That such Is not the case should not require demonstration. If it did require *demonstration. the list of voyage losses sustained by the United States Lines vessels should make a complete refutation. However. as the United States Lines form the best presently known example of Government operation an examination into their accounts is pertinent. The period I shall cover N ill be from .July 1 to December 1 of 1022. This is the most favorable period of earnings that could be taken. On July 1 new immigration quotas are opened up. In August. September. and October the spring tourist trade eastbound is returning home.
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immigration