The Box - Marc Levinson [184]
5. McKinsey & Co., “Containerization: A 5-Year Balance Sheet” (1972), p. 1–1. McKinsey’s estimate of the outlays was £4 billion, which was $9.6 billion at the 1970 exchange rate; I have inflated this to current value using the U.S. producer price index for capital equipment. For British carriers’ earnings, see Fairplay, January 12, 1967, p. 92, and January 11, 1968, p. 92A.
6. ICC, Transport Statistics, 1965–67; John J. Abele, “Smooth Sailing or Rough Seas?” NYT, January 19, 1969; John J. Abele, “Investors in Conglomerates Are Seeing the Other Side of the Coin,” NYT, April 13, 1969.
7. Toomey interview; John Boylston interview, COHP; Frank V. Tursi, Susan E. White, and Steve McQuilkin, Lost Empire: The Fall of R. J. Reynolds Tobacco Company (Winston-Salem, 2000), p. 174; John J. Abele, “Stock Exchange Ends Day Mixed,” NYT, January 4, 1969.
8. Immer, Container Services of the Atlantic, pp. 194 and 198–200; Peter Stanford, “The SL-7: Sea-Land’s Clipper Ship,” Sea History, Fall 1978; Sea-Land advertisement, “SL-7,” n.d.
9. Lloyd’s Shipping Economist, August 1982, p. 36; “Sea-Land Line Orders 5 New Containerships,” NYT, August 14, 1969; Tursi, White, and McQuilkin, Lost Empire, p. 176.
10. United Nations Economic and Social Commission for Asia and the Pacific, Statistical Yearbook 1915 (Bangkok, 1977), pp. 205–208; Marad, Foreign Oceanborne Trade of the United States, 1970.
11. Fairplay, June 15, 1972.
12. United Nations, Statistical Yearbook 1915, p. 208.
13. Reuters, August 9, 1969; Marad, “Maritime Subsidies” (Washington, DC, 1971), p. 85.
14. Broeze, The Globalisation of the Oceans, p. 50; Fairplay, October 7, 1971, p. 41.
15. United Nations, Statistical Yearbook 1915, pp. 41–43, 127–129, 230–232, and 390; International Monetary Fund, Direction of Trade Annual 1969–15 (Washington, DC, 1977), pp. 2–3; Matson Research Corp., The Impact of Containerization, 1:114–122; “Matson, Sea-Land to Expand Containership Services,” JOC, March 18, 1970; Fairplay, February 16, 1967 and July 15, 1971, p. 11; OECD, OECD Economic Surveys: Australia, esp. 1979.
16. McKinsey & Co., “Containerization: A 5-Year Balance Sheet,” p. 1–4.
17. Marad, “United States Flag Containerships,” April 25, 1969; Pearson and Fossey, World Deep-Sea Container Shipping, p. 220.
18. Marad, “A Statistical Analysis of the World’s Merchant Fleet,” 1968 and 1974.
19. Pearson and Fossey, World Deep-Sea Container Shipping, p. 30; Fair-play, February 10, 1972, p. 40.
20. Matson Research Corp., The Impact of Containerization, 1:24.
21. P. Backx and C. Earle, “Handling Problems Reviewed,” Fairplay, February 9, 1967, p. 36; McKinsey & Co., “Containerization: The Key to Low-Cost Transport,” p. 57; Fairplay, November 24, 1966; Matson Research Corp., The Impact of Containerization, 2:4; Litton Systems Inc., “Oceanborne Shipping: Demand and Technology Forecast,” June 1968, p. 6–2.
22. Fairplay, April 20, 1967, p. 42.
23. There is a long-standing debate on the extent to which conferences have succeeded in restricting competition and raising prices. For recent summaries, see Alan W. Cafruny, Ruling the Waves (Berkeley, 1987), and William Sjostrom, “Ocean Shipping Cartels: A Survey,” Review of Network Economics 3, no. 2 (2004).
24. Fairplay, August 24, 1967, p. 8; J. McNaughton Sidey, “Trans-Atlantic Container Services,” Fairplay, October 5, 1967.
25. Fairplay, February 9, 1967, p. 41; “U.S. Panel Weight a Boxship Accord,” NYT, August 28, 1969.
26. Hans Stueck, “2 Big German Shipping Lines Plan Merger, NYT, July 4, 1969; George Horne, “U.S. Lines Plans 16-Ship Charter,” NYT, October 4, 1969; Werner Bamberger, “Line Sets Its Course on Time Charters,” NYT, January 11, 1970.
27. George