Hearings Before the Committee On the Merchant Marine And Fisheries On H. R ...
Hearings Before the Committee On the Merchant Marine And Fisheries On H. R ...
United States Congress. House . Committee On Merchant Marine And Fisheries
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Mr. Powell. I mean to say that there are so many yards in the business that they do not maKe a profit on the ships tliat are built. Mr. Hardy. Had you not better go out of the business and let the foreigner build them all, then ? Mr. Powell. 1 hat is a question that our stock owners can answer better than I can, sir. I have just told you that there are over $60,000,000 invested in those yards that have not had one cent of dividends since 1902 or 1903. Mr. Hardy. Do not our coastwise and inland ...shipping amount to some ten times as much as our foreign trade shipping would anyhow ? Mr. Powell. That is a fi^re that I can not give you off-hand, sir. So far as the inland shipbuilding goes, except that of rivers, and so forth, of course we do not come mto that. Of course we can not do anything with the big end of the shipbuilding business on the Lakes. We are not in a position to compete with that. Mr. Hardy. You have just the coastwise business ? Mr. Powell. We have simply the coastwise and Sound business, and occasionally something else.
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