SHIPPING INDUSTRY
MANY NAVAL VEBSELB CONSTRUCTION OF WARSHIPS ACTIVITY ON THE CLYDE (Official Wireless) RUGBY, March 30 The construction of warships continues to be the backbone of the Clyde shipbuilding industry. About 40 naval vessels of various types are in course of construction there and the number is likely to be greatly augmented in the near future. There is still a lull in the building of merchant tonnage. Total Clyde output for the year so far is 21 vessels of 61,203 tons. The report of the Chamber of Shipping states that the strtk-ing recovery of tramp freight rates last year was sufficient on the average to provide for current depreciation, a fair return on capital and a contribution toward making good the arrears of depreciation with which the industry was burdened at the end of the depression. The recovery reached its peak in September and from then onward' there was a marked recession in all the markets. Building costs have greatly increased and doubt is expressed whether the present rates in the markets as a whole, with the present volume of employment, are sufficient to provide even for depreciation.
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Waikato Times, Volume 122, Issue 20463, 1 April 1938, Page 7
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189SHIPPING INDUSTRY Waikato Times, Volume 122, Issue 20463, 1 April 1938, Page 7
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