SECOND-HAND SHIPS

Dominion, Volume 9, Issue 2602, 26 October 1915, Page 7

SECOND-HAND SHIPS

ENORMOUS PROFITS REALISED IN OLD STEAMERS. Attention has been frequently drawn lately (says a London paper) to tho high prices which are being realised on sales of second-hand tonnage. Recent sales provide further illustrations of the hugo profits which are being made by owners who were fortunate) enough to secure second-hand steamers several years ago at practically breakiug-up prices, and who, having obtainod remunerative interest on the working of the_ ships in the meantime, are now hauling in extraordinary prices. For instance, the steamer Sifnos was purchased in 1911 from Messrs. Edward Hain and Sons, of St. Ives, for £7500, and she has recently changed bands at about £30,000, the recent sellers reaping a profit of about £'22,500, in addition to the money earned during the four years she was in their possession. The Sifnos, a vessel of 2426 tons gross register, was built in 1890. Another illustration is the caso of the steamer Pvtheas. In 1906, she changed hands at about -£15,50 D. She has now been sold to Swedish buyers for £29,000, a profit of £13,500 on the former sale price. The Pvtheas was formerly owned by Messrs. Christie and Co., of CardifF, and is a vessel of 1690 tons gross, built in 1895.