Shipping Subsidies.

Manawatu Herald, 4 October 1902, Page 2

Shipping Subsidies.

GRANTS TO THE CUNARB

LINE,

Official details of the arrangement made by the Government for subsidising the Ounafd line show that the company has entered into an agreement for twenty years to remain, “ all British," and to hold its entire fleet at the Government’s disposal for charter or purchase. The Government is to lend the Canard line money ,at 2f per cent, interest, repayable in twenty annual instalments, for the construction of two large steamers, with a speed of twenty-five knots, lor the Atlantic service.

The Cunard line undertakes not to unduly raise its rates of freight; and not to give preferential rates to foreigners, in consideration of a subsidy of £150,000 dating from the time the new vessels sail. AGREEMENT WITH THE MORGAN TRUST.

Mr Gerald Balfour (President of the Board of Trade), speaking at the Cutlers’Feast, gave details 1 of the agreement with the Canard 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 vessel would fly the British dag. 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 ha hoped would continue for another thou* sand years. The Cunard and Morgan agreements have created a most favourable impression at Liverpool. ...