SALVAGE SALES OF CARGO.

Taihape Daily Times, 4 January 1918, Page 6

SALVAGE SALES OF CARGO.

HANDSOME PROFITS MADE. One result of the submarine campaign has been the springing up of a new industry, which is earning small fortunes for those who have had the foresight to invest in it, says a correspondent in a London paper recently. This is the traffic in the cargoes of vessels which have been torpedoed, but which have managed to reach port. Frequently these cargoes are only very slightly damaged, but almost invariably they are sold off quickly at next to nothing, such is the haste to get the vessel in dock and repaired for further service at the earliest possible moment. In these times of high freights, every day that a ship is out of action means a substantial loss to her owners. I know of one instance where a cargo of grain, damaged by sea water as a result of the vessel being torpedoed, was sold off from the vessel’s hold at 10s a ton. But almost imemdiately the fortunate purchaser disposed of the grain again at £6 10s a ton, and as there were no heavy harbour dues or carting charges to pay, the difference between his buying and selling prices was almost entirely clear of profit. Nor was this the end of the golden harvest reaped from this one cargo. As the demand increased, the price bounded up until it changed hands again, first at £9, and finally at £l2 10s a ton. A year before similar cargo at the same port fetched but £1 a ton.

In still another case a buyer bought a crate of stuff at a salvage auction for £lO, and within a quarter of an hour was enabled to resell af~no less than £7O. Later, when he discovered the value of his purchase, he tried to rebuy it, but was asked £180! It is even rumoured that in one port in the South of Ireland a purchaser bough' for 4s a bar of gold, both seller an'’ buyer being under the impression tjiat it was brass! But just in the nick of time a Government official, with greater knowledge of the goods, stepped in to prevent the purchaser carrying off his golden bargain, which must have been worth anything up to £SOO.