UNION CASTLE PROGRESS.
In these days of shipping depression it is encouraging to note that the Union Castle Mail Steamship Company presents a very satisfactory report for last year, the profits amounting to £347,423 against £280,207 in 1933 and only £190,793 in 1932. The Company has evidently been managed not only with energy but with skill, for the report states that while the volume of outward cargo showed some improvement there was a substantial falling off in homeward traffic with an in- creased competition in the trade of East and South Africa on the part of British and Foreign lines. Passenger traffic in both directions, however, showed some further improvement. It should be noted too that the profits mentioned above are after deducting depreciation at the customary 5 per cent. basis, while the Board have placed £250,000 to Reserve Account compared with £200,000 a year ago, making the Reserve £450,000. The 41 per cent. Preference dividend has been paid for the year, and the dividends on the 6 per cent. " A " and 61 per cent. Preference Shares paid on July 1st, 1934, and January 1st, 1933, brought the payments on those shares up to June 30th, 1933, requiring £119,156 and leaving £82,149 to be carried forward.
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