GERMAN SHIPPING MAGNATE

New Zealand Herald, Volume LIX, Issue 17983, 7 January 1922, Page 2 (Supplement)

GERMAN SHIPPING MAGNATE

HERR HUGO STINNES. RAPIDLY EXTENDING HIS FLEET. Heir Stinnes, Germany's greatest) coal and iron magnate, is making a big effort to obtain mastery in the German shipping world. It will be remembered that he recently failed to secure re-election to the directorate of the Hamburg-America line, owing to the fact that he runs a Hap of his own in opposition. After that rebuff, he endeavoured to conclude an agreement with the North German Lloyd Company. As that effort failed completely ha set about buying North Gorman Lloyd shares, and he now hold* such large Mocks of them that he will be -able to exercise considerable influence on the company. On the return of Herr Hcineken, chairman of the North German Lloyd directors, from America, something may ba expected to happon. Stinnes, of course, is also a large shareholder in the Hamburg-America line, and the union of—or at least a far-reaching working agreement between—the two great companies is not altogether out of the questipn. As regards his own shipping line, Herr Stinnes has big plans being worked out and in immediate view. Since February he had added 64,500 tons of new ships to his line—four vessels of 12,000 and two of 3300 tons—and he has a goodly number of

ships on the stocks. He has been buying ships freely of late, too, both at home and abroad. Stinne's activity has created tremendous interest in Hamburg and Bremen, and shipping shares are in great demand on the exchanges throughout Germany. Herr Stinnes undoubtedly is influenced by the unexpected and remarkable progress which has been achieved in Germany's shipping position. By the end of the year she will have at her service 20 per cent, of the amount of her pre-war tonnage, as ] the following figure show :-■Left in Ger- j man after the war, 400,000 cons; bought from Entente aud other countries' or chartered, 150,000 tons; built in 19*9 and 1920, 230,000 tons; completed Janu-ary-Aug . D (,, 1921, 290,000 tons; to be completed before end of this year, 100,000; total, 1,170,000 tons. ' Bofore, the war Germany had 5,000,000 tons of shipping, and a building, capacity of half a million tens yearly, In spite of all difflrs'ities, &» Gormac yards will tuns out tiji vear 80 per cent.' of their prewar production—& noteworthy achievement. * S 4 '.