The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-04-29
WHITE STAR LINE
WILL SWAP ITS SHARES FOR SYN
dictate STOCK.
GERMAN LINES NOT CAUGHT.
BRITISH GOVERNMENT SERIOUSLY
INTERESTED.

The Parliamentary Committee to
Consider Question of Subsidies as
Affected by the Combine Appoint
ed-President BaIfOur OF the Board
of Trade Tells Parliament That
His Board Has No Authority to Re-
duire Disclosures of Companies as
to Their Contracts or Agreements
With the Syndicate.
London, April 2S.-The Shipping Ga
zette this afternoon says:
while it is perfectly true that the
White Star Line has not been sold to
the American syndicate and that the
present owners IF shares retain their
holdings, the statements made Satur-
day do not fully represent the real po-
sition We are authoritatively inform
ed that while there will be no sale of
White Star shares, there will be an
exchange of these shares for those of
the new company. In this way the
financial interest of the White Star
III the combine will be established. The
two great German companies WILL on
the other hand, make no similar ex-
change of their shares for those of the
new company; but they will enter into
an agreement, binding them for ten
years, and renewable for another ten
years, by which their cooperation is
secured The simplest way of indicat-
ing the real position is to describe the
companies concerned as entering into
a pooling arrangement. 1t follows that
there will be no competition between
them at the ports with which the in
dividual steamship corporations have
hitherto been more particularly inden-
titled"
The parliamentary committee APP
pointed by the admiralty to consider
the question of subsidies as affected
by the new Atlantic shipping combine,
and the best means of obtaining for
the naval service auxiliary steamers of
greater speed and efficiency than the
ships now employed, will be presided
over by the Earl of Camperdown n
former lord of the admiralty The
other members of the committee are
Vice Admiral Fitzgerald, president of
Byles, Capt Sacord, r. N, and repre-
sentatives of the treasury and post
Office The committee will report on
the notifications necessary in existing
contracts and what alteration in the
present rate of subsidy will be neces-
| sary to prevent vessels passing to a
| foreign flag without the permission of
| the admiralty.
Cannot Force Disclosure.
In the House of Commons to-day the
president of the Board of Trade, Ger
aid Balfour, replying to a question,
said the board had no power to re-
quire the disclosure of any agreement
for the transfer of a British ship to
foreign owner nor to require the White.
Star Line or other lines which had
entered into the American combination
IN dfGrInca the terms Of their
ments with the American syndicate,
or to produce any documents showing
the status of the persons, who, under
the agreements, acquire a share in the
control or a beneficial interest in the
ships concerned. The effect of the
shipping combination. he added, was
engaging the serious attention of the
British government.
Replying to questions on the same
topic in the House of Commons tc-
day, the secretary of the admiralty,
Mr.. Arnold Forster, said the admiralty
was of the opinion that the services
of merchant cruisers should be contin-
ued, if compatible with reasonable ex-
penditure. Such subsidies would not
seriously affect the expenditure on fast
cruisers, whose services could not be
performed by mercantile cruisers. The
governments present arrangements
gave it the power of utilizing, in war
time a certain number of merchant
steamers, and have it a lien on steam
ers now being constructed.