SHIPPING SLUMP
CARDIFF COMPANY’S CAPITAL LOST.
London, December 13. A striking example of the boom and slump in shipping is the Stella Company. of Cardiff, which proposes to liquidate voluntarily because the entire capital has disappeared. It owned tour steamers valued nt .£400.099. which it mortgaged for half the value in order to buy a new steamer. The contract price was .£170.000. of which sum it paid down .£102.000. but by the time the vessel was completed higher wages and price of material made the price whereas its market value is only .CzO.OOO. The value of the whole fleet is less than the mortgage, and the bank foreclosed. "The Times.”'
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Dominion, Volume 15, Issue 70, 15 December 1921, Page 7
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110SHIPPING SLUMP Dominion, Volume 15, Issue 70, 15 December 1921, Page 7
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