The lower profit is mainly duc to two causes: the reduction of rates the introduction of the "Empire Flot Rate scheme and the contrac= tion of world trade caused by dis turbed international conditions, "To gain a proper perspective, however, would be well {0 look back 10 the years 1991 and 1992 when the profits were £75,000 and £00,000 respee= Lively as against the $1,000,000 this The expenses show a reduction of £210,000 which is reflected in practi= cally every item, There isa slight increase in working expenses at stations due to the opening of a new station and the acquisition of wire= Jess installations "at Hongkong, both, of which should be regarded ps, revenue-producing. The cost of maintenance of cables shows an i crease of £40,000 but this is neces sarily a varying figure.
Text read from the printed page and cleaned; old type leaves the occasional error.