THE 'FRISCO STEAMERS' WITHDRAWAL.
Per Press Association. Auckland, April 3D. A 'Frisco correspondent, referring to the shelving of the Shipping Subsidy Hill, which met with violent opposition, states that other reasons assigned for the withdrawal of the ; Prisco steamers were the cancelling ot the New Zealand mail contract and preferential duties against American products notably paper and salmon—which caused a reduction in freight business. Kegular dividends had been paid until 1002, since which time several hundred thousand dollars had been lost. The steamers Ventura, .Sierra and Sonoma will probanly be sold. It is reported that a Japanese company may purchase them. The exclusion of Japanese laborers, and possibly competition between the Pacilic Coast and Ihe French Islands may cause the Oceanic Company t » abandon business altogether.. About 000,000 dollars per year will be lost to 'Frisco business interests, and thousand of men lose employment. The net loss in 1006 was 103,070 dollars. An overdraft is due to the Spreekles Co. of 1,877,179 dollars.
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Taranaki Daily News, Volume L, Issue 59, 1 May 1907, Page 2
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163THE 'FRISCO STEAMERS' WITHDRAWAL. Taranaki Daily News, Volume L, Issue 59, 1 May 1907, Page 2
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