Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-25
American Shipping Advances.

The application of the Export Steam
ship Corporation for a loan Of $6,900,0 900
to help finance the construction OF new
ships to place in the transatlantic trade
calls attention again to q new phase
in the history of the American mer-
chant marine. The application for the
loan, is made in accordance with the
provisions OF the Jones-White shipping
law, which set up a large revolving fund
TO be loaned for the construction of
trade under the American nag. Under
the Jones-White law and the policy
which has been adopted. first by the
Coolidge administration and more lately
by the Hoover administration, American
shipoTners and American capital have
been more and more encouraged to &C
forward in the shipping business. This
application by the Export Steamship
Corporation for a loan from the Gov
eminent fund with which to build new
merchant vessels is by no means an
isolated case. Indeed, already seven
such loans for the construction Of ships
have already been made and nine or
ten applications from steamship COM
panies other than the Export Steam
ship Company are under consideration.
The ships, under the law, will be con-
structed in American shipyards. 1t is
not difficult to see, therefore, how these
willingness Of American capital to find
employment in the shipping business
will affect the shipbuilding industry in
this country. This industry has suf-
fered greatly in the past because OF the
disinclination. of Americans to enter
the competition for ocean-g going trans
portation with the other maritime ma
tions of the world. Although it Is true
that the loans made by the Government
are not designed primarily to prevent
idleness in American shipbuilding
yards, but for the purpose of stimulat-
ing the creation Of great American
overseas merchant marine, to be used
to carry a proper portion of American
of the national defense in time Of war.
the fact remains that the encourage
ment of shipbuilding cannot help Civ
ing employment to shipbuilders.
Slowly, but surely, it seems, the
American people are becoming more
ship-minded. And slowly, but surely, a
new and greater overseas American
merchant marine, privately owned and
operated, is being developed. 1t was
obvious after the experience Of the
World War that this country could
never again be content to have no
overseas merchant fleet worthy OF the
name and capable Of carrying Ameri-
can commerce to the four corners OF
the earth. 1t was obvious also that
either the Government, which created q
merchant fleet during the war at cost
of $4,000, 900, 900 to the American tax.
payer, would have to continue indefi-
nitely in the shipping business or the
merchant marine would have TO be
taken over owned and operated by pri-
vate American capital. The Coolidge
administration set its face against con-
tinued Government ownership and op-
Grafton. 1t was obvious, too, taat the
temper of the Congress was against a
so-called ship subsidy to private snip
owners. The Jones' White law. was en-
acted for the purpose of encouraging,
without a direct subsidy, the building
UP of an American overseas mel chant
feet. That law now Is bearing fruit.
More and more confidence is growing
In the ability OF Yankee shipowners TO
operate their vessels in competition with
the shipowners of Britain, France, Ger
many, Japan and other maritime ma
tions. Capital in this country for years
has been seeking new fields. If con-
siderable amount of money Is now avail
able for investment in American mer-
chant shipping, SO much the better for
the merchant marine and for the coun-
try at large. American bottoms to carry
American goods is an excellent slogan.
There is a general sigh Of relief that
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