STATE SHIP-OWNING

Greymouth Evening Star, 16 May 1939, Page 8

STATE SHIP-OWNING

HEAVY AUSTRALIAN LOSS. An unprofitable venture by a former Government of the Commonwealth into the realms of business enterprise is recalled in the annual report of the Australian Auditor-general (Mr. Abercrombie). Under the heading Australian Commonwealth Line of Steamers—the costly fleet of merchantmen procured by a past Government, and subsequently sold by a succeeding Government to the White Star Line (now in liquidation) —it is announced that the loss on liquidation, as at June 30, 1938—£4,014,272/2/2—was practically unchanged from June 30, 1937. In the report for the previous year, the amount owing to the Commonwealth by the White Star Line on the original purchase price (£1,900,000) of the vessels of the line, was shown at £081,210/0/1, and this figure remained unchanged at June 30, 1938. A further dividend of G/4?id in the £ amounting to £243,550/5/4 was received from the White Star liquidator in London on November 15, 1938. The. total dividends received now equal S/10,1 in the £ on the proved debt of £766,584/8/10, leaving an amount of £427,211/2/5 (principal and interest) outstanding.