WORLD SHIPPING

New Zealand Herald, Volume LXXV, Issue 22928, 5 January 1938, Page 14

WORLD SHIPPING

JAPANESE VIEWPOINT BARRIERS AGAINST GOODS The outlook for world shipping and Japanese shipping in particular was discussed by the president. Mr. Noboru Ohtani, at the half-yearly meeting of the Nippon Yusen Kaisha at Tokio. Japan's position, especially that of the N.Y.K., he pointed out, was subjected to peculiar hardships. The barriers against Japanese goods prevailed everywhere, and had of late been even aggravated, thus seriously impeding Japanese export trade. On the other hand, numerous measures were being adopted by the Japanese Government, with a view to regulating the foreign trade of Japan. Foremost among these was the exchange control measure, which was being strictly enforced, especially since the outbreak of the China incident. Under this control imports of foreign goods to Japan were considerably restricted, and freight earnings ot Japanese ships accordingly reduced. At present, owing to the disturbance in China, Japanese ships were shut out from international trade to and from that country, but their participation would be resumed as soon as peace was re-established. The future of the shipping trade, the president continued, was difficult to forecast. How long the present partial boom of w'orld shipping would last was an open question, especially when the tonnage now building everywhere would be thrown out on the ocean highways. As regards Japan, the character of her world trade might be subjected to unforeseen changes upon the restoration of peace with China, particularly when the large .number of ocean-going ships now building in Japan were placed in commission.

In the period Under review the freight earnings, on the whole, had markedly augmented, due, to a continued large demand for tonnage all over the world ' and the unabated advance in freight rates, in consequence of partial reepvery ,of international trade since last year. Especially the increased movement of cereals and other foodstuffs and materials for heavy industries continued, thus giving welcome employment to the hitherto idle tonnage.