The company was formed in September 1875 in Adelaide, South Australian, and incorporated on 8 October 1875. Its promoters included Andrew Tennant, Robert Barr-Smith and Thomas Elder of Elder Smith & Co Ltd. In July 1876 the companyís leading promoters amalgamated their private ship-owning interests to form the Spencerís Gulf Steamship Co Ltd, trading in SA coastal waters. The two companies amalgamated in December 1882. Adelaide Steamship Co was liquidated and reconstructed twice for more efficient and profitable operation, first in 1900 and subsequently in 1920. During the 1940s the Co experienced a decline in trade and began to acquire interests in other companies and projects. On 1 Jan 1964 its interstate fleet was merged with that of McIlwraith McEacharn Ltd in a new company, Associated Steamships Ltd in which Adelaide Steamship Co held a 40%. Bulkships Ltd in which Adelaide Steamship held a 40% interest in 1965, acquired all the shares in Associated Steamship Ltd in 1968. In 1977 the companyís interest in Bulkships was disposed of, and Adelaide Steamship Co Ltd ceased its connection with ship owning and operating. It has diversified into investment and property ownership, vineyard and wine production, optical goods manufacturing and distribution, engineering, share investment, and, until 1973, shipbuilding. In July 1997 the company changed its name to Residual Assco Group Ltd and floated its marine division which was registered on the Stock Exchange as Adsteam Marine Ltd (Note that Adsteam Marine does not have any rights to the Adelaide Steamship Co historical records).