[?]an In Ships

[?]ore Security In [?]antations [?]an In Ships

[E way in which Australian shipowners are penalised by Australian taxation (which es them at a heavy disadvant in competition with shipowners >ther countries) has often been rred to by Mr. James Burns, irman of Burns Philp & Co. Ltd. did not fail to describe the pre situation, at the Company’s ual meeting in May. e emphasised that the Islands ping lines now were under vy handicaps, and not making igh profit to provide for the re ement of old tonnage. That

could only be done if extraordinary profits were made after taxation— and such a thing was not permitted.

The Bulolo, built in 1938, could not now be replaced for £2 million; yet, under present conditions, a ship like the Bulolo could not make £1 million profit in 25 years, under today’s conditions.

Liners for passengers and cargo

combined were a thing of the past in the company’s trade, said the Chairman.

The aim was to lose as little money as possible by running plain cargo ships to serve island interests The most remunerative part of the business, on capital employed, was the plantations, of which the company owned over 40, he said.