"Blindfolded"

Stockholders of the Hamburg-American Line filed into their annual meeting at Hamburg last week as though into a morgue. Adolf Hitler has reduced Nazi interference with German industry to a minimum, placing at his Cabinet's right hand an Economic Council of industrial tycoons (TIME, July 24). But shipping is another matter. Last week slender, stern old Dr. Max von Schinckel, board chairman of Hamburg-American since 1910, rose to announce the resignation of himself and the entire board.

Revealing that a reorganization of the company was being forced by the Nazi State, Dr. von Schinckel bitterly remarked: "I as chairman have not even been able to find out what this reorganization aims at. Doubtless it has been planned with the best intentions but I cannot share responsibility blindfolded."

Going further, Dr. von Schinckel hurled a thinly veiled reproof at Nazi policies. "Dissatisfaction in the outside world toward Germany and the boycott movement are making themselves strongly felt." said he. "This has severely hurt the Hamburg-American Line's business and is continuing to hurt it and German shipping generally. . ". . My colleagues and I are resigning with regret. It is not our way to be leaving the company when things are going badly but developments have left us no choice."

Spruce and confident, Chancellor Hitler's "Maritime Adviser,'' Herr Emil Helfferich, cried: "I propose that this stockholders' meeting voice its ardent loyalty to our leader, Adolf Hitler, and to the spirit of National Socialism." This was done and Nazi Helfferich, whose chief reputation is that of a successful trader and plantationist in the East Indies, marched out of the meeting as the duly elected board chairman of Hamburg-American.

Next day in Bremen, at the annual meeting of the North German Lloyd, ex actly the same drama was played in almost the same words. Stockholders accepted the resignation of Lloyd's grizzled chief, famed Philipp Heineken, and elected Nazi Helfferich to serve also as their board chairman. No plans whatever for the re-organization of Germany's two greatest shipping lines were announced. Last spring Chancellor Hitler gave correspondents to understand that he viewed with disfavor their close working agreement, thought they ought to compete more vigorously. Last week Double Chairman Helfferich, in whose person Hamburg-American and N. G. L. seemed definitely united, went blithely off for a country holiday, left officials of the two lines to carry on with only this vague injunction:

"One man in Germany has shown that it is possible to weld conflicting forces for a common goal. The spirit of Adolf Hitler is the best Nazi spirit! We will devote ourselves to fulfilling it. From now on our slogan is not 'Hamburg,' not 'Bremen' but 'GERMANY'!"

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