SLUMP! IN SCRAP, IRON
KAITOKE FOR JAPAN
The steamer Kaitoke cleared Wellington at-7.30 last evening, for Gisborne, where she is to complete her loading of a, cargo of scrap iron for Japan. This vessel loaded a total of 762 tons of scrap iron at Wellington in two'and a half days, which is considered good loading, and is to take in a further 1000 tons at Gisborne before clearing for Japan. '~*'-,■ The shippers advise that they have just received .a letter from Japan stating that the market for old ships and scrap iron has slumped severely, the price in Japan-having fallen.by 10, yen (about 15s in New Zealand currency) per ton, owing to heavy recent buying and the large accumulation, of scrap iron. They estimate that it will take from six to twelve months before the position.again becomes normal, during which time they do not anticipate any further purchases of ships or scrap iron from this market. The market price has slumped severely. since the purchase of the Kaitoke and her cargo, and the shippers expect to incur a heavy loss on both vessel and her cargo. ' ___ •
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Bibliographic details
Evening Post, Volume CXX, Issue 52, 29 August 1935, Page 24
Word Count
186SLUMP! IN SCRAP, IRON Evening Post, Volume CXX, Issue 52, 29 August 1935, Page 24
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