Big Shipping Deal

Horowhenua Chronicle, 23 May 1933, Page 7

Big Shipping Deal

FURNESS, WITHY, AND SHAW, SAVILL dSMPIRE TRADE ROUTES LONDON, May 21. The city editor of The Times says that Messrs Furness, Withy, with their associated enterprise the British Maritime Trust, have acquired a substantial interest in the Shaw, Savill and Albion Company, associated with the Peninsular and Orient Line, thus establishing a connection between the two important British shipping groups. Mr. John Macmillan, for 26 years identified with the Shaw, Savill, and Albion Company, as manager, general manager, and managing director, resigns the chairmanship in favour of Lord Essendon, chairman of Furness, Withy, and Co., but continues as managing director. The ordinary shares 01 the Shaw, Savill, and Albion Company are now held by the White Star, Oceanic Steam Navigation Co., Furness, Withy, and Co., and the British Maritime Trust. The two last-named concerns have large financial resources. Furness, Withy increased their capital by £2,000,000 in 1931, when the chairman emphasised that the increase wouia enable acceptance of favourable opportunities of expanding their interests. The company at present controls services between Britain and America, South Africa, and the East. The latest development means an extension to other Empire routes.