SUBSIDIES FOR SHIPS.

Manawatu Standard, Volume XLIII, Issue 3106, 27 December 1921, Page 5

SUBSIDIES FOR SHIPS.

PLAN IN UNITED STATES. ASSISTING 1 MERCANTILE MAR INK. Received December 27, 8 a.m. NT.W YORK. Dec. 25. The New York Times's , Washington correspondent says that an extraordinary programme id' shin subsidies in order to place the American mercantile marine on a competitive basis with the British has been proposed by the exports appointed bv President Harding. It is expected that the President will recommend the adoption by Congress of the nrogramme, which includes a direct subsidy of thirty-four million dollars and a'fund of a hundred million to be created and lent to American shipowners at not more than five per cent, interest. Government owned ships will be sold io Americans at the prevailing; rates in the world's markets, and in order to encourage shippers bo use American ships deductions will be made from the income fax in regard to that part of tile business done via American vessels. The Government will also create a. non-profit'making corporation and offer the marine insurance of American vessels at cost. Legislation will be introduced assuring at least 50 per cent, of the immigration traffic to American ships.—A, and N.Z. cable.