COMMERCE ON THE SEA.

Taranaki Daily News, 27 December 1921, Page 5

COMMERCE ON THE SEA.

AMERICA PROPOSES EXPANSION. ASSISTING SHIP-OWNERS. By Telegraph.—Press Assn.—Copyright. Received Dec. 26, 8.15 p.m. New York, Dec. 25. The New York Times’ correspondent says an extraordinary programme for a ship subsidy, in order to place the American mercantile marine on a competitive basis with the British, has been proposed by experts appointed by President Harding, lit is expected the President will recommend the adoption by Congress of the programme, which includes a direct subsidy of thirty-four, million dollars and a found of a hundred million will be 'created and lent to American ship-owners at not more than 5 per cent, interest. Government-owned ships will be sold to Americans at the prevailing rates in the world’s markets, and in order to encourage shippers to use American ships deductions will be made from income tax in regard to that part of the business done with American vessels. The Government will also create a non-profit-making corporation and offer marine insurance of American .vessels at cost. Legislation will be enforced assuring at least 50 per cent, of the gration traffic to American ships.—Aus.* ;N.Z. Cable Assn.