SUBSTANTIAL DEFICIT
UNION COMPANY’S YEAR Increased labour costs in both ship operation and supplementary activities, including surveys and overhauls of the fleet, were quoted as a major factor resulting in a substantia] deficit for the year ended September 9, 1948, of the Union Steam Ship Company, according to the report presented at the annual meeting. A lesser factor was stated to be the appreciation of the New Zealand pound. Traffic reports showed that traffic was again in high volume, with the advantage of 11 months at increased freight and passage rates. It was decided to transfer to profit and loss account from reserves £200,000; to pass again the dividend on ordinary shares and to approve the usual dividends for the year, already paid, to holders of 5J per cent, preference shares.
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Otago Daily Times, Issue 27039, 25 March 1949, Page 7
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131SUBSTANTIAL DEFICIT Otago Daily Times, Issue 27039, 25 March 1949, Page 7
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