SHIPPING OUTLOOK

New Zealand Herald, Volume LXXV, Issue 22983, 10 March 1938, Page 11

SHIPPING OUTLOOK

REVIVAL IN INDUSTRY SCARCITY OF TONNAGE CRITICISM OF SUBSIDIES The announcement of a substantial increase in the dividend rate of Hud-dart-Parker, Limited, Melbourne, has focussed attention on the shipping industry and its emergence from the depression. Increased international trade lias been largely responsible for the recovery, and Sir Richard Holt, president of tho Chamber of Shipping of the United Kingdom, considers that 1937 was a time of fruition in the industry. In an article Sir Richard states that several factors co-operated to produce at long last a year in which British shipping earned good freights, and in which British seamen were in full employment at higher rates of pay with improved conditions of service. The volume of international trade which, at its lowest point, the autumn of 1932, fell to 68 per cent of the 1929 figure, completely recovered in 1937, if measured by the modest standard of 1929. While world trade in 1937 was about 100 per cent of that of 1929, the world total of steam and motor shipping was slightly less, 65,300,000 gross tons, compared with 66,400,000 gross tons. In July, 1937, less than 100,000 gross tons of British shipping was laid up, compared with over 600,000 gross tons in July, 1929. Tho outlook for the future is necessarily obscure, Sir Richard states. Efforts are being made to continue the co-operation achieved in the last three years. The voluntary scheme worked out by the industry has been subscribed to in appropriate form by practically all British tramp shipowners. British shipping 'cannot be restored to a permanently healthy state until the artificial restrictions on trade are removed and an end is put to the artificial fostering of the uneconomic growth of foreign tonnage by means of subsidies. Other considerations that make it difficult to be optimistic about the immediate future are the political disturbances in the East, which are already having an adverse effect on trade ill that area, and the steady increases in cqsts. Shipbuilding costs have risen to such levels as to make it impracticable for shipowners to renovate and restoro merchant shipping. RISE IN BUTTER NEW ZEALAND AT 118/HIGHEST LEVEL THIS YEAR LONDON, Maich 8 The butter market is quietly firm. Choicest salted Australian and New Zealand are »qnoted at 118s per cwt.; unsalted, New Zealand, 120s; Australian, 119s. Compared with prices on the London market at the close of last week the latest quotation tor salted New Zealand butter represents a rise of from Is to 2s per cwt., and is the highest level reached this year. A marked advanced has taken place in Australian, which last. week was quoted at from 115s to 116s per cwt. The current level is 6s above the ! London landed equivalent of the ! guaranteed price, which is about 112s per cwt. WORMS IN PASTURES HAURAKI PLAINS AREA EFFECT ON STOCK FEED [BY TELEGRAPH —OWN CORRESPONDENT"]I NGATEA, Wednesday Worms have started their work in farms in the Pipiroa district of the Hauraki Plains, which is mostly a peat area, and on the western side of the Piako River, a different locality from that in which they have been active in recent years. A farmer upon whose land they have recently appeared recognises lie can do nothing to combat the visitation. He expresses the opinion that the worms will spread over tho whole of the Hauraki Plains area, njul that in the end the pastures will greatly benefit by the pulverisation which'takes place. The land-will be aerated and tho chemical change I'an do no harm. The immediate result, however, is that farmers will have to reduce their stock to some extent, as grass becomes affected by the burrowing of the worms. The recent warm rains have been of groat benefit to the district, and the milk supply is more than maintained. There is remarkable growth of ox grass and many farmers could now cut a further crop of hay. so tall is the grass. Peat fires are burning strongly in the Kailiere district and close to Ngatca. DRILLING FOR OIL PROGRESS IN AUSTRALIA GOVERNMENT PURCHASES PLANT Four modern drilling plants, which cost the Commonwealth Government £54,000, will shortly be in operation to assist in the search for oil in Australia. It is intended to hire the drills to operating companies. \ One of the plants is already in operation; another has been ordered from Britain: and two more are on their way from the United States of America. The American drills are the fastest drilling equipment yet evolved. The Government has now spent about £85,000 of the £250,000 voted bv Parliament to assist in the search for oil. Might companies have shared in grants amounting to about £31,000. The highest grant amounted to nearly £II,OOO. , _ The Minister of tho Interior, Mr. .T. McKwen, in announcing immediate plans last week, said one of the now plants would be used in a drilling campaign which was to be carried out jointlv by the Victorian and Commonwealth Governments. The hiring of the others, to various companies, ho added, would enable them to conserve their funds for working expenses. CANADIAN TOBACCO RECORD CROP LAST YEAR Tobacco growers in Canada established a record in 1937. with a crop amounting to 71,000,0001b.. compared with 46,100,0001b. in 1936. The quality was exceptionally good and a marked increase was shown in the flue-cured type. In Ontario alone the acreage sown to the flue-cured type was increased from 36,000 in 1936 to 49.000 in 1937. with production estimated at up to 55,000,0001b. The area planted to fluecured tobacco in Quebec in 1937 was 420 acres, compared with 53 acres in 1936. while in British Columbia the ' production of 427.0001b. on 400 acres ! shows a substantial increase over tho 90.0001b. produced in 1936 on 125 acres. ' Cigar tobacco production in Quebec also showed a gain of more than j £1,000,000, due to increases in both acreage and yield per acre.