Hi Mark,
I have looked at the The Oceanic Steam Navigation Company (White Star Line) figures as in your book.
I have a few questions I would to clear up.
If WSL have taken out a Mortgage with Glyn, Mills, Currie bankers for £3,375.000 from July 1908- July 1914. 60 months payment at 4.5% interest. If I am reading this right the 4.5 interest is added on to the £3,375.000. Giving a total payment of £3,526.875 over 60 monthly payment of £58,780. If defaulted on payment the 24 steam ships owned by WSL are at risk.
If the new ships Olympic and Titanic are estimated at £1.5 million each we can see there is a short fall here! Plus we must include the two new tender ships Nomadic and Traffic which is part of the project.
As quoted the cost of Olympic £1,764.659 to include the cost of the 1913 refit. However do we know the true cost of the Olympic before set for sail on her maiden voyage in June 1911?
IMM Company. I am referring to John Pierpont Morgan (1837-1913) Who died 31 March five years to the date that the knee of Titanic was laid down 31 March 1909. The IMM is made up into three groups.
The British Board of Directors:
Americans Directors: Executive and Finance:
Sir Clinton E Dawkins (Chairman) C A Griscom ( President) C A Griscom
WJ Pirrie P A B Widener P A B Widener
L Bruce Ismay George W. Perkins George W Perkins
Henry Wilding James H Hyde E J Berwind
Charles F Torrey B N Baker Charles Steel
Charles Steel
John I Waterbury
E J Berwind
We can see this is very much a American company who have the voting power over the British and the finance say.
Morgan may not be on the board. But I can assure you he is the driving seat and it takes a brave person who does not agree with him, and has all chance of having to look for another job else were!
Morgan has the power to remove committee members of the board who feels are not up to the job. The first man to go is the President C Griscom who is replaced by a rather reluctantly B Ismay. Nigel Baker will also drop out. Who never had that commitment into IMM. Many ways it was Baker was to start the ball rolling in forming IMM. That he is his to sell off Atlantic Transport to Leyland Line. As quoted in Herbert Jefferson book Viscount Pirrie of Belfast. Which did not please Gricom as he could see would weaken his position in the Atlantic trade from the American side. At the time the Atlantic was dominated by the European shipping companies. The book goes on to say that Albert Ballin of Hamburg American Line wrote a letter 1891 to Baker of joining a relations between America and Germany in shipping affairs! The book also to say Pirrie wanted to prevent an alliance between ATL and Leyland Line! (Well that never happened).
You ask me were did I get that information the Britannic build was stopped due money owned to H&W?
Quoted would not be ready for maiden voyage until early spring 1915. Reason for delay was finance. H&W was owned £585,000 from IMM!
If you have time Mark I am only too please to hear from your point of views.
Regards,
Mike.
[Edited to correct the non-functional url in the original. MAB]