THE SHIPPING FUSION

Dominion, Volume 10, Issue 3100, 2 June 1917, Page 7

THE SHIPPING FUSION

SOME DETAILS""OP THE DEAL

STATEMENT BY SIR JAMES MILLS '-

By Telegraph-Press ■Association-Copyright. ■ ■ • (Ree. Juno 2,<0.45 a.m.) ' •■' o . T "' London, June 1. .teir James Mills, in a memorandum to shareholders, states that the P. and 0. Company makes a cash'■ payment on •'uiy i,- at whichever'office tho glares ■wo registered. Tljs ■ Union Company's • . J ™ a ™ of Directors recommends the eicnange on the erounds of an immediately improved return on the 1 investments oi shareholders, totalling 16J > per cent, compared with 10 per cent.;the Union Company paid in 1916, Sir James also states that on tho now basis tho security and earning power will bo broadened find • improved, trading facilities will be given .•ihetween New Zealand and Australia?--in Pacifio and between Australasia and Britain. There will bo no dances in tlie control or management.—Aus.-N.Z. Gable. Assn. ■ London, June' 1. Union Steamship shares aro quoted at— Buyers 5Ss., sellers 60s.j ox dividend. There hare been numerous dealings. . CHANGE IN UNION COMPANY'S' BUSINESS; METHODS. By Telegraph—Press Associiatilpn. " " Dunedin, June 1. It is authoritatively stated that tho fusion of.interests between the P. and 0. and the Union Companies will not affect th'o identity of the personnel or the methods of management of the latter company's Business; and the directorate .will remain unaltered.

UNION COMPANY'S SHAKES. The Union Company's authorised capital is i 3,000,000 in shares of .£1 each. Of these, ,£1,000,000 in shares is held in. reserve, .£1,000,000 is in ordinary shares, paying 10 per cent.' per annum, and .£1,000,000. is in cumulative preference shares at 5J per cent, per annum. The latest value of the ordinary shares in ■London, according to the cablegrams, was to be ascertained ffcom the fact that buyers were offering 50s. to' 51s. Gd., and sellers holding for 533. to 545. 6d. Tho ■Wellington quotation for yesterday was buyers 575. 6d. and sellers 61s. Sales were made last month at 46a. 6d., and Juno, 1916, at"32s. 6d. to 345.- ■ A.telegram from Auckland reports eales of Union Steam (ex div.) at 60s. . A Press Association telegram from Diinedin states tfhat Union. Steam. Ship Company, shares sold on the Exohange yesterday at 595. 3d., 595. 3d., 595. (four parcels). Huddart-Parker shares, evidently in sympathy, sold at 295. 6d., 303., 80s. 6d., 30s. 9d., 315., 81s., 31s. 6d., 31s. fid., 325., 325. 3d., 325. M., 325. 6d., 325. 9d., 335. ■ .. ' A Press 'Association telegram from Auckland states that sales of Union Steam Ship shares were made on the Stock Exchange at 605., 593., and 695. Gd., the top price representing an advance of Bs.- 6d. on Thursday's closing , price.