3 AUGUST 1929, Page 32

SHIPPING CONDITIONS.

At the recent meeting of Furness, Withy & Co., Sir Frederick Lewis, the Chairman, made some very interesting state- ments with regard to the general shipping position. Com- menting upon the favourable position exhibited by the com- pany in its Report, the Chairman was certainly justified in attributing the satisfactory position to careful and conserva- tive finance in the past. With regard to the increase in the amount set aside for depreciation from £200,000 to £250,000, the Chairman expressed his confidence that shareholders would approve that course, which although, perhaps, not absolutely necessary, might be regarded as desirable in view of the continued depression in the shipping trade. Sir Frederick made some interesting comments on the effect of the Hague Rules on the shipping industry, while as regards, the prospective revival of Trades Facilities guarantees for shipping, he expressed the view that in the long run there would be no lasting benefit for the reason that there was already too much tonnage.