SUBSIDY REDUCED
U.S.A. SHIPPING Repayment From Profit Press Association—Copyright. Washington, July 1. The new shipping subsidy is announced covering 151 ships under the American flag, to begin operation tomorrow for a six months' experimental period under the subsidies agreements by which the American Governmet will pay the owners the difference in operating costs between foreign lines and American lines. The old contracts under which the Government undertook to pay £14.600,000 has been replaced by payments of less than £150,000. Settlement has been reached with 23 companies holding 75 per cent, of ocean mall contracts. The cost of six months’ subsidies will be £949,000 approximately fiveeighths of what mail contracts under the old system would have been for a similar period. The subsidies mbit be repaid to the Government from all company profits exceeding 10 per cent, of invested capital.
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https://paperspast.natlib.govt.nz/newspapers/TCP19370702.2.52
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Taranaki Central Press, Volume IV, Issue 462, 2 July 1937, Page 5
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139SUBSIDY REDUCED Taranaki Central Press, Volume IV, Issue 462, 2 July 1937, Page 5
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