AGREEMENT WITH THE MORGAN TRUST.
London, October 1
Mr Gerald Balfour (President of the Board of Trade), speaking at the Cutlers' Feast, gave details of the agreement with the Cunard line.
He added that the Imperial Government had made an agreement with Mr Pierpont Morgan that for twenty years British companies included in the Atlantic combine should remain British in name and reality. The majority of the directors were British. The officers, flag and a reasonable proportion of the crew would also be British. Half the tonnage built hereafter would belong to British directors, and the vessels would fly the British flag. The vessels would be at the disposal of the Admiralty. It was undesirable in our interests,' Mr Balfour said, that the Americans should remain without a considerable share of the Atlantic trade.
Mr Choate (American Ambassador) emphasised the ties of community which had bound Britain and America together for the last hundred years, which he hoped would continue for another thousand years.
The Cunard and Morgan agreements have created a moat favorable impression at Liverpool.
Received October 2, 10 p.m. London, October 2. The cost of the two new Cunard steamers will be a million each.
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Bibliographic details
Marlborough Express, Volume XXXVI, Issue 231, 3 October 1902, Page 4
Word Count
198AGREEMENT WITH THE MORGAN TRUST. Marlborough Express, Volume XXXVI, Issue 231, 3 October 1902, Page 4
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