Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31
PROFITS STILL SLUMP
IN OVERSEAS SHIPPING,
World Tonnage Increases and Huge Surplus Depresses
Rates and Ship Values-Cermany Rebuilds Mer-
chant Marine in Hope CT Capturing Business.

10. According 10 tho bill. indirect
aids are 10 b" provided IN the form
~ "A construction loan fund. with
interest AT . per cent. I'm deductions
from income taxes of per cent Of
the freight money on goods shipped
IN American vessels. in further de-
auctions from taxable earnings of
money spent on approved American
ships built in American yards. in the
declaration that 30 per cent Of the
immigrants must use American ships.
and in an ingenious extension Of
our coastwisc laws to the Phillip
pines. AS the bill passed the House
the per cent interest rate was
raised TO IA per cent. and tho de-
duction OF per cent OF the IrciEh,
money was struck out. \ direct
general navigation bounty. sub
s!ay based on the size. speed. and
employment OF the vessel was the
main feature OF the bill.
The most plausible argument put
forward by Chairman I.askcr in sup
porting tho bill is that tho current
losses OF tho Shipping Board, which
amount TO $50 0Oo. 900 n year. can he
reduced 10 $4,000. 600 II the subsidy
is granted, The subtlest and most
logical tand consequently much less
"H"ctiNc( argument advanced against
me hill is embodied in tho fact that
as Chairman l.askcr admitted ship
ping. VIGOROUSLY poor-paying bust
ness, IL especially unrcnunerativc
FOR Americans. Hence, the chairmau
argued. it Is necessary ror tho people
rs a whole. 10 pay some Americans
To engage in this particularly poor
paying business. Tho violent discus-
s!ons on this subject here and abroad
made II easily the most spectacular
happening OF the year
General Subsidies Lose Favor.
Other countries. however. have
been abandoning general navigation
hounties. Japan. which began by
huhsidizing it's shipping in every
conceivable way-gencral navigation
bounties to liners and tramp ship
ming and general construction boun-
tios-has definitely abandoned aid 10
tramp shipping. has done away with
construction bountics. cxecpt indi-
""c'lT through aids tn The .ranufac-
iur" OF steel. and now pays sub
Sidy only to ships maintaining SER
vices over specified routes France.
tho most lavish suhSidiZcr in the
world. has abolished general navi-
cation and construction bountics
and gives aid only to certain lines
considered essential for trade or
!mpcrialistic purposes. And Italv.
whose legislative program Is more
unsettled than our own. has init
mated that a similar change in her
subsidy schemc-hascd originally on
the French-will be made. Only this
country seems to banker after an
achronisms such as DISCRIMINATING
duties and indiScriminatc general
subsidies.
The excess of tonnage over trade
requirements and tho failure OF over
seas trade tn increase in volume dur
ing the year had depressing effect
on rates. The outside competition to
tho various conferences was severe
and nearly every agreement affect
Ing our ports was disrupted or had
to be materially changed. In the Pa
cific trade. several attempts at n
formal agreement on rates failed and
rates are open" In the Caribbean.
the high rates maintained by the
conference had finally to he cut, and
agreement is not yet in sight. And
In tho Atlantic, the vigorous compc-
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