The Maritime History of the Great Lakes
Bonds on Steamship Yorkton
Publication:
The Railway and Marine World (Toronto, ON), November 1911, p. 1081


Description
Full Text

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 &

Co., Toronto:—

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.


Media Type:
Text
Newspaper
Item Type:
Clippings
Date of Original:
November 1911
Subject(s):
Language of Item:
English
Copyright Statement:
Public domain: Copyright has expired according to the applicable Canadian or American laws. No restrictions on use.
Contact
Maritime History of the Great Lakes
Email
WWW address
Powered by / Alimenté par VITA Toolkit




My favourites lets you save items you like, tag them and group them into collections for your own personal use. Viewing "My favourites" will open in a new tab. Login here or start a My favourites account.










Bonds on Steamship Yorkton