New-York tribune., 1922-12-11

,-.v.rment ownership and
lslsfs o. ss,ssels. when considered
gi',',s. sa,,e lizht IS private .o,lns '..it;nc
y 80, ss...-.rise. Is the most sss.sN.ns 49,
y insssP, s. - be drawn from the ran an
\ r'lsiion J. - ,hs shipping Board. This
4 = r,poF' SS..,,lopmeat !. that can be |
,ot ~. 'oscials OF the board.
Sgtd % ~ ,nherent faults OF gov
a b due 70 Wy .s,.tion IN business,
- ne earning oi
',ssdary eoneern- ~. vova0e rev.
ne ,lsss 49, slightly in excess oi .i y, voyage
rSss 1880 49, net when repairs, ue-
frpeino,,.s''i,,, ,,,sress and insurance arc
ffeei4.iiiosnl' ION ,ess IA staggering. In judg-
tioed me ~. -. IN The heet as a
lrg the ope'fs.'e,s s.,-s csnnot be ignored.
whole, these 80. 80 = which q business
They are '.e.,s 80 i've first care. Pri-
enterprise '..ss.eoi Be obtained without
yaN . :, Vssltls cannot be run with,
illfIrss losses cannot be wiped
cgf y ~ i,turonee or its equivalent.
eui " s'.J.s - tbey wear out, must be re-
~, ~ 0ssrhesd salaries must be
HNN|AE
~. eblpvine Board report naturally
=, ,ione be lines necessitated by It's
800 Al a government department,
..t;sr into Consideration appropria-
80 irom Congress, the settlement Of
:, slsins and the liquidation Of the
:, vfosrsm. The report does not seq
80 n items In a manner which
- n accurate outline OF the results,
/ = n, basis Of a private enterprise, but
4, s,sfmlnation can be obtained which
,rTss Re purpose.
4 rssr Hundred Ships in Service
! 4 friy OF the financial and operat-
!, ,,s.tnent shows an average Of
/ -, GO ships in active service during
| (, Ytn, q total Of about 8,500,000
s,irsirbt tons. Taking this feet as
\, kaxs and disregarding the idle
- r3 other activities Of the board,
|e,i,noving situation is shown:
a, 100000 tons OF shipping, val
y A he current market price Of $50
:, gyes an investment Of 100000
y /, Yound figures. The cash income
Il. ,sese ships amounted to 100000
n ls,iso the year. The cash outgo
,~rrtsd to si44,000,000, including
80, srpsnses, repairs, insurance,
81 srd salaries. To these items a
-. enterprise would be required
'1 5spreciatiOn, at s per cent, Of
i esas AL and interest, at 6 per cent,
guno6O0. This would make q total
.'..Si,ura Of sl55 ,000. 900.
/ ir ,eeurate balance sheet for the
-, ,reordlngly, would show loss
4 y sisgN600 There are several small
rror, II reaching this conclusion such
!, n. isc that the salary item should
=, II mddled upon the 400 active
.S,,. ,lsss. bot these do not affect tho
srou rslt raterially:
M. ,rrlss.nt fact is that, With an
,r,ss,usrt y r00, 100000 In shipping
"a t,ss irssne Of St06,000,00O, the
s,,r5 ,kossd net loss for tho year OF
ss,rk ftiNao
rs Lines Show Loss
"A, frsn.lsl statement does not
i've hs rsBlts for individual lines.
[. 3 rsnssslly conceded that the
tflff1 cAIfl Lines, operating ttoAbHe
4 nd argo vessels from New York 70
\ q, United Kingdom and Europe, made
4 xfkaps ne best showing Of the year,
. "a 1 subs,antial surplus from voyage
ksp.s over voyage expenses, but
q itrnn Lasker has said that TINS
a-psrj vould not show profit when
.,iNliticn, interest, Insurance. and
rfhsai ne taken into consideration.
ne pef returns we're not due en-
sly L hex Of freight. In many In
nsaa ne Shipping Board vessels
land hsger percentages OF cargo
an hsir foreign competitors, but
ns w, below the cost Of operation
~ ss Shipping Board was handi-
uTsl, even to a greater extent than
3Fut American lines, by higher
H,a and higher subsistence costs:
i he following table an effort has
~ made to segregate, as much as
L, Aipping Board financial statement
" rermit, the items relating the
e,fiton Of the actiye feet:
q rurru as~rrar r.rrsnMU