30 JUNE 1923, Page 2

In any case, particularly since Americans cannot possibly be prevented

from coming to Europe via Canada, the American Shipping Board has added another little disadvantage to the existing disadvantages of the great cost of repairs, wages and so forth in America, all of which make American competition in shipping almost impossible of success. Sober critics have estimated the subsidy that will be necessary to enable the American Shipping Board to carry on at about £25,000,000 a year. We do not record such an opinion with any satisfaction. There is no reason why Englishmen should regard the growth of American shipping with jealousy. That a great trading nation should have a large merchant fleet is right and inevitable, and we should gain rather than lose in the long run by its existence.

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