It appears, further, from the speech of Mr Gerald Balfour
at the Sheffield Cutlers' Feast on Tuesday that the Govern- ment has made an agreement with Mr. Pierpont Morgan, under which, when he acquires a leading share in any British steamship lines, those lines will remain under British directors and will employ British crews, the general effect being that the British Government will retain its hold on them. The consideration given to Mr. Morgan is that he le pieced as regards contracts with tbe British Government on an equality with British subjects. The Government, more- over, if at any time it suspects hostility in the management of the combined companies, can at once terminate the agreement. There is also a provision that one half of all new ships must bs built in British dockyards. Mr. Balfour Evoke strongly of the readiness of Mr. Morgan to enter on this agreement, and the entire absence in his mind of any desire or design to injure the British shipping trade. We entirely believe in that absence, men who, like Mr. Morgan, seek dividends being naturally unwilling to injure or affront their beet cue- homers; but we are nevertheless glad of the revocation clause. Mr. Morgan may have successors less wise or less friendly than himself, and it is well that the British Government should retain a free band. England and America intend to work together, and will do it all the more easily if they remain as regards each other's action free and equal.
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