CUNARD NEW SHARES. ,
There is no doubt that ordinary shareholders of the Cunard Steam Ship Company will welcome the opportunity to supply further capital in the form of . Ordinary -shares under the contemplated offer to them of 1,100,000 new ordinary shares all each at par in the ratio of one neW share for every four - at-- present held. For despite the very severe depression in the shipping industry in recent years,- the Conipany has maintained dividends on its ordinary-itharea` it not 'less than five per cent., and for last year it 'Odd FAX per"-bentl., a rate which the directors see no reason to think they Avill not be able to repeat in respect of the Current year. The new shares are the more attractive by reason of the fact that they will be entitled to a dividend in respect of the current year, equally with the existing ordinary shares, with which, there- fore, they will rank on an equality from the commencement. The creation and issue of n further amount of ordinary share capital was decided upon by the directors in view of the increased costs of ships .and the desirability of. Winging -. the ordinary capital more into keeping with the size of its funded debt, which has been Inereased through the "Coat Of ships.
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