THE P. AND 0. POLICY.
I referred lastweek to the fact that- the figures in the annual Report of the P. and 0. Steam Navigation Company justified the note of caution sounded by Lord Craigmyle in the matter of shipping profits, and in his address on Wednesday-to share- holders Of that important Undertaking Lord ,Craigmyle had no difficulty in demonstrating that the strong position enjoyed by the COmpany today had been _made .possible by the, con- servative policy in, the matter of distributing profits. The P. and O. C,ompany.• obtains much of its revenues from the dividends of its subsidiaries and, referring to the fact that the Board had been urged to make larger dividend distributions, Lord Craigmyle said ; - • - - - - The Board have considered it not wise to press our Allies for higher dividends than those which, in the opinion of the men respcnsible; are justified' by theactual results of their "rear's Working
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.(.coluinued from page io8z.) in view of the circumstances Of their concerns and of their future programmes for ship construction. After the storm they must be given a breathing space. But if we .are granted a period of reason- ably good trade their available resources, unless there is any calamit- ous rise in the costs of ship operation, should tend to increase, and it may then be possible for them to make 'a somewhat larger distribu- tion consistently with the policy of steadiness and caution which I submit to you must remain our sheet anchor.