'FRISCO MAIL STEAMERS.

Poverty Bay Herald, Volume XXXIV, Issue 10959, 30 April 1907, Page 2

'FRISCO MAIL STEAMERS.

.. . .- II * ■ (PAr Press Association.) -.",''■'.■! AUCKLAND, this day. The Preiis Association 'Frisco correspondent states tliat during .the Congress debale on the Shipping Subsidy Bill, an amendment was moved permitting three of tlie Oceanic Company', steamers, to share tlie subsidy, though unable to main, tain the sliced fixed by the Bill; " The amendment was defeated by 127 to 112. -Subsequently tlie whole ' Bill Was shelved for' the session, having met violent opposition, and being considered by some as legislation ! for special interests. The other reason assigned for the withdrawal ' ol the steamere were the cancelling of New Zealand's itiail contract and preferential duties against American products, notubly paper and imilmon, wliich caused a reduction m the freight business of nine shiploads out of fifteen previously carried during the year. Regular dividends were Eaid until 1902, since frhich time several undred thousand dollars have been lost. Tlie; steamers Ventura, Sierra, and Sonoma will probably behold. It is reported a 'Japanese company may purchase., them. Tlli!, likelihood of the eiotuslon of \ Japanese laborers and the possibility of competition; between the Pacific Coast and" the French islands may cause the Oceanic Company t_ abandon business altogether. About 600,<)00 dollars a year will Be lost to San Francisco- business interests, and one thousand men will lose employment. The net loslfc m 1906 was 103,970 dollars. Overdraft is due to J. D' Spieckles and Co. of T,B7]f, 179 dollars. ■ r 'l! ' " nr •____■- v