Largely because of the impetus of the War, the U. S. merchant fleet remains the second largest in the world. It is also the oldest and slowest collection of tubs owned by any important maritime nation. To replace it with a top-notch fleet, Congress last spring passed the Merchant Marine Act of 1936, offering the most liberal seagoing subsidies in U. S. history, including payments to shipbuilders of as much as 50% of construction costs and payments to ship-operators sufficient to put them on an equal basis with foreign competitors (TIME, July 13)....
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