SHIPPING SUBSIDY
AMERICAN MEASURE. FOREIGN COMPETITION. REPAYMENT ARRANGEMENTS. (United Press Association—By Electric Telegraph—Copyright.) WASHINGTON, July 1.
The new shipping subsidy is announced. A total, of 151 ships under the American flag will begin operations to-morrow on a six-month experimental period under subsidy agreements .by which the Government will pay the owners the difference in operating costs between tiiose of foreign lines and. American lines. The old contracts, under which the Government undertook to pay 73,000,000 oollars, have been assessed for payments at less than 750,000 dollars. A settlement has been reached with 23 companies holding 75 per cent, of the ocean mail contracts. The cost of six months’ subsidies will be 4,745,000 dollars, approximately five-eighths of what the mail contracts under the old system would have been tor a similar period. Subsidies must be repaid to the Government from all company profits exceeding 10 per cent, on invested capital.
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Manawatu Standard, Volume LVII, Issue 181, 2 July 1937, Page 7
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149SHIPPING SUBSIDY Manawatu Standard, Volume LVII, Issue 181, 2 July 1937, Page 7
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