BIG SAVING.
America Rearranges Shipping Subsidy Scheme. SIX-MONTH EXPERIMENT. WASHINGTON. July 1. A new shipping subsidy scheme is announced under which 1.11 ships flying the American flap will Im-jHm operations to-day for a six months' experimental Jieriod. By the terms of the agreements the American <;overnnient will pay to the owners the difference between operating costs of foreign line* on the one hand and American on the other. Old contract- under which the Government undertook to pav 73.<KKUMMl dollars have been compromised for payments of less than 7.V1/MHI dollars. Settlements have l>een reached with 23 companies holdhi" 7.1 per cent of the ocean mail contracts. The cost of the subsidies for the first six months will W 4.74.">,000 dollars, or approximately five-eighths of what the mail contracts under the old sv-tein would have been over a similar period. The Mib*idies niii*t be repaid to the Government out of all the companies' profits exceeding 10 |>er cent of the ! invested capital.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/AS19370702.2.102
Bibliographic details
Auckland Star, Volume LXVIII, Issue 155, 2 July 1937, Page 7
Word Count
160BIG SAVING. Auckland Star, Volume LXVIII, Issue 155, 2 July 1937, Page 7
Using This Item
Stuff Ltd is the copyright owner for the Auckland Star. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Auckland Libraries.