THE SHIPPING MERGER.
THE P. & 0. AND UNION. Australian-N.Z. Cable Association. Received June 28, 5.5 p.m. London, June 27. The Peninsular and Oriental Company held- an extraordinary meeting, which unanimously approved the acquisition of the Union Steamship Company's fleet, and the issue of half a million deferred stock. A tribute was paid to Sir Jas. Mill's prudent and careful management in guiding the Union Steamship Company's destinies for many years, whereby the company had become highly successful. The purchase price was equivalent to three millions sterling, possibly over-generous, but fair to both sides;, in view of tho Union Company's saleable trade and connections. The Union Company had long worked in friendly co-, operation with the Peninsular and Oriental, New Zealand Shipping, and British. India Companies, gradually leading to a complete fusion. The directors believed the amalgamation of the four companies would greatly facilitate the Empire's trade. The Union Company's shareholders of ninety-four per cent, of the shares had accepted it.
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Taranaki Daily News, 29 June 1917, Page 8
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160THE SHIPPING MERGER. Taranaki Daily News, 29 June 1917, Page 8
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