ABSTRACT
The report to shareholders for 1902, 29 April 1903, listed directors, with Owen Philipps in the chair and Sir James Ferguson his deputy. New to board was James Head, a director of the Philipps' King Line, and newly appointed manager, Alfred Williams. The South American services were, by now, clearly identified as a development and profit opportunity and a focus for significant investment. Six new cargo ships entered service by 1904: three large P-class vessels of over 4,000 tons were ordered within months of Philipps becoming chairman destined for the Argentine refrigerated and general cargo trade, with advertised sailings out of London. The Company's first acquisition, under new regime was a 50 per cent holding of Pacific Steam Navigation Company in the Orient-Pacific Line's Australian mail service, together with its fleet of four ships. The continuing vital ingredient for the Argentine economy was heavy foreign investment capital, of which just before 1914.
