Not since the days of proud, fast Clipper Ships has the U.S. shipping industry looked as rosy as it did last week. Two years ago it was kept afloat only by Government subsidies averaging $12,500,000 annually. Now the U.S. merchant marine .is making money and the Government dole has been cut to only $125,000 annually.

Biggest single reason for this startling recovery is that for the first time since about 1860, the U.S. merchant marine is hauling the bulk of U.S. foreign trade. Before World War II low-cost foreign ships carried at least 70% of U.S. overseas exports and imports....

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