REPERCUSSIONS OF THE FARM RELIEF BILL.
Government aid having been granted to farmers, American merchant shipowners are asking for it to be extended to an even greater degree than at present to them. The efficacy of Government aid is attested by the Bank of America, which attributes something like a renaissance of American ship- building to the assistance afforded to American shipowners under the Jones White Act. To help development the American Foreign Trade Act gives construction loans at low interest, increased mail-carrying compensation, and other benefits to American shipowners. The gross tonnage of American merchant vessels under construction doubled during the first quarter of this year, and nine leading American lines have substantial building programmes in hand, providing for extensions of their services in the immediate future. The progress made by American merchant fleets since the War is shown by the fact that, while British tonnage increased from 19,256,766 in 1914 to 19,875,350 in 1928, United States tonnage went from 7,928,688 to 14,537,958 in the same period. But, with the cost of shipbuilding in the United States 40 to 60 per cent. higher than in British yards, American owners contend that the principal handicap remains. It is also possible that it will affect the new tariff proposals, which are strongly condemned by American shipowners as limiting foreign trade. * * * *
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