SHIPPING DEAL.

Press, Volume LXIX, Issue 20862, 23 May 1933, Page 11

SHIPPING DEAL.

IMPORTANT BRITISH GROUPS. (UNITED I'RESS ASSOCIATION—B? BMCTEIC TELEGRAPH—COPTBIGHT.) LONDON, May 2L "The Times's" city editor says that Furness, Withy and Co., Ltd., with- its associated enterprise, the British Maritime Trust, has acquired a substantial interest in the Shaw, Savill, and Albion Company and associated P. and O. venture (the Aberdeen and Commonwealth Line), establishing connexion between two important British shipping groups. , M L John Macmillan, who has been for 26 years identified with the Shaw, bavill, and Albion Company as manager, general manager, and managing director, resigns the chairmanship in tavour of Lord Essendon (chairman of the Furness, Withy and Co., Ltd., and 30 other associated shipping and insurance companies), but continues as jnanaging director. Ordinary shares in the Shaw, Savill, and Albion Company are now held by the White Star Line, Ltd., the Oceanic Steam Navigation Co Ltd., Furness. Withy and Co., Ltd., and the British Maritime Trust. The last-named two have large financial resources. Furness, Withy and Co., Ltd., increased its capital by £2,000,000 in 1931, when the chairman emphasised that the increase was to enable acceptance of favourable opportunities for expanding its interests. At present the company controls services in Great Britain, America, South Africa, and the East. The latest development means the extension of other Empire routes.

[Furness Lines incorporate 13 subsidiary companies owning a total of 110 large steamers, B3 follows:—Furness, Withy and Co., Ltd., 12 ships, of whtch. the largest are the Monarch of Bermuda, 22,424 tons, and the Queen of Bermuda (building), 22,500 tons; the British and Argentine Steam Navigation Company, Ltd., three ships; the British Empire Steam Navigation Co., Ltd., five ships: the Empire Transport Co., Ltd., 10 ships; Furness-Houlder Argentine Lines, Ltd., five ships; Houlder Line, Ltd., nine ships; Johnston Line, Ltd., nine ships; Manchester Liners, Ltd., 11 ships; Neptune Steam Navigation Co., Ltd., two ships; Norfolk and North American Steam Shipping Co., Ltd., six ships; Prince Line, Ltd., 21 ships; Rio Cape Line, Ltd., 14 ships; Warren Line (Liverpool), Ltd., two ships. The Shaw, Savill, and Albion Company, Ltd., owns 15 ships, all in the United Kingdom-New Zealand trade. In March of this year the Shaw, Savill Company provided half the capital,.the P. and O. Steam Navigation, Company and'the Orient Line pxovidißsttbe other-half, to form a new corajjansv the Aberdeen and Commonwealth Line. Ltdi, to take over the five "Bay" liners and the Fordsdale, owned by the Australian Government. The capital was £.500,000, but there n* pubHc issue of shares and no aiteratisa in. the management]

EXPORT OF FRUIT TO AMERICA. NONE TO BE SENT THIS SEASON. [THE PRESS Special Service.] WELLINGTON. May 22. , No fruit is to be sent to the United States of America this season, but next season it is intended to take advantage of the lifting of the American embargo. In an interview to-day Mr W. Benzies, secretary of the New Zealand Fruit Export Control Board, gave an exas to. why these is. to be no export to the United States this season. r 'T*yfiß desired to take advantage of vw'Uftrag of the" embargo, and send . some fruit to those markets this year," i-he said. "Taut for various reasons we have' decided it is inadvisable to rush things. It is the tail-end of the ex>t port season now, .and. we cannot select f fruit with such, care as to be able to make a gflod impression on the Neujf York" market that we could have done had we had the whole season in .front .of us. We can see no reason why next fycar we «D not take full advantage of America's offer, and we will endeaivour to- ship a fair quantity of apples and peaces'." FRUIT EXPORT. HAWKE'S BAY FIGURES. ' A total of 283,284 cases" of fruit was iffaggKjtaft fjfwpe Hawkers Bay this season! Pears snowed a very substantial .advance, numbering 64,000 cases, compared with 42,000 cases last year. In the last 10 year* the Hawke's Bay export of fruit has increased from 1100 cases (in 1924) to- 283,284 cases (in 1933).

N.Z. PAPER MILLS.

ANNUAL MEETING. [TEE NIBSS Special Service] DUNEDIN, May 22. The twenty-eighth annual general meeting of shareholders of the New Zealand Paper MIHs, Limited, was held this afternoon. Mr F. W. Mitchell, chairman of directors, presided" over a fair attendance. The chairman proposed the adoption of the annual report and sheet, which, disclosed a satisfactory position. The net profit to; the year ended March 31 was £11,813 13s 7d, this figure being slightly in advance] of that shown in the previous- years accounts. With the amount carried forward, and deducting the amount of the interim dividend paid in November there was a sum. of £1(1,842; « s 2d available. The directors' recommendation, which was confirmed, was for a distribution at the rate of 4 per cent, making with the interim dividend, 7 per cent, for the year, and leaving £10,842 7s 2d to be earned tewawL The retiring director, Mr T. Soraerville, was unanimously reelected, The net profit last year was £21.798, and the dividend 7 per cent. The reserve fund stood at last balance at£29.528. The paid-up capital of the company is £150,000.

THE TARIFF COMMISSION.

TENDERING OF EVIDENCE. (paaoa tssQomoir ' WELLINGTON, May 22. His attention having been drawn to doubts that had hern expressed as to the interpretation of certain parts of a Gazette notice of May 15, Dr. G. Craig, chairman oi the Tariff Commission, referred press representatives to a paragraph which wadsany association, organisation, oi othe* body representing any nartfcular industry* trade, or commercial tateresi; is in a position to tender evideSf d! aTsatisfactory and comprehensive character, such evidence would be preferred."