INTERNATIONAL MERCANTILE MARINE

Dominion, Volume 13, Issue 1, 26 September 1919, Page 10

INTERNATIONAL MERCANTILE MARINE

THE SALE 01'' -BRITISH. SHIPS.v New' York, Juno C. The directors of the American International Corporation recently instructed..its executive officers to vote against the aalo to the British syndicate of the British assets. This corporation .controls ,82,715 share? in Iho international Mercantile Marine Company. -The statement issued by thn corporation is as follows':—. The American International Corporation made its considerable' investment iu tho International Mercantile- Marino Company's Common Preferred Stock in pursuance of- the definite'-purpose'to'aid in maintaining and increasing the transportation of American merchandise in American-owned ships.

(2) The fleet is one of the best In the world to-day, and if s,old it cannot bo duplicated at any price in less than throti years, and then only at a cost'ofmoro than twice that price offered by' the British syndicate. (3) This decrease in American-controlled tonnage would come at a time when there is a maximum'demand for shipping facilities at profitable rates.' (1) The. sale- of the British ships and assets would almost unavoidably lead to the liquidation of the American Company (is a going concern. This wou'ld nienn the giving up of terminal facilities and 'dock'leases and the closing of agencies, etc., throughout the world, all of which represent business goodwill and assets established in the course of many, years, which wore of great, in some cases irreplaceable, value. v ,