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The CHAIRMAN. Without objection, it may be incorporated.

And

I ay say that any tables you think are illustrative of your remarks w:. be inserted in the record, without objection.

Mr SAUGSTAD. I think I will just touch on the high spots in each tae, and then submit the table for the record.

The CHAIRMAN. That will be entirely satisfactory.
The table referred to follows:)

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ANALYSIS OF SHIPBUILDING PROJECT ON THE NEW VESSELS

Mr. SAUGSTAD. Twelve shipping companies availed themselves of r..acement shipbuilding under the subsidy program. The Nippon Ysen Kaisha leads both in the number and tonnage of ships laid dwn, as well as in the amount of subsidy allotted. The important ting is that 22.7 percent of the subsidy of 2,365,200 yen was paid to the N. Y. K. for its six ships having a total of 43,800 gross tons. I submit a table analyzing the tonnage held by all the companies.

Tonnage built – Summary of Companies—tonnage and subsidies

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The vessel replacement subsidy law of Japan limits new vessels to a minumum size of 4.000 gross tons. As a result of this provision, Lere are no small vessels in the building program to replace the small

e's scrapped as stated above, although 10 of the 31 vessels projected are of less than 5,000 gross tons. About one-half of the new age is in the 7,000 gross-ton category. Forty-seven percent of the new tonnage built comes within the size group of 7,000 to 8,000

I submit a table for the record showing a complete analysis of the size groups.

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Mr. SAUGSTAD. No characteristic of the vessel replacement program of Japan is more significant than the speed built into the new fleet. No vessel is less than 15 knots. Thirteen vessels are of 16 knots and 15 vessels are of 18 knots and over. This is a departure from the minimum speed of 13 knots required under the legislation. One Kokusai Kisen's Shikano Maru of 6,900 gross tons is designed for 18.75 knots and will probably be the fastest cargo vessel under Japanese registry.

Twenty-six of the thirty-one vessels are equipped with Diesel or internal combustion engines. The three vessels projected by the Osaka Shosen Kaisha and two vessels for the Nippon Yusen Kaisha's Kinkai Yusen subsidiary are all turbine-driven.

Mr. HAMLIN. If I do not interrupt you, may I ask do these vessels you are speaking of lend themselves to competition in fishing here, you might say?

Mr. SAUGSTAD. I should say not, sir. These are a group of very high class, high grade, fast cargo vessels for the liner services, mostly. Mr. HAMLIN. We have had a good deal of testimony here in regard to competition in fishing and I did not know whether those vessels competed at all in that industry, or not.

Mr. SAUGSTAD. The minimum size provision of the law, which requires vessels to be at least 4,000 gross tons, would prohibit them from being fishing vessels as such, as we understand fishing ships. Of course, that does not mean they cannot carry fishing products.

The significant thing about the speed group is that 13 of the vessels are of 16 knots. I will submit for the record an analytical table showing the tonnage to be built by speed groups.

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DISTRIBUTION OF NEW TONNAGE BY SHIPYARDS

Among the shipyards building the new tonnage under the replacerent program, the Mitsubishi shipyards at Nagasaki and Kobe are

t, having obtained contracts for 13 vessels of 79,435 gross tons, or re than 40 percent of the total. I will submit a table for the record to stow the tonnage to be built and the distribution by yards, number vessels, size of vessels, and the owning companies.

Tonnage to be built—Distribution by shipyards

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Te price of new tonnage in Japan has increased. It has been rted that in 1932 the price of new tonnage ranged from 130 to ven per ton-tonnage category not stated, but presumably weight-but has since advanced to more than 200 yen per ton. the general improvement in the iron and steel markets of Japan s been credited with causing the upturn in tonnage prices, it is generally considered that the vessel replacement program's e limitation of about 21⁄2 years effectively increased the cost of new tage. Completion of allotments under the law in 14 years indites considerable additional stimulation to the Japanese shipbuidindustry.

Competition between Japanese and British shipyards on a French two 9,000-deadweight-ton freighters indicates that Ja see costs are higher than British costs, since the Japanese

bidders were unsuccessful. The reported higher cost of Japanese materials and high royalties on engine installations may account for this. It has been estimated that in September 1934 an 18-knot, 10,000-deadweight-ton motor-powered freighter would cost approximately 300 yen per ton which, at the then exchange, would work out at about $90 per deadweight-ton.

Now, Mr. Chairman, I will submit for the record a table which shows the owning companies, the names or, in lieu of the names, the number of hulls laid down under contract; the designed tonnage, and designed speed, the date the keel was laid, the date of proposed completion, the subsidy per ton, the total subsidy on the ship, and the constructing yard, for the record.

The CHAIRMAN. Without objection, that may be incorporated.

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The builders are: Nagasaki and Kobe works of the Mitsubishi Heavy Industrial Co., Ltd; Tama works of the Mitsui Shipbuilding Yard; Yokohama Dockyard Co., Ltd.; Uraga Dockyard Co., Ltd.; Kawasaki Dockyard Co., Ltd.; Harima Shipbuilding Yard, Ltd.

Mar. 1935

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209,250

Kobe (Mitsu

207,500

EFFECT ON SHIPBUILDING INDUSTRY OF JAPAN

Mr. SAUGSTAD. The prosperity of Japanese shipbuilding resulting the scrap-and-build plan and from naval construction has been that the Finance Ministry demanded that the unit cost of conet, on on naval vessels be reduced, and indicated that it might be . se to unpose extra taxes on shipbuilding as coming within the catery of a war industry. The Ministry pointed out that owing to Lavy construction and the Government's encouragement of constr „ct.on of commercial tonnage, the shipbuilding industry had been an excellent business. To this, the Japanese Shipbuilders Asst.on replied in a memorandum to the Navy, in September, that she general commodity prices maintained high levels and since stew, and iron prices were soaring, it was difficult for shipbuilders to mire the per-ton cost of construction and that, if reduced cost of fonstruction was to be effected, it should be carried out in individual es and not through fixed percentage reduction from total costs. It was stated that the industry had not been as prosperous as indicated that the industry's books were open to naval authorities in vertestion of that assertion.

When the Mitsubishi Heavy Industries Co. offered 400,000 shares f stock for public sale on August 1, 1934, the block was oversubed 50 times. The selling price was 65 yen per share, representing ven paid-up capital. The oversubscription was cited as an indican of the public confidence in the future of shipbuilding in Japan. Tale of shares in the Mitsubishi Heavy Industries Co. followed the formation of that company in April through amalgamation of the former Mitsubishi Shipbuilding Co. with the Mitsubishi Aircraft Co. The Mitsubishi Shipbuilding Co. had its principal shipyards at Nagasaki and Kobe, and was Japan's largest and oldest private shipIn celebration of the amalgamation of these companies and of the fiftieth anniversary of the shipbuilding company, 800 officers and 20000 workers on June 20, 1934, received a bonus equal to 2 months' salary.

The eight principal shipyards declared dividends of more than 2 percent for the latter half of 1933 and more than 4 percent for the Erst half of 1934. The consolidated results are shown in an analytical tae covering the situation, which I will submit for the record. The CHAIRMAN. Without objection, it may be incorporated. The table referred to follows:)

Income and expenditure (1,000 yen) 8 principal shipyards in Japan

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