SHIPPING COMBINE.

Stratford Evening Post, Volume XXXII, Issue 21, 8 January 1912, Page 5

SHIPPING COMBINE.

N.Z. AND FEDERAL SHIPPING COMPANIES. THE PURCHASE CONFIRMED. Mr. Isaac Gibbs, general manager of the New Zealand Skipping Company, who is at present visiting Auckland in the Ruahine, when seen by a “Star” reporter on the subject, said that his company had contemplated the purchase of the Federal Line for some time past, and negotiations had been proceeding between the representatives of the firms for seme months. The new steamers would be employed under the same trade as they had been in the Federal Line, running from London to Australia, and from West of England to New Zealand ports. The great advantage that would accrue with the; purchase of the new line would be the increased power of outward loading. It was well known that it was difficult for colonial companies to get on to a London berth, and the purchase of the Federal Lne would give the New Zealand Shipping Company that advantage . tip to the present he had no communication as to 'the terms of agreement, but expected to receive a cable with full information shortly. The Federal Line, which comprises ten steamers, has been associated with the Houlder Line and the Shire Line for some years past, the joint combination being . the well-known Federal-Houlder-Shire Line. The F.H.S. Line has been trading between London and Australia on one route, and between the West of England and Now Zealand on the other. The Federal steamers, though rather slow, are very popular as cargo carriers. Two of the fleet, the Wiltshire and the Shropshire, have just recently been built, and are up-to-date in every respect. Of the remainder of the fleet the rvii screw vessels Essex and Somerset are the most modern, having been launched about eight years ago. Messrs A. H. Nathan were up to the time of purchase the Auckland agents for the Federal fleet. The steamers which will bo acquired by the New Zealand Shipping Company under the purchase with, the years in which they wore launched, are as follows: ’ Wiltshire (new), Shropshire (1911), Durham (1904), Somerset (1903), Essex (1902), Sussex (1900), Surrey (1899), Kent (1899), Cornwall (1893), Devon (ISD6). New Zealand Shipping Go. When in 1872, a number of New Zealand settlers, disgusted with the erratic and faulty cargo service between the colony and England, decided to acquire some 'vessels and control their own freights their action was regarded as most venturesome. Similar companies were formed in the four main centres, the Auckland one being known as the New Zealand Freight Co. The first vessels that visited 'Auckland under this body’s ownership were the Hylton Castle of 548 tons, the Foritnaye of 636 tons, and the Ferndale,' the registered'! tonnage of which was only 416. 1 After some time the ‘Freight Go., amalgamated with the N.Z. Shipping Co with its head, office at'GhrstChurch. A great number of 'sailers were bought,;'. 156 visiting Auckland alone prior td the advent of the steamers in 1882; ' The first to visit th'e colony under 1 thW company’s flag' were 1 th'e' British King and the Hritish 1 (;hiecn', which entered, the l port of ' in. 1 1882' 1 ;, Whild a 'year later I 'the Doric Steamed bp the Waitemata. ‘ " I ’’ ' 1 “ The company has had its ups and downs, but for the last 11) years lias boon steadily forging ahead. The original capital of tile company was £IOO,000, which in those days would have purchased five sailers. The nominal capital of the company now stands at £BOO,OOO, £473,840, of which is issued’ afld'fully ipaid up, When/the Go., went into steam the capital .vac, increased to £1,000,000,: but owjpg to the heavy losses sustained •in., ; cslp!blishing the line of steamers, Jb-.Eas found necessary .to write down ~ the shares £2 each, this reducing the. capital'to its present standing of £BOO,000-. 1 Apart from the Federal Ln e just purchased,, the Now Zealand Shipping Company has a fine .fleet of 20 steamers.