SHIPPING NOTES. P. AND 0. STEAM NAVIGATION.

Otago Daily Times, Issue 20288, 22 December 1927, Page 12

SHIPPING NOTES.

P. AND 0. STEAM NAVIGATION.

XEW STOCK SANCTIONED.

(From Our Own Correspondent.)

LONDON, November 16

At an extraordinary general meeting adjourned from September 14, of the stockholders in the Peninsula and Oriental Steam Navigation Company the proposal to increase the capital by the creation of £1,000,000 additional deferred stock was considered. Lord Inchcape (the chairman) said that the objection taken, at the previous meetjnrr by some deferred stockholders "was not against the proposal to issue the 1,000.000 of stock, but to the deferred stockholders being given an opportunity of subscribing. The right of all the proprietors to have first call on new capital had existed throughout the history of the company, and was found in the charters of 1854, 1867, and 1889. When framing the resolution proposed on September 14, the directors had naturallv taken th e advice of their solictiors, and they had agreed that both classes of stockholders must have the opportunity of subscribing. It was suggested that the directors had been badly advised, and in deference to that opinion he decided to adjourn the meeting. In the meantime they had consulted eminent counsel, including Sir John Simon, and they confirmed the hoard's view, and that of their solicitors, that under their charter they must give both stockholders the opportunity of subscribing to the issue. There was no way out of it. If th e resolution were nassed, the company would obtain £2.000.000 against an issue of £1.000.000 of deferred stock. The Chairman concluded by moving: “ That the capital of the Peninsular and Oriental Steam Navigation Company he increased front £3.592,518 deferred stock to £4,592,318 deferred stock hv the creation of £1,000.000 additional deferred sloe!:, thus making, with th P addition of the existing preferred stork of the c0m£7,632,518."

In a question, the Chairman sii'! I!i-!t the proportion of the new rapita I offered (c each stockholder would lie about 15 per cent, of his n---. :c-n i-. ’ rThe resolution was carried by an overwhelming majority, and tlv rhn.n nn i.i.n announced that (lie i- m ,j. I h., ma ie forthwith, and provision'll .allotment letters prepared in a- >•«.■ dap , ' ' (he register as it slia d t 1 ••• - ra Mrd t ■torkholders on November 15. NIsW OIIIKNT LINK > . MAMUR. The Orient Line has placed an order for a new mail and pas-enycr s'eome ■ its Australian mail service with Vh-V- - m

Ltd., the builders of the Oram,a, Otranto, and Orford. The new .-{earner will ho larger then her predecessors— her tonnage about 22,000 and Speed 20 knots—and will embody al 1 the latest developments j n marine archite.'ture

More than one hundred firms in Loudon alone are employed solely in making artificial flowers.