Saturday, November 17, 2012

Union Leaders Direct $10 Million Firm

The Straits Times 17 October 1947

A $10,000,000 shipping company with two trade union leaders among the directors has been floaated in Singapore. Its name is the India Lanka Steam Navigation Company Ltd.

The biggest company floated in Singapore since the war. An authorized capital of S10,000,000 represents 200,000 shares of $50 each.

The issued capital is $5,000.000 and 99,400 shares are offered for public subscription at par -$10 a share payable on application, S10 on allotment.
The directors are Messrs. K.A Padmanabhan, V. Kanagasabai. K Ponniah, P. Janagaram. P veerasenan, M. Sundararaju, K.P Muthukrishna, S.V Pushpalingam Mudaliar, W.Sena and K.S.P Iyer. 

Mr. Veerasenan is Vice-President of Singapore Federation of  Trade Unions and President of Trade Unions and President of Singapore Habour labour Union.

Mr. Sundararaju is President of Municipal Town Cleaning Labour Union, as SFTU affiliation.

Mr. Veerasenan recently visited Malayan Union ports with the object of organising a Pan-Malayan Waterside Workers' Federation.

The company purposes to:

Build steamers of high and low tonnage, boats, lighters, launches and steamships, promote naval engineering technique among all especially Indians.
Construct improved steamers or rebuild acquired steamers with preferential cabins or uniform cabins as may seem expected.





Purchases Recommended

"Buy, lease and acquire approved navigation steamers, lifters launches and steamships from the Naval Surplus Board and authorities, enter into agreement with any Government of "fuedatory state."

"Establish and acquire dockyard and slipways facilities where soever permitted. Navigate steamers of high and small tonnages. steamships. launches, lighters and boats throughout the length and breath of the navigate high seas subject to local and regional rules and regulations of steam navigation."

Immediate purchase recommended by the directors are of one heavy passenger-cargo ship for $2,000,000 five coastal steamers if medium size at $250,000 each and an ocean-going tug and salvage vessel for $100,00. The working capital will be $1,350.000.
The directors say they want ultimately to operate three liners at $2,000,000 each, eight coastal steamers at $100,000 each.

The company has already earmarked a tug called the Varuna which can be used to carry cargo. The promoters and managing agents of the company are Messrs. P.K.P and Co., 39 the Arcade, Singapore
The shipping agents are Messrs. T.W Harrison and Co.

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