A TOTAL WRECK

Grey River Argus, 26 July 1920, Page 3

A TOTAL WRECK

S.S. PAEROA ABANDONED. HANDED OVER TO UNDERWRITERS. (Our Own Correspondent) HOKITIKA, July 25.— The s .s. Paeroa is being pounded with heavy seas. Her starboard side abreast of the engine room, has been stove in and the sea is playing on her engines. Her back is also broken and the ship has become a total wreck. Large crowds are watching the seas raking her to-day. The Paeroa was at one time engaged in the coastal trade near Auckland and was purchased by the Hokitika Shipping Company for £1000. and only recently underwent repairs amounting to £950. Athougn of great value to Hokitika and the settlers in the south, the Paeroa has r.ot been a profitable proposition to the owners. The Government granted an increased subsidy for the southern journey, the vessel taking up the running of the State-own-ed Hinemoa. She is insured for £750 in the United Office, and her cargo of timber which was being shipped by Stewart and Chapman. Woodstock, is also covered by insurance. A meeting of directors of the Hokitika Sluppmft Company was held on Saturday morning and it was decided to abandon the vessel to the underwriters. General regret with the owners is let by t.te people of Hokitika and a wide s«irounding district, and it is most unfortunate that such a valuable asset to the settlers has been lost at a time when those interested were looking forword to brighter times.