The evening world., 1922-02-20
All Receipts Thus Far From
Sales of Hulls and Lands
Have Been Swallowed UP in
Expenditures of Board in
Keeping Vessels Afloat.
Against Ships and Materials
Now Estimated at $397,-
100000 Claims of $780,
100000 Are Pending for
Amounts Alleged to Be Due.
By Martin Green.
(stsH Correspondent Of The Evening
worId

WORLDLY
WASHINGTON. Feb. 20.-While
Congress is noundering about in a
welter Of preplexity over how its
members can stick the taxpayers for
a few billion dollars to 90 into a cam
paign fund disguised as Soldiers
Bonus" a Government investment of
approximately four billion dollars is
tricklng. unnoticed. through the An
gers OF office holders into a hole that
has no bottom.
Instead of maintaining themselves
from receipts since the decision to
sell the Shipping Board properties
was reached the Bonrd and its subsid-
larry, the Emergency Fleet Corpora
tion. have spent hundreds of millions
OF appropriated dollars Few ships
and little materials have been sold.
receipts from the sale OF lands and
houses have been swallowed up in ex-
pendtures The index of experience
points to the probability that the
enormous Investment OF tho Govern
ment In ships will soon be wiped out.
Furthermore. even after private
owners shall have aceumul Led the
best Of the ships at rock bottom prices,
and the others have been left on the
hands Of the Government to rot, 1t is
proposed by this Administration to
pay5to the operators and owners of
the ships subsidy Of $4,000, 900 a
year. In eight years. as will be ex-
planned further on. the subsidy viii
have reimbursed the owners for what
} they paid for the ships and II pol
Icy Of stretching the payments over a
long period Is adopted-and no other
policy is being considered-r,.any ~
the owners will have received their
purchase money back by way OF the
subsidy before they have actually
paid It out for the ships. No matter
how the subsidy is disguised 1t will
come out Of the pockets OF the tax
payers.
The people OF this country spent
out OF taxes. by Congressional appro-
priatlon and allotment by the Presi-
dent for the purpose Of a merchant
marine. from tho time OF the incep-
ton OF the Shipping Board In 1915, to
July l, 1891. the sum OF. $500, ,ooo, 900
According to figures compiled by
, Representative Byrnes OF South Caro-
} lima the Shipping Board will have
spent in the fiscal year ending June
5 80. 1922. 2.................$ $500, ,000, 900
] The Shipping Board and Emer-
! gency Fleet Corporation Is asking TOR
: an appropriation for the fiscal year
{ ending JuDe 80. 1928. Of. 500 ,o00, 900
Inasmuch as experience has shown
J thai appropriations are generally dis
+ bursed. the merchant marine OF the
a United States stands the people the
: sum OF. f................ $3,I0o ,000, 600
To show for II they have on the
: face OF the latest figures submitted
. TO Congress:
Q Ships valued at. tenta-
4 lively. based on esti-
= mates of what they
3 would bring. II sold. .S255 ,o00, ,00o
d Other assets inventoried
{ as at fair value" ... 42,401 ,612
Total assets ........... 1897 ,4ot ,sis
d Against which there is an
= offset OF net claims for
d moneys alleged to be
y due OF approximately. .$210, ,000. .00C
Q Leaving net assets OF. .... .$t57, ,40t ,61S
! But II the Shipping Board and
t Emergency Fleet Corporation con.
tinue to spend money at the rate es-
tablished by precedence the assets
will eventually be dlssipated and the
merchant marine by the time all th'
usable ships have passed into the
hands OF private owners will have
cost the people close to 81. 900, 600, 600
i -Four billion dollarsl
Almost half the total of the deb
owed us by our allies and associates
in the war! We have a slight chanc,
of recovering the money our late al
- lies and associates owe us. but SO, ,706,
d 900, 900 of the American peoples flye
n In ships will never come back. ant
le the balance remaining OF the invest
J. ment Is bound for the port in Oblivion
= where the t3.706, oOO. 900 are anchore,
10 for eternity.
lg Chairman A. ID. Lasker OF tn
Se Shipping Board told a sub committe
es OF the Appropriations Committee O
tho House a month ago that after Tn
lg next fiscal year the Board will proba
a bly, not require any appropriations
rt But he was unable TO venture an ido
I'd of how long the Shipping Board an
rs the Emergency Fleet Corporation
which latter has now taken over prac
ticaliy all but perfunctory duties {
the Shipping Board-wiil continue (
81 spend money.