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FINANCIAL NEWS. THE PHOENIX-NORWICH UNION .1 AMALGAMATION. The terms of the proposed fusion of the Phoenix Assurance Co., Ltd., and the Norwich Union Fire Insurance Society, Ltd., are now announced. The arrange- ment, as anticipated, takes the form of a purchase of the share capital of the Nor- wich Union by the Pbeenix. The Norwich Union capital is 44,000 shares of -025 each, upon which £3 per share is paid up, the dividend for last year being 50a. per share*. For each Norwich share the holder will recei ve 10 fully-paid Phoenix shares of il each, which will be called I'hcpnix (Norwich Union) shares, and will carry the sam# dividend as the exist- ing share capital of the Phcenix Co. At the same timti it is intimated that the I ttimual dividend on Phcenix shares will I be raised from 11s. to 12s. per share. The new shares of the Phcemx may be taken t?l be similar to those already existing known as Phoenix (Pelican) shares, the price of I which is now F,14 per share. Thus. evep I cm the present basis of share values, the Norwich Union shareholders receive a shstantiu'r'lnCr(;as. in the capital value of their holdings, and from the new shares they will receive dividends of £ (j per annum instead of X2 10s. in respect of each Norwich Union share so exchanged They will also be freed from all uncalled liability, which on Norwich Union shares amounted to tie much as S22 per share. Phcenix shareholders will receive An ac- eession of business, the profits of which have been a great deal more than eufli- cient, reckoned over a period of years, to provide for the cost of dividends on the new shares. At the -sabte time it is pro- posed to make an i6sue of 17,H fully- paid shares of ?1 ?ach pro rata to the ex- isting Phœnix shareholders, thus giving approximacely one new share at par for every 25 shares now held. This represents a boeufc of about 10s. per shore, and will raise the old Phoenix capital to the same amount as the capital to be issued to the Norwich Uniotf shareholders, preserv- ing the balance of control equally between Phoenix and Norwich Union shareholders The arrangement is conditional on ac- ceptance by the holders of at least 80 per vent, of the Norwich Union shares, and the business of the Norwich Union will continue to be carried on under its pre- sent name and from the Head Office in ¡ Norwich. Five members of the Phcenix 1 Board, however, will join the Norwich Union Board, and correspondingly five members of the Norwich Union Board wiii join the Phcenix Board of Directors, Sir Gerald Ryan being Chairman of both Boards. If the fusion is carried into eifect tue company will be one of the most powerful -Biifipli-iiisurtiiiee companies, its premium income amounting to nearly seven million pounds per annaiu, and the total funds will exceed 24 million pounds. it may perhaps be well to add that the arrangement has nothing to do with Norwich Union Life Insurance Society, a '\lt'¡ll" nLtJn,ti[)J), wtu'Ch, however, 1:'? Utt-ied on .L- b??iiiess in friendly as- vvitit ti:e '.Norwich Union Fire feociai^a- v/iik ti:e Norwich Union Fire in-->inS]oe Society, Ltd. I SILN, Lit. Silver has %Nay u> 78 spot, 761 for- 3vard delivery. I tony Kong Transfers, g". jd., and shanghai 7s. lûd. u FOREIGN EXCHANGES. M The follow Jug rates of exchange on Lon- don p.vaile-.i yesterday:—l'ario, cheques, i 15, Berlin, :S; Brussels, 88.15; Chns- fiauiu, sight, 18.H71; Copenhagen, sight, Stockholm, sight, 17.81; Geneva, fight, 20.76; Amsterdam, sight, 10.0;>; j{om;e, sight, 48.20; I-isbon, sight, 22; New York, 60 days, 3.7G; cable transfers, 3.S-21. at WESTERN COUNTIES SHIPPING » CO. LTD. The subscription list closes on December eist for the Western Counties Shipping C's., Ltd., issue cf £ 1,000,000 61 per cent. ive Years First Mortgage Deljcntures ;id To,000 Ordinary From |he" certihcato of the company's auditor $,he Western Counties steamers of 23,637 ions < i. w. arc uiainng a pivjfit at the rate wt: tl!jj,5all per annum. On the same basis th" wholn fleet, i.e., including the newly- $mrpl.assd Moor Line, with a deadweight 1 Tonnage of tn5,635 should make a profit Exceeding t:3;;fi,(I(HI per annum, and after allowing f"r all contingencies and .he |*pivic« of the Debentures, there would re- main a substantial margin for dividends &i;d reserves. A dividend of 20 per cent, fen the 1.250,000 Ordinary Shares would terms .of the Trust D?dsr?curin?th? Debentures, the 'ompany is pr?chidcd from paying .divi- ?il'A,rids in excess of this rate until the jjrhole of the Debentures have been 1"(1- deemed. ■> N-. 5»'ANADA STEAMSHIP !IRS. LTD. The londoji Board of the Canada |5tearnc!iip Lines, Iitd., in response to federal inquiries, point out that holders tif the company's ordinary shares still tyjve the privilege of converting their holdings into Vofing Trust Certificates, which are issued by- tho Royal Trust Com- pany against the deposit of ordinary sbareis. The voting power of the Voting Trust -Certificates—which represent 70 per Mnt. of the ordinary capital -,of the Canada Steamship Linm-is vested in the London Board, with this exception, the certificates rank in all respects pari passu with tha ordinary shares.