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THE NEW ZEALAND SHIPPING COMPANY.

EXTRAORDINARY STATEMENTS, (Per Prksb Association.) Lobdon, Maroh 29. " Fair Play " asserts that the transfer of the late Sir W. Pearce's interest m the New Zealand Shipping Company to Mr E, S. Dawes, means handing over the control ot the business to the Shaw Saville Company, and will enable Mr Dawes to seize ths Company's steamers whenever he pleases, at the cost of under .£50,000 each. The paper hints that m such event they might possibly be utilised for the Queensland trade (Dawes being connected with two Queensland financial institutions), and proceeds to state the terms on which the transfer has been effected. Substantially these are that Dawes pays a debt due to Pearce (amounting tp over '^6°) 000 ) i ana takes over 10,000 shares held by Pearce, receiving as security the steamers and debentures held by Pearce. The conditions of transfer involve the reinstatement of Mr O. N. Strickland as General Manager, and the continuance of Mr J. B. Westray on the Board of Directors, as well as a modification of the arrangements with Tyser, which are supposed at present to be favorable tp the Company. " Fair Play " asserts that \Vestray was originally a nominee pf Mr Savill, through Mr Strickland, both acting m the interest of the ShawSavill Company, It predicts disaster for the New Zealand Shipping Company, and later on for the Shaw-Savill CJompany too, The writer attacks Mr jlarnivell (Sir W. Pearce's executor) fox !ia<*2d' n g over the shareholders to their business rivals without allowing the Directors reasonable time to liquidate their debt; It W also asserted tnat the : New Zealand Shipping Company does not possess the power of clearing its 1 property by repaying the amount ' advanced by Dawes. The article concludes by pointing out the possi- | bility of collusion between the London , and Colonial Boards, and says Rawes' \ interest as a shareholder is out-balanced 1 by his interest a mortgagee. I Punedin, March 30. <

lie the London cablegram about tbo Sh-pplng Company, which haa glyen rise to a great deal of discussion m bmlnens circles, Mr Dawoa oabled out to Mr MIIIf, authorising him to give a moat positive contradiction tp the report In circulation that the Shaw Savill and Albion Company are endeavoring to secure a controlling voice la the New Zealand Shipping Company's affairs. Mr Daweo says the report Ir emii-ely unfounded, and that hla Inflaenoe will be o*ed enttealy In the New Zealand Shipping Oojapany'e interests.

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Permanent link to this item

http://paperspast.natlib.govt.nz/newspapers/AG18890330.2.12

Bibliographic details

THE NEW ZEALAND SHIPPING COMPANY., Ashburton Guardian, Volume VII, Issue 2098, 30 March 1889

Word Count
410

THE NEW ZEALAND SHIPPING COMPANY. Ashburton Guardian, Volume VII, Issue 2098, 30 March 1889

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