In the debate that followed a very reasonable and sensible
tone was for the most part adopted by the various speakers. After Mr. Bryce had pointed out that the Trust legislation of the United States gave abundant food for reflection, "and a warning also," Mr. Russell Rea made a striking and informing speech as to the conditions of the Atlantic trade, and the motive forces behind the Shipping Combination. The terms proposed to the shipping companies were co-operation or competition. If they had chosen competition, where would have been their chance ? "All the trump cards were in the hands of their opponents. Four-fifths of the freight revenue of the North Atlantic came from the other side, and was abso- lutely at the disposal of the railway companies." The ques- tion arose—Was the new state of things co-operation or absorp- tion? He held it was co-operation. We might make up our minds that a nation with the wealth and ports and coasts of the United States would become a maritime nation. Possibly Mr. Rea may have painted his defence of the Shipping Com- bine in somewhat too rosy colours, but we believe that sub- stantially his plea was a sound one. Mr. Allan spoke in a somewhat similar strain. We have dealt with the whole sub- ject elsewhere, but will only say here that the general tone of the debate confirms us in the non-sensational view which we have there expressed. We may have had to give up a con- siderable share in something which was once all ours, which is, of course, disagreeable, but as we had not the power to keep the whole, it was probably better to share amicably than un- amicably, and after an expensive struggle.
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