CUNARD RECOVERY
The reports of the Cunard Steamship Company and of Cunard White Star, Limited, show a very material improvement over 1936, but not so great as would enable the Cunard company to resume dividends on either class of its preference capital,
both of which have been in arrears since 1931. It will he recalled that the vessels engaged in the North Atlantic trade have been transferred to Cunard White Star, in which company Cunard Steam Ship Company holds 62 per cent. or the capital. The operating profit of Cunard White Star showed a sharp increase of £717,407 to £1,305,829, but this sum only covers a little more than the depreciation charge of the fleet which was not provided in 1936. The annual deprecia- tion charge is £976,280. In addition £136,143 is provided for the 1936 depreciation of the ' Queen Mary,' and a sun' of £146,352 is added to the balance carried forward, which now amounts to £223,151. In addition, the whole of the share premium account amounting to £6,348,663 is used to write down the balance-sheet fleet including the arrears of deprecia- tion up to the end of 1936, so that there should be no further charges in excess of the annual depreciation charge. Th. report announces that the ' Queen Mary' carried more passen- gers than any other ship in the North Atlantic trade and than the sister ship is to be launched on September 27th. Th.: Cunard Steamship Company deriving nothing from its maul investment, shows a net profit after debenture interest 01 £24,516 against £22,741 and carries forward £177,846 againsi. £153,330. The Mediterranean, French and Channel Island services showed material improvement.
(Continued on page 731.)
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