SHIPPING SUBSIDIES
Change in American Policy BIG SAVING EFFECTED WASHINGTON, July 1. ,Tke new. skip, subsidy is announCco A total of 151 skips under the American flag begin operation to-morrOw for a six-inonth experimentai period under subsidies agreements, by wkick tke American GovermUent will pay tke owners tke difference in pperating costs between foreign lines and American lines. Tke old contracts under wkick the Government undertook to pay 73,000,000 dollars kas been replaced by payments of less tkan 750,000 dollars. A settlement kas been reacked witk 23 cdmpanies kolding 75 per cent. of tke oeean mail contracts. The cost of six months subsidies Will, be 4,745,000 dollars, approximately flve- 1 eigktks of wkat tke mail- contracts 1 under tke Old system would kave been for a similar period. The subsidies must be re-paid to- tke Government ,hom all company profits exceCding 10 per cent. of tke invcstfed capitaL
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Bibliographic details
Hawke's Bay Herald-Tribune, Issue 141, 2 July 1937, Page 15
Word Count
148SHIPPING SUBSIDIES Hawke's Bay Herald-Tribune, Issue 141, 2 July 1937, Page 15
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