LOSSES OF SHIPPING

New Zealand Times, Volume L, Issue 11702, 14 December 1923, Page 6

LOSSES OF SHIPPING

HICH WORKING EXPENSES LORD INCHCAPE REVIEWS CONDITION AND PROSPECTS. / REMEDIES SUGGESTED. By Telegraph.—Press Assn. —Copyright. Benter’s Telegram. LONDON, December 12. Addressing the annual meeting of the Peninsular and Oriental Company, Lord Inchcape said he Tegretted that, with a few exceptions, the earnings of every voyage of the P. and O. steamers during the past 12 months had been below the disbursements. The company had been reluotantly compelled to reduce the wages of staffs, and further reductions might be necessary to keep the ships at sea and cover the working charges. He suggested that the unemployment might lie remedied if the trade unions suspended the regulations in regard to minimum rates of wages, restrictions of hours of labour and output, and gave economic conditions free play for a year or two, so that the costs of production might decrease and world markets would be found for the increased output iof British manufactures. TARIFF TALK UNWISE. Imperial conferences were undoubtedly valuable to the Empire, but they had a somewhat disturbing influence on domestic affairs. He hoped l that when the next Imperial Conference was arranged it would be one of the conditions that any mention of Imperial preference or tariffs should he rigidly excluded from the discussion. He would not rule out free trade within the Empire. But, as most of the dominions depended largely upon revenue from high tariffs, he was afraid that for many years this would not be a practical proposition. He believed the different units of the Empire would hold together better is each were left free to carry on in the way that apparently best suited its own conditions. GOVERNMENT COAIPETITION. The company had been faced by Government competition in shipping. He did not want to boast. He realised that hard times were ahead. Besides the United States Government shipping, there was the legacy left by Air W. M. Hughes, whose Government ou.pping Department had cost Australia millions that it would never see again. Lord Inchcape said he thought the taxpayer would get tired of businesses conducted on the unsound principle of supplementing deficits from the pockets of the taxpayer. He was confident that all these visions of Governmental commercial enterprises would fade in due time, and the British mercantile marine would enable Britannia to continue to Tule the waves.