THE SHIPPING TRADE.

New Zealand Herald, Volume XXVIII, Issue 8631, 29 July 1891, Page 5

THE SHIPPING TRADE.

"" « —-— . INTERCOLONIAL BUSINESS DEPRESSED. A GLOOMY OUTLOOK STEAMERS TO BE LAID UP. ■ ''——— '■'. ' SHIPPING ALLIANCE. AMALGAMATION OF COMPANIES. NEW LINE TO NEW ZEALAND. 1 Press Association.— Telegraph*— Sydney. July 28. The depression in the intercolonial 1 shipping trade is causing anxiety among owners and investors of capital. * Before the last strike severe depression i was felt, by which losses were occasioned, and that strike still further * accentuated the depression. There has been no improvement since, and the future prospects are not bright. It is an open secret that serious con- < sideration is being given to a proposal to lay up a number of steamers, and 1 regulate the trade accordingly—running, say, one steamer instead of two or ' three, as at'present. The companies are bitterly realising that the addition of more steamers to their fleets, with I the view of obtaining a larger proportion of trade, has recoiled on themselves, there being no corresponding increase. Ever since each colony has been served with direct steamers there has been a creeping falling off of interchange of merchandise between one port another. Attention is being given to a scheme of offensive and defensive alliance in order to protect shareholders and investors from losses caused by individual companies competing in any trade outside its own, the idea being that if any line is subjected to opposition the alliance will make common cause against its opponents, deeming that such a course is warranted by the present sacrifice of capital. The amalgamation of two Newcastle companies is almost completed, and arrangements are also pending for the amalgamation of the John See lines of steamers and the Clarence River Company. Notwithstandingthedullness of trade, it is understood that efforts are being made to form a company to enter the New Zealand trade.' *