SHIPPING SUBSIDIES
Opposed by U.S. Secretary of Agriculture
By Telegraph—Press Assn.—Copyright NEW YORK, August 19. The Washington correspondent of the “New York American’’ declares that Mr Henry A. Wallace, Secretary of Agriculture, in a letter to Representative Schuyler Bland, chairman of the Merchant Marine Committee, opposes further subsidies to American shipping on the argument that payments to foreign carriers is a form of “invisible export,” giving prospective foreign buyers more money with which to purchase American farm products.
“Any further Governmental encouragement of the shipping industry by subsidies or similar measures,” Mr Wa - lace writes, “would tend to divert the energies of our people in some degree into shipping us 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?’’
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Bibliographic details
Hawke's Bay Tribune, Volume XXIV, Issue 211, 20 August 1934, Page 9
Word Count
164SHIPPING SUBSIDIES Hawke's Bay Tribune, Volume XXIV, Issue 211, 20 August 1934, Page 9
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