The morning call., 1893-05-28

returns there Will be plenty of investors ready
TO take all the shares available. Each ship has
its own owners and is managed on an inde-
pendent account.
This fact of independent owne rshp in the
several vessels comprising the fleet managed by a
certain shipping-house gives perfect stability TO
the management, as they act as managers by
contract with the owners. and not by being
reelected yearly by stockholders Of a COM
pany.
This system of owning mas a very different
effect on investors from that OF owning shares
in stock company. By the system SO preva-
lent i'll Britain each investor owns so much in
given Ship In that vessel he has certain
interest. He will follow her record all over the
world. Her chances of making rapid passage
or securing good cargo at good freight rate
are questions OF personal interest to him. He
studies the conditions of markets In all parts
of the world. The possibilities of new departures
in commercial ventures, and as his manag-
ing house enters INTO new fields lie is ready
with his surplus earnings TO invest again with
hopes brighter from his past experience.
This is the history of the great shipping
houses of Great Britain. If such a system of
investment obtained here San Francisco would
ere long be able to ship the products OF this
Stale IN ships owned and built within her own
borders.
1t is unfortunate that such large proportion
OF the savings OF the people engaged IN our in
dustrleS cannot be reinvested In other indus
tries. but must be absorbed in the diff renee
between the buying and selling prices of city
lots.
Our State laws have not been enacted with a
view TO foster the commercial interests of the
State and the port OF San Francisco A ship
owned and registered at the port OF San Fran.
cisco does not engage in the commerce OF
San Francisco with any advantage on that ac-
count; but, and the case is probably without
parallel in tie history of any commercial city
in the world, tile San Francisco ship is
handicapped by burdens imposed by our.
selves that no foreign ship or those
belonging To other States of the Uuion
are called upon to bear. Under this head.
the heaviest burden laid upon ship prop
erty owned and registered in this porl Is that
OF State and municipal taxes. This has led 10
vessels that are largely owned here being reg
istered In other States, where 1t is possible to
do so.
We have never been able TO discover upon
what principle ship property is classed with
and taxed the same as The real estate and build
ings thereon that constitute the city itself.
Most of The older States have been wiser than
California in this respect.
What returns do the ship-owner receive for
the taxes paid on the assessed value of his yes
sci as compared with The owner of city prop
erly? The ship upon which the civ and
county and State impose the same tax as upon
the land and buildings of the city itself is out
on the ocean or in some distant port, and cam
not possibly receive any benefit from the ex-
penditures OF the taxes imposed upon her.
Does she derive any b nelt from lighting The
streets OF the city where her name is registered
NO; but wherever she enters harbor there
VIII be light dues or pilot dues charged for
showing the way in. There is no police protec.
tion for ship property as it moves from port to
port, except what might be afforded by the
shiDs Of the navy, whose support does not come
from the taxes we now refer TO.
In front of city property streets are main
taned. seFers are provided, means to get in
ana out OF the houses teams can be loaded and
unloaded IN front OF stores, all OF which is
right and proper, and that is what taxes are
collected to provide for; but none of all this.
except the collection of the taxes comes 10 the
ship. If she comes 10 wharf in front of the
city that taxes her, which is to her the same as
The street Is 10 the building, she must pay so
much for every hour that she has the street ac-
commodatlon, which the taxes she has paid
as well as the buildings, provide free for the
latter.
This great Injustice done the shp-owping
interests of California should be wiped out IL IL
require change in The State constitution TO do
So The British ships that fill our harbor and
carry our products TO market have no such
burdens to bear. Neither the ship nor any,
thing consumed on board of her Ia
taxed. That nation has long recognized the
principle that ship on the high seas must pro-
tect herself and as taxes cannot be spent for
her benefit, neither should they be Imposed
upon her as burden. The British go still fur-
ther and remit all customs dues on all articles
of consumption on board ship at sea-
With these powerful causes operating against
ship-owning here, we cannot expect yery
bright outlook for the future OF hp-buiidinp in
San Francisco. San Francisco ship-bulder
is not likely 10 be called upon to buIid sbps.
either for foreign county or for the eastern
Side OF our own county. Ship-bulding and
ship-owning must rise and fall together in San
Francisco. ftbey are 10 rise the weights that are
now crushing them down must be removed. and
as these 10 avery large extent are self-imposed,
we must look TO ourselves for relief Give the
chance; let the iaX-collector wait
Tor his share of the fruit. Cutting the tree
down 10 get at the fruit before II ripens ruins
both the owner and the State
l have faith In the future of this CITY.
Over twenty years ago l predicted, az
a reception given in this city 10 w.
II. Webb. the New York shin. builder.
N""' t"cutI years we WUuIQ De
building iron and steel ships for all purposes in
this harbor and this has come to pass, bur
only promise of what 1t should be-
This city and this State have done nothing
to foster their industries. New industries are
welcomed as a direct means of adding to the
city or State revenue, instead OF being well
coined and encouraged as the means by which
all sources OF revenue are to be expanded and
perpetuated.
y Il o. -no