CABLES AND WIRELESS

Timaru Herald, Volume CXXV, 17 July 1930, Page 9

CABLES AND WIRELESS

LIVELY MEETING OF SHAREHOLDERS. United Press Association—Bv Electric Telegraph—Copyright (Received July 16, 7.30 p.m.) LONDON, July 15. At a crowded, excited and noisy meeting of cables-wireless, Sir Dension Pender (president), said that it was obvious that the position would have been much more serious if they had j continued in competition with the Post Office operating the beam system, during the depressed economic conditions throughout the world, which had been experienced since the I?ierger. He did not think it was too much to say that the Communications Company’s profits would have been wiped out. The Post Office beam service figures showed how beneficial the merger had been. For the first eighteen months of the period under review, when the services were being operated on one account by the Post Office, the company lost £82.300, while for the last three j months there was a small profit. | The chairman added that it was j certain that, with the revival of trade, ! there would be a revival of telegraphic | revenue, tut until the revival ocj curred, it would be misleading to hold out any hope of real improvement. The result had been frankly disappointing. They had the misfortune to run against an unprecedented period of trade depression at the moment when they were reorganising the telegraphic service throughout the world. Eighty per cent, of the telegraphic revenue was in respect of commercial traffic. Cables would continue to play an important part in world communication. The report and accounts were adonted.