LATE SHIPPING.

Star (Christchurch), Issue 16902, 29 November 1922, Page 8

LATE SHIPPING.

DOVER NME NT SHI PS. ! Ju a series of articles on foreign subsiportatiou Division l\S. Commerce Department , states:— Although the Canadian Merwar, the principle of Government ownership and operation of transportation facilities was not new to the Dominion, nor was the ownership and operation of railroad* management an untried experiment. The Canadian Government owns and operates over a third of the Dominou railroad mile j ago. embracing the Canadian Northern system, including the Grand Trunk system. of which it is receiver and probable , ultimate owner, it, controls over half the j ■ Canadian mileage. The Canadian Pacific ! Rail wav owns another third of the Cau j adian railroad mileage: for many '-car? I has owned and operated express mail j and Hong ivoug. and since the war ?imi j lor steamers between the United Kingdom aud Quebec and Montreal. Canada, ac- ! eordingly. had at the outset the practical experience of trained men to undertake j Government ownership and operation ->f j transportation and the. combined ownership and operation of transcontinental j railroads ami trails-ooeanic steamers. The Dominion Government organised its ‘ fleet, a? u corporation -the Canadian Gov- | evrnmcnt .Merchant Marine (Ltd.)., with j . i capital stock of 1,000,000 dollars in 10. CO? { i share? of IfG dollars each (4909 issued). I • reduced by the loss of one ship to 180,900 ) j dollars. The Canadian Government was • authorised in 1918 to loan monev to the { corporation tor the cojiatrnctioii of , secured by a first mortgage on tlic -hips i j and by the company's notes to the Gov- j ; eminent drawing interest at 5» per cent, j | The first, of its fleet was delivered in K« >- ruurv. 1919. the last on January 29. >22 : . The fleet, on December 33. 3 921. comprised 65 steamers of 350.097 dead-weight Tons : which cost 73.571,842 dollar*., .pin? 5.006,822 j ! dollars interest accrued and unpaid—ir, aii. . i 78.668.66 S dollars; it is carried on the hooks I i of the company at 69,233,577 dollars, winch ! ; is conceded 1o he far alxivc its value. Tiij | company's report for 3921. issued in June, j 1922. states that the average cost of the j fleet wa? 191 dollars per dead weight to.i. , ■ and that the present cost in Canada an J 1 Great Britain of building similar types >f j t ships is from 63 dollars to 110 dollars per t i dead-weight ton. so that the fair replace- , j ment, value is 75 dollars. The company's report recommends that all of the company's ships under 4000 deadweight tons and five somewhat larger—in all. 57 out of 65—3>e disposed of because. •• while no doubt exists a-s to (he material value to the Government's railways of co- 1 operative merchant marine service, yet the i most helpful route.? can he maintained ! with the fleet reduced and. as the larger ) vessels (261.094 dead-weight tons) have better operating ratio, losses during pro- . sent, conditions would be less. ;:nd under improving conditions net profits would earlier be otbained." The report also recommends that for five years the interest due to the Government shall he payable tion. lu support of this proposition the. company nrgu'*? that it is establishing new trade route? for Canada's export trade. able: that the company is in a develop- i ment stage and during the depressed conditions of 1921 had to take from builders , and place m service eighteen sdditional > vessels and that, as the majority of its fleet was completed durincr business depres- | sion following the war. the company has not been able, like older steamship com- j panics, to build up a reserve with which to j pay interest in times of depression. 1923 was 8.047.635 doialrs. to v. hi« h’ is 'ddel I 3,745.326 dollars -interest due and unpaid to the Government for 1920 and a deficienev

of 32T.4J6 dollars on insurance recoccre* for the lost ship Canadian Exporter, and from which is subtracted the eurplu* n.uu4.233 dollars) available on December 33. 1320. leaving a total deficit at the heginning of 1922 of 9.116.344 dollars. OVERSEAS VESSELS. 'Received November 29, 30.5 a.m.) - B, Telegraph Press Association—Copyrig it Australian and X.Z. < able Association. Qfc - - . LONDON. November 28. shipping arrivals—At New York. ( aua-'-Lan Victor; at Colon. Newshera; at I*v nema. Eastern Pea: at Norfolk. Paparoa; at Honolulu. Ventura. Departure—For Auckland, Port Uncola. SHIPPING TELEGRAMS. (Ke« rn&tie Association.) WF.I.I.IXGTUN. November 29. Sailed—Durham, at 7 a.m.. for London AUCKLAND. November 29! Arrived—Waiotapu, from San Francisco, at 8.3 0 a.m.