Less Profits Than Last Year But Signs of Coming Improvement London, Dee, 7.
The annual report of the Peninsular and Oriental Steam Navigation Company for the year ended September 80, 1920, shows a credit balance of £919,000, compared with £955,000 for the previous year. The sum of £274,000 has been placed in reserve for' redemption of debentures, while £182,000 is carried forward.
The report mentions that the steamer Moldavia has been converted into an oil-burner and that it is proposed similarly to convert the steamers Naikunda and Naldora as soon 2s possible.
The Company's business China, the report says, has ben greatly interfered with, but it is considered that things will improve soon. With regard to the Company': Indian affairs, the year has been one of great difficulty, but the outlook row' is. brighter.
Ths Directors have nominated Sir Geoffrey Rothe Clarke to a seat on the Board.
Higher Passage Rates Forecast Dec. 8
Viscount Incheape, presiding at the annual meeting' of the Peninsular and Oriental Steam Navigation Company to-day, said that th Board were considering the question of treating the Company's insurance fund as a reserve, as they could insure outstanding risks for sum much less than the amount standing to the furd's credit.
Viscount Incheape stated that, unless running costs, which were 75 per cent. higher than before tle war, diminished, some increase of passage rates might be necessary.
Condition in China had caused 'a serious loss of traffic. Passenger traffic continued to expand remarkably. The Board proposed to convert' the steamers Narkunda and Naldera into oil-burners. The coal strike had cost the Company over £200,000. Viscount, Inchcape believed that, even if Empire Airways became "a commercial _proposit the P. & 0. Company would stil hold ite own.—Reuter,
Text read from the printed page and cleaned; old type leaves the occasional error.