The Hawaiian gazette., 1902-10-10
MORCAN'S
NEW TRUST
London Comment
On Steamship
Combine.
LONDON. october 1.-The standard


says
The Cunard agreement will go fan
to render Mr.. Morgan's bargain a more
risky speculation. We can almost fee
grateful to the promoters of this in.
flatcd trust since we owe IL to their en-
terprise that the strength of our navy
will be substantially augmented.
Like some other recent events this
action of the government is an admoni.
ton to enterprising American finan-
ciers that transatlantic trusts do not
find their peculiar methods quite sc
easily applied in this country"
Approval is similarly expressed of the
agreement with Mr. Morgan but with
the reservation that further details are
required before an accurate judgment
can be formed. The Daily Chronicle
for instance, wants to know what is
the bond and obligation on Mr. Nor
CAMS part to carry out these fair prom
ises. and what does he receive in re-
turn. Apart from this the Chronicle
approves of the vast increase in the
Cunard Company's subvention as show
ing that patriotism is valued.
The Morning Post says 1t trusts that
agreements similar to that entered into
with the Cunard Company will be made
with other companies.
The Daily News does not like the idea
of Britannia being reduced to making
terms for the possession of the Atlantic
with an American plutocrat, but says
it was the only safe course to pursue.
as Mr. Morgan Is no more to be fiouted
than the Atlantic itself.
In an editorial article the Times says
1t considers the agreements announced
by Mr.. Balfour at Sheffield to be wise
and rational. Doubtless they will be
criticized" says the paper but most
people will judge them from the prac-
teal view point. With regard to the
Morgan combine it is important to re-
member that it is a powerful guarantee
for British food supplies in time of
war"
LONDON, Oct 1.-The CunaId ar
rangement meets with the warmest APP
prevail both in Liverpool and London,
and Baron Inverclyde, chairman of the
company, who Is credited with having
been resolute throughout in resisting
the policy of absorption by the Morgan
combination is the recipient of a show
er of congratulations for having secur-
ed an unexpectedly favorable agree
ment with the government. Similar
praises are literally bestcw wed rpon the
government for it's effective manner of
meeting the Morgan combination.
These feelings are expressed in all
newspapers this morning and editorial
notices on the subject, even in papers
which have been most determined
against the point of subsidy, agree that
in the present case a subsidy is justi-
fed.
SHEFFIELD. Eng. Oct 1.-Gerald
Balfour, president of the Board of
Trade, speaking at the Cutters feast,
referred at length TO the Atlantic ship
ping question. He said his department
has opened communication with Baron
Inverclyde chairman of the Cunard
Steamship Company, and with j. p.
Morgan, representing the chipping
combine, and it was the barest justice
to both the gentlemen to say they had
shown the utmost readiness to meet the
wishes Of the government. Mr.. Bal
four then announced the details of the
agreement with the Cunard Company.
With regard to the shipping combine,
I MI. Balfour said he believed Mr.. Nor
gan had no intention of injuring Brit
ish interests and proof of this was
found in Mr.. Morgan's readiness to
on which Great Britain's interests
might seem to be endangered. Mr..
Balfour said an agreement had been
arrived at with Mr.. Morgan under
which British vessels in the shipping
combine would remain not in name
merely, but in reality. A majority of
the directors of the new combine were
to be of British nationality, the YES
sells were to fly the British flag, their
officers were to be British. and a rea-
ssnable proportion of their crews would
be drawn from the same nation. while
the combine had undertaken that at
least half of the tonnage hereafter to
be built for 1t should be British built,
and fly the British flag. Further, in the
event of the combine pursuing n policy
hostile to the British mercantile ma
rine. Mr.. Balfour said. the government
was empowered to terminate the agree
ment, which was for twenty years time
and renewable by five years notice
from each party to II.
When Ambassador Choate arose To
respond to the toast. kindred Beyond
the Sea-" he received an enthusiastic
reception. His remarks were loudly
sheered