SHIPPING COMBINE.

Gisborne Times, Volume VII, Issue 412, 10 May 1902, Page 2

SHIPPING COMBINE.

A GIGANTIC SYNDICATE

By Telegraph—Press Association— Copyright.

LONDON, May 9. The provisional agreement of the Navigation Syndicate has been published,. It is to organise a co-opera-tion under American laws, with a capital of sixty million dollars in ordinary shares, sixty million preferi red shares at six per cent., and fifty million five and a half per cent trust, debentures payable in twenty years, but redeemable by the Syndicate after five years at 105’ Dividends on ordinary shares are, limited to ten per cent while debentures are outstanding. The following properties have been acquired : The White Star Line, its capital, and the business of Ismay and Ismay, except their interest Yi the Asiatic Steamship Company. The Dominion Line. The American Atlantic Transport Company. A portion of the Ley land Line. The transfer of the White Star and Dominion Lines must be sanctioned by representatives of 75 per cent, of the capital,The valuation of both Lines and Is-

mays’ business, was made by Richard Mills. It is testified that the net pro-

fits of'the year 19(10', with additional cask for expenditure on ships con-' structing at the end of that "d a quarter of the valuation will be paid

in cash, threequarters in preferred shares, with the addition of 374 pec cent, in ordinary shares. The American and Atlantic lines together receive eighteen millions three hundred and fourteen thousand dollars

in preferred shares, nine million one

hundred and fifteen thousand ordinary shares, and 15? per cent cash, paying for new tonnage as required. The Leyland line receives eleven mil-

lion seven hundred and thirty-live thousand dollars cash.