10
P. & 0.-British India Apcar and
Eastern & Australian
Lines
(COMPANIES incorporated in ENGLAND). MAIL AND PASSENGER STEAMERS.
TAKING CARGO FOR
STRAITS, JAVA, BURMA, CEYLON, INDIA, PERSIAN GULF, WEST INDIES, MAURITIUS, EAST AND SOUTH AFRICA, AUSTRALASIA, INCLUDING NEW ZEALAND AND QUEENSLAND PORTS, AND RED SEA, EGYPT, CONSTANTINOPLE, GREECE, LEVANTINE PORTS, EUROPE, &c.
PENINSULAR & ORIENTAL FORTNIGHTLY DIRECT ROYAL MAIL STEAMERS. (Under Contract with H.M. Government.)
6.9.
Tons
From Font Tou
About
RAWALPINDI £7,000 23rd
Destination.
1932.
£5,000 Eth
Apr.
Marseilles & London.
Apr.
Bombay, Marsailles & Lendon. -
17,000
7th
May
Bombay, Marseliles & Lendon.
14,800
14th
May
15,000
Bombay, Marseilles, London, Havre,
THE CHINA
MAIL.
ROYAL MAIL SCHEME
STOCKHOLDERS' TRUSTEES'
VIEWS.
PASSENGER LISTS.
ARRIVALS.
United
Per. 6.5. Antener from Kingdom via ports on April 2;---
Mr. A. D. Armour, Miss L. G. Berkeley, Mrs. S. V. Booth, Captain! J. B. Bruce, Rev. Mr. Byrne, Mr. H. T. Chang, Mr. P. R. Galne, Mrs. W. I. L. Legg. Mr. McAulay, Mr. H. S. Openshaw, Mr. G. H. Stokes, Mr. E. J. Tandy, Mr. H. B. Wil theliamson, Mr. and Mrs. Mrs. J. P. sub-Whitham, Mr. S. L. Yang
L
Per E. & A. 8.s. Nellore from
London, March 8. tion which are embodied in The terms of the Royal Mail scheme of arrangement now
These amendments deal group scheme are the subject of mitted.
under criticism in two circulars
arrangements issued with. the
which certain banks, contrary to yesterday.
principles of the original Australia on April 2;--- One circular is issued by the the trustees for the Six per cent. de scheme, are retaining their mort- Mr. F. C. Andrews. Rev. and benture stockholders of the Afri-gages on eight of the newest cargo Mrs. H. Davies, Mrs. B. R. Childe, ean Steam Ship Company and the vessels (four of which belong to Mr. F. J. Wingrave, Miss F. McGill,
charter
Mr. J. A. Scott, Mr. F. Smith, Mr. other by the trustees for the Five the company) and are to per cent. "A" debenture stock-them to the operating company Leung Sun, Mr. and Mrs. Luey holders of Elder Dempster and Co. upon the onerous terms set out in Geok and family, Mr. H. S. Hall.
Criticism of the Royal Mall the scheme, retaining the right to group scheme, details of which withdraw them at any time after appeared in The Financial Times June, 1983.
is
Preferential Treatment. quickly forth- yesterday,
of cir- the form
As these vessele are not indis- coming in culars issued by trustees for pensable to the operating company,
have been
STEAMERS' MOVEMENTS.
debenture holders in twe of the the trustees consider that this pre- The R.M.S. Empress of Japan ferential treatment of the banke arrived at Vancouver on April 2 companies concerned.
One circular is issued by the should not have been given. They at 3 p.m., leaves Vancouver on April London Maritime Investment Com-are of opinion that the banks!
9 for Hong Kong, and is due here pany, trustees for the £1,500,000 might, if necessary, Six per cent. debenture stack-given the option to come into the April 29. She leaves for Manila
on the same day. holders of the African Steam Ship scheme on the same basis as the
their The R.M.S. Empress of Asia left Company and the other by the Pre-other mortgagees or realise
at 3 p.m. mier Investment Company and the security as they wished, but the Yokohama on April 2 London Maritime Investment Com-trustees have been unable to ob-and is due at Vancouver on Apri! pany trustees for the £1,000,000 tain from the voting trustees any 11. She leave Vancouver for Hong
Kong on April 23, Five per cent. "A" debenture stock-modification on these lines.
