THE SHIPPING SYNDICATE.

Auckland Star, Volume XXXIII, Issue 110, 10 May 1902, Page 5

THE SHIPPING SYNDICATE.

AN ENORMOUS CONCERN

LONDON, May 9,

The provisional agreements of the Navigation Syndicate have been published. They organise the corporation under the American laws with a capital of 60,000,000 dollars ordinary shares; 00 millions preferred shares at 6 per cent., and 50 millions at 5i per cent. The trust debentures are payable in twenty years, but are redeemable by the syndicate after five years at 105. Dividends on ordinary shares are limited to 10 per cent, while debentures are outstanding. The following properties have been acquired: The White Star, its capital, and the business of Ismay and Imrie, except their interest in the Asiatic Steam Company; the Dominion Line, the American Atlantic Transport Company; and a portion of the Leyland Line. Tbe 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 Ismay's business, made by Mr. Richard Mills, is testified to as based on the net profits of the year 1900 with additional cash for expenditure on ship constructing at the end of that year. A quarter of the valuation will be paid in cash, and three-quarters in preferred shares, with the addition of 37A per cent, in ordinary shares. The American and Atlantic lines together receive 18,3.14,000 dollars in preferrecl shares, 9,157,000 dollars in ordinary shares, and 155_ per cent, cash, paying for new tonnage as required. The Leyland Line receives 11,735,000 dollars in cash. »