1935-06-06 — Page 2

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HONG KONG DAILY PRESS, THURSDAY, JUNE 6, 1935. -

STARVING IN A.

JUNGLE

And In Open Sea

Luaka Lumpur, May 27. Forsaken by their native car- riers, menaced by tribes who had never seen white men before, lost and starving in the jungle, threatened with shipwreck in a crazy nutive craft in the open sea There were some of the ex- periences of three Australians who have just returned to Melbourne from a five months expedition of Into the

country cannibal Western Papua.

The leader. Mr. F. Westhoven. a dramatic of Melbourne, told story of the expedition's fruitless search for gold-bearing country.

With Messrs. T. McCabe, and J. Minshan. he set out from

Port

Moresby in November, travelling

along the coast with an army of native carriers.

DESERTED AT NIGHT When they reached Lakehamu, a distance of 130 miles, "they de- clded to go 100 miles further to Kikori, but by this time the car- them riers

deserting were Twenty-two had sipped away at night

Within the first week and a half

con-

the party had met the crossed

used as а Arrows

warning by the hostlle tribes, and some of carriers had grown panicky. However, the expedition tinued its journey up the Kikori and" discovered mountains, and valleys that had never been mapped. rounding tribes were completely primitive, and Europeans before.

River.

had

rivers.

The sur-

never seen

BEARINGS LOST Real danger was faced when the party lost its bearings and ran out of food. Three days, passed, and they were no better off, so Mr. Westhoven shung together a raft and set off down a river, accom- panied by a single boy.

The Truth

"It isn't wrong," says & writer, "for a man to take a girl put and not spend money on her." But it's very, very difficult.

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WHITE STAR LINE,

"

LIMITED

Meetings Of Creditors And Shareholders

(Special Air Mail Service)

London, May 18. The statutory first meetings of, the creditors and shareholders of White Star Line, Limited, were held yesterday at the Holborn Restaurant before Mr. E, T. A. Phillips, Senior Official Receiver.

The proceedings at the meeting were purely formal. of creditors No resolution was passed for the appointment of a liquidator but a committee of Inspection Wis elected composed of representa tives of the Royal Mall Steam Packet Company, the Government of the Commonwealth of Australia, and Mr. Henry Taylor, formerly secretary of White Star Limited.

Line.

The statement of affairs lodged under the liquidation shows total which liabilities. £2,643,670, of £778,300 is due to the Government of the Commonwealth of Australia, A sum of £2.751.238 due to the Royal Mail Steam Packet Company is treated as a contingent liability from which has been deducted £992,809, being the amount of the Deferred creditors' "certificates “ Issued to the company by the Royal Mail Company in respect of calls on Ordinary shares and interest thereon, leaving a liability of £1,758,629 to that company. The assets are valued at £340,534 after deducting £22,271 for pay- ment of the Preferential claims. The deficiency in assets to meet abilities is estimated at £2,280,- 854, and the issued capital of the company is £9,000,000, consisting of £4,000,000 Ordinary and £5,000,000 Preference shares, all total or £1 each, making a deficiency as regards contributories 01 £11,280,864

Mr. Phillips reported at the meeting of shareholders that the winding-up order was made on April 8, 1935, on the petition of the company itself.

The company appeared to have been promoted by Lord Kylsant, in conjunction with the Royal Mail Steam Packet Company, of which company he was the chairman. It was registered on January 12, 1927, with a nominal capital of £9,000,000, all of which had been lasued. The capital was increased on May 16, 1929, to £11,000,000 by the creation of a further £2,000,000 Ordinary shares, but these were never Issued, and he (the Official Receiver) had beac unable to ascertain why it was increased as it cost the company £20,000 in capital duty.

the North Atlantic was inaugurat- ea in 1871. The feet wholly own- ea by the Oceanic Company at the date of the purchase of the shares by White Star Line, Limited, con- sisted of 18 vessels of à total re- gistered tonnage of 362,340 tors, and 18 vessels of a total tonnage of 184,688 tons jointly owned with two other companies.

arrange

Before March, 1927, ments were made to purchase from the Royal Mail Company two for £1,147,613. Those vessels vessels were renamed the Calgar and Albertic. A director of White, stated Star Line, Limited, had that, in his opinion, White Star Line, Limited, was never intended to own ships and was not in a financial position purchase them, and that the company was supposed to be a holding company

pose, but, having got the ships. only and was formed for that pur- the company had no organization to run them.

to

With that view, said the Oficial | ". Receiver, be felt bound to agree. ** Mr. Phillips dealt in detail with the company's investments.

