“A HARD BARGAIN.”

Ashburton Guardian, Volume 53, Issue 204, 10 June 1933, Page 5

“A HARD BARGAIN.”

AUSTRALIA AND WHITE STAR.

THE DIRECTORS DISMAYED. (United Press Association —Copyright) (Received This Day, 10.45 a.m.) N LONDON, June 9.

At a meeting of the. White Star Line Company, Mr Canty, who presided, referring to the Aberdeen Commonwealth Line, said that during the White Star’s default the directors and trustees endeavoured to arrange with the Australian Government a new basis for dealing with the unpaid balance. These efforts proved abortive'. The directors learned with dismay and disappointment that Australia had decided to realise its security ' under the debenture charges' on the fleet. “I am unable to give adequate expression to the feelings of the directors at the disastrous ending of the transaction,” said the chairman, “but in their opinion you have been the victims of a very hard bargain.

“During the whole period of the White Star’s ownership the vessels operated in conditions that rendered it impossible to .show a profit whence dividends could accrue., The Australian Government was well aware of this, yet had chosen to exercise its strictly legal rights and enforce security at very heavy loss to us. The directors are of opinion that the Government has already received full value for the ships and would barely act with grace to cancel the remaining indebtedness. Representations on the matter have already been made.”