SHIPPING LINES

Otago Daily Times, Issue 21600, 22 March 1932, Page 9

SHIPPING LINES

REORGANISATION SCHEME STOCKHOLDERS’ APPROVAL. LONDON, March 20. A meeting of debenture stockholders in the Nelson' Steam Navigation, the Oceanic Steam Navigation, and the George Thompson Companies approved of the Royal Mail scheme. Holders of bills accepted by the Nelson Company, for which Harland Wolff, Ltd., held the security, also approved. After representatives of the banks had expressed their objections, Mr M’Lintock appealed to them not to imperil the chance of the creditors securing £50,000,000, and the bankers agreed not to vote, though maintaining their objections.

Previous messages were: The Aberdeen and Commonwealth Line, the George Thompson Company, and the Shaw, Savill Line will in future work under the last-named company, which will not reorganise its finances, which are perfectly sound. It is officially announced that the Royal Mail Steam Packet scheme cannot at present include financial reconstruction as there is no basis available for the plan, but the moratorium has been extended till 1934, Meetings of the Royal Mail debenture stockholders, the White Star preference stockholders, and the Royal Mail secured and unsecured creditors approved of the scheme for reorganisation.