Mr. Kennedy Outlines Position With Regard to New Ocean Mail Contracts The United States Maritime Commission, through its Chairman, Joseph Kennedy, announced June 30 the results of the negotiations for the settlement of the claims arising out of the ocean mail contracts which were terminated, as of June 30, 1937, by Act of Congress. The Chairman also announced the Commission's programme for granting. operating-differential subsidies which are intended to be a substitute for the ocean mail contracts in accordance with the Merchant Marine Act, 1936, which programme becomes effective July 1, 1937 states the "New York Maritime Register."
Chairman Kennedy made the following statement in regard to the settlement of the claims arising out of the ocean mail contracts:
"The Commission has acted under Title IV of the Merchant Marine Act, 1936, authorizing the Commission to adjust and settle all the rights of the parties under such contract and to substitute in whole or in part therefor' subsidy contracts.
"The Commission has effected settlement with 23 companies holding 32 of 43 foreign ocean mail contracts. The aggregate claims made against the Government by the holders of these contracts approximated $73,000,- 000. These claims have been settled at a net cost to the Government of Jess than $750,000.
Text read from the printed page and cleaned; old type leaves the occasional error.