DR. C. .1. KEAKFS.]

i.—ioa.

19

The Houlder Line"is associated with the New Zealand Shipping Company to some (Extent, and I understand that ;i few of their ships are in the fleet controlled by that company. Dividends (free of income-tax for 1916 and since) : 1915, 5 per cent. ; 1916 and 1917, 20 per cent. ; 1918, 15 per cent., and capitalized bonus (out of reserve) of 100 ; 1919, 20 per cent. Concerning the New Zealand Shipping Company, there are no particulars yet available respecting dividends paid. Shaw, Savill, and Albion Company (Limited) : " Information as to dividends paid on ordinary B shares is withheld, but dividends preferred shares regularly paid. These shares are, entitled to a cumulative dividend of 5 per cent, (payable Ist May and Ist November), and to priority for capital without further participation." This is all the information we, can get about the Shaw-Savill Company. Their ships are stated to be jointly owned with International Mercantile Marine. The following indicates the position of the International Mercantile Marine as regards dividends :- International Mercantile Marine. Accounts and dividends : Accounts (of the combined undertakings) made up to the, 31st December; those for 1918 were issued in June, 1919. Dividends on preferred stock : During 1917, 16 per cent, (including 10 per cent, on account of arrears) ; 1918, 11 per cent, (including 5 fieri Cent, on account of arrears) ; 1919, 3 per cent, in February, 10 per cent, (arrears) in May, and 5 per cent, (arrears) in November ; 1920, 8 per cent, (including 5 per cent, on account of arrears), in February. Surplus at 31st December, 1918, $30,561,058. Depreciation reserve, $40,128,708. Miscellaneous reserves, $15,469,328. Investments in other companies, $15,515,688. That, is all the information that 1 have Been able to obtain from this book, but the High Commissioner is endeavouring to supplement it. There is some further information relating to the transfers of capital and so on, which the Committee, might like to hoar. The Chairman : Yes, I think so. Dr. Reakes : This is the information : New Zealand Shipping Company.— Accounts and dividends : Accounts made up to 30th June, and submitted (in London) in November. Carried forward at 30th June. 1919, £58,592. Reserve, £1.00,000. Insurance Fund, £120,000. Capital—Authorized, £2,000,000, in 100,000 ordinary and 100,000 preference shares of £10 ; issued, £1,133,400, in 90,672 ordinary and 22,668 preference shares, fully paid, of which 20,211 preference are on the London register. In 1890 the, authorized capita! was reduced fmni £1,000,000 to £800,000, and the paid-up capital fumi £177,512 to £358,134, by writing £2 off the, amount paid up on each of the 59,689 shares in issue, and reducing the nominal amount, of all the shares from £10 to £8. In 1913 the capital, was increased to £2,000,000, the existing £8 shares and the new £2 shares being then consolidated into £10 shares. In December, 1916, 90,582 of the ordinary shares were, exchanged for £905,820 deferred stock of the Peninsular and Oriental Steam Navigation Company. The preference shares (created in 1913) are entitled to a cumulative dividend of 6 per cent, (payable, Ist January and Ist July), and to priority for capital, without further participation. Prices marked in official list in 1919 : Preference- -Highest, £9 15s. to £9 16s. ; lowest, £9 ss. to £9 Bs. Four-per-cent. debenture stock : Authorized, £4.00,000 (but see below) ; issued, £400,000 ; outstanding, £80,431 ; secured under trust-deed dated sth August, 1896, by first mortgages on certain steamships or other securities. The trust-deed provides that the value of the security shall always exceed the outstanding amount of stock by 50 per cent., and. that the properties shall.be fully insured to that extent. The directors can. make further issues ranking pari, passu with this stock, but the total amount must not exceed the paid-up capital. Redeemable at par on Ist July, 1926, or at 105 per cent, at; an earlier date on six months' notice, from the company. (Under the company's offer of October, 1917, £300,069 stock was acquired from proprietors in exchange for 5-per-oent. War Loan stock (1929-47), at the rate, of £95 of the latter for each £100 of the former.) interest payable Ist January and Ist July. Shaw, Savill, and Albion Company: Capital—Authorized, £700,000, in 39,075 A preferred, 39,075 B ordinary, and 61,850 (unissued) shares of £5; issued, £390,750, in 39,075 A preferred and. 39,075 B ordinary shares, fully paid, all of which (except 185 A shares) are, on the London Register. In 1896 each of the, 39,075 issued £10 shares was converted into one A preferred and one B ordinary share of £5, and in, 1911 the unissued shares (of £10) were subdivided into £5 shares. The A shares are entitled to a cumulative dividend of 5 per cent, (payable Ist May and Ist November), and. to priority for capital, without further participation. A shares Nos. 1 to 39075 are quoted in the official list. Prices marked in 1919 : Highest, 91s. 3d. ; lowest, 84s. 4td. Also quoted at Glasgow. The B shares (Nos. 39076 to 78150) are officially quoted. That is ail the information available regarding these two companies. The Commonwealth and Dominion Line is now controlled by the. Cunard Steamship Company. Hon. Sir W. Buchanan : The company owns twenty-two vessels. 1. The Chairman (to witness).] When are. we, likely to get the information from the High Commissioner ? -I should think we ought to get it. very soon. This cable was dated the, 6th October, and to-day is the 15th. I should take it that any information obtainable we should receive within a week or ten days from the time he sent this. If the High Commissioner cannot get it in that time, the chances are Ike cannot get, it at all. 2. Which company was it which you quoted as having paid 8 per cent, dividend, with a bonus of 2 per cent., and which is now, you state, paying 20 per cent. ? —That was the Commonwealth and Dominion Line. The Chairman : That is very valuable information. They have said all along that their dividends were very much reduced. Hon. Sir W. Buchanan : They do not say anything about reserves. 3. Mr. Hawken.] How many boats have the New Zealand Shipping Company got ?—The company has twelve vessels aggregating 107,671 gross registered tons, and also holds a controlling interest in the, Federal Steam Navigation Company. It is rather a complicated business, because some of the ships that are running under the control of the New Zealand Shipping Company now belong, I understand, to the, Union Steamship Company. 4. Mr. Jennings.] The Union Steamship Company are not now in existence ?—They, like the New Zealand Shipping Company, are merged with the P. and O. Company. Their position as regards capital is as follows :—Capital : Authorized, £3,000,000, in 1,500,000 ordinary and 1,500,000 preference