JAPANESE SHIPPING

New Zealand Herald, Volume LXXIV, Issue 22767, 29 June 1937, Page 5

JAPANESE SHIPPING

" STUDIED OPPRESSION "

RESTRICTIVE LEGISLATION COMPANY PRESIDENT'S VIEWS "Although Japanese sliippitifs is now sharing wit]) that of the other countries the benefits from the amelioration of trade, it must not he forgotten that not only was her export trade being blocked by almost impassable barriers in the leading markets of the world, but her shipping was the target of undue attack, and studied means of its oppression were being planned," said Mr. Noboru Olitani, president of tlio Nippon Yusen Kaisha, the .Japanese Mail Steamship Company, Limited, at the half-yearly meeting in Tokio recent 1 v.

"It was reported that Japan had been asked to withdraw her shipping from trading between the coast ports of India and its vicinity, with the threatening alternative of restrictive legislation," continued Mr. Olitani. "A prominent shipping magnate of Great Britain even made a public statement that for the benefit of British shipping trading to and from India the latter should be made to exploit her own bargaining power in seeking a restrictive shipping agreement with Japan.

"An amazing argument appears to be receiving support in British shipping circles of influence that foreign ships receiving subsidy in any form from their respective Governments, and entering ports in any part of the British Empire, should be made to pay special dues. Such notions are doubtless based on erroneous information regarding the intent and purpose of the Japanese subsidy, which, as a matter of fact, is far below the standard as practised in any maritime nations, including Great Britain, and more especially the United States, France and Italy. "The scope of the Japanese shipping expansion through, for instance, the 'scrap and build' system which Japan introduced ahead of other countries, and also the actual status of Japanese and British shipping in India seem to be gravely misunderstood. Some of these points were ably elucidated by Mr. Takoo Saito, representative of the Japanese Shipowners' Association, but cynical criticism of the Japanese shipping continued for some unexplained reasons."

AUSTRALIAN GLASS EXPANSION IN BUSINESS LARGER PREMISES NEEDED Further expansion in activities had taken place during the past year, making larger premises essential, said Mr. F. >i. Grimwade, chairman of directors of the Australian Glass Manufacturers' Company, Limited, at the annual meeting in Melbourne last week. There had been several important achievements and developments and the industry was meeting with encouraging results, he said. "During the year we have well maintained our manufacturing plants which we have established in Western Australia, South Australia, Victoria, New South Wales, Queensland, and Auckland," said Mr. Grimwade. "We are making great strides in the manufacture and marketing of glass bricks. Wo are producing this glass masonry under a reciprocal agreement with the most important manufacturers overseas, where the use of glass bricks has developed enormously. During the year they have been featured in many buildings in Australia. "Recently we acquired certain leases in Western Australia for the mining of felspar. The material we get from these leases is of high quality and very suitable to us. We are now working the deposits and marketing, in addition to supplying our own needs. For that purpose we formed a company registered as West Australian Felspar Company."

ELECTROLYTIC ZINC

DEBENTURE INTEREST CUT AN ADJUSTMENT LIKELY Resentment has often been expressed by holders of the £IOO,OOO of 8 per cent debentures issued by the Electrolytic Zinc Company that their interest has been reduced by 22i per cent since 1931 under the financial emergency legislation of Victoria in spite of-the fact that the company has been able to raise the dividend on ordinary and preference shares to 12 per cent per annum, states the Argus, Melbourne. In' a memorandum accompanying the last payment to debenture-holders the directors state that it is still necessary, because of the re-enactment of the financial emergency legislation in Victoria. to pay the interest at the reduced rate. They add, however, that the opinion of counsel has again been obtained to ascertain what, if any, steps are possible to permit of payment at the full rate. As an outcome, certain proposals are under consideration, which, if they can be given effect to, will, it is hoped by the directors, enable the company to make the full interest payment for the next half-yearly period.

RECOVERY IMMINENT

BRITISH TRADE SUMMARY COMMODITY MARKETS RISE LONDON, June 27 Recovery at last seems round the corner, states the latest British trade summary. The Government's announcement of an increase in the exchange fund caused a blazing recovery in gold shares. Rubbers, less spectacularly, seem on the verge of .'mother small boom. Industrials are firmer.

Gilt-edged alone are weak. The failure of the Loudon County Council issue of June 25 contrasts with the earlier loan when the council got away with 2;{ per cent for 23 years. Those days are not likely to return. Investors are now demanding higher rates. The Inst few days have also seen a sharp rise in the commodity markets. Metals especially were prominent, copper and tin substantially appreciating. Owing to the over-sold condition of the market there was a fair amount of trade buying. Public auctions of English wool indicate 11 favourable outlook for the next series of London sales. Bradford buyers' found prices higher than they anticipated. A number of overseas topmakers who presumably had not covered their requirements of crossbreds in the New Zoaland selling season have been active. American purchases of British wool have been double last year's. Germany also has been taking moro.

NEW PRIVATE COMPANY The following private company has been registered in Auckland: — Cartier Land Development Company, Limited, property dealers. Capital, £•500 in £'l shares. Subscribers; Miss l'\ It, Cartier, G. \V. Maghill, 200 shares each.