Every evening, Wilmington daily commercial., 1921-05-06
SSOO.OOO.OOO LOST
TO j. s. BY HOLDING
MERCHANT SHIPS
Farrell. OF U. S. Steel. Says Ves-
sells Should Have Been Sold
When War Was Ended.
URGES SHIP LAW REVISION

A, Associated Press 90 Every Evening
cleveland MAY 6--In an address
TN. morning on American Maritime
Policy" az the National Foreign Trade
council convention. James a. Farrell, OF
New York. president Of the United
states steel Corporation. told the dele
gates that the government lost $500
O0O.oou hy not selling its merchant h""t
when he armisticc was signed and sug-
grsted an International conference of
maritime nations to stabilize the ship
ping situation. the charter of the
government fleet o. individuals and the
r,,isiou of American shipping laws.
NJ Farrell spoke IN part as follows:
Merchant Marine NJ Stake.
The future of our merchant marine
development Is ~ stake and it's present
pastion Is the outcome OF haphazard
rforts to deal with n problem the re-
aulrrments of which necessitatcd from
tho heEinniug settled policy and n
we'll defined purpose.
The signing of the armistice found
us with a fic"t IT I6.OOO. 600 deadweight
tons built and under contract. ne the
result ~ the dictates of military neCes-
sitN Efforts were made after the
.trtuistice to induce the shipping Roard
fo soll large portion OF the fleet 10
Iorpigners Fur a period extending into
lhlq an opportunity existed 60 dispose
~ larer portion ~ the fleet NJ prices
hearing a fair relation to a moderately
d,p1rciated cost. Not taking advantage
. ot this opr-prsunity the government
uu-sed iia market and IL Is estimated
losi a ,hance To realize az least $780,
uoo noo heing the difference in tho mar
t.f hmc ~ the tonnage ~ steel ships
nhl d could have heeu sold AZ that time
end Tho appraised value TODAY.
~ortous consideration must he given
a. fhv problem ~ maintaining our mcr
,hauf marine Even with a temporary
Improvement IN o,Cau freight the
worlds idb tonnage cannot ~ all
sotr,d under thrcc Years
Shippine noard's Plans Impractical.
h 10 time 80 recognize tho pact that
fh' pclicy ~ tho shipping Roard since
its inception ~ endoavorinE ~ build
ip tradr routes from every Atlantic.
GlIf and pacia port ~ practically
e,srt port IN tho wrrld 10 expensive
and unprarticable
nln trade rcvivcs and opportunity
.Ntets for obtaining = fair sales price
hr fleet an early retirement ~
h, ~hippnE Roard and iauida tion ~
..rtblc : partial solution ~ ono of
th, dtrrulties confronting tho shipping
Buard Be- to continue to lav M con
siderahlc portion - their tonnage and
tn liue with tho slogan losa government
u hus.ness, more business in govern
utnt withdraw from AM hut super
NisotA activity hy harternR tho steam
t.t fo reputable and experienced opera
tot either on hare hoat basis or on
tiu, charters allowing tho charterers
th. apuor SO pure ehasinE tho Efca mcvs
When conditions improve
Must change shipping Laws.
The nialn factor IN determining
Wht thtt Ws IAN compete successfully
with forcGn tonnage lies largely in our
shppnr laws cur ships must he
manned rs competent crews sufficient in
aurnher a. operate economically and
safely and American seamon should on
iON the hest possible conditions. reCeiv-
ms IN wages reasonable return for
surNtce performed But Il must he
cauallA obvious that provisions Of law
which require American vessels 20 main
tain larger crcws-e5 per cent ~ WHOM
must hc licensed men-than is the case
wftN foreign veSsess and 20 carry as the
engine nom crew thirty peT cent moro
men than tho steamships of any other
na atton. necessarily subjects American
vessolr 20 a serious disadvantaEe. os-
tiuasted az Ave per cent on N, capital
ls4saer fts,c -