COMPANY AFFAIRS.

Auckland Star, Volume LVIII, Issue 211, 7 September 1927, Page 4

COMPANY AFFAIRS.

P. AND O. COMPANY.

NEW CAPITAL ISSUE.

MONEY FOR NEW STEAMERS.

(Received 11 a.m.)

LONDON, September 6.

The Peninsular and Oriental Steam Navigation Company proposes to increase its capital by the creation of a million additional deferred stock at £200. This is to be offered firstly to existing shareholders. The new money is to be utilised for new steamers now under construction and for others to be built.—(A. and N.Z.) Capital at present issued by the P. and O. Company comprises £3,592,518 in deferred stock of £100 each. Buyers locally have been offering £285 for the stock which has been paying an annual dividend, of 10 per cent. The rates ruling for some' time past have been giving purchasers very little over 3% per cent on their investment, but the issue now proposed will tend to make the outlay more profitable. The P. and 0., like most other shipping companies, has had to face severe competition and to accept reduced profits in recent years, but holds substantial reserves which nt last balancing totalled £6,722,130.

MUTUAL LIFE ASSURANCE. Mr. Arthur M.- Eedy, a director and general secretary of the Mutual Life and Citizens' Assurance Company, Ltd., has been appointed managing director of the company in succession to the late Sir John Garvan. The Hon. James Ashton, M.L.C., has been elected chairman of the board of directors. Mr. D. F. Garvan has been appointed a director. ONE NEW REGISTRATION. One new company registration was notified this morning, the particulars being as follows:— Gardner's (Taumarunui), Ltd. Private company. Objects: To acquire the business of a mercer, clothier, and haberdasher, carried on at Taumarunui by George Newman Hamill. Capital: £3500, divided into an equal number of £1 shares. Subscribers: George N. Hamill (draper, Taumarunui), £3499; and Thomas V. Auld (drapery manager, Taihape), £1.