FIJI SHIPPING COMPANY.

New Zealand Herald, Volume LVIII, Issue 17978, 31 December 1921, Page 9

FIJI SHIPPING COMPANY.

UNPROFITABLE EXPERIMENT.

VOLUNTARY LIQUIDATION.

[FSOU OCR OWN CORRESPONDENT ] SUVA. Dec. 22. The Fiji Shipping Company has for years been a comparatively small concern, which contented itself with running steam launches rcund the island, of Viti Levu, but becoming ambitious in 1920, it -purchased the steamer Noonebar from the North Coast Steamship Company, and the motor vessel Sir John Forrest, which had proved a failure in Northern Australian waters. The company secured a contract with the Fiji Government., with a subsidy of £7500, k> run mails to the Windward • iroup, Taviuni, and Vanua Levu, in place of the A U.S.N. Company's Amra. After 12 months' experience of this larger venture, whatever the cause, the company's finances got into such a state that on Friday last a general meeting of shareholders adopted the directors' recommendation to i«-o into voluntary liquidation. The directors' report stated that the profit and loss account showed a trading loss of £4260. The Noonebar had proved unsuitable for the inter-island trade'/ Misfortune had also attended tho purchase of the Sir John Forrest, and the company had only recently been able to place the vessel in commission. Owing to t!io worldwide depression in shipping circles, tho directors had deemed it advisable to write down the company's assets by £43,885, showing a loss for the period September 1, 1920. to August 31, 1921, of £48,146. ,\tfer absorbing the reserve and insurance fund", the company shows a net loss of £43,515. An endeavour will be made to sell the Noonebar, and business will be carried on as usual until she is disposed of. It is anticipated that the business of the company can be carried on by means of the Sir John Forrest and the smaller ■vessels. The venture is an unfortunate one, and many of the planters had been induced to take up shares last year.