P. AND 0. CO.

Poverty Bay Herald, Volume LIV, Issue 16827, 14 December 1928, Page 11

P. AND 0. CO.

INCREASED DIVIDEND LESS FOR DEPRECIATION (Elec. Tel. Copyright-United Press Assn.) (Australian Pros, fgjggQflT* Addressing the annual meeting of the Peninsular and Oriental Lmc. land Ineliapo said the company s 624 steameis were worth considerably more than the value at which they stood m Hie books. The hoard, therefore, considered it would not. be imprudent if il act a smaller sum for depreciation Ham i had been in the habit of doing and gave deferred stockholders a dividend <>i < per cent instead of 5 per cent, for the half year. , . , . , , The Peninsular Co., lie said, had not made an offer for the Common wealth Line, ns it considered it had. for the time being quite enough on its hamG in the Australian trade. Mr. Hughes venture as a shipowner had cost the country something like £12,000,000, which was added to the Commonwealth national debt. Australia would have done far better if she had never established flic Commonwealth Bine, which had not, in the least been required. There bad been a considerable decline in the output of tonnage last year, continued Lord l.nchape. and this could no be wondered at. As far as he eonh sec 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 the supremacy of the sea as in the past.