SALES OF STATE SHIPS

Southland Times, Issue 18824, 18 May 1920, Page 2

SALES OF STATE SHIPS

OVER £2,000,000 ESTIMATED PROFIT. Statistics supplied by the Parliamentary Secretary to the Ministry of Shipping show that the sales of ships built for account of the British Government have resulted in a net estimated profit to the Government of £2,400,000. There were 260 ships contracted for by the Shipping Controller in Britain for an estimated cost price of £36,300,000. These ships were sold for £47,900,000, showing a profit of £11,600,000. Of these ships, 156 vessels, for which £21,300,000 was paid, were bought by British owners for £28,300,000. Foreign owners paid £19,600,000 for 104 ships costing, originally, £15,000,000. While a profit to the Government was realised in respect of ships built in the United Kingdom, a loss was incurred on account of ships built abroad. Contracts for 119 ships were placed at a total price of £26,800,000. The ships were sold for £17,200,000, showing a. loss of £9,200,000. For eighteen of the ships costing an estimated price of £6,600,000, the sum of £2,600,000 was paid by British owners, while foreign buyers paid £14,600,000 for 101 ships costing originally £19,800,000. In a footnote to the accounts it is added that the actual cost prices of the ships cannot yet be stated, as final accounts have not yet been received in all cases. A supplementary table shows that 20 of the ships built were sunk. In addition to the ships built, contracts for 155 ships were transferred under agreements with Lord Inchcape for distribution to shipowners generally, and the instalments similarly refunded. There were also 129 contracts cancelled.