The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-02
Proposition that the government
Prevent the steamship Combine
tion After Defeat.
EARNINGS OF A MONEY KING
IMMENSE SUMS RECEIVED FOR PRO-
NOTING COMBINATIONS.
Morgan Paid SI72,5Oo.OoO I'm stocks.
Face Value, for ~rganixin and
Financing Concerns.

LONDON, May IAN attempt was made
in the House of Commons to-day 10 get the
government TO pledge itself 10 prevent the
transfer of British steamships TO a foreign
flag pending the report OF the committee
recently appointed by the Admiralty TO in
quire into the subject. The government
leader, A. j. Balfour. pointed out that the
suggestion of such a startling character
could not be carried out without the grav-
est consideration. II simply amounted 10 a
proposal that the government should pre-
vent a British subject from selling his
property TO a foreigner. No doubt the mat
ter referred TO was very serious. but such a
drastic change in established practice
could not be undertaken lightly.
After the president Of the Board of Trade,
Gerald Balfour. had informed the House
of Commons this afternoon that he had
been confdentially informed of the terms
of the proposed transatlantic combine.
which did not necessarily involve a change
in the nationality Of the ships, and the gov
eminent leader. A. ]. Balfour. had an
nounced tina the officials of the White
sCar line did not appear to have. violated
their contract with the British Admiralty
Russell Rea. Radical. a ship owner and
AilNA NAAoAAAf AAONN0 ~ duJVAA ~ Va NLI
House in order TO discuss the matter, which
was of general public Importance.
A few members having spoken Of the
very great anxiety experienced through
out the country as a result Of the forma-
ton Of a combination of such strength and
character as the American shipping syndi-
cate A. j. Balfour expressed the hope that
the debate would be closed. He quite APP
preciated the Importance OF the subject and
the desire of the members TO discuss n. but
no useful purpose could be served by a
debate now. The government had been pri-
Vately Informed regarding the actions OF
private Ndividuals and it was giving the
matter anxious consideration. If il dis
closed this Information il would shut the
door TO further condolences. The govern
ment would be bound 10 make such ar
engagements with regard 10 the navy as
the proposed conditions might necessitate,
but regarding the effect of the combina-
ton on British maritime interests and what
should be done TO meet il no announcement
Of it's policy could be made except after
prolonged and anxious consideration of the
complicated problem. Under the present
arrangements the subsidized ships remain
in the service OF the Admiralty for another
much blamable If in the interim il could
neither negotiate a continuance OF the ex-
listing arrangements nor make others equal
" serviceable TO the Admiralty and the
country. Meanwhile the government did
not propose on the spur OF the moment TO
announce any departure from the tradi-
/ tlOn2l DOlCN OF not interfering with the
freedom OF The ministers would
be charlatans If they did anything of the
kind. II was necessary 10 most carefully
and thoroughly sift the whole matter from
a commercial point of view. IL must be re-
mcmbered that this was not a commercial
enterprise engineered by a foreign and hos
tile government but a trade combination.
Those who thought this combination so
menaced the OF this country that
the government should interfere were ad-
hitting. whether they liked IL or not, that
r. aT~s- - fnHfpf1rn1 anfarnrfca hn1
James Bryce. Liberal former president
of the Board Of Trade. advocated the with
drawal of the motion. but urged the gov
eminent TO make a prompt inquiry into the
subject. Other speakers held that the ar
rangement was in no way unpatriotic. II
was an alliance. not annexation by Ameri-
cans. The companies had simply made a
reasonable and businesslike combination.
Sir James Woodhouse. Liberal. disclsimed
all antipathy 10 or III feeling for Americans,
but he asserted British maritime and mer-
camille interests were menaced by the
Americans. who had already captured the
British shoe and steel industries. and he
wanted the government 10 take action in
order 10 stem the tide.
The remarks OF Rear Admiral Lord
Charles Beresford, Conservative. rather
sided with those who thought the Ameri-
can invasion spelled ruin TO Britishers."
He said ne feared the American trust would
use this combination 10 pour American
products into this country to the disad-
vantage OF the producers here. and that
there WOULD De a general dlSFupton OF the
whole trade and OF Great Britain.
Lord Beresford advocated substituting
steamers on the Canadian route.
Mr.. Rea's motion was ultimately with
drawn.
According TO the Liverpool Post one-third
of the ga. OO0.0 600 Of the capita of the ship
ping combine will be required 10 liquidate
the White Star line interests. The paper
also says that a substantial proportion OF
the preference shares Will be handed over
TO the owners Of the White Star line. who
will also get e3.000.00 in cash from the sale
Of the debentures.