The Wanganui Chronicle. "Nulla Dies Sine Linea.” THURSDAY, MAY, 17, 1923. MODERN SHIPPING WAR

Wanganui Chronicle, Volume LXXXI, Issue 18783, 17 May 1923, Page 4

The Wanganui Chronicle. "Nulla Dies Sine Linea.” THURSDAY, MAY, 17, 1923. MODERN SHIPPING WAR

'lt may surprise a good many people to learn that although the world’s production of goods is only about twothirds of what it was before the war, the carrying power of the merchant ileets has increased by about 15,000,000 tons. The growth has taken place in spite of the war’s enormous distinction. of tonnage, and the partial suspension of building for a time by Germany, France, Italy and other countries. Fierce competition for a diminished trade is creating a war of national restrictions and calling for national subsidies. America has extended her substantial coastal protection as far as the Philippines. France has reserved. to her mercantile marine all French colonial trade. Portugal has enforced a policy of flag discrimination; Japan is backing her merchant lines on various trade routes, and Italy is stimulating ship building and trading by heavy subsidies that are to operate until the end of 1926. Eut, according to that well-knowm British naval authority, Mr Archibald Hurd, the most notable expansion and the strongest competition will yet come from Germany. This writer suggests that Germany has been tending towards a fraudulent national insolvency ia order to defeat her creditors, while keeping down her taxation to help private enterprise, debasing her currency as a means of undercutting her international competitors, and directing all the means of her people towards renewed ambitions for economic dominion. “It may represent a gamble,” he says, “and the gamble may fail; but, on the other hand, it may succeed.” Whereas in June, 1914, the Germans possessed 5,135,000 tons of steam tonnage of 100 tons and over, in .lune, 1920, Lloyd’s Register set forth that they then owned only 419,000 tons. At the end of 1922, however, the figure was 2,250,000 tons, while about 500,000 tons were in process of building. Apart from frequent purchases of sailing ships and secondhand vessels, it is computed that Germany is within sight of a fleet of 3,000,000 tons, .consisting mainly of new and efficient ships. German workers work longer hours, and are paid, according to currency value, about onesixth the amount of wages ruling in Great Britain. The German ship own er pays wages and expenses in the debased national currency, and is paid Jiis freights in the more valuable currencies of other countries. The Director of Research of the United States Shipping Board declares that the rate of exchange “makes it practically impossible to complete with Germany as long as the paper mark is on a nominal basis; and only the limitations of German tonnage prevent her, under existing conditions, from running all other merchant flags off the sea.”