HC Deb 02 June 1919 vol 116 cc1652-3
2. Lieut.-Commander KENWORTHY

asked the President of the Board of Trade what profit was earned by the thirty-four Austrian and German detained steamships managed for the British Government by Messrs. Everett and Newbigin, of Newcastle-upon-Tyne, and paid over into the Exchequer during the period in which they were run on the basis set out by the President of the Board of Trade in his statement of 16th February, 1915; and what amount the managers received for their services?


I have been asked to reply. The trading profits of the vessels referred to for the period 1st January, 1915, to 30th September, 1918, the latest date to which the accounts have been finally made up, is £1,550,850. In arriving at the net trading profit on a commercial basis provision would have to be made out of the above amount for depreciation and interest, and for the replacement of vessels lost so far as not covered by insurance. The remuneration paid to the managers for their services in respect of these and other vessels in the coasting trade office was at the rate of £5,000 per annum.