The outbreak of local hostilities, however, which took place during reconditioning and delivery caused political and other repercussions Which seriously interfered with the business and amongst other things extensive delays and strikes of crews took place which much reduced the anticipated substantial profit on the transaction, Delivery, however, was completed early in June last and satisfactory arrangements made with respect to payment.
{We subsequently purchased four more vessels with the intention of operating them until an opportunity arose for profitable resale either to our Associates, Metal Industries of China, Ltd, or to others, It is our intention to continue to operate along the lines of purchasing tonnage when ever prices seem attractive with a view to eventual resale and also to continue acting as shipping financiers generally.
Our principal subsidiaries have continued to be working at a very satisfactory rate and the figures at the end of their first half year show results which approximately equal the full previous years working. July and August have substantially maintained this proportion and considerably increased dividends on our investments in subsidiary companies may therefore be confidently anticipated.
Text read from the printed page and cleaned; old type leaves the occasional error.