The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1922-08-03
ship SUBSIDY
BE LAYEDIU|ylll
AFTER ELECTIONS lie. ] / [! |
.zsss. ---- --.----
House Expected to Act on Bill u
Soon After 1T Reconyenes
Late This Month.
PARTY RANKS sPl-l;l B
Cost of Program Prevents Il1i-s
mediate Action After
Tariff Bill.
PARTY RANKS SPLIT i

WASHINGTON, Aug. 80 Out
OF the frying pan into the fire..
seems to be the future Immediate
ily ahead of the United States Sen
ate. 5s;
For no sc-ner viii the& Senate
have concluded with the Tariff
Bill, which has split party ranks
wide open. than it will be con-
fronted wit.Nthe administrations
ship subsidy Measure over which
scarcely less bitter battle seems;
certain. ssss5
The House Will take up tha5
sembles August Is, following It's
midsummer recess. Hearings y:
ready have been concluded. Action
by the House before the mid dle.ofs
September is considered robableS
Drass In Senate.
But there will be no vote on
Ship Subsidy in the Senate at this
session. s5S4
Even if the Tsk-iff Bill is finally
cleared by the time the House.
passes the subsidy measure alongiS
the Senate will balk at any final
action until after the ballots .Noy.s
z indicate the directio and vol
ence of prevailing polfti icalswinds
The aim OF the SnbsfdySBf1l Of
ficially entitled "a Bill to Amend
and Supplement the Merchant Ma
rine Act Of 1920 - is toHget the
governments vast, merchan fleet
into ospriyate< hands ID into haS
business of arrying Rorld com
cree.
But the Senate, taking the View
that. there isn't an -abundanceS
OF commerce requiring sh1ppfngs
just now, but THAT there is taSnot1cs
able volume Of poIit III dissat tisfacs
tion and unrest, believes thing
will be lost but much gained SNbys
proceeding with caution.
What Bill Providesa
The Subsidy Bill would provide
for the American publ through
direct and indirect tribute 5to AmerSs
lean ship operators, pa ayings what
ever. sums might be ecessary to-
give operators minimum annuaE
profits of 10 per cent. s5S;
Vessels now owned by the goYss
ernment would be sold to private
operators under terms flowing f1fss
teen years toHscompleteaip to ipayments
with four per cent interest on un-s
paid balan ces.
A loan fund Of s125,000 900 would
be established fromgwhfc ch5 private
shipowner could borrow: two thtrdgI
OF the money necessary to sbu1dds
new vessels.
Such loans would be mad deTfors
fifteen years and two percent an
nua1 interest, Is
Owners of American merchant
vessels, in com mputing net 9incomes
for taxation, would be; permittedst to-
deduct sum equal to heSincomes
derived from operation In forcing
trade provided they invest q doubleS
the amount OF the resulting g5sav1ngS
in taxes in building new Sesse1ss1ni
lAmerican yards. 81
Shipping Board Function
The direct subsidy provision OF;
the bill authorizes and directs the
Shipping Board to enter into cons
tracts, on behalf of the United
| States, for the payment o13compenSs
satfon to vessels owned pygAnnertss
can citizens and under rsAmerlcaSs
registry. sgss -
Contracts may run for periods
| of ten years, and the cavern menl
payments would be #ma,deSat% east
every six mon this. The samo unit
paid would be based on the speed
and tonnage Of the respeetiyssyess
Regardless. OF speed one-haitfes; &
cent for each gross ton ssfor eacR3
CONTINUED on n#PagesE OUT
!. - ~ ~. AiTr