THE CUNARD REPORT.
It is well that the Cunard Steam Ship Company, as the result of conservative management of its finances, has large contingency reserves to draw upon, for the report covering the past year's operations may be said to equal the worst expectations. Further economies have, been effected, and over the last four years the cuts in expenditure have been heroic. They have, however, failed to stem the effect of appalling trade depression upon gross revenues. For the past year there was a net loss of £927,000, as compared with £553,000 in the previous year, and a small profit of about 218,000 for the year 1930. The company has now met the situation by transferring £930,000 from Contingencies Re- serve, while it should be noted that the loss referred to after making full provision for depreciation ; the amount applied to depreciation of steamships and other profit. and plant is £747,000 against £705,000 in the previous year.
(Continued on page 482.)
Financial Notes.
(Continued from page 480.) The balance-sheet itself reveals a strong position as regard, cash, the present total being £982,000, while the compave General Reserve Fund of £500,000 is intact.
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