Australian Steamships Showing Improvement

Press, Volume C, Issue 29500, 29 April 1961, Page 15

Australian Steamships Showing Improvement

Howard Smith. Ltd’s shipping subsidiary—Australian Steumahipa Pty.. Ltd—was now showing an improved result, the chairman (Mr W. Howard-Smith) told the company’s annual meeting in The company was confident that , its fleet could be used to greater advantage, now that it had some control over Since withdrawal from the Associated Steamship Owners on, September 30, competition had been reduced when two companies withdrew from the coastal trade. Mr HowardrSmith said. The subsidiary was in a much stronger position now. because it'could operate in open cbmpetition for available cargoes. Investments The parent company’s holding in B.H.P. increased to “well over a million shares,” by a bonus issue. Likewise, the, investment in A. Goninan and Company “substantially increased.’’ The Brisbane freehold was sold to Mount Isa Mines, Ltd., as the net return was not sufficient “to warrant its retention as an investment," Mr Howard-Smith said.

Consideration for the sale was 160.000 fully paid shares in Mount Isa. The profit on this transaction, based on 50s a share, was included in the profit of £189803 on sale of fixed assets.