THE SHIPPING TRADE.
LONDON, January 4. In view of the grave depression in the shipping trade, Scandinavian owners, it is reported, have decided to lay up indefinitely 400.000 tons. Contracts for new ships have been also cancelled at heavy sacrifices. SYDNEY, January 4. A review of the year’s shipping discloses the fact that the shortage of tonnage has been converted into a glut, the shipowners begging shippers for cargo instead of the latter seeking space. January 7. There is a big glut of tonnage in the shipping industry. Wheat freights dropped from 150 s per ton to 80s in a few' weeks. A big fall is likely in general cargo freights. MELBOURNE, January 5. The Hon. A. Poynton, Minister of Ship building, is in receipt of information showing that the cost of ships built in Australia is lower than in England. The quality also is superior.
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Otago Witness, Issue 3487, 11 January 1921, Page 22
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146THE SHIPPING TRADE. Otago Witness, Issue 3487, 11 January 1921, Page 22
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