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Timaru Herald, Volume CXLII, Issue 20514, 4 September 1936, Page 4

The decline in net profits was almost entirely due to the two shipping strikes, the chairman, Mr D. York Syme, said at the annual meeting of the Melbourne Steamship Company, Ltd., held last week. Mr Syme pointed out that the strikes had seriously interfered with revenue, but overhead expenses had remained at the normal level. He said that after the second strike ended in February all the company’s vessels were fully employed, and good freights were still available. Mr Syme hinted that some revision of freight rates might be necessary. He said that working expenses were tending to increase, thus narrowing the margin between revenue and expenditure. “If this tendency grows, some revision in the charges may be necessary,” he said.