The 8.8. Ranpura left Singapore holders of Elder Dempster and Co. But they have obtained from!
of H.M. Treasury (which will vi tual-for this port on April 2 at 1 p.m. Lord St. Davida is chairman the Premier Company and Sir Fly-be in control of most of the re- with the outward English Mails, on April 6 at Vernon Thomson is chairman of maining shares of the operating and is due here
company) an undertaking which about noon. The circular to the debenture will enable the operating company holders of the African Steam Ship to be wound up if the banks take Company refers to the Royal Mail their ships away. This concession group scheme and states that the of H.M. Treasury, though valuable, plan was originally put before the does act, in the opinion of the trus
Mayburg, R'terdam, Antwerp & Hall. the London Maritime Company.
CORFU
BANPURA
1*SOMALI
CHITRAL
RANCHI
Jane
NALDERA
++*BHUTAN
110,000 18th 2nd KAISAR-I-HIND) 12,000
16,000 9th
June
July
Blat 17,000 4th BANGALORE 6,500 | 11th
Marseilles & London London, London, Havre
June Bombay, Lond
RAJPUTANA 17,000 16th July
MANTUA #*SOUDAN
RAWALPINDI
RANPURA
MALWA
*Cargo only,
11,000 80th
July 6,800 6th Aug.
18th Aug. 17,000 17,000 27th Aug. 11,000 10th Sept. Calla Casablanca.
Bombay,
H'burg, R'tordam, Antwerp & Hull. Marseilles & London.
4 London.
NUS London,
Havre trustees in draft form last
Octo-tees, get rid of the objectiona{otances of the care, the trustees re-
London,
A'werp
← Hull
& London.
Marseilles & London.
ber. As a result of representa raised. tions then made, with which the
Court's Direction Sought. In the peculiarly difficult circum-
cently applied to the High Court For the above reasons, among for directions as to what, if any, Marseilles, London, Hare voting trustees readily concurred, others which have been brought to further steps should be taken to H'burg, 'terdam, Antwerp & Hull the Six per cent. stockholders the notice of the voting trustees, protect stockera' interests.
trustees have, Bombay, Marsolites & London.
They have been directed by the security has been converted from the stockholders'
their Marseilles & London.
mere floating charge to a specific after consultation with several of Court to point out that, in charge upon all the unencumbered the larger debenture stockholders, view, the scheme now proposed is assate of the company, including come to the conclusion that they not an advantageous arrangement first mortgages on 22 of the com-cannot recommend the scheme to so far as the "A" debenture stock- Although pany's vessels.
the stockholders as a fair solution holders are concerned. Original Plan Amended.
Bombay, Marseilles & London.
Calls Djibouti.
Frequent connection from Port Said for Passengers and Cargo to Con- stantinople, Pireaus, Smyras and other Levant Ports by steamers of the Khedival Mail Steamship Co.
INDIA-APCAR SAILINGS.
BRITISH
1932.
8,000 15th Apr. 7,000 1st May
Singapore, Penang & Calcutta.
TALAMBA TAKADA
Calls Port Swettenham.
An
B.1. Apear Line steamers have excellent accommodation for lat made to the scheme by the voting and 2nd class passengers.
two
of the problem so far as it relates it is impossible to speak with cer- It is recalled that in a circular to the Elder Dempster group. The tainty as to values in so complex dated January 16, when the com- alternative to acceptance of this a matter, In the trustees' opinion, are realised pany was proposing interest scheme is the appointment of a re-provided the assets moratorium, it was stated that the celver, which, in the trustees' reasonably, there should be aut trustees had approved in principle opinion. presents even less attrac-cient to produce about 58. In the 2 the scheme proposed by the voting tion to the debenture stockholders. for the. "A" debenture stockholders trustees. Shortly after the issue They therefore consider that the after the senior issue of debenture) of that circular, and before the stockholders would be advised not stock has been satisfied. There] meeting was held, it is added, certo oppose the adoption of the appears to be a greater likelihood tain amendments of principle were scheme.
