BRITAIN'S MERCANTILE SUPREMACY.

Marlborough Express, Volume XLI, Issue 96, 25 April 1907, Page 3

BRITAIN'S MERCANTILE SUPREMACY.

The past year, says has been phenomenal so tar as marine construction is concerned. The tou . nage produced—2,odU,UUU tons, including all craft, large and small, numbering ±394—is-the highest yet reached, being 200,000 tons more than the aggregate in *he previous year, and 600,000 tons more tnan in 1904 and 1903. These figures mar k the flood of the recurring tides of activity ; but the past year s record is quite 10 per cent, higher than the former, high-water level'in l»Ul. (similarly, the collective power of marine machinery _ 1,816,000 horse-power — is about 30 per cent, greater than in the two previous years, due to the two 25----knot Cunarders, to more Channel steamers being built, and to the export of more machinery tor steamers constructed elsewhere. We experienced during the earlier part of the year a boom, and within six months of it a complete collapse. A year ago, continues Engineering, orders were plentiful, although prices were never high. Since then there has been' a closing of shipowners order-books; and although costs, have gone up quite 10 per cent, firms -aTe now quoting less, willing to keep their works going hy dispensing with half the establishment charges and all profit. That conditions have not been very remunerative is shown by the fact that few firms depending solely on shipbuilding have paid more than five r»er cent. —a modest return on industrial capital—and others much less. Unfortunately, as shall presently be shown, foreign ownersjJronted by the eagerness of British builders to get. work a year ago, for about one-fifth of the tonnage turned out has been for our competitors of other nations; Germany takes first place with 104,----500 tons, Scandinavian countries coming next with over 86,000 tons. All is grist that comes to the shipbuilders' mill but the ship-owner has thus need for greater courage. ~ Such advantage as Parliament gave in the Bill of the past session by making foreign ships amenable when in British harbours tb the Load-line Act, they balanced with conditions as to manning; compensation for accidents, etc. The shipping companies can only succeed by \ke most rigorous economy, and by keep ing fleets modern through the introduction from time to time of n<s \ r economical steamers. A contemporary has shown that the recent working of over 430 steamers of 1,336,000 tons, showed a divisible profit of only about four } er cent, on capital,, wWh only 2| per cent, for depreciation. Even well-established mail lines only manage to average about 4| per cent on the ordinary stock.; There is still a great volume of oversea trade, but freights do not seem to advance; and with.so much tonnage available, shipowners will >iot be dissatisfied with the fact that to-day ship-plates at £7 15a. per ton, and boiler plates at £8 7s 6d, are about 10 per cent, higher than a year ago, and nearly 40 per cent. .more than two years ago. Other materials are equally, if not still higher; and, adds Engineering, liie labour conditions do not justify shipbuilders in risking too much to get work.