THE SHIPPING SLUMP.

New Zealand Herald, Volume LIX, Issue 18026, 27 February 1922, Page 7

THE SHIPPING SLUMP.

IMPRESSIVE FIGURES. 2,250,000 BRITISH TONS IDLE. .30,000 SEAMEN UNEMPLOYED. By Telegraph—Piees Association—Copyright. (Heceivod 7.30 u.m.) A. and N.Z. LONDON. Feb. 25. Sir Frederick Lewis, chairman of Furness, Withy and Company, in a presidential address to the Chamber of Shipping, said that about 50,000 maritime officers and seamen were unemployed. It was estimated that 2,250,000 tons of British shipping was laid up in the United Kingdom. The United States Shipping Board had 1000 vessels lying idle, representing over 4,000,000 tons. Apart from wooden and privately-owned vessels, most other maritime countries were in a similar position. Schemes for a proportionate laying-up of tonnage and for breaking-up and even i sinking old obsolete tonnage had been discussed. These schemes all started with the idea of cutting down the supply to meet the demand. "I think," remarked Sir Ftederick, "that we should all like to seo the demand increased up to the supply. All that we, as shipowners, can do is to get operating costs down to the minimum and raise the efficiency of cargo ' handling in our ports to the maximum."