INTERNATIONAL MERCANTILE MARINE.

Taranaki Daily News, 4 October 1919, Page 92

INTERNATIONAL MERCANTILE MARINE.

THE SALE OP BRITISH SHIPS. New York, June C. The directors of the American International Corporation recently instructed its executive officers to vote* against the Bale to the British syndicate of the British assets. This corporation controls 82,745 shares in the International Mercantile Marine Company. The statement issued by the corporation is as follows: The American International Corporation made its considerable investment in the International Mercantile Marine 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 sold it cannot be duplicated at any ivice in less than three years, and then only at a cost of more thai), twice the price offered by the British syndicate. (3) This decrease in American-con-trolled tonnage would come at a time when there is a maximum demand for shipping facilities at profitable rates. (4) The sale of the British ships and assets would almost unavoidably lead to the liquidation of the American Company as a going concern. This would mean the giving up of terminal facilities and dock leases and the closing of agencies, etc., throughout the world, all of which represent goodwill and assets established in the course of many years which were of great, in some cases irreplaceable value.