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352 the series of startling marine disasters which have shocked the world within the last few years. It is, therefore, evident that any changes that will bring the cost of either building or operating vessels down to the foreign standard must be very radical changes, and will inevitably be opposed by very powerful interests. I do not mean to say that no attempt should be made to effect such changes. American ingenuity and adaptability have been able to make a success in many lines of industrial activity where foreigners had distinct initial advantages, and I believe that we should find means to overcome in ocean transportation some differences in cost of both instruction and operation, and that changes might ultimately be accomplished which would make it possible to overcome the handicap. It is too evident for argument, however, that the accomplishment of any such result will be tedious and difficult, and that the present conditions should not be allowed to continue for the years that must elapse before such result could be reached.

The pressure of these facts and conditions has been felt in congress, and at the last session several bills were introduced aiming at either the development of the merchant marine or the provision of auxiliary vessels for the navy, or both. There were hearings before the House Committee on Merchant Marine and Fisheries at which these bills were discussed quite fully, and majority and minority reports were submitted from that Committee. At the present session a new bill has been introduced by Senator Stone which was referred to the Committee on Commerce, and has been favorably reported from that Committee. This bill creates a "shipping board" consisting of the Secretary of the Treasury, Postmaster-General and the Secretary of Commerce. Subject to the direction or approval of the President as to its more important functions, this Shipping Board is authorized to subscribe to any part, not less than a majority, of the capital stock of a corporation undertaking the purchase or construction and subsequent operation of merchant vessels to ply between ports of the United States and the ports of Central and South America, and perhaps elsewhere as necessary to meet the requirements of commerce. It is further provided that government bonds up to $30,000,000 may be issued for the purpose of purchasing or constructing vessels to be sold to such corporation, payment therefor being made in bonds of the corporation. This bill contains a further provision authorizing the President to lease or transfer to such corporation not only vessels purchased or constructed under the provisions of the Act, but also such naval auxiliaries as are suitable for commercial use and not required for use in the navy in time of peace. It is further provided that vessels purchased or constructed under the act shall be, as far as possible, suitable for use as naval auxiliaries and that the government shall have the power to take them for naval