SALE OF STEAMERS.

Ashburton Guardian, Volume 53, Issue 133, 17 March 1933, Page 5

SALE OF STEAMERS.

FORMER COMMONWEALTH LINE. A NEW BRITISH COMPANY. (United Press Association— Copyright) Canberra; March ie. Ships of the former Commonwealth Line, including five of the Bay liners, and the Fordsdale, which;;were repossessed from the White Star Line, have been sold to a British company which is being formed, for £500,000 cash This will be applied in the reduction of oxftstanding liabilities. There will be still owing to the. Commonwealth £614,872 on account of priCipal, and about £47,000 interest. The Prime Minister (Mr J. A. Lyons), making this announcement in the House of Representatives to-day, said the price which the new company was paying represented the present market value of the vessels. The Government had already collected £205,118 insurance on the wrecked Ferndale.

AUSTRALIA'S GOOD DEAL.

THREE COMPANIES CONCERNED. ' (Received This Day, S.-25 a.m.) LONDON, March 16. The new company formed to'acquire the Bay the Fordsdale is called the Aberdeen Commonwealth Line, Limited. It has a capital of £500,000. The Peninsula and Orient companies jointly provide half, and the Shaw, Savill Company half. There will bo no public issue of shares and there will be no alteration .in the management. Shipping circles consider that the Commonwealth has made a good deal, as it will receive £500,000' in, London, equivalent to £625,000 in Australia.