able, and did not justify paying more than a
dividend of 3 percent for the half year ended
December 1912.The Queensland trade had
not recovered from the set-back it received
during 1911 and the production of sugar last
season was consequently very small. Indeed,
the Commonwealth imported from oversea
over 80,000 tons of raw sugar. Had that been
grown in Queensland the company's steamers
would have carried a large proportion of it,
besides which men would have been required
to work it, and the necessary stores for their
consumption. Last year he made reference to
the number of awards and agreements under
which they were working, and since then the
engineers had obtained an award of the Arbitration
Court, while in July last the award of eight hours
to deckhands came into force. All these added
enormously to their expenses, and it took
a long time to adjust fares and freights to
meet such increases. In February, 1911, the
directors, observing that the market
"was favorable for building, an order
for two passenger steamers, and subsequently
when the Yongala was unfortunately lost, ordered
a third one. Owing to delays occasioned by strikes
in Great Britain, the Warilda. the first steamer to
arrive, only reached Adelaide on September 8,
1912, and the second (the Wandilla) on
January 3, 1913. The third (the Willochra) arrived
at Fremantle on Monday last. The Warilda had now
made six voyages, and was popular with the travelling
public. The financial results were satisfactory, it was
hoped her sister ships would be equally successful.
The full benefit of that investment of capital, however,
had not been experienced in accounts for the period
under review. In order to meet developments, it might
be advisable, when a favorable opportunity occurred,
to have the share capital of the company increased,
and the directors would carefully consider the position.
The cost of repairs was materially increasing - no
light matter on the coastal trade, where the wear and
tear on the ships in the tougher cargo trades was very
great." After a long period free from serious accident,
the company had had a run of bad fortune.