Page 233 - British Inquiry into Loss of RMS Titanic Day 14 - 18

International Mercantile Marine Company took over from the Oceanic Company were registered in the name of this financial company, but they were registered in the name of this company, the Navigation Company. Are they, then, held by any Trust company in America? - They are, as security for a certain issue of bonds. 19609. Has this Navigation Company transferred those shares in their turn to the Trust Company in America? - It has. 19610. And what is the name of the Trust Company in America? - There are two Trust Companies, my Lord. I would not like off-hand to quote the names, as I am not very familiar with them. 19611. They are companies instituted, I suppose, and worked for the purpose of, holding the security which bondholders have recourse to? - That is right, my Lord. 19612. (Mr. Clement Edwards.) I suppose the real reason for your having a series of English Companies - The Commissioner: No, not English Companies. There is only one, the Oceanic. The Navigation Company, perhaps, is an English Company. The Witness: It is an English Company. 19613. (Mr. Clement Edwards.) Well, the reason for having an English Company is, of course, to enable you to register under the first Section of the Merchant Shipping Act? - I do not quite follow you. Who are to register? 19614. I think you are familiar with the Merchant Shipping Act? - I am going to answer your question if you will let me. I can answer it quite easily. It is not necessary to transfer to the International Navigation Company the shares for the purpose of holding under the Navigation Act. 19615. That I know; but the International Mercantile Marine Company, being an American Company, although the substantial owners of these ships, could not be the registered owners in this country by reason of the First Section of the Merchant Shipping Act of 1894? - That is true. 19616. And, therefore, you have set up this special independent English Company for the purpose of complying with - ? - No, excuse me. The intermediate Company that you are referring to was used for financial reasons quite independent of the actual question. 19617. I put it to you that if you had not the Oceanic Company you would have to have some other English Company if these ships were to be registered in England? - Certainly. The Commissioner: Or a British subject; you do not want a company. 19618. (Mr. Clement Edwards.) Yes. Quite so. Either a British firm, or a company, or an individual? - They must be a registered company or an individual. 19619. I see that the ship’s rules and uniform regulations are issued by the International Mercantile Marine Company. That is the red book. You have a copy there, have you not? - Yes. 19620. (The Commissioner.) I did not know that. They are issued, then, by an American Company? - That is not quite correct, my Lord. Perhaps I may explain. Each of these companies which have come under the control of the International Mercantile Marine Company had, up to a few years ago, its own book of rules. For the sake of uniformity we went through these various books and put them all into one, and to save having the names of all the companies referred to on it we called it the “International Marine Companies’ rules.” 19621. In point of fact these rules which now apply to all the steamers, certainly all the steamers of the White Star Line, and probably to a great many others, are American rules? - No, my Lord. 19622. They are rules issued, apparently, by the American Company, because I hold the book In my hand. “The International Mercantile Marine Company” - that is the American company? - Those rules were drafted and prepared here by myself and my colleagues. 19623. That may be. But they are issued by the American company - ”International Mercantile