Evening star., 1922-11-24
SHIP BILL DEFEAT
HOPED DIOR ABROAD
Foreign Steamship Lines Are
Anxious to See Marine
Measure Fail.
TICKER REFLECTS HOPE
Shares of Two Companies Rise at
Report of Unfavorable
Action.
TICKER REFLECTS HOPE
BY DAVID LAWRENCE.


Europe hopes for the defeat of ship
subsidy Administration officials
pointed significantly to brief dis
patch which came over the wires to-
day of one of the ticker news serv-
ices as follows.
''LondOn-ExpPcted defeat of ship sub
sdy hill in United States is having
marked effect ON shipping shares here
r-ninsular and Oriental steamship Com.
pany rose ) points yesterday, Royal Mail
3ia points and Cunard II. points.
This is not a new viewpoint with
foreign interests. For many years
before the war the Germans MAIN
tanned a lobby in Washington to pre-
vent ship subsidy legislation. the
Importance of the British attitude at
present is that it demonstrates how
fearful their shipping interests are OF
managed. as contraSted with govern
ment operation which they do not
fear at all. because they regard 1t as
inefficient and ineffective.
President's Warning.
President Harding, by reason of the
dclicacy Of his position. has been un-
able to hit very hard at the strength
of the foreign opposition to the ship
subsidy bill, but i'll his address t.
Congress he took cogniZance of the
situation with this guarded COM
ment:
The American development will have
to overcome every obstacle which may
be put IN our path. except as interna-
tional comfy forbids. Concern about
our policy is not limited to our own
domain. though the interest abroad is
Of Il differing character. | hope it is
h,.t.a ~
that maritime nations of the world are
in complete accord with the opposition
here to the pending measure. They have
a perfect right to such an attitude. When
we look from their viewpoints we can
understand. But | wish to stress the
American viewpoint. Ours should be
the viewpoint from which one sees the
American carriers at sea, the dependence
of American commerce and American
vessels for American reliance in case
of war Some OF the costly lessons of
war must be learned again and again,
but our shipping lesson in the world
war was much too costly to be efiaced
from the memory of this or future gen.
crationS.
This is but another way of saying
that the American Army was transported
in large pant to France by foreign ves-
Seis. 1t is lot alone. however, the prob
lem OF war that makes the President
wish to make America independent of
tole;gn shipping. but the peace-time
carrying CT American products.
Mr.. Harding feels tnat it is timely
to recall that we gave foreign nations
our commerce to and them in their up
building and the American task now is
to upbuild and eStabliS in the face Of
the most active competition.
There have been some critics who
have argued that to take away from
Europe it's shipping business was to
further impoverish the nations worn
out by war and that the carrying
trade at least should remain where
it is, especially in view of the tariff
Of foreign products. but the answer
made in administration quarters is
that Europe has monopoly at pres
eut AID that there is room for COM
petition. if for no other reason than
to insure America against being kept
constantly at the mercy of foreign
countries in the matter of ocean
freight rates
Stock Market Reaction.
ing too soon to the news from Amer
lea. The President has his heart in
this fight and will not be beaten if
there is any way he can force the
issue through. He is represented in
some quarters in New York. for in
stance. as being lukewarm and as
merely discharging an obligation
when he urges ship subsidy. This
may be pleasant news to those who
rNiJ iS- n for hrrf