BIG SHIPPING FAILURE.
NEW COMPANY LOSES £3,550,000
WESTERN COUNTIES LINE.
A. and. N.Z.
LONDON, July 17.
Enormous losses through the fall in freights have been divulged in the Official Receiver's report on the liquidation of the Western Counties Shipping Co., Ltd.', Cardiff, which was incorporated in July, 1915, with a capital of £10,000, afterwards increased to £2,500,000. .
The company in November, 1919, purchased the Moor Line of 13 steamers for £1,804,000. In February, 1920, it agreed to buy the Sutherland Line of 11 steamers for £1,825,000. The company paid a 10 per cent. dividend the following July, but by November it .was in difficulties owing to" the sudden drop in freights. It could not pay insurance premiums on the steamers, and eventually the mortgagees seized the Sutherland ships and sold them for £266,000. • The statement of affairs shows a total deficit of £3,550,000 in regard to shareholders.
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Bibliographic details
New Zealand Herald, Volume LX, Issue 18455, 19 July 1923, Page 9
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147BIG SHIPPING FAILURE. New Zealand Herald, Volume LX, Issue 18455, 19 July 1923, Page 9
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