of this sum being realised if the The circular to the "A" deben-assets are placed under the control
of the a representative trustees which the African Steam ture stockholders of Elder Demp-of Ship debenture trustees, who were ster and Co. states that at the classes of debenture stock than if not consulted, considered were not instance of the trustees the com-lthe assets or some of them become only unfair to the debenture stock-pany has undertaken to grant a subject to the scheme. EASTERN & AUSTRALIAN SAILINGS (South). holders, but were also detrimental specific charge (subject only to a The Court also expressed the
to the prospects of
added, that the the futura charge in favour of the First de- opinion, it is
upon operations of the fleet of steamers benture stockholders)
the scheme had objectionable features of which the African Steam Ship greater part of the unencumbered (particularly the preference given' G.pany's vessels form part. assets of the company. These con- to certain banks which are allowed In spite of earnest representa-sist in the main of one vessel, cer-to retain their mortgages on eight tions made on behalf of the deben-tain small craft, land and build-of the riewest ships forming part ture holders, the trustees haveings, and investments mainly in of the fleet managed by Elder been unable to obtain the cancel-subsidiary and associated com-Dempster and Co), and did not sp lation of the amendments in ques-panies.
pear to hold out any compensating
NELLORE
7,000 7,000
7,000
TANDA NANKIN
1982
80th Apr. Manila, Rabaul, Brisbane, Bydney 3rd June
Melbourn 2nd July
Regular monthly sailings from Hong Kong to Shanghai and Jayan and Hong Kong to Australia.
Hong Kong to Sydney-19 daya.
Frequent connections from Australia with the following:-
The Union 3.8. Company's steamers to the United Kingdom via New
Zealand, Vancouver, San Francisco, etc.
The P. & 0. Royal Mail Steamers to London and
The P. & 0. Branch Service of steamers to London via Suas. The New Zealand Shipping Company's steamers for Southampton and London via Panama Canal.
SAILINGS TO SHANGHAI & JAPAN.
CO LTD.
THE HONGKONG & WHAMPOA DOCK
HEAD OFFICE AND WORKS :
KOWLOON, HONG KONG HONG KONG OFFICE 18918.
"MANIFESTO, HONG KONG.".
KOWLOON DOCK 53053. DOCK OWNERS, SHIP. DESIGNERS AND BUILDEES, MARINE AND LAND ENGINEERS, BOILER MAKERS, IRON, STEEL, AND BRASS FOUNDERS, FORGE MASTERS," WELDERS AND ELECTRICIANS.
MONDAY, APRIL 4, 1932.
OUN
WORLD
THE
OR ACROSS THE PACIFIC
Special Round Trip Fares to Europe.
WEEKLY TRANS-PACIFIC SERVICE
To San Francisco, Los Angeles & New York via Panama. The Sunshine Belt via Honolulu Fortnightly sailings on Tuesdayı
Pres. Hoover
Pres, Jackso
Pres. McKinley
.Apr. 12 .Apr. 16
To Seattle & Victoria.
The Short, Straight Boute to America Fortnightly sailings on Saturdays
Pres. Cleveland .....Apr. 16 Pres. Taft..........Apr. 30 May 10 Pres. Jefferson ......May 14.
£79 £112 £120 Special through rates to Europe vis
United States. Direct connections Choice of with all Atlantic lines, Tali nes across United States and Canada, liberal stop-ovar privileges for sight-seeing,
ROUND TRIP FARE TO EUROPE. From Hong Kong to Naples
14
Marsiliqu London
Full particulars upon application.
$152. 5.04 2161..0.00
.. £169.15.0
EUROPE AND NEW YORK DIRECT
ROUND THE WORLD.
q.m.
1.3.
Fortnightly sailing on Sundays via Manila, Straits, Cotambo, Bombay, Suez Canol, Alexandria, Naples, Genoa, Marseilles, New York and Boston.
Pres. Hayes Apr. 17, 8 Pres. Monroe .....May 15, 8 Pres. Pierce.....May 1, 8 Pres. Van Buren May 29, 8 TO MANILA Prea. Hoover ..Apr. 5, 6 p.m. Pres. Jackson..Apr. 19, 6 p.m. Pres. Cleveland Apr. 9, 6 p.m.Pres. Taft.....Apr. 23, 6 p.m. Pres. Hayes...Apr. 17, 8 a.m.Pres. Pierce May 1.8 a.m. CANTON BRANCH: SHA KEE STREET,
DOLLAR STEAMSHIP LINES AMERICAN MAIL LINE
EXPRESS
PAABA
SERVICE
BARBER WILHELMSEN
LINE
TRANS-PACIFIC AND ATLANTIC COAST SERVICE via-PANAMA.
