The anxieties with which the combination was regarded at first in Great Britain were allayed materially by Mr. G. Balfour, President of the Board of Trade, who made public, in a speech at Sheffield, the terms of an arrangement that had been made by the Government with the Cunard Company, on one hand, and the Combination on the other. The Cunard Company, he said, "pledged themselves to remain in every respect a British company, managed by British directors—the shares not to be transferred to any but British subjects. Their ships were to be officered by British officers. They also engaged to construct two vessels of twenty-four to twenty-five knots which, as well as the entire Cunard fleet, the Admiralty would have the right to charter or purchase at any time on terms fixed in the agreement. The money for the construction of the fast steamers would be advanced to the company at the rate of 2¾ per cent. interest, while in lieu of the present Admiralty subvention—£28,000 a year for the contingent use of three ships—the company would receive £150,000 a year. With Mr. Pierpont Morgan, the head of the Shipping Combination, who had shown the utmost readiness to meet the wishes of His Majesty’s Government, it had been agreed that the British companies in the Combination should remain British, not merely in name but in reality. The majority of their directors were to be British subjects. All their ships now flying the British flag were to continue to fly it, and at least one-half of those hereafter to be built for the Combination would likewise fly British colours, be commanded by British officers, and manned in reasonable proportion by British sailors. On the other hand, the combined companies would continue to be treated, as heretofore, on a footing of equality with other British companies in respect of any services, whether postal, or military, or naval, which His Majesty’s Government might require from the British mercantile marine. It had been further stipulated that in the event of the Combination pursuing a policy hostile to our mercantile marine or to British trade, the King’s Government should have the right to terminate the agreement." COMBINATIONS: United States: A. D. 1900. Definition of the term Industrial Combination formulated at the Census Bureau. Statistics as collected in 1900. "The officials of the Census Office, in order to prevent misconceptions and insure consistency in the plan and system of tabulation, formulated the following definition of the term ‘industrial combination’: