SOLD TO SHIPBREAKERS

Dominion, Volume 28, Issue 83, 2 January 1935, Page 12

SOLD TO SHIPBREAKERS

Four Trans-Atlantic Liners

Four well-kuown trans-Atlantic liners, the White Star Adriatic, the Atlantic Transport Company’s Minnetonka and Minnewaska, and the French liner France, have been sold to ship-breakers. Adriatic, twin-screw passenger and cargo steamer, four decks and shelterdeck, 24,679 tons gross, 14409 tons net. built Harland and Wolff. Belfast, 1906, and owned by Cunard White Star, Limited, Liverpool, has been sold to Japanese ship-breakers for about £62,000, with, delivery Japan, but the contract for delivery involves the expenditure of about £14,000, so that the vessel realised, including commissions, approximately £48,000. . , . Minnetonka and Minnewaska, twinscrew passenger and cargo steamers, three decks and shelter-deck, 21,998 tons gross, 13,526 tons net, and 21,716 tons gross, 13,418 tons net, respectively, built Harland and Wolff, Belfast. 1924 and 1923, both owned by the Atlantic Transport Company, Limited, London, have been sold to Douglas and Ramsay, Glasgow, for something in the neighbourhood of £70,000 the two,, and will be broken up. France, quadruple-screw passenger steamer, five decks, 23,769 tons gross, 7923 tons net, built Chantier et Ateliers de St. Nazaire-Penhoet, St. Nazaire, 1912, and owned by the Cie. Generale Transatlantique, Paris, has been sold to ship-breakers at Dunkerque. It has long been evident that the bigliner tonnage normally in operation between Europe and North America is greatly in excess of passenger and cargo requirements. In addition to the _ removal of the four ships already mentioned, it is probable that the Leviathan, of the United States Lines, will not resume service next season. There was considerable uncertainty as to her being commissioned during 1934 on account ot the operating losses incurred, and it is understood that the result of her 1934 work has been far from encouraging. The French company’s Normandie will come into service in May next, and thus more than half of the withdrawn tonnage will be replaced by a single unit of high competitive appeal for the traffic offering. In these circumstances, and assuming there is no extraordinary expansion of business, further reductions in tonnage seem indicated. From the age criterion alone the Mauretania would appear due for scrapping, for she has seen 27 years of arduous service both in war and peace. Her fate, however, is still undecided. .She enjoys a remarkable popularity with Atlantic voyagers, not only for her accommodation, but also for the reliable speed and regularity of her passages, a lasting reputation which would not have been possible had she not been exceptionally strongly built. During the past season her cruises from New York to the West Indies and South America have been well patronised, so that the ship is still a useful unit of the Cunard White Star fleet. The present reduction in North Atlantic tonnage will necessarily be followed by a much bigger scrapping scheme when the Queen Mary comes into commission. Blue Star Line, Limited The accounts of the Blue Slur Line. Limited, for the year ended December 31, 1933, are not very illuminating, says a London shipping journal, but it would appear that the result of the twelve months’ working was a loss of £31.714. This is indicated by the statement that, after paying interest on the 5 per cent, guaranteed debenture stock, the profit and loss account shows a surplus of £115.39;> “including the amount brought forward from the previous year.’’ which was £147.109. No dividend is being paid, the surplus being again carried forward. The depreciation reserve of £1.250.000 has disappeared from the balance-sheet, and the value of the fleet has been reduced by that sum and by a further £408.599. the source of which is pot disclosed. _ The bala.nce-f’heer shows the capita! ”'ichanged at £500.000: debentures, £2.289.900 (against £2.413.100); bills payable, £47,657 (nsninst £1618); loans< midadvances. £089.867 (against £1.034.GG11 . and sundry creditors. £292.7.11 (against £254.543). On the other side, office furniture and fixtures stand at £2919: ships stores and sunnlies on hand. (against £14.5801 : sundry debtors. £283.344 (against £320.179): investments, £8932 (against £7527) : loans nnd balnneVs due from subsidiary c ’ l ?'ui l " n ‘T’ £lB.ffls (n-ainst nil): cash with bank ers £23.833 (against £19.549) ; cash in hands of trustees for debenture holders for redemption of stock. £12949.1 (ngninst £123.267): and fleet. £3.491.400 J" R nmst £5150 300). This last item, ns the fleet comprises 15 vessels of 152.541 tous gross works out at a little under £22/18/- per ton gross. London Stock Exchange Bv Telegraph.—Press Assn.—Copyrlgh(Received January 1 6.3° P-in-i London, December 31. On the Stock Exchange to-day War Loan 3} per cent, touched a new retire price at £lOB/8/9. The *iew A.u St mn 4J per cent, loan was 2/6 better at -/ discount.