New-York tribune., 1922-11-20

Amend Section b OF the act Of 1926
by authorizing the board to sell ships q
their market value, at interest of no;
less than 4 per cent, with deferred pay.
ments for not more than fifteen years
The board Is directed to encourage
sales to individuals or firms in eacf
locality and shall not sell TO others
within two years.
Amend Section ii OF 1920 act By
providing construction loan fund o1
si25,800, 200 to aid Americans in build
| Ing or equipping best types Of ships
I Loans TO be for not more than two.
tnirds of ship value and st not less thar
2 per cent.
Amend Section % Of 1920 act by
providing that owner OF United States
ship IN foreign trade may for ten years
deduct from net income subject to ex.
cess profits taxes an amount equal to
net earnings OF such vessel. provided
I that exempt funds are used for new
construction to the extent of not more
than cne-half the cost. Similar exemp-
tion for profits on vessels sold
Income Tax Exemption
Shippers permitted to deduct from
net income tax per cent of freight
money paid to American ships. This
does not apply to industrial corpora
tioIls sending goods on their own ships
Allows exceptional depreciation, for
tax purposes, in value OF ships since
January /, 1921. This to be spread over
Ave yesrs.
Doubles all tonnage dues, taxes or
fee on ships entering United States
ports, except in coastwise OF Philip
pine Island trade Does not apply to
power vessels OF less than 1900 tons
or sailing vessels oi Jess than 1000
tona.
Provides that at least 80 per cent
OF immigrants must travel on Ameri-
csn ships.
President authorized to discontinue
army and navy ira ssport.
Secretaries of War and Navy author
lied to make contracts with private
lines for ten years.
Provides subsidy for sail and power
yessela Of over 1900 gross tons under
United States flag in foreign trade
and owned by Americans. Basic rate
one-half cent for each gross ton per
100 nautical miles. Addition to basic
rate for each knot over 12, With maxi
mum of lilo cents extra for % knots
or over. Fessels between $500 and
5000 gross tons paid at 5,0oo-ton rate
Provision made for feeder services
payable to sailing ships over 1000
tons.
Ships owned by industrial corpora.
sions get same basic rate as other
ships, but corporations are not en-
titled to income tax exemption rs
shippers.
Ships must be classified by American
bureau of shipping. Ships must be
| now documented under United States
law Or hereafter built in the United
&Tafaa nVcpnf IN i,J
by board.
After three years owner TO receive
I subsidy must have rs per cent of ton.
mage under United States flag, except
IN special case exempted by board
Applies also to subsidiary or Affiliated
companies,
owner TO obtain subsidy must have
contract with board, not exceeding ten
years. Owners must agree that shin
may be taken or purchased by United
States for national defense, or public
purpose at any time.
Repairs ia United States Yards
All repairs and reconditioning must
De done in ports Of United States @,
| possessions, except necessary voyage
( repairs. Feeder ships abroad exempt ed
Ships must carry foreign mails free
| oosrd has discretion Co withhold sr,b
sidy contracts, may also Increase com
pensation 60 double regular rate, O,
may reduce amount on vote of 6y,
members. Contract not transferable.
Subsidy fund 80 consist of receipt.
from tonnage dues, taxes or fees; II
per cent of import duties; amour
otherwise payable by postofflcs fol
foreign mails and refund of profits owe,
40 per cent from ship lines.
Profits Limited
Subsidy payable &C intervals not ex
ceeding ak months. Owners earnin,
more than 10 per cent must return one
haif the profits TO subsidy fund unit
entire subsidy is repaid.
3 Provides joint board Of Shippin,
Board and Interstate Commerce. Corr,
mission TO coordinate rail and wate,
traffic. Railroads may enter Soreigr
shipping.
Amends Paragraph 0, Section & O.
Interstate Commerce Act by excIudint
from Interstate Commerce Commissioi
jurisdiction lines in foreign trade,
1 agreements between rail and waAe,
| carriers must be filed immediately witt
| Shipping Board, which may disannrovs
canoe! or modify. Penalty $1,000 a day
for violation.
United States employees must trave
sicable. sA~e
/ United States Government srrr,s.,
must be shipped ON United $f.ts,
vessels when practicable.
| Requires one-half Of crews I'm 5erl-
/ engine room and stewards lexcept on
1 passenger ships) departments fo h.
American citizens. Extends reou;re
ment to two-thirds of crew after az
( interval. 90