Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-12-07

at anything like fair price, under
present conditions. At the close OF
the fiscal year the effort to find buy
ers was continuing, but the board
still had for sale 1856 vessels, total
ling 10,S03.172 lightweight tons. OF
these 1886 were steel cargo ships
and 225 were wooden cargo ships,
while the remainder were of various
steel, wooden, composite and concrete
types.
1.-THE immediate prospect is not
feet" the report declares. First
and foremost comes the necessity
for legislation. Even with this legis-
lation the transfer of the fleet to
private hands, if it is to be accom-
plished as part of the building up of
the American merchant marine, must
be slow process.
perhaps one of the most favor
able factors that will help in the
gradual working out of the problem
is the fact that large percentage
OF the worlds tonnage is now over
Is years of age and is approaching
that period when the cost Of main
tanning the highest classification be-
comes SO serious a factor In opera
ton as to influence operators to pur-
chase other tonnage rather than to
pay the heavy cost of keeping up
older vessels. While a much great
err percentage Of foreign tonnage is
approaching the age when it will be
desirable to replace it with new ton
mage, than is true in the case Of
American vessels, the difficulties Of
the present situation are largely
caused by an excess of world ton
mage and any absorption, whether
in this market or in foreign markets,
tends to remove this excess and to
establish higher values for all YES
sells.
THE increase in the value of the
vessels due to the demand that will
come in the next few years as a re-
suit of the growing age of the
worlds tonnage should, however,
more than compensate for the cost
of upkeep during the period that
must elapse before these factors be-
come controlling ones.
During the year, the wooden feet
was reduced by 236 vessels, and the
cost of the upkeep of the fleet was
reduced by $4,000. The mainten-
ance cost still stood, however, at an
annual average of 1919 per vessel.
The amount received from sale OF
"outlying projects" belonging to the
Roo I'd 81 SSA =
$50, representing return from prop
erty which had been given pre-
sent fair value" of s2,113,600. The
report says that Gin accordance with
| agreement made with the Office OF
! the chief coordinator," sales and
| transfers were made at prices Ii
per cent below present fair value
Sales from real estate brought in ar
additional sS,09S,722. Notable among
the economies recorded was a re-
duction Of $1,043,075 in salaries
! through reduction Of the personnel OF
the maintenance and repair depart
ment by 42S employees.
| Greatest care was exercised, the
report says, in authorizing transfers
| OF vessels to foreign registry. ant
! the total number so transferred
during the year was only 15S, rep
resenting 121,931 gross tons, al
though applications for much
| greater number were filed.
| 1t is noted by the Board that the
year saw the completion of the war
time building program, the last shir
built on government account, the
Western World, having been de-
livered on May 9. The total number
OF ships delivered during the year
| was %, as compared to 21S in 1921
and 1902 in 1920.
| A summary of the amount of COM
merce borne in American bottoms
| during the year showed that Ship
ping Board vessels handled 4,313,91
cargo tons of imports and 6,634,3S1
cargo tons of exports, operating
through forty three United States
ports The total tonnage of the
American merchant marine was fixed
at 27,7S4,9S9 lightweight tons. COM
pared to 27,53S,464 a year ago. OF
this total, 16,279,371 tons were en-
ployed at the end of the 1922 fiscal
year in foreign trade, compared with
16,S19,943 at the end Of the previous
twelve months period
vrho 1,ct fiscal wear the rpDOrt saws.