Prospects of Patea Shipping.

Patea Mail, 20 April 1882, Page 3

Prospects of Patea Shipping.

The Patea S.S. Company having bought the bull, machinery, and effects of the wrecked steamer for about £BOO, it is probable the company will build a new boat without delay. No formal resolution to this effect has been passed by the directors. The machinery is being taken out of the wreck to-day, by some of the Patea’s late crew. It is doubtful what use can be made of the hall—whether the stem and stern can be saved ns the more expensive parts of a new hull, and fresh sides put in. A steamer can be reconstructed out of the company’s materials at a price which may be a cheap bargain, if the present salvage operations be successful. The company have done much for this port by bolding on to the local trade; and though good dividends have not been paid, yet the company appeared to be on a fair way to prosperity when this disaster happened. We believe they were in a position to pay a dividend of 10 per cent, at the next half-yearly meeting. This earned profit will now go towards making up the loss which the company bear as part-insurers of their . Patea boat. They will get about £2,900 towards its total loss ; £2,500 being from insurance, and about £IOO as share of Salvage. Their not loss is about £I2OO.

Suppose the company can now reconstruct a steamer as good as new, including the present machinery, that steamer can hardly'be worth less than £4,000, iiiid probably more. Their position will be that, by taking this course instead of resting as they are, they will exchange £2,900 (value of wreck and insurance) for a reconstructed steamer worth. £4,000. They will make at least £I,OOO by the present policy.