BIG SHIPPING DEAL.

Auckland Star, Volume LXVII, Issue 46, 24 February 1936, Page 4

BIG SHIPPING DEAL.

SHAW, SAVILL LINE,

CLEARING ROYAL MAIL ASSETS.

An important shipping transaction involving an amount in excess of £1,000,00U, was announced in London recently. 1' urness, Withy and Company, Limited, which already controls approximately one-third of the capital of the Shaw, Savill and Albion Company, Limited, announced that an offer which the company made on behalf of itself and associated companies to acquire practically the whole of the remaining issued ordinary share capital ot the Shaw, Savill and Albion Company from the OlHcial Receiver as liquidator ot the White Star Line, Limited, and from the Oceanic Steam Navigation Company, Limited, had been accepted. Ihe authorised capital of the Shaw, Savill and Albion Company is £800,000, of which £/90,370 is issued in 39,075 "A" preferred and 120 000 "B" ordinary shares of £o each, fully paid. The "A" preferred shares are entitled to a cumulative 5. per cent, which has been regularly paid. Ihe Shaw, oavill and Albion Company operates principally in the trade between the United Kingdom and New Zealand, and the purchase by Furness. Withy and Company will include the Oceanic Steam Navigation Company s part ownership of 14 steamers and motorships, which are operated by the Shaw, Savill and Albion Company in their trades. Ihe Shaw, Savill Company is verv old-established in the New Zealand passenger and cargo trade, and the present purchase means a considerable strengtheni'nn of the position of the l-urness, Withy group in Empire services. The transaction represents another of the many steps towards clearing up what may be dedescribed as the Royal' Mail group position.