SHIPPING LOSSES.

Otago Witness, Issue 3619, 24 July 1923, Page 18

SHIPPING LOSSES.

ENFORCED LIQUIDATION. 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 Company, Ltd., of Cardiff, which was incorporated in July, 1915, with a capital of £IO,OOO, and which was afterwards increased to £2,5C0,000. The company in November, 1919, purchased the Moore Line of lb 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 next July, but by November it was in difficulties, owing to the sudden drop in freights. It could not pay the 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 the shareholders.

SYDNEY. July 20

The Patrick Steamship Company is going into voluntary liquidation, but the company’s interstate services will be continued pending the sale of the assets to anothe r concern. The company was inaugurated m 1919 with a capital of £BO,OOO. The sum cf £IO,OOO was added in 1921. The company was not associated with the Australian Owners’ I ederation, and it was unable to survive the latter s competition and the general depression. The assets may balance the liabilities, but the share capital is wholly lost. COMMONWEALTH LINE.. SYDNEY, July 21. Seven steamers, embracing the Austral class of the Commonwealth Line, will be laid up indefinitely. Nine are already out of commission, and are at anchor at Sydney or Melbourne.