£40,000 PROFIT.

Wanganui Herald, Volume LIII, Issue 15836, 5 June 1919, Page 6

£40,000 PROFIT.

AUSTRALFIELD SOLD. ELEVEN “STRATHS” REMAIN. LONDON, May 8. The Commonwealth Government has sold the steamer Australfield for .£171,000. In disposing of the Australfield for £171,000 the Commonwealth, through its shipping manager, has effected a sale which reads batter than any reported since the arm is tire was signed. -The vessel, which was formerly the Vermont, is 19 years old, of slow speed, and without any special features which should make her a good ship to compete for cargoes. When Mr Hughes bought the “Straths” he paid au average of £130,000 a ship, but that was at a time when tonnage was scarce, and enormous profits were being made. According to the cable, the Australfield has changed hands at £171,000, a profit of more than £40,000, after having earned a lot of money for the Commonwealth. Early in her career under the Australian flag the Vermont brought 7000 tons of cargo to Sydney from an American pert at the rate of £lO a ton, and since then she has made voyages to different parts of the world. There are now 11 ships of the original deal owned by the Commonwealth. Two of the steamers were .torpedoed and lost, and two have been sold. The Australfield is a vessel of 4271 tors. She was built in 1900 by Barclay, - Curio and Co., Ltd. Lloyd's Register gives the principal dimensions as: Length 376 ft. 2in., breadth 48ft., and depth 26ffc. 2in. Mr Hughes, in an interview in October, 1918, said that the Commonwealth lino had accumulated a credit balance of £15,000, wiped out an overdraft of £200,000, and reduced the people’s taxation by £1,000,000 a year. “Fairplay” (London), in its issue of January 22, 1919, said that the steamers were acquired by Mr Hughes at three times their original cost, and yet, after losing nearly £IB,OOO on six voyages, and paying all charges, including interest, there was a balance of £21,823 to bring forward.