HUDDART PARKER SHAREHOLDERS

Press, Volume XCVIII, Issue 28958, 28 July 1959, Page 17

HUDDART PARKER SHAREHOLDERS

“Effective Control By U.S.S. Co.” The Union Steam Ship Company of New Zealand Ltd., the largest single shareholder in Huddart Parker, appeared to have “an effective minority control" of the company, said Mr J. R. Parker in Sydney last week. Mr Parker, representing a dissident group of Huddart Parker shareholders, made this statement in a circular letter to shareholders “On the matter of capita) reconstruction.” Mr Parker says in his circular, “it should be noted that a bonus issue or any other form of reconstruction, without remedying the basic cause of the unsatisfactory earning rate, would be pointless in the long run,” he said. "A reconstruction will be of lasting benefit only if the operations which are sapping the company’s strength are discontinued ; “From the figures it is obvious that the company must progressively Withdraw from shipping and coalmining, otherwise shareholders will find themselves hold-

ing an Investment which wil] continue to decrease in earning power.” Voting for Directors I Mr Parker’s circular discusses the voting for seats on the directorate, when the Union Steam Ship Company’s vote apparently played a decisive part. The Union Steam Ship Company’s 166.500 shares were not registered in their own name, said Mr Parker, but in the name of Mr T. L. Webb (chairman until last ;week of Huddart Parker), jointly with Mr Edwards, general manager of the company. • Mr Webb held the voting rights ‘and these shares were included in the vote for Mr P F. G. Gordon in a re-election for position as director which Mr Parker contested. Mr Gordon was re-elected by a margin of 160,155 shares.