COMMONWEALTH LINE.

Thames Star, Volume LVII, Issue 16425, 24 February 1925, Page 5

COMMONWEALTH LINE.

LOSS OF NEARLY £500,000. TO BE SOLD BY TENDER. SUBJECT TO CERTAIN CONDITIONS. (A. and N.Z. Cable.) SYDNEY, Feb. 24. Mr. Bruce made available the balance-sheet of the Commonwealth Line of steamers as from September Ist, 1923, to March 31st, 1924. It showed a loss of £245,474. He estimates the result for the period September Ist, 1923, to August 31st, 1924, was a loss of £480,909, exclusive of depreciation. The report stated that the present position was dne to the high running costs compared with those of competing companies, and to labour troubles to which the Line was continually subjected. He gave his opinion that the ships could not run without serious loss while covered by Australian industrial awards. Mr. Bruce stated the Government intended to invite tenders from prospective purchasers for the Line as a going concern, subject to certain conditions requiring the purchasers to maintain an effective regular service between Australia, Britain and Continental ports, no increase in freights and passage rates unless under certain conditions stipulated, no entry into any arrangement with a ring or combine.