The most striking figure in the general working account was oatarally that under the head of freight, charters, etc,, which amounted this year to 21,734,247, showing an increase over last year of £216,430. For the last five years he found that their freight account, which was 80 important to them, had been absolutely stationary, notwith standing the vastly increased capacity of their fleet in that period. That was owing to the fact that the seas bad been crowded during those years with an enormous amount of tonnage, with the consequence that freights bad been Tu 1905 4,116 her his connexion with which be desired to say, in passing, that be was very proud—while in 1909, 4,239 vessels passed through it, showing an addition of 3 per cent to the number of abide; bat whereas the gross tonnage which passed through the Vanal in 1905 was 18,300,000 tone, in 1909 the gross age rose to 21,500,000 tons, being sine and capacity of the vessels Paasing increase of 17 per cent in the actual
through in the Eastern trade. what was true of the Tears ale absolutely trae of every other trade throughout the world. The improvement in their presents recount only came about in the last six months of the year, because they had two or three very dissdv: tageous ciroamstances to contend with during the earlier part of the year. The great coal strike in Australia cost them £20,000, and the unfortunate accident to the El in the docks London cost them altogether £30,000 in repairs and the loss of freight which followed on the derangement of their programme. But for those two occurrences the year's bu: profit would therefore have been £50,000 than it was. To turn from the freight to the passenger department, the amount received this year was £1,231,483, or only £15,000 odd in year; and yet they avid oner 3,000 excees of the Sgures of the previous
Passengers more this year. pas sengers, however, made shorter journeys to a large extent, and they were emphatically passengers who availed them-elves of the cheapest passage they could obtain in the company's snipe. The directors were naturally s little disappointed at that result, because dari the five years from 1905 to 1909 the company had built passenger vessels to the value of £3,800,000. The fact: was that the Eastern world was apparently obliged nowadays to travel most economically, and the company en-
Text read from the printed page and cleaned; old type leaves the occasional error.