Able U. S. Men

U. S. stockholders in British General Electric Co., Ltd., last week congratulated themselves upon the brains & brawn of the two representatives whom they had last month (TIME, April 1) sent to London. For well had Commissioners Thomas Lincoln Chadbourne and Herbert Bayard Swope performed their duties. True, Commissioner Chadbourne had been taken with a chill, and both Commissioners Chadbourne & Swope had excursioned to Paris, there to witness a contemporary demonstration of the ancient truth that one horse can run faster than another. But between chills, thrills, the U. S. representatives had also won a complete, a memorable, a monumental victory. For last week Sir Hugo Hirst, British G. E.'s Managing Director, announced that his company's "British Only" stock issue had been unconditionally withdrawn. Thus the principle of financial internationalism was thoroughly vindicated; thus the U. S. financier can send his dollars across the ocean, confident that they will meet with at least a civil reception.

Somewhat a grudging loser was Sir Hugo, however, whose head, though bloodied, remained unbowed. His capitulation, obviously forced, hinted at unspecified outside interests that had compelled the abandonment of a highly reasonable position. "Certain proposals, for which I have made myself responsible, . . . have become the subject of an acute controversy on a stage much wider than that of the company itself. . . . Proposals . . . made with the sole object of increasing the prosperity of the company . . . prompted by my view that the preponderating interests in our great industry should always be in British hands. ... I have always held the view that our scheme did not prejudice property rights . . . any of our shareholders . . . nothing was further from my mind . . . my colleagues. . . . However, under all the circumstances . . . it has been decided not to proceed with these proposals."

Gracious were the U. S. representatives, victory being the mother of magnanimity. Said their statement: ". . . never questioned the sincerity of Sir Hugo . . . not at all unsympathetic toward his desire . . . insisting upon property right . . . negotiations . . . uniformly pleasant . . . ability. . . integrity . . . greatest respect."