The Bill, which will undoubtedly come up again at the next session, provides for the payment of a subsidy to all American ships in foreign commerce; those built abroad but owned in America to have one-half the rate of subsidy paid to those both built and owned in this country. The Bill further provides that not more than £9,000,000 shall be expended in subsidies during any one year. So small is the tonnage of American-owned ships: now that under the provisions of this lw not more than $3,000,000 would be expertied in the next year if the Bill went into immediate effect, and it is estimated that it would be four or five years before the $9,000,000 mark was reached.
While the principle of subsidies or bounties is one which has little precedent in this'eountry, and one which has provoked strong opposition when carried into effect hitherto, still it is likely that something will be done to encourage and aid American shipping,.
Text read from the printed page and cleaned; old type leaves the occasional error.