Report

The annual report of the Shipping Board presented a simple argument to Congress. In brief it said:

1) You, the Congress of the United States, have placed restrictions on American shipping in regard to wages, the citizenship of crews and officers, etc.

2) On that account the capital invested in a ship built in America is about 25% greater than in a similar ship built on the Clyde and the cost of operating an average cargo ship is about $10,000 a year greater under U. S. registry than under foreign registry.

3) The result is that the American merchant flag was driven from the high seas before the War and will be again driven from the seas unless Congress is prepared to pay for the cost of the restrictions it imposes.

4) This can be done in only two ways--either by Government operation, costly and inefficient, or by private operation aided by preferential tariffs and subsidies.

5) Choose!

The report of operations for the fiscal year ending June 30, 1923 included:

P:A cut of 1,612 men (31.7% of the Board's employees) and a saving thereby of $2,623,000.

P:Three hundred sixty-five Government ships in operation on June 30.

P:Ruling freight rates that "aside from coal and oil movements" were below actual operating costs.

P:Sale of 145 steel vessels of 878,000 tons and of 237 wooden vessels of 855,000 tons for a total return of $30,138,906.96.