The balance-sheets and accounts of

the company, he continued. showed pronts up to the end of 1929, but since then annual losses umounting to about £384,000.. --* REASONS GIVEN FÖR FAILURE

The failure of White Star Line, Limited, was attributed by a direc- tor to:-(1) Excessive prices agreed to be paid for the shares of the Oceanie Steam Navigation Com“ pany: the fleet of the Australian Commonwealth; shares in Shaw Savill and Albion Company Limit- ed, and the vessels Calgaric and Albertie; (2) the heavy interest charges incurred by the acquisition of those assets in consequence ví the company's inability to and the purchase consideration in full; (3) the inability of the Ordinary shareholders (other ttaan the the to pay up Union Castle) amounts due from them on their respective holdings; and (4) the extraordinary "slump" in shipping freight and passenger earnings sinking to an amazingly low level 1 1930 and subsequent years, This depression was more keenly felt on the North Atlantic than on any other route, and it was reflected in the adverse result of the Oceanic Company's operations.

In conclusion, the Official Recel- ver said: It is a sad and in some respects bad Lale that I have had to tell you, but in "assessing the position and apportioning blame I think we should remember, the which extraordinary difficulties have beset the shipping industry of this country during the past few years and the vital necessity. from the national point of view of keeping as many British ships under. British control at sea a possible."

In reply to a shareholder, the Offcial Receiver said that' it was evident that the assets would not realize sufficient to pay the claims of the creditors' in full, and conse→ quently there would be nothing whatever available for the benefit of the shareholders. It would still he said, remain his duty to conduct a full investigation into all the circumstances attending the com-. pany's promotion and business and the meeting could rest assured that every step possible would be taken in their interests.

OBJECT OF FORMATION The main object of the formu- tion of the company was to acquire from the Royal Mail Company the whole of the issued shares of the Oceanic Steam Navigation com- pany, Limited, who were the owners of the White Star Line of Steamships, an agreement for the purchase of which from the Inter national Marine Company of New Jersey having been entered into by the Royal Mail Company on November 27, 1926. The purchase was negotiated by Lord Kylsant.

By an agreement dated January 12 1927, the Royal Mail Company agreed to sell to White Star Line, Limited, 5,000 shares of £1,000 each fully paid in the capital or the Oceanic Steam Navigation Company, Limited, for £7,000,000, payable as to $2,000,000 in cash and the balance by instalments. Other agreements were entered inco on the same date dealing with Kuarantees and for the purchase by the British Foreign and Colonial The Omelai Receiver sald he Corporation, Limited, of various held proxies for the appointment shares of White Star Line, Limited. An "offer for sale" of 2,500,000 shares at par was issued by the British Foreign and Colonial Cor- poration on January 13, 1927, and the whole number was appiled for and allotted.".

|

1

A discussion ensued regarding the appointment of a liquidator.

of Sir William McLintock, and other proxies in favour of the liquidation remaining in the hands of the Oficial Receiver.

Mr. Horace Samuel moved. а resolution that Mr. Frederick Seymour Salaman, C.A., and Mr. A further agreement was entered' Ernest James, CA, should set sa into with the British Foreign and Joint liquidators. Colonial Corporation on July 20, į The voting papers were distri- 1927, for the issue to that corpora bated with instructions to vote för tion of the remaining 2,500,000 Preference shares at 20s. 3d per share. A second "offer for sale" was issued by British Foreign and Colonial Corporation on July 21, 1927, offering the shares for sale at 21s. per share. The whole of those shares were applied for and allotted on February 22, 1928.

one of these three alternatives, and Mr. Phillips announced that the result would be reported to the Registrar, by whom the appointment would be made in due course.

A resolution was passed for Mr. Horace Samuel and Mr. Edward Yorke to be added to the com- The Oceanic Company, whose aberes White Star Line, Limited, mittee of inspection in the interests was formed to purchase was li of the shareholders. corporated in 1889, and the White Star Line steamship service acTOEN

The proceedings then terminat

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