BRITISH SHIPPING TRADE

Bay of Plenty Times, Volume LII, Issue 8629, 9 July 1924, Page 3

BRITISH SHIPPING TRADE

Pres* Aasoe. Bv ’lei. Copyright, Aust. and N.Z. Cable Assoc. London, July 6 The position in the shipping trade does not show any improvement, and the views of a" number of leading ship-owners published in the newspaper Fair Play is extremely pessimistic as regards both the present and future. For instance, the managing director of a great shipping company, points out that though there has been a small but very welcome improvement in general trading conditions in the past few months, it is duei to two; outstanding factors: Firstly, the earthquake in Japan, which led to quite art abnormal demand for tonnage to carry building materials, etc-., to the devastated areas ; secondly, the exceptional heavy crops in Argentina causing a large demand for tonnage. Both these factors are now operating to a much lesser extent. The director continues: “With the great uncertainty in the general financial international situation that still exists resulting in a continuance'' cf restricted purchasing power in Europe, the* outlook for the immediate future is far from reassuring. I cannot se? any likelihood of the improvement experienced during an early period of the year being maintained during the. next half year ;on the con trary, at present the sagging ten deucy in freights which is apparent in most quarters is likely to continue in perhaps an accentuated form with probably many steamers which at present with difficulty are being maintained in commission having to be again laid up.” In this connection it is interesting to note that. Germany’s shipping activities are being restricted bv the lack cf money. Dutch banks, which in pre-war days used to* advance money to German ship-own-ers on first mortgages on their ships now refuse this assistance. A German business man who recently went to Ho 1 land to try to obtain loans for German shipping, gives in the newspaper “Borseuhalle” a gloomy account cf his reception, and describes his complete faihirp. to 1 raise first mortgages on freight steamers be,considers is due tn the unjustifiable pessimism of the Dutch Vm«ks reo-atomo - the firmnckl rehabiily cf German shipping firms.

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