Word: kylsant
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There was many a doubt expressed last year concerning the competency of Owen Crosby Philipps, Lord Kylsant, sometimes called "Lord of the Seven Seas," chairman of the huge far-flung Royal Mail Steam Packet Co. which includes among its many steamship lines the White Star. Last year Lord Kylsant was publicly accused of mismanagement by his brother Viscount St. Davids. Royal Mail stock sank swiftly and dangerously, Royal Mail passed its dividend (TIME, Dec. 23). Lord Kylsant, it appeared, had purchased investments in "other than shipping companies." Good-will was not augmented by the knowledge that Lord Kylsant draws...
...offices and jostled each other in the distinguished visitors' gallery of the House, or the Peers' gallery if their rank entitled them to that eminence. Noticed in the distinguished jam was Rt. Hon. Montagu Collet Norman, Governor of the Bank of England, and in the packed Peers' gallery Baron Kylsant, chairman of the Royal Mail Line, White Star Line and associated companies, largest shipping combine on earth...
That all was not well in Royal Mail was indicated when early this year the common stock began a decline that carried it from a high of 76 (shillings) to 55. Then, while the stock dropped abruptly to 44, Lord Kylsant's brother. Viscount St. Davids, publicly accused him of mismanagement...
...explanation Lord Kylsant said that "public attacks" had hurt the company although its earnings for this year would be as large as during 1928. Yet canny Londoners, awaiting the auditor's report, were inclined to believe Viscount St. Davids' attack upon his brother had been more than a family squabble. For Lord Kylsant's official statement included the phrases: "write off . . . for estimated shrinkage (under present conditions in heavy British industries) of investments in other than shipping companies." These "investments" were guessed to be the base of Viscount St. Davids' anger, were seen to be unwise and unwarranted uses...
...interest rates. Last week's lowering of the Bank of England's discount rate to 5% and the shipment of $21,000,000 gold from New York were bullish items on the London market but could not compensate for the collapse in the gigantic Royal Mail and doubts concerning Kylsant, "Lord of the Seven Seas...