DEATH OF PEER.

Auckland Star, Volume LXIII, Issue 121, 24 May 1932, Page 7

DEATH OF PEER.

SHIPPING MAGNATE. Earl of Inclicape Dies From Heart Failure. SEIZURE ON PRIVATE YACHT. (Unified P.A.—Electric Telegraph—Copyright) (Received 11.30 a.m.) LONDON, May 23. The death is announced #)f the Earl of Inchcape, the shipping magnate, aged SO. J Death occurred from heart failure, an attack of which seized the Earl aboard his own yacht at Monaco. James Lyle Mackay, later tne Earl of Inchcape, was born at Arbroatli, Scotland, iu September, 1852, and educated there and at Elgin. In 1871 lie went to India as a shipping clerk to join the nrm oi Mackinnoii, Mackenzie and Co., Calcutta, of which lie eventually became senior partner. Ais a sequel to the Boxer nsing he was sent in 1902 to China, where lie negotiated a commercial treaty at Shanghai, receiving the G.C.M.G. for his services. In 1011 lie was raised to the peerage. j His connection with shipping began before the war for he was chairman', ot the British India Line, which was amalgamated with the Peninsular and Oriental Steam Navigation Company, and he then became chairman of this vast combination which now has 233 vessels totalling 1,000,000 gross tons. It owns the Union Steamship Company of New Zealand, and has also an interest in the New Zealand Shipping Company, and in the Orient Steam Navigation Company, while it holds 75 per cent of the shares of the General Steam Navigation Company. Lord Inchcane was thus one of the most important men in the shipping world. During the war he took a leading part in dealing with all its problems, and afterwards assisted the Government to dispose of 108 ships to private owners—an operation involving £39,000,000. Two years later ho sold the 418 ex-enemy ships which Britain received under the Peace Treaty for £20,000,000, the administrative cost to the Government being only 2/7 per £100. For these deals he received no remuneration. In 1021 he served on the Geddes Economy Committee, and in 1922 was chairman of the Indian Retrenchment Committee. Eor his services he was made n viscount in 1924, and received the G.C.S.I.

In December, 102 C, he aroused a storm of protest by declaring his belief that Britain had in a great measure brought about the present antagonism to the British in China by sending mis-sionaries there to endeavour to convert the people from Buddhism to Christianity. I lie attempt to break down China's ancient faiths, as sacred to the Chinese as Christianity was to Englishmen, was, he said, to be deplored. Such efforts, in his view, did far more harm than good. In March, 1928, his third daughter, the Hon. ELaie Mackay, perished while attempting to fly the Atlantic from east to west with Captain Hinchcliffe. In memory of her he made a gift of £500.000 —the residue of her fortune —to the British Exchequer, to be applied to the reduction of the national debt. He proposed that the sum should be allowed to accumulate for 50 years, by which time it would amount at 5 per cent compound interest to £6,500,000. In addition lie gave £10.000 for the benefit of the dependents of Captain Hinchcliffe. When nearly 80 Lord Inchcnpe was still full of vigour, and kept in close touch with every detail of his business. One secret of his success was liis methodical character.

UNIVERSAL RESPECT,

SYMPATHY OF SHIPPERS. (Received 12 noon.) LONDON, May 23. The Chamber of Shipping has sent a message of sympathy to Lady Inchcapc, adding that the Eari was a man of outstanding eminence in world trade and enjoyed universal respect and admiration. Lord Inchcape fras convalescing after a recent severe illness. His heir, Lord Glenapp, is flying to Monte Carlo, and his daughter, Lady Margaret Shaw, and his son-in-law, Mr. Alexander Shaw, are proceeding later by air to join Lady Inchcape there. Lord Inchcape began life as James Mackay and early left his Scottish home for Calcutta, where lie made rapid progress in the shipping world, afterwards extending his interests to banking and insurance. He bccame chairman of the P. and O. Line, took up much public work in India, and afterwards in Britain. He was made a peer in 1911 and six years later becamo a member of the Imperial Defence Committee. When the war ended he disposed of all the standard ships on behalf of the Government for £39,000,000, and also sold for over £20,000,000 118 ex-enemy ships allotted to Britain under the Peace Treaty, the deal costing the Government only about 2/6 per £100. Ho was a member of the special economv committees formed in Britain and India to curb public expenditure.

TRIBUTE BY "THE TIMES."

not bigoted in beliefs. (Received 1 p.m.) LONDON, May 23. "The Times," in a leader, says that the late Earl of Jnchcape possessed shrewd, sound judgment; of men and things. He showed, when lie modified his deeply-looted belief in Free Trade, that he could be influenced by the advice and experience of others. "He was one of the Empire s foremast authorities," says "The Times," "not only on shipping but on banking, marine .nsurance and general business. He served the Government well on all manner of committees."