STATE SHIPPING LOSSES.

Stratford Evening Post, Issue 93, 11 July 1930, Page 7

STATE SHIPPING LOSSES.

CANADIAN MERCHANT SHIPS YEAR’S DEFICIT OF £1,409,000 Full accounts of'the Canadian Government Merchant Marine, Limited, and subsidiary companies have been issued, and are given separately from tliose of the Canadian INatioaul AVestIndies ' Steamships, Limited, and subsidiary companies, all of which sent the Canadian Government’s shipping enterprises. & - Thd animal report of the Caliridiau' Government Merchant Marine shows a total reverie for the year ended December 31:|ast of 8,371,441 dollars, and j total operating expenses of 9,250,348 ( dollars, leaving an operating loss for.; the year of; 878,907 dollars, which com-1 pares with an operating loss for 1928- ■ °f 1,209,083 dollars. The charge for , depreciation on vessels was • i,fc(i1,925 ] dollars, as against 2,431,315 dollars in ( 1928, and interest on Government notes and advances amounted to' 3,187,920 dollars, as compared with 3,905,120 dol- " lars. . The total loss was thus 5.928,758 dollars (£1,185,751), as 'against ,7,545,--525 dollars (£1,509,105) in the previous Y year. The report states that “on account •] of tho impossibility of operating the Lohdon-Antwerp and Cardilf-Swahsea I services with the obsolete tonnage at our disposal in competition with the np-to-datp tonnage of other lines, the above services had to be cancelled, j with a resultant reduction in, operating revenue. Such revenue was further reduced because iu 1928 there were included the West Indies services, which \ now form the subject of a separate re- J port.’’ Seven vessels were sold dur- | ing the year and, the fleet now consists | of 31 ships. Operating revenue of the Canadian National West-Tjidies Steamships, Limited, and subsidiary companies amounted to 3,332,083 dollars; and operating expenses were 3,780,524 dollars, leaving a net operating loss of. 447,841 dollars. > After debiting 227,315 dollars, for depreciation and 442,739 dollars, representing interest on notes and advances, the. total book loss for the year was 1,117,896 dollars (£223,580). It is added that on account of the . unsettled condition of the sugar trade in the West Indies less revenue resulted from that source than was expect- j ed. This condition, together with the j heavy expenses necessary in inaugural- , ing a new service, were mainly res- < ponsible for tho deficit. Competition ( from services operated from United States ports ’has boon somewhat hea- * vier 'than was anticipated. The amount of bananas carried to j *VMontreal during the summer months is ' . reported to have come up to expects- ‘ tions, and it is anticipated that, after f the completion of one year’s opera- 1 tions, the banana-carrying steamers ‘ will have landed in Canada approxi- T matcly 2,000,000 bunches. Such a result would bo achieved “notwithstanding strong competition by water «and rail.”