Page:United States Statutes at Large Volume 49 Part 1.djvu/2046

 79TH C ONGRESS. SESS. II. CH. 858. JUNE 29, 1936. 2001 tures) ; and the balance of such purchase price shall be paid by the y valance within 20 ap plicant wi thin twent y years in not to ex ceed twent y equal an nual installments, with interest at 3 1/2 per centum per annum, secured by a Interest rate . pr eferred mo rtgage on the vessel sold and otherwise secured as the Commission may determine : Provided, That in case a vessel is to be Applicants on Pa- constructed under this section for an applicant who has as his princi- cific coa st . pal place of business a place on the Pacific coast of the United States (but not including one who having been in business on or before August 1, 1935, has changed his principal place of business to a place on the Pacific coast of the United States after such date), to be operated in a coastwise, intercoastal, or other domestic service, route, or line from or on the Pacific coast of the United States, and a nDiffer ential allow. the amount of the lowest responsible bid of shipyards on such coast for the construction of such vessel does not exceed the amount of the lowest responsible bid therefor of shipyards on the Atlantic coast of the United States by more than 6 per centum of the amount of the bid of such Atlantic coast shipyard, such vessel shall be constructed for t he applica nt by the Commissio n only if the applic ant accept s such lowest responsible bid of the Pacific coast shipyard, and agrees to designate and continue as the home port of the vessel to be con- structed a port on the Pacific coast of the United States. The mini- te Lower rate of in. mum rate of interest on deferred payments shall be three-fourths of 1 per centum lower than the minimum rate which would otherwise be ap plicable, with resp ect to the periods o f construc tion of su ch vessel and its operation exclusively in coastwise, intercoastal, and other domestic trade. Such lower interest rate shall not apply with Exceptions . respect to any period in which the applicant (1) Does not continue as its home port a port on the Pacific coast of the United States ; (2) Operates the vessel in coastwise or other domestic trade other than on the Pacific coast ; (3) Operates the vessel in intercoastal or foreign trade except to and from ports on the Pacific coast ; or (4) Having been in business before August 1, 1935, and having chan ged his pr incipal p lace of bu siness to a place o n the Pac ific coast after s uch date, maintains his prin cipal pla ce of busi ness at a ny place on the Pacific coast. TITLE VI-OPERATING-DIFFERENTIAL SUBSIDY 10401 9'-36- - -126 Title VI-Operating- Dif fer enti al Subs idy. Sam. 601 . (a) The Commission is authorized and directed to con- era Financial vessels aid g op- ce ssels en gaged sider the appli cation of any citi zen of th e United S tates for financia l in esse ntial ser vice in aid in the operation of a vessel or vessels, which are to be used in foreign c ommerce. a n essen tial servi ce in the foreign co mmerce of the Unite d States. No such applicat ion shall be approv ed by the Commissio n unless it Conditi ons for g rant- ing. determines that (1) the operation of such vessel or vessels in such Meeting foreign com- , service, route, or line is r equired t o meet for eign-flag competiti on petiti on and to pr omote the foreign co mmerce of the United States, a nd that such vessel or vessels were built in the United States, or have been vess el du before February 1P2 192s, documented under the laws of the United States not later than etc . February 1, 1928, or actually ordered and under construction for the Applicant possesses account of citizens of the United States prior to such date ; (2) the necessary resources, a p p l i c a n t o w n s , o r c a n a n d w i l l b u i l d o r p u r c h a s e , a v e s s e l o r v e s s e l s e t c f of the size, type, speed, and number, and with the proper equipment required to enable him to operate and maintain the service, route, or line, in such manner as may be necessary to meet competitive condi- tions, and to promote foreign commerce ; (3) the applicant possesses the ability, experience, financial resources, and other qualifications necessary to enable him to conduct the proposed operations of the