A considerable amount of stress has been laid by me on the point that, the treatment was pitiless and relentless, and as a great number of those associated with the Conirol Scheme, both officials and vested interests, do not wish to realize or at any rate do not seem to realize the very critical position in which I have been placed, T think that much as I would like to with-hold my own private affairs, I should offer the following explanation in the hope of convincing those responsible, as to the effect of their actions on one of my steamship companies.
"Lhe s/s Manapouri was purchased by me just after the war started, and being an old vessel, she was refitted at Hongkong and the actual cost was just a little over $225,000, when ready for sea.
She was not the type of the "crack"" Butterfield & Swire or Jardin's coasting steamers, but rather an expensive boat for upkeep, with the result that during the carlier part of the war, she was running at a loss, and just prior to her being requisitioned, we wore in a position to start recouping some of our previous original outlay and losses.
During our management of this vessel for the Hongkong Control Scheme, we were fortunate enough to secure for their account the only substantial time charter the vessel 6v received, and as already mentioned, the nett profits resulting were in the vicinity of $277,979.66.
The vessel was returned to us about the end of January 1919 and immediately after such redelivery, these particular time charterers declared bankruptcy and the steamer was thrown back on our hands without any, charter from that day until now, she has been throughout on a most unsatisfactory working—basis, resulting eventually in the vessel being laid up at Hongkong for nearly the last two years.
Tt being foreseen that 1t was impossible to carry on further with the steamer, we were forced to put the company into liquidation, and the steamer was said for $32,000.
Th net result of my unfortunate ciation with this vessel was 1. Tama creditor of the Company to the amount of $88,442.00 (quite apart from my obligation under Clause 2. The proceeds of the sale were handed over to mortgagees, who carried a heavy lien on the vessel. 3. I have covenanted with the mortgagees to be responsible for the difference between $32,000 and the original mortgage.
4. The Hongkong Government have taken all the income that the steamer made.
5. I have lost my entire outlay and my property.
This position can be verified if so desired.
Text read from the printed page and cleaned; old type leaves the occasional error.