Shipping Firms Huge Profits

The scan: The Week v5 no21.pdf (PDF, Marxists Internet Archive, opens at this page)

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from the ‘Morning Star! Britain's herchant Navy seamen are among the lowest paid in the world, Only the Spanish seamen-in Western Barope=- get less. But the shipowners get millions. Fomr of the big shipping companies-among those who cannot "afford" to give the seamen £60 a month, a 40 hour working week, and overtime rates comparable with other industries- made a total trading profit of £42m; in the latest year for which figures have been published. This was a rise of 7% on those of a year before. Their Ordinary shareholders got £4,700,000 in dividends... One of these comp,nies, Peninsula and Oriental Steam Navigation, made a profit of over £23 million in 1965. Cunard Steamship trading profits jumped from £1,169,000 in 1963 to £4million in 1964, and British and Commonwealth Shipping from £7,712,000 to £8,420,000. Furness, Withy's trading profits went up from £5,750,000 in 1964 to £6,465,000 a year later,