Business: AN ANSWER TO THE SOS

U.S. SHIPPING POLICY

DURING World War II the U.S. spent $15 billion to build the mightiest merchant marine the world has ever known. But the peacetime U.S. merchant fleet has floundered along on a course of argument, scandal, and poverty until now both shippers and shipbuilders face the stormiest sailing since the Depression. Of 1,329 vessels (with another 1,996 in mothballs) currently flying the U.S. flag, fully 80% will be obsolete by 1965, and new ships to replace them are not coming off the ways. Since 1952 U.S. shipyards, once the world's busiest, have dropped from fourth to eighth place in volume...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!