DEPRECIATION OF STEAMERS.

Poverty Bay Herald, Volume XXX, Issue 9662, 10 February 1903, Page 4

DEPRECIATION OF STEAMERS.

♦- Another instance has just been afforded of the great depreciation m the wilueof steamers during the past tiro or three years. The s.s. Crai cream, which wa.« sold recently for £18,000 by auction by order of the Court-, was 'purchased m October, 1900, by Messrs Woodruff. SlTillito, and Co. for £36,000, who about two months later refused to accept. £38.500 for her. This shows /v depreciation of 50 per cent, since 1900, but it must be borne m mind that it was a sale by order of the. Court, and thai a higher 'figure was offered for the vessel two or three months ago. Two other vessels of tin's fleet, which were purchased m 1900 for £58.---124, have recently been sold for £33.000. About, two years ago. when the above vessels were -acquired, the prices of steamers were, about at their highest. For instance, a new 4.500-ton steamer was l ioo W ° rth abtVut £42 ' 000 - against about nnn ' novr ' ailJ a new 5.500-toniier £45---0 m, ' a - ainstl about £33,000 at present. This ereat depreciation is due to the unprofitaMe state of the freight market, one L-ardiff-ownod stumer, built m 1896 winch cost £34.000. on two voyages, from 22nd March to 7th November last, beine only able acc&rding to tlie manajrera' report, to make a profit of £41 16s 2d.