WORLD SHIPPING DECLINE

Hawera Star, Volume L, 24 February 1931, Page 5

WORLD SHIPPING DECLINE

ENORMOUS TONNAGE LAID UP CHRONIC WEAKNESS OF MARKET. ‘ ‘ RECOVERY BE ONLY GRADUAL.” (Tlnitfrt Fr«w A**<*'l&uon-By Electric Telegraph Copyright.)

WASHINGTON, Fob. 23. The Department of Commerce bas issued a report stating that the heavy decline in traffic through the Panama and Suez canals in 1930 is in marked contrast to the upward trend of tnc volume of shipping in the immediately preceding years. It merely emphasised the world-wide decline in overseas trade, which was marked also by a tremendous increase in idle tonnage and a pronounced decline in world shipbuildThe latest returns of idle tonnage are striking in that they represent an increase for individual countries of several hundred per cent., or up to nearly 1 500,000 gross tons altogether, says the report. ‘ ‘ The maritime countries, taken as a whole on January 1,-193], had about 8,276,000 gross tons of shipping laid up, un increase of 150 per cent, over that of the, previous year. Britain fared worst, with approximately 1,430,000 tons, which was a 300 per cent, increase. The United States were affected to the extent of 500,000 tons, and Germany the same figure, compared with practically none the year before. , The report indicates that Australia in 1930 had 90,000 gross tons idle, and in 1931 171.000 tons, and suggests that the “chronic weakness of the freight market indicates that a recovery fiom the present depression is unlikely' to be more than gradual.”