THE CUNARD POSITION.
That the directors of the Cunard Steamship Co. should have been able to maintain their dividend at 7f per cent, with no appreciable decrease in the carry forward, notwith. standing a reduction in gross profits of £126,000, is a testimony to the general soundness of the financial position and to the conservative policy which has been pursued for some time past, The 'earnings of the company were affected, like those of some of the other big Transatlantic companies, by the decline in receipts from emigration traffic, the figures having been Influenced by the restriction of emigration into the United States. Expenses and depreciation were about £20,000 higher, but owing to the reduction in interest charges net profits were only down £109,000 and the balance carried forward is £188,000 against £190,000. The balance sheet is again a very strong one, showing a reduction of £670,000 in the book valuation of ships and shipping investments on the one side, and of nearly £1,300,000 in creditors and credit balances on the side of liabilities. Moreover, the balance sheet has been steadily gaining in strength during the past three or four years, and while in the meantime there has been an increase in the share capital, there has been a more than corre- sponding reduction in fixed indebtedness, that indebtedness, moreover, having been on a higher interest baSis.
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