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NMU JOINT EMPLOYMENT REPOrt-December 31, 1976

KIPNIS & KARCHMER,

CERTIFIED PUBLIC ACCOUNTANTS,

Board of Trustees, NMU Joint Employment Committee:

New York, NY., May 2, 1977

We have examined the statements of assets and liabilities of the NMU Joint Employment Committee:

We have examined the statements of assets and liabilities of the NMU Joint Employment Committee as of December 31, 1976 and December 31, 1975, and the related statement of changes in net assets available for plan benefits for the year ended December 31, 1976. Our examinations were made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.

In our opinion, the financial statements referred to above present fairly the financial position of the NMU Joint Employment committee as of December 31, 1976 and December 31, 1975, and the results of its operations for the year ended December 31, 1976, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year.

KIPNIS & KARCHMER.

EXHIBIT A

NMU JOINT EMPLOYMENT COMMITTEE, STATEMENTS OF ASSETS AND LIABILITIES

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Mr. SPECTOR. That is why all of our manning scales, sir, have been reduced drastically particularly on existing tonnage in an attempt to make them last longer.

Mr. SNYDER. I would hope that you look hard at reducing manning scales on existing tonnage, getting for it as a quid pro quo in your agreements a commitment to put these men at work on additional vessels that may be more profitable.

Thank you, Mr. Chairman.

The CHAIRMAN. Counsel?

Mr. LosCH. Thank you, Mr. Chairman.

Mr. Spector, just one quick question. You talk about the decline of the merchant fleet and some of the problems of the fleet and the inability to build new ships. Would you say that given the goals of the Merchant Marine Act to develop a fleet sufficient to carry all of our domestic commerce and a substantial portion of our foreign commerce, that perhaps the act has not done as well as was intended to do and should be classified as a failure?

Mr. SPECTOR. No, I believe the act is not a failure. I believe the act, as designed, was basically a liner act. Our foreign trade, when the 1936 act went into effect, had very little bulk in it. Today, I think, roughly 92 percent of our total foreign trade tonnage is bulk. It didn't exist back in the days of the 1936 act and what we did was build liner vessels. And it has worked reasonably well.

We are not at 50 percent. We would want to be at 50 percent, but we are at 30 percent at least in relation to about 3 percent or less in the bulk area. I would have to say, on balance, that the act has worked well.

Mr. LosCH. It has worked well for liners.

Mr. SPECTOR. Yes.

Mr. LOSCH. But less than what we expected or hoped. Would you say 30 percent is a success?

Mr. SPECTOR. Yes, when I view it in terms of 3 percent. As long as this country allows the runaway vessel, foreign-flag vessel, flying a foreign flag, tax advantages, not the same safety standards, put any crew you want on, exploit labor, and on and on I can go, we are not going to have a bulk fleet.

Mr. LosCH. Then, with respect to liners you would say it is a qualified success. With respect to bulk is it not a failure?

Mr. SPECTOR. It has never really applied to the bulk.

Mr. LosCH. What about the 1970 amendments? Weren't they designed specifically to deal with the bulk trade?

Mr. SPECTOR. It was, and until we have some way or vehicle of providing bulk cargo I don't think we will build very many bulkers. Mr. Losch. So, then, the 1970 amendments with respect to bulk were a failure? We didn't produce. We built two Os.

Mr. SPECTOR. In the general cargo area we had a different situation in terms of obtainability of cargo. But, as I said, as long as the oil companies can fly the Liberian flag or other flag they are not going to bring their ships under the American flag, and the availability of cargo is not there.

Unless you have a policy which brings you cargo you are not going to build bulk ships, whether it is iron ore, whether it is bauxite, whether it is oil.

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