33
old vessels, which can reasonably be put down at
10% of the original cost.
I know that the steamers of other companies in
this Colony have been requisitioned or controlled by
the Government, but I understand that no others have
been financially so hard hit as we are, owing mainly
to the heavy annual repairs necessitated by the age
of our vessels. I realize clearly, as do my fellow-
directors, that no corporation or individual should
profit pecuniarily by the unusual trade conditions
brought about by the war; nor do we dispute the
right of the State to take the property of any
corporation or individual in time of national need.
But since the Government pays for the use of such
property, it is manifest that it does not wish to
cause hardship to any one. The rate of 10/- per grOSS
ton allowed for vessels requisitioned was no doubt
fixed with due regard to ante-bellum conditions, and
such being the case it may in some instances be
inadequate for vessels acquired after the outbreak of
the war, as ours were.
As already mentioned, the requisitioning of
our three steamers has made it impossible for us to
pay for their last repairs, and to meet all running
expenses of the steamers with the allowance made by
the Government. The only way to save the Company
from inevitable insolvency is for the Government to
release one of the three boats; or to make a monthly
allowance to the Company at such a rate as will cover
all its monthly expenses, and, in addition, give a
No comments yet.
Private notes are available after approval.