The Chairman told the shareholders that a full explanation of the operation was contained in the memorandum.
The P. and O. directors had gone very carefully into the assets and earning-power of the Union Steam Ship Company, and were satisfied that the operation was a fair one for both sides.
The Union Company had a valuable coasting trade in New Zealand, and had trade connections with India and Australia, and a line of steamers running between Australasia and Canada, also San Francisco, besides having a number of high-class vessels operating between this country and Australia.
It had worked for many years in friendly co-operation with the P. and O., British India, and New Zealand Companies, and this had gradually led up to the fusion of interests now proposed. It was believed the amalgamation would be of material assistance to the P. and O. Company, while the P. and O., British India, New Zealand, and Union Companies working as one would afford increased facilities to the trade of the Empire.
The head office of the Union Company would remain in New Zealand, and they would have the advantage of the services of Sir James Mills and Mr Holdsworth (managing director), and the highly representative board in New Zealand.
The offer made by the directors of the P. and O. Company had already been accepted by shareholders holding 940,031 shares out of a total of 1 million.
Answers had still to come in from a number who had been unable to reply, but the response already received was that the offer made was regarded as favourable. Possibly it might have been too generous, but the directors of the P. and O. Company, having gone very carefully into the whole position, and having given it lengthy and deliberate consideration, had no hesitation in recommending it for confirmation by the stockholders.
Salmon fry release
Mr L. F. Ayson, Chief Inspector of Fisheries for the dominion, passed through Oamaru from Lake Wanaka, where he has liberated 500,000 salmon fry for the Clutha, (says the Oamaru Mail).
A temporary hatchery was established, and the work was satisfactorily concluded, although, owing to the absence of frost in the back country, the streams were rather high.
Brown and rainbow trout are thriving in Wanaka, says Mr Ayson, but are not easy to entice by means of the angler's lure. - ODT, 27.8.1917.
