SHIPBUILDING CONCERN.

Hawera & Normanby Star, Volume XLII, Issue XLII, 26 September 1923, Page 8

SHIPBUILDING CONCERN.

USELESS SHARES OUTSIDE.

fa¥ CABLIi—PEESB ASSOCIATION—COPYRIGHT LONDON, Sept. 25. The auditors of the Northumberland Shipbuilding Company, which is a largei ly holding company and a guarantor of the debenture issue of the Workman, Clarke Company, report that £8,819,-000 out of total assets of^lO, 422,000 consist of shares in associated companies. The report adds: "In view of the depression in the shipbuilding industry, and the fact that in several; companies there are large issues of debentures ranking before shares, it would appear that the value of the shares of associated companies is at present negligible." The directors state that from a trading point of view the shipyard is a profitable concern.