Business & Finance: Cargoes from India

From Calcutta there go each year to New York and Boston 68 great vessels bearing cargoes of jute fibre and burlap cloths, raw materials for carpets, rugs, bagging, sacking, scrims, tarpaulins. Homely though the cargoes be, they bring a nabob's revenues to the ship owners. To gain Indian trade, ship captains two centuries ago piratically cut each other's throats. Last week operators seeking the same trade punctiliously cut their own rates.

Kermit Roosevelt and John M. Franklin, with no pomp but little circumstance, began the rate war. They are respectively the sons of the...

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