THE UNION S.S. CO'S . FINANCE & TRADE.

Dominion, Volume 6, Issue 1677, 18 February 1913, Page 5

THE UNION S.S. CO'S . FINANCE & TRADE.

,■ 4 , GREAT CHANGES. j THE CAPITAL TO BE INCREASED. FOUB BOATS BOUGHT. > 1 . i (By Telegraph..—Press Association) , Dunodln, February. 17. It was recently announced that the dU rectors of tho Union Steam Ship Company wore considering proposals (o incroaso ' tho company's capital, -which now etands ' , at .£1,000,000, of which .£800,000,1108 been issued. All shareholders have now boon offered, in proportion to holdings, tho un- ( issued 200,000 shares at a premium of 10s. per sharo. Tho directors also intend to ' j ask tho sliorcholders to extend tho povcis and objects of tho company by amending tho presout, memorandum and articles of 4 association. This will 1m bVought about ', by liquidation and reconstruction. Tho | company has an insurance rcsorvo of over X 500.000, represented by premiums on risks which it has taken on tho fleet, while tho other reserves havo town created \ by sums put aside to moot emergencies whioh havo not arisen. Tho directors propose to capitalise those ' reserves to the amount of J!1,OQ(),000, and, by way of bonus, to issuo to prcient ' holdors (according to their holdings) (no ' preference' sharo of £1 carrying a fixed, cumulative dividend of 5J per cent for • — / caoh ordinary share hold. Tho capital will then stand at .£1,000,000 In ordinary ! shares, and cCt.OOO.OOO in. preferenco shoros. ' During Sir James Mills's visit to Eng. ' -. \ land rocontly, arrangements wero made for j tho purchase by tho company 'of four ' i steamers—the Wcstmoath, Eosccommon, \ Limerick, and, Tyrone, formerly owned by j Messrs. Houldor Bros and Co. Those vc«- ' f sols olro noiy eriiployed in tho direct trod*' ' between England and Now Zealand and ( Australia, Tho capital now being raised will bo used to pay. for those 6teamcrß, u»3 ' J vessels under construction.