The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-08-28
eisbWeutb Street, nineteettb Street and Sixth Hvetue.

derstood that the Powers had informed the
Greek Government that such an operation
would not DO permitted.
Reviewing the whole situation. Prince
| George attributes the failure Of the feet to tho
absence of any definite plan Of naval opera
| tons and to the unpreparedness Of the navy In
time Of peace. No mRnoeuvres on a large
scale were ever carried out. neither officers
nor crews were exercised In their duties,
while the ironelads never received their full
complement Of men. The consequences OF
such negligence were inevitable.
Il il now fully recognized that the worst
blow which that most sacred Of all British in
atitutions. the peerage. has suffered during
recent years Is that which Mr. Hooley has in
ficted by his bankruptcy court revelations.
And yet there was nothing new IN the general
nature Of his disclosures. It was knoWn to
every one acquainted with the ways OF the
city OF London that the use Of some OF the
most aristocratlc titles in England long has
been q marketable commodity In promoting
financial schemes. 1t Ii the official procla-
nation Of the truth. more than the facts them
selves. which has shocked and Inundated
England. Il Il for the purpose Of showing
how deeply the disgrace is felt by'tho'sristoc-
racy Of Great Britain that I quote the follow
ing language from the Times on the subject.
Discussing Mr.. Hooley's disclosures In the
bankruptcy examination. the Times says:
'.Discredit his evidence as We will. the plain
fact remains that he systematically gave
large sums to all kinds of persons to pay for
services which they might render. or were
supposed to have rendered. to his companies.
He had concerns to sell; he paid these people
for bringing. or in the hope that they would
bring. buyers. he may or may not have paid
q section Of the press; he certainly paid o num-
Der Of professional business men and o GER
lain number OF noble lords. Lord De La War;
and Lord Abemarle attempt to draw o sharp
distinction between receiving several thou
sand pounds as an indueement TO join q board
and receiving them as q reward for services
rendered during the first three weeks OF a
company's exlstence. Common sense pro-
tests that there Is no distinction. The true
test is that laid down In the letter addressed
to US yesterday by Dir Edward FRY o man
whose long experience as o Judge gives o spe-
oial value TO his remarks on matters OF COM
mercial morality. His test is simplicity itself.
Whether q doctor recommends q particular
brand OF wine to his patients. or q director
asks the public to subscribe to a company. If
the patients or the public know the exact OK
tent of his personal interest all 10 well II they
do not know. all is not we'll. Whenever q man
receives anything from one In whose favor he
L. making q recommendation or exercising In
fuenoe. then he IL In common honesty bound
to disclose to every one whom his commenda-
ton or influence may reach the fact that he 10
receiving something
"The shareholders Of a com pany know that
their directors are paid a certain salary but
which OF the Dunlop shareholders knew that
Lord De La War; was receiving $4,000 or more.
as payment or present. from Mr.. Hooleyl II
any had known. would they have been so ready
to take sharesT I'M now the name OF q peer
or @ man Of great family upon the front page
Of q prospectus has been valuable. because the
public has not ceased to regard these persons
as men OF %scrupulous honor. who would not
give their names for o secret Consideration
We seem TO be changing all that. Whether IL
Is that the city 10 anxious to buy the West End.
or that the West End is anxious 70 be bought
by the city. every boom Is nowadays accom-
panied by the ugly phenomenon OF men of
high social position accepting dlreetorshipS In
doubtful Ur over-eapltaliEsd companies. The
world now knows that It has been the practice
20 mako sseret payments to these people Is the
price Of their names. Probably Mr.. Hooley