FIJI SHIPPING COMPANY

Otago Daily Times, Issue 18444, 4 January 1922, Page 8

FIJI SHIPPING COMPANY

UNPROFITABLE EXPERIMENT. VOLUNTARY LIQUIDATION. The Fiji Shipping Company has for years been a comparatively small concern, which contented itself with running steam launches round the island of Viti Lovu, but becoming, ambitious in 1920, it purchased the steamer Nooncbar from the, North Coast Steamship Company, and the motor vessel Sir John Forrest, which had proved a failure in Northern Australian waters (says- the Suva correspondent of thq New Zealand Herald). The company secured a contract witlv the Fiji Government, with a subsidy £7500. to run mails to the Windward Group, 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 go into voluntary liquidation. The directors’ report stated that the profit and loss account showed a trading loss of £4260. The Nooncbar had proved unsuitable for the inter-island trade. Misfortune had also attended the purchase of the Sir John Forrest, and the company had only recently boon able to place the vessel in commission. Owing to the world-wide depression in shipping circles, the 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. After absorbing the reserve and insurance funds, the company shows a net loss of £43,515. An effort will ho made to soli the Noonebar, and business will bo 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. *