PORT OF LONDON.

Auckland Star, Volume LXII, Issue 5, 7 January 1931, Page 4

PORT OF LONDON.

WORK OF AUTHORITY.

MOST EFFICIENT IN WORLD,

GREAT RECORD REVIEWED.

The British Empire may well be proud of its main market, London. Since 1908, when the port was taken over from the privately owned dock companies by its elected authority, or directorate, vast strides have been made, and it still stands as the largest shipping port and principal banking centre in the world. For instance, the five largest banks are still in London, The Midland, Lloyds, Barclays, Westminster and National Provincial, the next three in order being the National City, Federal Reserve and Chase National of New York. The trade that flowed through London in 1929 Was £705,237,524, or over 34 per cent of that of all Great Britain. The increase m that year was £12,500,000 over the previous year, or CI per cent increase over the national increase in trade. London's total of imports was greater by £14,107,773, than iu 1928, or considerably larger than the import (traffic handled by the five largest ports in the United Kingdom—Liverpool, Manchester, Hull, Glasgow and Southampton; double that of Liverpool, six times that of Hull, seven times that of Manchester, eleven times that of Southampton and sixteen times that of Glasgow.

Recently at the dinner of the London General Shipowners' Society, the chairman dwelt on the recent development of London and its 'trade. "It is progressing in all directions," he said, and declared London to be the most efficient port in the world. No other port had gone in for such an up-to-date improvement programme. Port facilities had, during the last few years, increased enormously, while the port dues had been very substantially reduced during the past five years. This great success ie due, first to its able- honorary directors, who are elected every three years, and who are of the brains of the commercial world, also to its late chairman, Lord Davenport, and present chairman, Lord Ritchie, of Dundee. No Dividend Looked For. It is also due to the fact that no dividends are looked for; once the low fixed interest ie paid on the £40,000,000 bonds, all _ profits go into improvements and reduction of dues. London is the central market of the world. Within 10 miles there is a reeddent population of 8,000,000 people, and, besides, all goods for the numerous seaside resorte are obtained there. It is the key port and entreport of. Europe, the centre upon which converges the transport system, not only of Great Britain, but also of the Continent. London exerts a tremendous influence on international trade, in as much as bills of exchange on London are the currency of the world's commerce, the smallest shipper being able to hypothecate his documents on the beet terms, while exporters and jmpoiiters can make the most advantageous financial airangemente. The London market attracts the largest number of buyers. All goods can find a buyer, and 'producers have the satisfaction of knowing that the sale of their goods is assured, and as a rule at the best, prices. Smaller ports can be soon glutted, and goods have at times to be sent to London by train and sold at a loss. ' ";•■•

Port In Many Ways Unique. The tort of London is unique in many ways. The. authority own warehouses, vaults and cold Stores for the reception of all classes of goods, which relieve merchants of all responsibility and expenditure which they would incur if they, had to provide their own storage. The authority receives produce from the vessel and renders all services required by merchants in the couree of marketing and delivery of the goods, weighing, taring, grading, surveying, sonting to condition, blending, and hundreds of other operations. Goods are sold by sample and go direct to the purchasers from the docks. During recent years many very large manufactories have been erected near London and on the Thames. This is one of the many reasons why the trade of the port is increasing so rapidly. More wool goes into the port of London than to any other port in Great Britain — or, indeed, to any port in the world. London is the only port in the United Kingdom where there are public sales of colonial wool. . > From all the great wool growing areas, such as Australia, New Zealand, South Africa, the Argentine, Patagonia, Asia Minor, endless supplies of fleeces of every kind and quality are shipped to London and accommodated in the spacious and efficiently equipped warehouses of the port authority, where they are inspected' by an army of buyers before being offered at the sales. More buyers are present at the London wool sales than at any other wool market in There is more competition in London than anywhere else, and growers are always certain to realise the best prices for their produce.

Up-to-date Facilities. Each building is fully equipped with fire extinguishing devices, and very moderate insurance rates are obtainable on their contents. An outstanding feature is ifcbe care with which the wool is stored and placed for the inspection of buyers. The top floors of these warehouses provide accommodation for showing' 40,000 bales at one time, have an area of 350,000 square feet, or over eight acres, and are entirely devoted to displaying the wool for public sale. There is sufficient storage accommodation to meet any demands that may be made upon it. The London wool sales are held at the Wool Exchange in Coleman Street, six times a year, each series lasting about three weeks. So efficient and well-organised are the arrangements that the bales, purchased one day can be dispatched from >the authority's warehouses to their destination within the next 24 hours. . In the performance of such operations and weighing, sampling, etc., the port authority acte as an impartial body between buyers and sellers.