THE P. AND O. COMPANY

Otago Daily Times, Issue 20591, 14 December 1928, Page 9

THE P. AND O. COMPANY

ADDRESS BY LORD IKCHCAPR

VALUE OF-STEAMERS,

(United Press Association.) (By Electric Telegraph—Copyright.)

LONDON, December 12. (Received Dec. 13, at 11.30 p.m.) Addressing a meeting of the P. and 0. Company, Lord Incheape said that the company’s 324 steamers were worth considerably more than the value at which they stood in the books. The board therefore considered it would not be imprudent if it set aside a smaller sum for depreciation than it had been in the habit of doing, and declared a deferred stockholders’ dividend of 7 per cent, instead of 5 per cent, for the' halfyear. The company had not made an offer for the Commonwealth Line as it was/considered that it had for the time bejtig quite enough on its hands in the Australian trade. Mr Hughes’s venture as a shipowner cost the country something like £12,000,000 which was added to the Commonwealth national debt. Australiawould have done far better if it had never established the Commonwealth Line, which had not in the least been required. There had been a considerable decline in the output of tonnage last year, but this could not be wondered at. As far ■as he could see there was more tonnage in the world than was required to carry the cargo available. Better conditions would eventually prevail and the country would continue to hold supremacy of the sea, as in the past.—Australian Press Association— United Service.