CHANGE IN DIBECTORS

Evening Post, Volume CVIII, Issue 129, 27 November 1929, Page 14

CHANGE IN DIBECTORS

ROYAL MAIL STEAM PACKET

COMPANY

(From "The Post's" Representative.) ■■-■-- • LONDON, 18th October. As a result of the controversy which broke out in the summer, the Royal Mail Steam Packet Co. have issued a statement regarding the trusteeship' for both classes of debenture-holders.

This is prefaced by the announcement that. Mr. Arthur Cauty, general manager and director of the Oceanic Steam Navigation Co., and Mr. "William Lewis, general manager and a director of the Pacific Steam Navigation Co., have been appointed directors of the Royal Mail. .

It is- also intimated that Earl Jellicoe tendered his resignation as a trustee for the holders of the company's first debenture stock, as he considered that the interests of the company and of the deben-ture-holders would be better served by his office being held by an important corporation. The vacancy has now been filled by the appointment of the Prudential Assurance Co.

The announcement continues as follows:—

The court of directors had before them the circular letter to the second debenture stock-holders dated 15th July last, in which the remaining individual trustee for both the first and second debenture stocks, Viscount St. Davids, intimated that he might possibly resign the position of trustee for the second debenture stockholders, and in view of the fact that important corporations of the highest standing now represent the holders of both first and second debenture stocks, namely, fhe Prudential Assurance Co., Ltd., being trustee for the first debenture stock, and the Midland Bank Executor and Trustee Co., Ltd., being trustee for the second debenture stock, the interests of both classes of. debenture stock-holders are safely protected for the future, and such being the case, the court of directors resolved that, in the event of "Viscount St. Davids retiring it -would not be necessary to fill the vacancy. "Tie foregoing," says the "Daily Telegraph, 'is not -without a touch of piquancy, and, like a good epigram, the r ? M T>m the t? il- But when the board of the Royal Mail was reviewing the situation occasioned by these changes it is to be hoped that the need for a comprehensive statement on matters affecting the value of their securities in the markets was not overlooked, and that this will be made in due course." The court of directors accepted Lord Jelhcoes resignation with much regret as they valued his connection with the company, having in mind the many years j father had been associated with it and they tendered Lord Jellicoe their appreciation of and thanks for his past serThe directors of the Royal Mail Steam Packet Co. are now Lord Kylsant (chairman), Duke of Abercorn, Mr. G. N. LubPoo^ M 7 ¥, cos Lord Suffield, Mr. ;'\"'« Mr. A. B. Cauty, and Mr. William Lewis.