OCEAN LINER SERVICE

Taranaki Daily News, 10 December 1926, Page 7

OCEAN LINER SERVICE

COMPETITION FROM AIRCRAFT. By Telegraph—Press Assa CopyrigM. London, Dee. 8. Lord Inchcape, at the meeting of the P, and 0. Company, said that unless prices for stores, maintenance and re. pairs lessened passage rates must be increased. Referring to the prospects of competition from aeroplanes and airships Lord Inchcape, in his address at the P. and O. Company meeting, said he did not believe the prophecy that they would hit the shipping companies badly within the next few years. The P. and ©.Company would hold-its own for many a long day. Although liner ehipping was at present doing bady, a conservative statement, prepared by the accountants, showed that if the company wound up ite ships and investments were sold at current rates, they eould discharge their full obligations to the preference holders and give deferred holders more than the present market value of their holdinge. He mentioned that the coal strike had eost the company £200,000 for coal, alone. Received Dec. 9, 5.5 p.m. London, Dec. 9. The P. and 0. Company’s balancesheet shows a profit of £400,740 available for dividends, £200,000 to reserves and £56,034 carried forward.