New Britain herald., 1929-08-03
SHIPPING WARFARE BETWEEN BROTHERS
Family Squabble in England Has
 International Effects

London. Aug. 3 - Two broth CTS had a falling out the other day, and as a result world finance got excited, shipping shares bobbed up and down in most feverish and ec- centric way, and the money princes still are trying to guess the solution to the mystery.
 For the brothers are Lord St. Davids and Lord kylsant, multi millionaires and pillars of British finance and industry. How long the fraternal scrap has been brew ing nobody seems to know. But lew days ago Lord St. Davids sald some salty things and shipping stocks went down with bang. Lord lIlysant replied more or less in kind and those shipping stocks went up with a whizz. The brothers after wards met at an important business meeting and dismissed each other with a cold nod. Net word was uttered between them.
 Sons of Clergyman
 The dramatis personae of thl5 silent struggle is most interesting The men are sons of the Rev. Canon Sir James Philipps, clergyman ana ,aronet in succession to very long line of baronets. but not well oil Tn the worlds goods. His sons, how ever, entered the financial world and became very wealthy.
 The elder, ennobed as Lord St, Davids, is the master of the rich railways of Argentine. The other, ennobled as Lord Kylsant. is the greatest shipmaster since NoaE. The Biblical celebrity is easily first, as he had the only ship in the world at the time of the great flood. Lord kylsant comes an easy second. British commercial shipping is the greatest in the world and Lord kyl- sant owns or controls more than one sixth of it.
 He is chairman and managing di- rector of the Royal Mail Steam Packet Co. Other companies as@o- ciated with it directly or by reason of the fact that they have the same chairman are the Pacific Steam Nav :gation, White Star, Union Castle, FL Ger Dempster, Elder Line, Lamport and Holt, Argentine Navigation, African Steamship and the great ship-buildins firm of Harl si and Wolff, the biggest in the world.
 A World of Ships
 kylsant ships fly their flags in every sea on the globe. The capital stock of all these companies com hined is in the neighhorhood of S%50.0o0, ,0o0.
 While Lord kylsant is al the hcaG of them. his brother, Lord St. Davids is one of the trustees for the first and second debcnture stock of the Royal Mail steam Packet O. The other day, as trustee for the second dobcntures. he addressed q ietter to the holders of this paper in which he said:
 s"'The last issue of 2,000. 900 pounds. second dcbenture stock was made without my knowledge, and the first animation l had of it was seeing the prospectus in the news paper with my own name upon it. His Explanation
 He said he could conceive circum- stances iii. which his duty to the holders of the second dehentErcs would conflict with his duties as trustee towards the holders of tho first. His idea, thCrcfora. was to ask to he relieved of ;hc trustceship Of tho second dcbenturcs,
 Lord kylsant replied, quite frost ily. without even mentioning his brother py name:
 "I think 1t is only fair to refer 10 the attack that has been made upon the Royal Mail company ana on me personally by a relative oi mine. The real object of this attack is unknown to me. l wrote that l would be pleased to sec him and eN- plain the Whcle position 10 him which offer he definitely refused, in writing"
 Fireworks Fixzlcd
 TheneXt day d meeting of Second debcnture holders was due. Both brothers were to be present and fire works were anticipated. But the meeting was over in three minutes and 45 seconds, and nothing happen d between the brothers except a formal nod.
 So Londons Wall street is speCu- lating not only in stocks and bonds. but also IS speCulating as 10 whether the brothers will make up or wi}tt will happen to shipping stocks if the quarrel continues.