NEXT SAILING
M.V. "TAI SHAN"
on 18th APRIL.
for
SHANGHAI, KOBE, YOKOHAMA, SAN FRANCISCO, LOS ANGELES, NEW YORK & BOSTON,
42 Days To New York.
For Passenger and Freight information please äpply:
DODWELL & CO., LTD.
Queen's Buildings.
Agents.
Telephone 28021.
1933.
1,000 4th Apr. Moji, Kobe, Osaka & Yokohama.
Noon
6,300 6th Apr. Moji & Koba..
NELLORE
⚫ALIFORE
RANPURA
17.000
TAKADA
CHITRAL
BIRDHANA
BANGALORE RANCHI
TILAWA
Noon
7th Apr. Shanghai, Kobe & Yokohama. 7,000 8th Apr. Amoy, Mojl, Kobe & Osaka. 15,000
21st Apr. Shanghai, Kobe & Yokohama. 8,000 22nd
22nd Apr. Amoy, Holl, Kobe Yokohama. 6,500 80th
Shanghal, Kobe & Yokohama. 20th Apr. 17,000 5th My Shanghal, Kobe & Yokohama. 10,000
May Amoy.
Amoy, Bhal, Moji, Kobe & Casku. LUSHUM
7,000 8th May Bhal, Moil, Kobe, Ouka Thama 10,000 1 19th MAY
Moji, Kobe Yokohama 8,000 29th TSAR-I-HIND 12,000
2nd Tuna Bhanghai, Moll, Kabe
Lobe Yokohama. 7,000-
8th June Sbal, Moji, Kobe, Osaka & Y'hama. RAJPUTANA 17,000 16th Juns Shanghal, Kobe & Yokohama, CHOUDAN
6,809 29th Juna Shanghai, Robe & Yokohama.
PRANDA NALDERA
BHUTAN
NANKIN
* Garge only.
Shana, Kobe & Yitchama.
All datar ere approaimate and abísci so alteration without notios.
All Cabins are fitted with Electric Fani or Pubka Lgurtza!. Elyat
Steamers en London and Austra lan, Lines are Atted with
'eu, ti will be rvoetvet at the
pany's Office up to Noon on the day previous to sailing.
ausage, Freight, Handbooks, stay apply.
MACKENZIE & CO.,
"'ling- Counaught Rd, C., Hong Kong.
Agents
On Zioyda
Cust
TS.S. EMPRESS OF JAPAN.
FE” MIL. 26,600 tons Grena
NALNA..
Harbour
Call Flags
Skipwright
■n, EW. 0.ST. V.P.BT., and Flag
advantages to the "A" debenture] One ship of Elder Dempster, to gether with 584 vessels owned by stockholders.
other West African lines, are to be
National Interests.
The proposed scheme is design-
edi
Representations have been made transferred to a new operating to the trustees to the effect that it company, to be known as Elder Is of national importance that the Dempster Shipping Lines. scheme should be adopted so far as Elder Dempster and Co. is con cerned. The Court has directed (a) that it is a matter for each stock holder to decide for himself whe ther or not reasons of national in- terests should require him to sup- port the scheme so far as this com
is concerned. pany
Whatever decision may be adopt. (b) ed by the stockholders at the meet- Ing, the trustees state they will en deavour to give effect to this in the best interest of their stockholders: of "A debenture $1,000,000 The holders,
The amount stock in Iss scheme provider, the
Kelllcricolve the
1982 and 1988 641 are, Bullesent to pa
To bring together the fleets with a view to improving their efficiency, reducing. overhead expenses, and mak ing it possible to obtain such normal current finance at may be required:
To provide for a moratorium under the control of the creditors concerned, which can be termluated by them after December 81, 1984, by the vote of certain specified majorities.
VALSTROMY
woperating
will be formed and in certain cases xisting companies will continge to
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