XXXVili INTRODUCTORY PROCEEDINGS. 
Tons. 
Presuming that peace will be restored by the end of 1917, we have pres- 
ent available tonnage as above.......................+.--.-..+208,000,000 
Commandeered and interned ships released...................--2-- 16,400,000 
Probable jproductionsin year 19N7 a eee cat Sere eer eet tos OOO OO) 
48,000,000 
Less future destruction, scrapping and depreciation................. 4,000,000 
Leaving an available tonnage of...................-...----..-.---44,000,000 
At the end of 1918, should peace be restored, there will certainly be re- 
quired eo Rae cite Bee deta er cies OE Ur ere Ree Ee eo OOO OOO 
Tons 
Available at end of 1917, as above...................... 44,000,000 
Estimated construction, 1918.................. ...00000. 4,500,000 
——_—— 48,500,000 
Still leaving, a tonnage deficitjat endion | SSiofeaeer ease eerie 6,500,000 
From this it will be seen that high freights and high prices will continue and ship- 
yards will be busy for some years to come, and it behooves all concerned—the government, 
owners, builders, and shippers—to see that we obtain our share. 
As to the increase in an American merchant marine, flying the “Star Spangled Ban- 
ner,” the situation may be quite different, though we still hope not. At present the ship- 
yards of the United States are building nearly 1,500,000 tons of steel and over 50,000 tons 
of wooden vessels to be finished during the next two years. 
Of these at least 500,000 tons are for foreign account, and from reports recently re- 
ceived this tonnage will be increased, so that about one-third of the vessels now contracted 
for in this country will fly foreign flags, mostly the flag of Norway. 
At the present high freights, notwithstanding the high cost of building, owners can well 
afford to pay the difference between operating under the American flag and that of a for- 
eign country, but possibly future conditions may change the special advantage we now pos- 
sess. 
FOREIGN VESSELS UNDER AMERICAN REGISTRY. 
The European war has aided the merchant marine in the number of vessels registered 
as well as in the number contracted for in American yards. To September 26 last there 
were in all 196 foreign built vessels of 642,802 tons admitted to American registry, but 
there were 261 American built vessels of 151,676 tons sold to foreigners, leaving a balance of 
491,126 tons, almost 10 per cent increase in tonnage of American registry. 
When the war ceases and the competition before referred to commences, it will be the 
privilege of the United States Government to aid shipowners to obtain their share of the 
freights then paid, be the same high or low. 
THE SHIPPING BOARD. 
What sort of protection, if any be necessary, shall be provided, and what changes in ex- 
isting laws containing burdensome clauses shall be made, remain to be seen, and upon the 
