* * * ._ The Tramp Shipping Subsidy The details of
the Government's scheme for subsidizing tramp shipping and for assisting the scrapping and replacement of old tonnage have been fully set forth in a White Paper and further explained by Mr. Runciman. Granted the condition of world shipping that now exists, the Government has little difficulty in justifying its, action. It is, however, pertinent to point out that it has itself contributed to that condition by a policy which has tended to restrict traffic in goods between this and other countries. But under the system which has granted " Protection ." to other industries shipping had an over- whelming case for the assistance which has been granted. It is also necessary to recognize that, whatever the fiscal policy of this country might have been, the threat to our shipping from the huge subsidies with which other countries have bolstered up the uneconomic carrying- trade of their own nationals must have compelled us to take defensive action. The subsidy is confined to tramp steamers ; it is small compared with that given by certain foreign countries ; and it is conditional upon co-operation among the ship-owners to avoid unfair competition among themselves and upon concerted action to secure adjustments with foreign countries at the forthcoming Berlin conference.
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