ENGLAND’S PERIL.

Greymouth Evening Star, Volume XXXI, 21 June 1901, Page 4

ENGLAND’S PERIL.

The special London correspondent of the Dunedin Star writes as follows under date May 3, regarding the mighty American Trust combinations

A contemporary expressed the opinion that dovelopemonts in that direction on this side of the Atlantic were to bo expected. Events have proved the correctness of the forecast. Already one important mid-London railway—namely, the “ tube,” which is to serve ‘twixt Charing Cross and Hampstead, is in the hands of the American capitalist—Mr Yorkes—and now it is announced that another Yankee millionaire known as Mr. Pierpont Morgan has acquired the control of the Leyland line of steamships. The Leyland Company owns fifty-eight steamers, which are engaged in the Atlantic, Mediterranean, and West India trade, and it is said to own 99 per cent, of the shares of another company—namely, the Wilsons and Furness-Loyland Line Limited. The aim of Mr Morgan and his friends is declared to be that of making the Atlantic and Pacific “American lakes,” and a large new fleet is said to he projected. It is doubtless to this scheme that reference is maae to ‘ The Times,’ which avers that overtures have been made from America to the firm of I which Sir Christopher Furness, M.P., is chairman for the establishment of a regular service of steamships to compete with this country in securing American contracts for the principal maritime coaling stations between England and the East —the amount of coal to be shipped annually under the projected scheme being upwards of ten million tons. According to “The Times” the new export duty on coal is the inspiring motive of tho scheme. It is said that American coal owners are confidant that the duty will enable them to undersell British exporters even in tho Mediterranean and at Aden. If this is so, Sir Michael HicksL’each, who has so far presented an unyielding front to tho clamorous coalowners, will have to remove the duty. Rut the danger does not appear real at present. Tho growing dominance of American commercial enterprise ;s, however, a very solid fact. Rir Morgan and his friendsare not going to be content with “bossing” Leyland’s huge fleet. America is anxious to re-establish her merchant marine, and the Government will give liberal subsidies to aid in restoring tho flag to its old position in shipping. Tho Ship Subsidy Bill failed to pass last winter, but it is certain to go through in the next session of Congress, and then look out for British supremacy on tho high seas. The allied interests represented by Mr Morgan will in a few weeks, it is stated, give orders for a fleet of new liners that will exceed anything now afloat. Fnur of the boats are to bo greyhounds of the Deutschland class, and six are to bo great seven-day boats, like the Oceanic. A number of fast cargo boats are also to bo constructed,- and all are to bo built in America. Within the next five years the Morgan “ combine ” is expected to expend £10,000,000 in new vessels, and a

large sum in buying crafts already in commission. They intend, if possible, to collar the whole Tiansatlantic passenger and goods traffic, and will open out by making tremendous reductions in freight and passenger rates. Of course the English shipowners will make a stiff fight, but the margin of profit with most of the companies is already very small, and our owners cannot possibly stand up for long against State-aided American competition.