No industry has been sunk deeper by Depression than transatlantic shipping. Plumb lines measuring the depth: a 30% to 50% decrease this year in American tourist traffic; a corresponding $250,000,000 drop in European tourist receipts. Last week, at the insistence of the Britishers, 18 major transatlantic lines met in Paris to take action.
The alternatives confronting the conferees were: 1) to restrict travel by cutting down schedules or 2) to increase travel by cutting down rates. They took the latter course, announced a cut beginning Aug. 17 of from 10% to 30% in first-class rates, of 13% in third-class rates. In shipping...
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