SHIPPING COMPANIES
RECONSTRUCTION SCHEME.
ROYAL MAIL PACKET CONCERN.
London, March 7.
.The scheme for the reconstruction of the Royal Mail Steam Packet Company provides for the formation of two operating companies, but the Oceanic Company, which operates the White Star Line, will continue under its own control. The first company will operate 52 vessels in the South American services, and the second will operate 5o steamers on West African routes. Complicated provision is made to meet financial difficulties, including the issue of 5 per cent, deferred creditors’ certificates. The British and Northern Ireland Governments will pay the interest on the sinking fund, loans and securities which they guarantee. Meanwhile there will he a moratorium till December, 1934. The former Commonwealth Line is not mentioned, but it is understood that special provision is made to cover the White Star Company’s indebtedness to the Comrrtpnwealth Government.
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Bibliographic details
Taranaki Daily News, 23 March 1932, Page 10
Word Count
144SHIPPING COMPANIES Taranaki Daily News, 23 March 1932, Page 10
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