The Mathews Steamship Co., Ltd.,
has issued $55,000 first mortgage 6%
gold bonds due July 1, 1921, secured by
a first mortgage on the s.s. Yorkton.
which was built last year at Sunderland.
Eng. Following are extracts from the
prospectus, issued by AEmilius Jarvis &
The Yorkton is constructed entirely
of steel according to the designs and
specifications of the owners, based on
long experience in the shipping trade
on the Great Lakes. She is classed A3,
in Lloyds Inland Register and is 250 ft.
long. 42 1/2 ft. beam, and 18 1/2 ft. deep.
She is designed to have the greatest
carrying capacity (85,000 bush.) of any
steamer capable of passing through the
St. Lawrence canals. On the Upper
Lakes her carrying capacity is 100,000
bush. She is of the latest design in every
respect, is lighted with electricity, heated
by steam, and has steam steering
gear. She has a double bottom, and is
double decked, and cost in cash over
$115,000. The $55,000 bonds offered constitute
the entire bonded debt of the
steamship, and in addition to being secured
by a first mortgage on the steamship,
they are an obligation of the Mathews
Steamship Co., Limited, in its entirety.
Under the mortgage protecting
the bonds, the company is obligated to
keep the steamer and its appurtenances
covered by the mortgage amply insured
against loss or damage by fire, and
against all marine risks and disasters.
all collision liability, general and particular
average, and against liability for
injuries to persons.
The company's statements show that
from 1906 to 1910 their boats Edmonton
and Haddington averaged annual net
earnings of $25,938.50, and that in 1910
their boats earned $26,458.66 net. This
year to Sept. 7, they earned $18,587.63
net, while the Yorkton (operating only
two months after completion and arrival
from England) earned $2,631.77
net. This shows total net earnings of
$21,218.43 to September, and with the
three busiest months to be added, the
company estimates over $39,000 net
earnings for 1911. All earnings mentioned
are net alter paying insurance.
Tie company's statement shows assets
of $288,091.10 as at Jan. 31, 1911, not
including the Yorkton, valued at $130,000. Adding this the assets total $418,091.10.