THE WORLD’S SHIPPING

Otago Daily Times, Issue 20337, 20 February 1928, Page 9

THE WORLD’S SHIPPING

A DEPRESSING OUTLOOK. INSUFFICIENCY OF TRADE. RESULTS OF PROTECTIVE TARIFFS. OPERATIONS OF THE COMMONWEALTH LINE. (Prcaa Association—By Telegroph-'-Cupyright ) LONDON, February 18. (Received Feb 19, t 5.5 p.m.) Lamenting the disastrous effects of the coal strike' and the poor passenger and cargo earnings, the annual report oi the Chamber of Shipping discloses that the conference generally proposed an " ca * ts of rates, but refrained in deference to the wishes of merchants and .mnutacturers. There is'insufficient rade + ' nil the world’s ships, and shinning will continue depressed until the world ■valises what is the true economic policy, and trades, instead of barring trade, by tariff. Referring to the Commonwealth Line, the report says it is a purely hypothetical claim that by reducing freights 10s ’n 1923 the line saved Australia £2.000,000. In any case this saving was more than offset by depreciation and losses amounting to £13.000.000, which the Australian taxpayer makes good. Ihe Commonwealth Shipping Board was unable to right matters, and realised that profits could 1m earned only by increased fares and freights, but as the line had a disciplinary mission ordinary business methods were ruled out. The report concludes by quoting the board’s doubt whether it is possible to retain both the Australian mercantile marine and Australian seafaring conditions. In addition, it regrets that die Commonwealth did not adopt the Federal Accounts Committee’s recommendation to abolish coastal restrictions against British ships, which are so foreign to the Empire spirit and damaging to Australian interests to such an extent that there is growing up in Australia a demand For their abolition,, especially as Australian tonnage is unable to fulfil local needs.— A. and N.Z. Cable.