Cunard and the North Atlantic 1840–1973: A History of Shipping and Financial Management

417 Pages·1975·49.057 MB·English

by  Francis E. Hyde (auth.)

CUNARD AND THE NORTH
ATLANTIC 1840-1973
Bythesameauthor
MR. GLADSTONE AT THE BOARD OF TRADE
BLUE FUNNEL: A HISTORY OF ALFRED HOLT & COMPANY 1865-1914
SHIPPING ENTERPRISE AND MANAGEMENT
LIVERPOOL AND THE MERSEY: AN ECONOMIC HISTORY OF A PORT
FAR EASTERN TRADE 1860-1914(withothers)
A NEW PROSPECT OF ECONOMICS
THE SENIOR: JOHN SAMUEL SWIRE 1824-1898(withS.Marriner)
CUNARD
AND THE
NORTH ATLANTIC
1840- 1973
A History ofShipping
andFinancialManagement
by
FRANCIS E. HYDE
ChaddockProfessorofEconomicHistory
intheUniversityofLiverpool
c FrancisE.Hyde1975
Softcoverreprintofthehardcoverlstedition1975
Allrightsreserved.Nopartofthispublicationmaybe
reproducedortransmitted.inanyformorbyanymeans,
withoutpermission.
Firstpublished1975by
THE MACMILLAN PRESS LTO
LondonandBasingstoke
AssociatedcompaniesinNew York
DublinMelbourneJohannesburgandMadras
ISBN978-1-349-02392-9 ISBN978-1-349-02390-5(eBook)
DOI 10.1007/978-1-349-02390-5
To
mywife
ANN ELIZABETH
Contents
ListofPlates Xll
Preface X111
Acknowledgements XVll
CHAPTER 1 Foundation, Capital Structure andControl
oftheCompany1840-80
Samuel Cunard: early business enter
prise: securing the mail and shipbuild
ingcontracts
II The foundation of the British and
North American Royal Mail Steam
Packet Company: the Burns and
MacIver brothers: the original partners
and thenewco-partnershipcontract
III Burns and MacIver family back
grounds: the Mediterraneanand Levant
trades:controland the division ofcapi
tal in the Atlantic and Mediterranean
compames
IV Incorporation and the Agreement of
1880: role ofthe managing agents and
reorganisationofcapital
CHAPTER 2 Men,ShipsandMails1840-80 27
I The inauguration of the Atlantic ser-
vice: improvement in design, power
andsizeofships
II Mailcontractsandcompetition
III The Collins line and intensification of
competition
Vll
IV Secret agreement between Cunard and
the Collins line: the fixing ofrates and
poolingofearnings
V Charles Maclver's management of the
ships
VI JohnBurnsand thenewmailcontract
VII Financialprogress and growth 1840-80:
the assumptionofcontrolinnew hands
CHAPTER 3 CunardandtheEmigrant Trade 1860-1900 58
I Liverpool as focal point for the emi
grant trade: competition between
Liverpool based shipping companies:
fluctuationsinthe trade
II Cunard's participation in the emigrant
trade and government involvement in
the maintenanceofservices
III Changes in the direction ofthe trade:
efficiencyandgoodwill ofagents
IV Relativeprofitabilityofthe trade
CHAPTER 4 Cunard and North Atlantic Conferences 90
1860-1914
The growth of competition and the
need for agreement
II The Liverpool Steamship Conference:
controversy on rates for slow and fast
ships: the depression 1874-8: growing
strengthofGermanlines
III Theuseofthe Conferencesystemby the
German lines: Conference agreements
and rate wars: Cunard leaves the Con
ference:the AtlanticPool
IV Alliance of Morgan Combine and
German shipping companies: the im
pact of this alliance on Cunard: the
Frankfurt Conference and the Conti
nental Pool: the 1908 Agreement: at
tempt by United States to break Con
ference agreements
V11l
CHAPTER 5 Costs,RevenueandReturns1880-1914 119
I The new shipbuilding policy: resigna-
tionofMacIverbrothers
II The building programme and trade
fluctuations: Admiralty agreements:
fluctuations in costs and receipts: the
problemoflargeshipsatLiverpool
III Cunard's earning capacity and alloca
tion ofresources: purchase ofThomson
line
IV The Morgan Combine and the 1903
Agreement
V Thereturnon capital
CHAPTER 6 War,PeaceandDepression 1914-34 159
I Cunard'scontributionto the wareffort
II Post-wardifficulties: amalgamation and
expanSlOn
III United States immigration policy and
post-warshipbuildingprogramme
IV Fluctuationsin receipts and costs
V Cunard's attempts to increase revenue
and reducecosts
VI Assessmentofmanagerialefficiency
CHAPTER 7 No. 534 and the Formation of Cunard 191
WhiteStarLimited
I Eventsleadingto merger
II WhiteStar negotiations
III No. 534 and the Government: hopes of
atwo-shipexpressservice
IV Growing competition and the need for
action: the Government and the tripar
titeagreement
V The launching of Cunard White Star
Ltd: Queen Mary in service: final
analysis
IX
CHAPTER 8 NorthAtlanticConferences1921-39 219
I AgreementsF.l., S.l.,'Lr.:fluctuations
inmembership: maintenanceofsecurity
inhome ports
II Disagreements on rates: rebuilding of
rate schedules: conversion of ships'
classes
III Introduction of tourist class and dis
agreementsarising
IV Shareoftraffictoeachline
V The operation of the Freight Confer
ence
VI Advantage ofconference membership:
value of cabin class schedule: co
operation between Cunard and White
Star
CHAPTER 9 AdventofWarandSurvival1935-45 247
I Changesincapitalstructure
II Efforts to increase revenue and reduce
costs: the new Mauretania and Queen
Elizabeth: the meeting offmancial obli
gations: the problem of replacing war
losses
III Requisition and war service: Queen
Maryand Cura~oa
IV Cunard's growing awareness of com
petitionfrom airtravel
V The death ofSir PercyBates and the ef
fectivenessofmanagementin peace and
war
CHAPTER 10 CunardandtheNorthAtlantic1946-73 282
I Thechange-overfromwartopeace
II The phasing out ofCunard White Star
Ltd: increase in Cunard Company's
capital
III Effects of penal fiscal legislation: plans
fornewQueen
IV Cunard's participation in transatlantic
airtravel
x