SUBSIDIES FOR SHIPPING

Press, Volume LXX, Issue 21247, 20 August 1934, Page 11

SUBSIDIES FOR SHIPPING

INCREASE OPPOSED i i AMERICAN MINISTER'S | i LETTER | Bl'tiM'iST 'ED CONC ENTKATION j (»■ intern m. i:i:sorkc i;s j i i ' t ! - , r, ' r ' " :U; I (Received August. 19, 9.5 p.m.) j NICW YORK. August 1!!. I Thr Washington correspondent of the "Nov York American" declares that Mi' "■ Wallace (Secretary [ o r Agriculture). in a letter to Mr Schuyler : Filand. chairman of the Merchant. Marine Committee of the ]louse ol Representatives, opposes further Mibsidtes to American shipping'. " c ' argues that payment of i foreign carriers is a form of "invis- ! jble export," giving prospective' foreign buyers more money with j which to purchase American farm ! products. "Any further governmental encouragement of the shipping industry by subsidies or similar measures," Mr Wallace writes, "would lend to divert the energies of our people in some degree into shipping, as compared with other industries. Is it not possible that it- may be more to our economic advantage as a nation to concentrate on the exploitation of our rich internal resources, leaving partly to foreigners the carrying trade in which our natural advantages over them are not as great as in other forms of production " bigger farm income TKNTATIV E EST I IAT ES I.AUCK Sl .M IN UOl NTIES INCLUDED (Received August 1!), 8.50 p.m.) NEW YORK, August. 18. The Washington correspondent of the "New York Times" states that tentative estimates indicate that in spite of the ravages of the drought, the aggregate national farm income for 1934 will exceed that of last vear by more than 1,000.000.000 dollars, or about 20 per cent. Preliminary figures, not \vt officially released by the Department of Agriculture, mention a total a! 5,950.000.000 dollars compared •i-ith 4.868.000.000 dollars in 193"-. She total, however, includes about *00.000.000 dollars, in bounties granted by the Government from processing taxes on wheat, cotton find other basic crops. SHORTAGE OF FODDER DUTIES WAIVED BY PRESIDENT SUBSTANTIAL LMI'OK'I S EXPECTED (Received August 19, 8.40 p.m.) NEW YORK. August 18. The Washington correspondent ol the "New York Times" states that ori August 10 Mr Roosevelt took the unprecedented action ol waiving, by presidential proclamation, impot duties on hay and other types o forage.', for the benefit of the drought-stricken western livestock producers. No announcement, was made a the time, as it was hoped that t might not be necessary to invoke it but now substantial imports an considered imperative. It > s ( ' x pected that they will come entireh from Canada. . It is also reported that ecrtau types of wheat for seed purpose, will probably be necessary, bu there i;; no indication if these re Ccive tariff benefits.