The Adelaide steamship Company was incorporated in Adelaide, South Australia, on 8 October 1875. The company began by chartering the steamer Flinders and commissioning new ships from British builders. The company joined the Steamship Owners' Association during the 1880s and was liquidated and reconstructed in 1900 and 1920 for more efficiency and profitability. During the 1940s the company experienced a decline in trade and began to acquire interests in other companies and projects. On 1 January 1964 the company's interstate fleet was merged with that of McIlwraith McEarcharn Ltd in a new company, Associated Steamships Limited in which Adelaide Steamship had a 40% share. These shares were bought by Bulkships Limited in 1965. In 1968 Adelaide Steamship Industries Pty Ltd was formed to concentrate the main trading activities of the company within one subsidiary. By 1977 the company had finished its involvement with shipowning and operating. At this time it had diversified into investment and property ownership, vineyard and wine production and optical goods manufacture, distribution and engineering. The company became known as Residual Assco on 30 April 1997 and is currently delisted from the Australian Securities Exchange.