The Raymer enterprise., 1921-12-29
CONGRESS- HAS
BIG PROGRAMS
SHIP SUBSIDY, SOLDIER BONUS.
PERMANENT TARIFF AND AP.
PRoPRiATloNs.
SPECIAL BONUS TAX
CONGRESS SHOULD FINISH irs
LAsoRs AND ADJOURN IN
JUNE.
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MISUNDERSTANDING plans for
the Congress call for the enactment Of
bills to encourage the merchant ma
rine, to provide q bonus payment to
former service men, enact permanent
tariff schedules and provide the resu-
lar appropriations, Representative
Mondell, Republican House leader,
said after u conference with Presi-
dent Harding.
There are no definite proposals on
the merchant marine or soldiers boz
nus which can be said to have the ap-
proval Of the majority at this time,"
he said, but the outline Of subjects
to be taken up includes both matters"
Every endeavor will be made In the
House, he added. to have auu the ap-
pr0priations bills which originate
there enacted by April |, so as to
give the Senate time to consider them
on final passage and adjourn Congress
In June.
The question of finding sources for
funds with which to pay the bonus, he
asserted, was the chief stumbling
block of proposals for such bill.
Enactment of such a measure, he add
ed, would probably require simulta-
neous creation Of special tax to meet
the outlay.
A final conference Of officials Of
leading marine transportation COM
panles with the shipping boards spe-
clal subsidy committee has been called
for Jan. 5 to pass upon tentative
plan formulated by the committee pro-
viding for the subsidlzing Of the Amer
lean merchant marine to insure its
maintenance.
The committee was formed to study
subsidies at the suggestion Of Presi-
dent Harding. The plan finally ap-
proved viii be submitted to the Presi-
dent, who Is expected to adopt come
Of Its provisions In message to Con-
gress.
In Its present form, which commit
tee members stated was not official
and subject to changes, the plan pro-
poses both direct and indirect aid,
the former through diversion Of 10 per
cent Of import customs as bonus to
American ship operators and the Int
ter through establishment Of revOlv.
Ing loan fund Of S100,OOO,000.
Other suggestions are understood to
include:
That the shipping board sell its rs.
naming fleet as rapidly as possible at
prices not to exceed the prevailing
world market price.
Amendment of section IL Of the
merchant marine act to permit estab'
| lishment Of a merchant marine loan
fund of about $1O0,00O,OOO, under the
administration Of the shipping board
for making loans at reasonable rates
Of interest, not to exceed per cent
per annum. on first mortgages on
American flag ships; this fund not Ia
be limited to shipping board transac.
tions. but to be available for financing
all American ship operating organiza'
lions.
Income tax relief to create an incen.
tive to shippers to use ships flying the
American flag, providing for deduc'
ton from net income taxes payable on
the basis Of small percentage Of the
freight paid on American.flag ships
or through a greater allowance on de-
probation on ships.
Creation Of a government marine In
surance. non-profit making corporation
to insure Its own ships and to Offer
hull Insurance at cost to private Amer
lean owners, backed by loan Of $40,
100000.