Business & Finance: Falling White Star

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...

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