EXCITED SHAREHOLDERS

Sun (Auckland), Volume IV, Issue 1026, 17 July 1930, Page 11

EXCITED SHAREHOLDERS

NOISY MEETING OF CABLE MERGER IN ENGLAND EFFECT OF TRADE DEPRESSION LONDON. Tuesday. At a crowded, excited and noisy annual meeting of Cables and Wireiess, Limited, Mr. J. C. Denison-Pender, president, said it was obvious that !de position of the company would nave been much more serious if they lad continued in competition with the Post Office, operating the beam wireiess system, during the depressed economic conditions all over the world which had been experienced since !he merger. He did not think it too much to *ay that the Imperial and Internaional Communications Company’s Croats in both groups would have been wiped out. . The Post Office beam services iSures showed how beneficial the norger had been. For thfe first 18 oonth3 of the period under review, when the services were being operUmce, the loss was £82,800, whereas °r the last three months there was 1 small profit. Continuing, the president said it was certain that with a revival of rade there would be a revival of the '■egraphic revenue, but until that rewal occurred it would be mislead- ■ S to hold out any hope of real improvement. The result had beep frankly Uisaptorhi They had had the misduMj6 to . run against an unpreeeted period of trade depression at ‘j- moment when they were reorgan. vf ? telegraphic service. y P er cent, ol the telegraphic tiait _ was in respect to commerto ni™ C ' Cables would continue , an Important part in world “omumcation. ilo Pted report ancl accounts were