Financial Notes . .
FRUITS OF ECONOMY.
The Directors of the Cunard Steamship Company have earned congratulations upon their conduct of the Company's affairs during a difficult period. A year ago a sound scheme was announced for converting existing Debenture Stock into a security carrying a lower rate of interest and during the current year the Company should obtain considerable addi- tional profits as a result of that operation. Meanwhile, how- ever, the feature of the past year's business is that, in spite of a greater number of miles having been steamed by the Company's fleet, operating expenses were so reduced that, as explained nt the recent meeting, the profits for the year showed a very substantial increase, so that the Directors were able to' place £100,000 to the Reserve, and even then to declare a dividend at the rate of 6 per cent., as compared with 5 per eent.-IaSt year. Moreover, the Balance Sheet shows a very liquid position, the holding of cash amounting to over £900,000. With some justifiable pride the Directors refer to the fact that throughout the coal stoppage the Company's transatlantic railings were carried on punctually.
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