WHITE STAR LINE

Grey River Argus, 12 June 1933, Page 5

WHITE STAR LINE

AUSTRALIAN PURCHASE. (Aus. & N.Z Cable Assn.) (Received June 11 at 8.15 p.m.) LONDON, June 10. Replying to Canty’s speech yesterday, Rt. Hon. Air Bruce, in a statement, said that seven vessels were sold to the White Star Line for £1,900,000. that cost £7,000,000. When the White Star Company got into difficulties in 1931. a moratorium was granted them and no action was taken to March, 933, after every effort had been made come to a working arrangement satisfactory to both parties. The only offer the White Star Company made would have resulted in tin' payment of a sum less than the annual interest charge, thus the debt would not have been reduced and the asset on which it secured would have been progressively diminishing in value. In the circumstances the Government, as custodians of the rights and nterests of the Australian people, had no alternative but to direct that the ships be sold.