage which is trading with a large amount of empty space. "The first, and most obvious, solution is to rationalise by laying up or scrapping surplus tonnage. The second alternative is to reserve all inter-Empire trade for Empire ships and to let the rest of our shipping in foreign trades take care of itself. It is extremely doubtful whether such a policy would be of any real benefit to the shipping industry. British ships already carry a preponderating proportion of Empire trade, and it seems quite obvious that we have far more British ships in foreign trades than there are foreign ships in Empire trades." "The third alternative is to allow matters to continue as they are, each individual owner, or group of owners, doing what they can to rationalise within their own narrow sphere, expanding wherever possible, and continually fighting against circumstances over which shipowners have no control," continued Lord Essendon. "It is probably correct to say that every single owner in Great Britain has already done his utmost to rationalise as far as circumstances permit, but obviously circumstances have not permitted sufficient to be done to bring about a profitable state of affairs. For the industry to continue aa it is in the long run means the survival of the fittest, and there is no ride by which one can judge which flag or which shipowner would survive the longest, having regard to the fact that subsidies and trade restrictions would be the weapons used in the fight." DAIRY INDUSTRY TOA TOA COMPANY'S YEAR PAYMENT OF 10D A POUND [bx telegraph—OWN correspondent] OPOTIKI, Tuesday The Toa Toa Dairy Company has had a very successful season,, although the output was slightly below that of last season, chiefly owing to the dry weather. The paj'-out for the season was lOd per lb. and a dividend of 5 per cent was also paid on fully paid-up shares. It was decided to make donations of os from each supplier to the crippled children's fund. The election of directors resulted:— Messrs. J. H. Reid, A. Pierrepoint, I. B. Stott, H. D. Adams and W. J. Paul. Mr. J. H. Reid was re-elected chairman and Mr. H. D. Adams deputychairman. , In the Hardley Cup competition the factory gained second place through the grading stores with a grade of 92.627.

! NORFOLK COMPANY'S PROGRESS THREE DIRECTORS RE-ELECTED r [bx telegraph—OWN correspondent] MORRINSVILLE, Tuesday The 20th annual meeting of the Norfolk Co-operative Dairy Company was held in the Motumaoho Hall yesterday, Mr. S. A. Ferguson, chairman of directors, presiding. The company manufactured 502 tons of. cheese last season as compared with 548 the previous season, the decrease being due to the dry summer and autumn weather. The average of advance payments to suppliers was 9.07 d, and the balance available for distribution would bring the return for the season up to lO.Ood. Cost to f.o.b. totalled 2.93 d per pound. The directors' recommendation of a dividend of 3 per cent on paid-up capital was adopted. The chairman reported that a new tinned steel whey vat had been installed for receiving whey from vats before separating. The factory manager, Mr. A. H. Meharry, stated that considerable trouble had been experienced with starters during the season. However, a starter culture had been obtained from Masse.y College and the trouble had since ceased, and the quality of the cheese had improved. The three retiring directors, Messrs. S. A. Ferguson, H. J. Mcintosh, and S. S. Fagan, were re-elected unopposed. Mr. Mcintosh is now entering on his 21st year of service on the board. Mr. S. A. Ferguson was re-elected chairman, a position he has filled for the past 19 years.

HIKXIRANGI DIRECTORS RESULT OF ANNUAL ELECTION [by telegraph—own correspondent] - ' RAWENE, Tuesday The annual election of three directors of the Hokianga Dairy Company resulted in the return of Messrs. G. Harding, T. W. MeCown and H. Cox.

CANTERBURY CENTRAL COMPANY a BALANCE OF £15,335 [bt telegraph— correspondent] CHRISTCHURCH, Tuesday A balance of £15,335 is shown in the accounts of the Canterbury Central Co-operative Dairy Company, Limited, for the year ended July 31. A final payment of ljjd per lb., and a dividend of 5 per cent, is recommended, as well as the writing off of £1363 on buildings, machinery, plant, etc. In their report, the directors state that the average price paid for finest grade cream, including the proposed final payment, is an increase of lid per lb. butter-fat on the previous year.

BRADFORD TOPS FIRMNESS OF MARKET LONDON, Sept. 9 The Bradford market is firm. Topmakers are refusing to make concessions.