SHIPPING DEPRESSION.
There are not wanting signs of a turn in the tide in the matter of shipping depression, but the Reports now issued cover a very difficult period, and this is shown in the case of the Report of the Royal Mail Steam Packet Company, where the profits for the year amounted to £478,000 against £769,000. Moreover, the Report shows that £150,000 has been transferred from the Reserve to enable the payment -of the dividend at the rate of 4 per cent. against 5 per cent, for the previous year, while the curry forward is reduced by about 178,000. It may be pointed out that the recent purchase of the share capital of the Oceanic Steam Navigation Company does not affect the present accounts, as the purchase came into effect at the beginning of the present year. The operation, it may be recalled, was carried out by the transfer of' shares of the Oceanic Steam Navigation Company to a new company entitled NVIiite Star Line, Limited, the shares of which are held by the Royal Mail Steam Packet Company and its affiliated concerns.
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