Every evening, Wilmington daily commercial., 1922-02-28

world almost precisely MS they have
promoted their commcrce. We need
not refer TO the armed conflicts which
have been incident thereto. When COM
merce has been destroyed fading glor-
les have attended"
The President then reviewed Amer
ica's shipbuilding record in the world
war. saying.
1--WE builded madly. extravagantly,
Theoretically, and yet miraculously,
but we met pressing need and per-
formed n great service.
"a people indifferent to the vital ne.
cessity Of merchant marine 20 the
national defense. ungrudgingly, ex-
pended at Ave times the cost Of nor
NAL construction, and appropriated
billions where millions had been denied
before. We acquired vast tonnage.
Some Of lt, much Of it. is suited TO
the peace service To the expanded COM
merce. Some OF II. much of II, may be
charged to the errors and extrava-
gances of war time anxiety and haste.
The war program and that compile
ton Of contracts which followed be-
cause such course scented best to
| those then charged with responsibility
gave us something more than 12.0O0.-
600 gross tonnage, not counting the
folly Of the Wood construction. at a
total outlay Of Approximately sS,50o,-
600 900.
I'VE thus became possessed of the
vehicles OF n great merchant marine
Not all Of II was practical for use in
the trans-oceanic trades; little Of II
was built for the speed which give.
the coveted class to outstanding SER
vice. But here was vast tonnage fol
cargo service; and the government. ir
the exceptional call OF commerce
which Immediately followed the war
sought the establishment of ship
ping lines in every direction calculated
TO enhance our foreign trade and fur.
ther cement our friendly relations.
"The movement lacked in most cases
that inherent essential to success
which is found in individual Initiative
II was rather government expert
ment where lines were established II
high hope and little assurance becaus
the public treasury was to bear tn
burden. There was the mere suggestion
OF private enterprise. inasmuch as al
locations and charters were mad
under which private management wa
to share in profits and private inter
ests were paid 10 make the experimer
though the government was to bear a
, the losses. I forbear the detailed re
: cital. The rnisadventure was 80 ur
fortunate that when the present al
\ cff,fff ~
] the losses were approximately $4,000
4 900 a month, and 10 the cost Of fai
$ ure was added the humiliation Of shiI
n libeIed in foreign ports.
r ain spite oG/all the later losses
IS operation. however. II is quite beyor
n question that our abundance Of Anne
4 lean tonnage was mainly reeponsit
= for our ability to share in the go'
y fortunes Of world trade during the "
years Immediately following the wa
: In all probability. the losses we ha'
=, sustained IN our shipping activiu
were fully compensated to the Amer
: can people IN the saving OF oces
freights..
To-day we are possessed OF vast to-
! mage, large and very costly exper
n ence, and the conviction OF failure
/ Is fair to say that mistaken poll
% was making more difficult by the u
n paralleled slump In shipping whi.
came late in 1920 and prevail
ut throughout the year so recently clio
D. ed. It was the inevitable reflex
ty the readjustments. which follow
K great war and there were heavy loss
ed in operations which had to be n
r. by long established and successi
1t shipping lines and ships built at I
or war costs took the slump in priC
he below the normal levels OF, peace.