Annual meetings of stock holders in the Norwegian America Line was held June 20. The directors message to the meeting gives evidence of a year of high earnings. The corporation now has ten ships in operation. Delivery of the new ship, Stavanger-fjord, contracted for at Birkenhead, can hardly be expected in the near future, due to the war. Negotiations for delivery are still going on, however.

The company has set aside considerable amounts for its various funds. Earnings to be distributed for 1916, amount to twenty per cent. The question was raised as to the necessity of setting aside as large sums for various funds as has been done. The reply is that in the future, a far greater competition is to be expected in the distribution of profit in the leaner years that may be coming.