PORT OF LONDON.

New Zealand Herald, Volume LXVII, Issue 20759, 30 December 1930, Page 3

PORT OF LONDON.

GREAT CLEARING _CENTRE, "MOST EFFICIENT IN WORLD."

The British Empire may well be proud of its main market, London. Since 1908, when the port was taken over from the privately-owned dock companies by its elected authority, or directorate, vast strides have been made, and it still stands as the largest shipping port and principal banking centre in the world.. For instance, the five largest banks are still in London, the Midland, Lloyd's, Barclay's, Westminster and National Provincial, the next three in order being the National City, Federal Reserve and Chase National of New York. ' • The trade that flowed through London in 1929 was £705,237,524, or over 34 per cetafc. of that of all Great Britain. The increase in that year was £12,500,000 over the previous year, or 61 per cent, increase over the national increase ib trade. London's total of imports was greater by £14,107,773 than in 1928, or considerably larger than the import traffic handled by the five largest ports in the United Kingdom, being Liverpool, Manchester, Hull, Glasgow and Southampton. Double that of Liverpool, six times that of Hull, seven times that of Manchester, 11 times that of Southampton and 16 times that of Glasgow.. Recently at the dinner of the London General Shipownei-s' Society, the chairman dwelt on the recent development of London and its trade. "It is progressing in all directions," he said, and declared London ito be the most efficient port in the world. No other port had gone in for such an up-to-date improvement programme. Port facilities had, during the last few years, increased enormously, while the port dues had been very substantially reduced during the past five years. This great success is due, first, to its able honorary directors, who are elected every three years, and who are of the brains of the commercial world, also to its late chairman, Lord Davenport, and present chairman, Lord Ritchie, of Dundee. It is also due to the, fact, that no dividends are looked for; once the low fixed interest is paid on the £40,000,000 bonds, all profits go into improvements and reduction of dues. London is the central market of Iho world. Witliiu 10 miles there is a resident population of 8,000,000 people, and besides, all goods for the numerous seaside resorts are obtained there. It is the key port and entreport of Europe. The centre upou which converges the transport system, not only of Great Britain, but also of the Continent. London exerts a tremendous influence on international trade, in as much as bills of exchange on London are the currency of the world's commerce, the smallest shipper being able to hypothecate his documents on the best terms; while exporters and importers can make the most advantageous financial arrangements.

The Port of London is unique in many ways. The authority owns warehouses, vaults and cold stores for the leception of all classes of goods. More wool goes into the Port of London than to any other port in Great Britain—or, indeed, to any port in the world. London is the only port in the United Kingdom where there are public .sales of colonial wool. From all the creat wool-growing areas', such as Australia, New Zealand. South Africa, the Argentine, Patagonia, Asia Minor, supplies of fleeces of every kind and quality are shipped to London and accommodated in the spacious and efficiently-equipped warehouses of- the Port Authority, where they are inspected by an array of buyers before being, offered at the sales.