RALLY IN SKIPPING.
Of the concreteinstinces which Might be effedin evidence, certainly, not of a boom, but of a moderate improvement in
■ The 'weekly attieles 'on Finance-Piiblid and Private,- 'by Mr. Arthur W. Kiddy; will be resumed in our next issue. trade, shipping, perhaps, occupies a prominent place. Business in freights has been more active, while an upward movement in shipping shares suggests hopes of a revival in shipping prosperity. These hopes have been further encouraged during the past week by the declaration of an interim dividend by the Royal Mail Steam Packet Company at the rate of 2 per cent. Last year, it may be remembered, the interim dividend was omitted, while the distribution for the full year was only 4 per cent. as compared with 5 per cent. for the previous year, of which 2 per cent. had been paid as an interim. Cunard shares have also been a firm market and a good response was given to the recent offer of new capital. Before these notes appear in print the adjourned meeting of the P. and 0. Steam Navigation Company will have been held to consider the directors' proposals for issuing new Deferred Stock both to Preferred and Deferred stockholders, and I have little doubt that the resolutions will be duly carried. From the outset there could be scarcely a question of opinion that the directors' view with regard to the charter of the company requiring that new capital. offered for subscription should be issued to both classes of stockholders would be upheld by the highest legal opinion, and that expectation has now been fulfilled by the views of Sir John Simon and other eminent Counsel.
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