N Z. SHIPPING COMPANY

Otago Witness, Issue 3017, 10 January 1912, Page 26

N Z. SHIPPING COMPANY

AMALGAMATION WITH FEDERAL COMPANY. LONDON, January 3. The Shipping Gazette states that the New Zealand Shipping Company is amalgamating with the Federal Steam Navigation Company. January 4. The New Zealand Shipping Company has acquired a controlling interest in the Federal Company. The. Stock Exchange portion of the unissued shares is credited as being fully paid up. The Federal owners have promised to hold their shares en bloc for a period of years. Air Allan Hughes will join the New Zealand Shipping Company’s Board of directors. The shares in the New Zealand Shipping Company have risen from £l7 10s to £lB 10s. The Times states that the amalgamation is the result of the Orient and Peninsular Company calling at Auckland. AUCKLAND. January 4. Mi 1 Isaac Gibbs, general manager of the New Zealand Shipping Company, who is at present visiting Auckland in" the Ruahine, when seen by a reporter in regard to the cabled advice that the New Zealand Shipping Company is amalgamating with the Federal Steam Navigation Company, said that his company had contemplated the purchase of the Federal Line for some time past, and negotiations had been proceeding between the representatives of the firms for some months. The new steamers would K» employed in the same trade as they had been in under the Federal Line, running from London to Australia and from West of England to New Zealand ports. The great advantage that would accrue with the purchase of the new line would be the increased power of outward loading. It was well jaiov/ia that It was difficult for colonial companies to get on to a London berth, and the purchase of the Federal Lin© would give the blew Zealand Shipping Company that a-dvantage. Up to the present he had had no Communication as

to the terms of the agreement, but he expected to receive a cablegram with full information shortly. CHRISTCHURCH, January 4. The local manager of the New Zealand Shipping Company says the cablegram is hardly correct, "the New Zealand Shipping Company has acquired an interest in the Federal Company, but has not amalgamated with it. Mr J. J. Kinsey, local agent of the Federal Company, could say nothing on the matter at all.