SHIPPING PROSPECTS.
Thanks to a sound and conservative policy, Furness, Withy and Company were able to increase their dividend for the past year, but it must be noted that the rise from 71 to 10 per cent. in the dividend is less than at first sight appears, the lower rate being paid free of tax and the latter subject to tax. In spite, however, of the satisfactory result achieved, the Chairman, Sir Frederick Lewis, took a sober view of the outlook, dealing in his speech with the reduction in the demands for tonnage and the manner in which foreign com- petition in certain countries has been aided by various forms of Government subsidies. " Many Governments," said Sir Frederick, " are artificially aiding their shipping and ship- building industries, the effect of which is, in many cases, to encourage the building of ships which are not really required for the world's transportation necessities, and which, because of their easy terms of finance, are able to compete with vessels which have to be operated under
ordinary commercial conditions." A. W. K.
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