By Francis E. Hyde
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Additional info for Cunard and the North Atlantic 1840–1973: A History of Shipping and Financial Management
Ltd for a period of fourteen years from the date of the fmal agreement. As we shall see later, the limiting nature of such a commitment eventually caused disagreement and led to time-wasting and costly litigation. In working out the fmancial terms of this agreement, the basis for valuation had been taken as that existing at 3 I December 1879. IZb To this had to be added the sale price of four Foundation, Capital Structure and Control :'5 other vessels together with the value of wharves. plant. 034.
For a period of five years. 680; Charles Maciver senior (or Charles Maciver. 129 Thus. the Cunard Company brought into association the third generation of the Cunard family and the second generation ofthe Maclvers. no In this way. the old principle of maintaining parity of interests between the three families was embodied in the capital structure of the new Company; this. at least, was true until the new issue ofshares was thrown open to the public. So ended the first forty years of a steamship enterprise in which capital accumulation.
Perry was brought in as adviser because the ships were to be built as potential cruisers," The fIrst Collins ship, Atlantic, opened the service from New York to Liverpool and, by 1850, she had been joined by Pacific, Arctic and Baltic, all of some 2800 tons, approximately 1000 tons larger than the average Cunarder. " Worse was to follow. 53 The fact remains, however, that following the first flush of success, the Collins line did not overwhelm Cunard.