Portfolio
Shipping around for a share
Nephew Wilde
One thing I tend to get incredibly irate about is paternalism. Whether it is the boss on a sugar plantation calling his workers " boys " and expecting a "yes, master" type reply or the chairman of a company enjoying his employees paying homage to the feudal hierarchy, I think the 'practice is humanly degrading. Another class of person I put in this category is the ex-Colonial.
I met one the other day, in fact, a white haired and wrinkled faced octogenarian memsahib. When I grumbled about having to make my wife tea in the morning she seemingly changed the conversation. "What troubles we had during the riots, young man." I listened attentively, expecting gory details to ensue. "Oh yes," she continued, "such servant trouble; they all went off to the country, you know, immediately the riots started." I sat mesmerised. "Of course, we decided to leave shortly afterwards and I well remember my head bearer, Abdul, saying he wished we would stay. Oh no, they didn't want to work for Indian masters. So I replied that the Indians didn't want us any longer — my husband worked for the railways — so we had to leave. India has never recovered since the British left, you know — they needed our rule."
She turned a deaf ear when I criticised Mountbatten's impatient rush to give India her independence and my implication that the Pakistan solution was in keeping with the 'divide and rule' policy of our Colonial forbears. And so, as can be expected, the conversation ended rather abruptly. This all seemed relevant in the light of the fate of the Ugandan Asians. "The sins of the fathers are visited upon the children" and all that. And I read in one press comment the possible plan by the Government to house these unfortunate sons of the ex-Empire in Butlin's holiday camps when they come to England. (The red coats of the Bann's attendants might bring back rather familiar memories.) Now there's an investment situation, I thought to myself. Just think of all the holiday camp firms like Butlins eliminating the seasonal element of their business. Alas, however, when I sprang the discovery on my stockbroker, Wotherspool, he was not impressed. "Unless the Government take over Butlins," he said, "and I hardly think that's likely after they have denationalised Cooks, I can't see the potential."
Naturally I felt rather deflated. However, on a totally different tack I investigated Lyle Shipping. After the link between Cunard and Trafalgar House and the possible tie-up of P and 0 with Bovis, I see distinct possibilities for a group such as Lyle. From the angle of free depreciation of its ships and because of the tax benefits a deal with a UK industrial firm could prove very rewarding.
Already Lyle has links with Sidlaw Industries through the formation of Seaforth Maritime, a group that will provide services for the North Sea oil rigs. In a difficult market for an amateur such as myself I see distinct investment attractions in Lyle. I am selling half my holding in Siebe Gorman to finance this purchase,
Previous page
