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...

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