"The following companies have ex ecuted settlement agreements: Ameri can Diamond Lines, Inc.; American Seantic Line. Inc.; American South African Line: American West African Line, Inc; Atlantic and Caribbean S. C. Nav. So; Baltimore Mail S. S.
Ca., Inc; Colombian S. S. Ca., Inc.:
Eastern S, S. Lines, Inc.; Export S, S. Corp. Grace Group: (Grace Line, Inc.); (Panama Mail S. C. Ca.); Gulf Pacific Mail Line, Ltd.; Lykes Bros Lykes Bros.- Ripley Steamship C Mississippi Shipping Ca.; New York Cuba Mail S. S. Ca. Oceanic Oriental Na Oceanic S. S. Ca:
Pacific Argentine South Atlantic S, S. Ca.; States S. S.
Ca; Tampa Interocean S. S. Ca: United States Lines Ca. companies, but the Commission regards these-offers as unacceptable. Nevertheless, negotiations are being continued for the purpose of reaching some satisfactory basis of settlement.
"As will be explained hereafter. the Commission determined to execute at the outset no "subsidy agreement in substitution for the ocean mail contracts; for a longer period than six months, Doubt exists, in some instances as to whether'certain lines can qualify for the long-term subsidy contracts because, among other reasons, they may not be able to arrange for new financing or to discontinue existing foreign flag operations, or to rearrange their corporate structures in. order to comply with the provisions of the Act. For these reasons, the Commission has found it advisable in a minority of cases to insert in the settlement agreement a provision allowing the contractor to rescind the agreement within the' six months period in the event that long term subsidy contract is not negotiated. In such case, however, the contractor must return to the Government all mail pay which it ved for voyages made between February 1, 1937 and June 30, 1987, as well as the full amount received under any subsidy agreement before suit may be instituted.
Text read from the printed page and cleaned; old type leaves the occasional error.