The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

February; 1917 competition, especially taking “Yan- kee genius” into account. But there is one more factor to be considered. This factor is the rela- tion that foreign governments will bear to their national industries. All the signs point to a constantly grow- ing co-operation between these two interests, whereas governmental co- operation in this country has gone but little past the talking point. If foreign ship builders are to receive financial assistance from their gov- ernments in the form of bounties, subventions, subsidies or under some other name, then American ship build- ers will labor under unfair disadvan- tages. : In this connection particularly will be noted the value of favorable public epinion. It remains for the ship build- ers to cultivate this public opinion and to educate the people so that they will understand it is to their own interest to give the American industry all the assistance in their power, at the polls and elsewhere. Interest the Investor Investors should be interested. A man who has a dollar in an enter- prise is a staunch supporter of that enterprise. Ship. building securities are not widely enough distributed. A ship builder reading these lines may suggest that his. company is a close corporation, that its securities are not sold in the open market. But it is to his interest to make the man with cap- ital want to buy his company’s se- curities. Some time he may want that new capital, for few companies can expand indefinitely out of their own earnings and dull years are bound to come. Now is the time to attract favorable interest to the ship building indus- try. Its business is big and its pros- pects are favorable. Why should ship builders hide the light of their success under a bushel? They are serving their country as few other business men are in this time of need’ for shipping. Even though a com- pany’s competitors do know what that company earned last year or what it may earn this year, they have gained no advantage. The American International Corporation and _ the Bethlehem Steel Corporation have learned that favorable public opinion is a most excellent thing and they are grasping every opportunity to mold it. Why should not all companies, as a first step at least, adopt the modern policy of making public their annual reports? The Coastwise Ship Building Co., Lo- cust Point, Md. has closed contracts with the Reading Co. for 10 barges THE MARINE REVIEW Mo Members of Committee to Direct Af- fairs in This Country Are Appointed HE American committee, : formed to direct the affairs of Lloyds Register of Shipping in America, has been appointed as fol- lows: Alfred Gilbert Smith, chair- man; Herbert Appleton, deputy chair- man. Members in New York Herbert Appleton, of Appleton & Cox (United States Lloyds), New York. M. Bouvier, vice president, W. R. Grace & Co., New York. Archibald H. Bull, president, A. H. Bull Steamship Co., New York. Hendon Chubb, of Chubb & Son, New York. G. S. Dearborn, president American- Hawaiian Steamship Co., New York. Andrew Fletcher, president, W. & A. Fletther Co., Hoboken, N. J. H. K. Fowler, of the Thames & Mersey Marine Insurance Co., Ltd., the Union Marine Insurance Co., Ltd., and other companies, New York. J. R. Gordon, traffic manager, Union Sulphur Co., New York. Edgar F. Luckenbach, Luckenbach Steamship Co., New York. William H. McGee, of the St. Paul Fire & Marine Insurance Co., St. Paul, Minn., the Providence Washington In- surance Co., Providence, R. I. Charles E. Mather, of Mather & Co., Philadelphia and New York. Frank C. Munson, president, Munson Steamship Line, New York. H. H. Raymond, president and gen- eral manager, Clyde Steamship Co. and Mallory Steamship Co., New York. W. L. H. Simpson, of the British & Foreign Marine Insurance Co., Ltd., New York. Alfred Gilbert Smith, president, New York & Cuba Mail Steamship Co., New York. W. A. Thomas Jr., vice president, the Texas Co., New. York. R. C. Veit, president, Standard Transportation Co., New York. Members in Other Cities Holden A. Evans, president, Balti- more Dry Docks & Ship Building Co., Baltimore. William Matson, president, Matson Navigation Co., San Francisco. William Livingstone, president, Lake Carriers’ Association, Detroit. J. A. McGregor, president, Union Iron Works Co., San Francisco. J. B. Levison, vice president, Fire- man’s Fund Insurance Co., San Fran- cisco. J. V. Paterson, Seattle, Wash. J. Howard Pew, president Sun Co., Philadelphia. Benjamin Rush, president, Insur- ance Co. of North America, Phila- delphia. Lewis K. Thurlow, Crowell & Thur- low, Boston. C. S. Timberlake, general agent, Hartford Fire Insurance Co., Hart- ford, Conn. W. F. Whittlesey, marine secretary, Aetna Insurance Co., Hartford, Conn. F. M. Wood, president, Maryland Steel Co., Baltimore. Chief Surveyor of the United States and Canada James French. Assistant Fie Cox. Principal Engineer Surveyor E. M. Salmon. Secretary R. P. Hutchinson. The following changes have taken place on the London committee: _ Sir John Ellerman, Sir Owen Phil- ipps, Daniel Stephens and W. G. No- ble have been elected members of the committee of Lloyds Register of Shipping. Sir John Ellerman is chairman of the Ellerman Line, and he recently acquired the Wilson Line, Hull, Eng. Sir Owen Philipps is chairman of the Royal Mail Steam Packet Co., Union Castle Line and Elder Demp- ster Line, and a director of the Pa- cific Steam Navigation Co., Lamport & Holt Line, H. & W. Nelson Line and other steamship companies. Messrs. Stephens and Noble have been elected to fill the vacancies caused by the resignation of J. Knott and J. B. Adam. The latter resigned - on account of advancing years, after 25 years’ valuable services to the society in the United Kingdom and also in the United States and Canada, which he visited in 1900 when there were only nine vessels of 62,000 tons building for classification with Lloyds Register of Shipping, as compared with the stupendous figures now un- der survey for classification with that society at all points. Steamship Wiit1Am A. McKenney, Crowell & Thurlow Steamship Co., Bos- ton, is chartered for long term in trade between New York and South America.