New-York tribune., 1921-04-25
u. S. Ti1nid on
Ship Situation, ,
Is British View
ssMarine's Use Would Breed
Friction With Europe and
Japan, and America Does
Not Want That 1t Is Said
s'People Not Interested''
Charges of Wildcatting in
Shipping Stocks Here Not
Substantiated by Facts

.Just at present America feels like
,imd old lady who has been taken out
much against her will 'on the bust and
Is thankful to get back home to quiet
and peace" is the view of the Ameri-
can shipping situation attributed to "a
we'll known British shipowner who has
jus, returned from the States" The
unnamed shipowner's version of condi-
tipns here are given by the British
publication The Syren and Shipping.
At present. the shipowner is quoted
as saying, the American taxpayer is
hardly feeling the cost of maintaining
the government-own feet, as the
losses are being paid for by selling
ships and plant and other property.
The Shipping Board has just an
nounced the impossibility of making
such sales under present conditions, but
the British shipowner anticipates this
Development by stating that the sales
have produced far less than was ex-
pected, and he adds that if the present
system continues much longer the tax-
payer must be called upon to make
good the losses.
Sees Little Interest
"The vast majority of the population
Of the United States," he says, sis not
deeply interested in shipping matters.
The farmer of the Middle West wants
to sell his wheat. He does not care
whether il goes to Europe in an Ameri-
can, British, German or Norwegian
steamer. All he wants is to see his
draft cashed. The same applies to
other producers"
According to the British ship
owner, the American investor has suf-
forQ 10 Ytyy S,@N~
ping companies which have collapsed.
remarkable feature of the American
situation, however, has been that prac
tiealiy all of the companies which have
become bankrupt have not foated stock
ana the public has not suffered, In
Great Britain, however, the reverse is
the case. But the British shipowner
says that the "hundreds of wildcat
snpping companies formed during the
ast three years have not merely
clipped the WOOL but Skinned the
BEAST. Along the coasts conditions are
very bad"
No Money for Shipping"
The idea that the American in
vestor is going to find any more money
to hoat shipping companies" he thinks.
IS silly. "The American people, he
says, "rarsed enormous sums for the
Liberty loans. In the recent financial
depression many have had to realize on
these, to find that Liberty bonds are
marketable only at substantial dis
counts. The Liberty bond comprises
all that the inland population knows
about shipping, and for them at pres
ent, anyhow, it is quite enough"
Touching again on the idea of
American timidity, the British ship
owner says that while quite number
OF people approve in principle of
an American merchant marine they ar
que that it has been overdone. sThe
country has now an enormous mer-
chant marine," he adds, "and it can
not be employed without causing a
considerable amount of friction with
Europe and with Japan, which Amer
lea does not want"
Another line of argument, he con-
tinues, is that Europe largely lives,
Britain especially, by shipping. "If
America is going to seriously cut into
this business" he asks, chow can
Europe pay her debts to America 2"
From all of which," the British pub
hcation concludes, cit will be sur7nised
that the position in America in regard
70 the future of native-owne shipping
mas not decreased in interest"