CUNARD'S SHIPBUILDING POLICY
The chairmen of two of this country's leading steamship companies have this week surveyed the prospects for 1933 with some measure of hopefulness. Sir Percy Bates, chairman of the Cunard Steamship Company, thinks that there is still time for 1938 to make a good showing, and that, as regard. both the political disturbances in Europe and the econonvc disturbances in the U.S.A. matters are improving. He explained in some detail the depreciation policy that th important subsidiary Cunard White Star is pursuing. Ther: will be no depreciation charge in respect of the ships now building, Nos. 552 and 1029, until they are delivered, and in the meantime the annual depreciation charge of £976,2E will reduce the 'Queen Mary' to scrap values at the age of 25 and all the other North Atlantic vessels at the age of 20 Further annual shipbuilding of that order should, in lig view, enable the company to maintain its place in the Atlantic. Moreover, as he explained, the depreciation allowed for the 'Queen Mary' is handed over to the Treasury, but won't' • he believed, be available along with the company's free monoy or with money provided by others, to finance the buildir of the vessel No. 1029. Sir Percy expressed the view thd not only was the company's building programme not responsibi for the absence of preference dividends, but that it is also the on,, policy which can lead to their resumption.
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