Statement by the President Upon Signing Bill Amending the Shipping Act of 1916.

I HAVE today signed S. 1368, "To amend the Shipping Act, 1916, to provide for licensing independent ocean freight forwarders, and for other purposes."

The bill is designed to correct some undesirable practices described in detail in reports by Congressional committees and by the Federal Maritime Board. The Federal Maritime Board has sought, by regulations issued in June, to correct these practices. This legislation will require those regulations to be modified so that the same result can be achieved under a licensing procedure. It is my hope that the law and the regulations will increase the efficiency of the maritime Industry. Certainly, as a product of long and careful consideration, it should be given a trial.

If experience should show, however, that this legislation is inadequate either to deal with the abuses or to provide necessary assistance to the shippers and carriers, I intend to recommend further remedial legislation. In the meantime, I am requesting the Federal Maritime Commission to keep this subject matter under review.