SHIPPING COMPANY FORMED.

Manawatu Herald, Volume L, Issue 3935, 27 April 1929, Page 3

SHIPPING COMPANY FORMED.

WITH CAPITAL OF £IO,OOO. * STEAMER PURCHASED FOR FOXTON TRADE. A well-attended and representative meeting was held in the Town Hall supper-room last night presided over by the Mayor (Mr. M. E. Perreau) to take steps to form a company to acquire a suitable steamer to work the port. A motion was carried to form a company to be called “the Hiniatamgi Shipping Co., Ltd.,” with a capital of £IO,OOO, of which amount £6,500 was taken up by those present. It was decided to confirm the action of the projmoters in purchasing the steamer Cqolebar. Articles of association were adopted and provisional directors appointed and other preliminary details settled. The Coolebar was built in Scotland 11 years ago and is at present in Sydney. The vessel is 150 feet long with a beam of 30ft. twin screws and a speed of 81 knots. She carries 325 tons dead weight on a draught of Bft. 3 inches, and 200 tons on a drought of 7ft. (as against the Kennedy’s 200 tons on Bft. 9 inches). The vessel will be commissioned for the New Zealand trade at an early date. The promoters and shareholders are to be congratulated upon their enteiprise and the faith exhibited in the venture which under capable management should prove a financial success to all concerned and a .distinct benefit to the port.