The Problem. The Government owns a large part of the U. S. Merchant Marine, a portion of which was built or acquired during the War. It manages to operate a good portion of the ships it owns. In the fiscal year of 1923-24, it lost some $36,000,000 on its fleet-$3,000,000 a month. Of this amount, about 80% was actual operating loss. The largest reason for this loss is the poor condition of the shipping industry.
Ever since the War, the Govern-ment has been desiring to avoid this loss. But the Government has been...
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