P. AND O. COMPANY

Poverty Bay Herald, Volume LXII, Issue 18593, 2 January 1935, Page 13

P. AND O. COMPANY

CHAIRMAN’S N.Z. VISIT

EMPIRE SHIPPING INTERESTS

LONDON, Dee. 8. Reference to the recent visit f° Australia and New Zealand of the lion. Alexander Shaw, chairman of directors of the Peninsular and Oriental Steam Navigation Company, was made by Sir William C. Currie, deputy-chairman, who presided at the annual meeting ot tho company. “The chairman’s visit has proved invaluable, not only in the domestic sphere of tho P. and 0. Company and its allies, but also in the interests ot the British shipping industry as a whole,” said Sir William. “Mr. Shaw has enlisted the sympathy of the Australian and New Zealand Governments and it is hoped that they will concert such measures as may be desirable to safeguard British and Empire shipping in the intercolonial trade.”

Sir William said that the liquid position of the P. and (J. group was £2,737,000 better than last year. There was a potential increase in value on the marketable'securities of £1,058,000 over their book value, but- this was a position which varied from day to day. There had been a small increase in, the amount of cargo carried. However, vessels still sailed with a large amount of unfilled space, which aggregated a considerable figure in shipping tons. Passenger traffic also had shown a slight improvement, and cruises had again been a useful source of employment for some of the company’s vessels. . There was still an undoubted surplus of tonnage for the requirements of the diminished volume of international trade, although the limitation of ship-building and the very considerable breaking-up of old tonnage' were factors slowly tending to narrow the difference between supply and demand. For the shipping industry the clouds were not quite as black as they had been, but there was as yet no sign of the permanent improvement which could inspire real confidence in the future.