COMMONWEALTH LINE

Evening Post, Volume CXV, Issue 64, 17 March 1933, Page 7

COMMONWEALTH LINE

WRECK OF THE FERNDALE

COMPANY'S DIFFICULTIES

(From "The Post's" Representative.) LONDON, January 19. Mr. Arthur B. Cauty presided at the .annual meeting of the White Star Line. ■ Referring to the Aberdeen-Common-wealth Line, he said this fleet was acquired from the Government of the Commonwealth of Australia in 1928, and is now operated under the trade name "Aberdeen-Commonwealth Line," and consisted of seven vessels, one of which —the Ferndale—was unfortunately lost off the North Coast of Africa in June, 1932. The vessels were mortgaged to tho Commonwealth Government to secure the unpaid balance of tho purchase money. "The insurance moneys in respect of the Ferndalo," continued the chairman, "have since been collected and handed over to the Australian Government in reduction of outstanding instalments of purchase money and interest thereon, but the amount is insufficient to liquidate the total arrears, and there is still due to the Commonwealth the instalment of £165,000, which was due in August last, but.all interest duo to that date has been satisfied. "For some time past negotiations have been in progress with the Australian authorities with a view to agreeing upon a method of dealing with the outstanding arrears, but up, to the present no definito procedure has been decided upon.

"The insurance moneys recovered in respect of the Fefndale- were. unfortunately insufficient to cover the book "value, and the opportunity has been taken in tho accounts before you to provide for a loss of £36,703 lis 2d. '' The Shaw, Savill, and Albion Company, Limited, which is owned jointly by your company and the Oceanic Company, has not paid any dividend on its ordinary share capital during the year, but tho trading results of that concern are quite satisfactory. As may be expected from the prevailing state ot affairs, the voyage results of the Aber-deen-Commonwealth Line have been disappointing,''