BARGAIN PURCHASE
STRANDED STEAMER REFLOATED ENTERPRISING SYDNEY MARINER Rec. 8 p.m. SYDNEY, Dec. 3. After purchasing the steamer Paterson from the underwriters for less than £IOOO and her cargo of coal for £1 10s, Captain H. R. Lancey stands io make a handsome profit. The ship is valued at £20,000 and her cargo at £4OO. She was abandoned to the underwaters by the owners, the H. R. Lancey Shipping Company Proprietary Ltd when she was beached north of Sydney As a private venture, Captain Lancey bought the ship and cargo and succeeded in refloating her. She steamed back to Sydney, under her own power, and is now awaiting docking.
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Otago Daily Times, Issue 26635, 4 December 1947, Page 5
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109BARGAIN PURCHASE Otago Daily Times, Issue 26635, 4 December 1947, Page 5
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