GERMAN SHIPPING

New Zealand Times, Volume L, Issue 11657, 23 October 1923, Page 2

GERMAN SHIPPING

TRADE WITH AUSTRALIA. According to information received in Sydney, German shipping companies in trade with Australia are expressing satisfaction at the results already achieved since the removal of trade restrictions. One company, indeed, has adopted the policy of paying its dividends in gold marks instead of the paper marks of questionable value banded out to shareholders in other German companies! The Deutsch-Australische Dampfschiffs Gesellschaft, otherwise known as the Ger-uian-Australian Steamship Co., which, in conjunction with other concerns, re-' sumed trade with Australia soon after tho removal of restrictions last year, had previously entered upon a community of interests arrangement with the Kosmos Line, another German shipping concern. The firsk statement of accounts under tho arrangement also covers the period of the German-Australion Line’s post-war trade connection with Australia. Having regard to the difficult economic and political situation, however, the results are stated to be satisfactory. The accounts of the two companies reveal good profits. The Kosmos Line earned a gross profit of 414 million marks, and after deducting cost of taxes, 67.9 million marks, and reconstruction reserve. 318 million marks, a net profit remained of 15.2 million marks. This company has paid a dividend of 24 gold pfennigs per share. The German-Australian Steamship Company, however, had a gross profit of 569 million marks, of which 100 million was set aside for cost and taxes, and 275 million for reconstruction. Then the company showed a net profit of 22.8 million marks, and paid a dividend of 36 gold pfennigs per shore. Discussing trading operations during the year, the reports of the companies state that traefo to the Dutch indies '’brought an acceptable profit/’ in August, 1922, the report of the Ger-man-Australian Company states that the first steamer was dispatched to Australia via South Africa, and "that co-operation with Messrs Holt and Co., Ltd., proved favourable.” The service to tne West Coast of South America, which the company maintained in conjunction with the Bremen Roland Line, was enlarged. Tho same applied to traffic with Central America, where, however, Germany’s incapability of buying larger quantities of coffee impaired the development considerably. After the opening of the sailings to the West Coast, a friendly agreement was established with the Ham* burg-Araerika Line, by which tho. company gets about the same share in the trade as before the war. The service to the North Pacific Coast was not resumed during the financial year under review, but the company hopes to do so in the current year.