H.—44c.

Under the heading " Depression in Oil-tanker Freights," the same journal (June issue, 1931) makes the following comments :— ~ - " Business from the Gulf of Mexico has been very restricted, and owners have been forced to concede ridiculously low terms down to 9s. to the United Kingdom-Continent, comparing with 10s. 3d. ruling at the beginningof the year and 30s. 9d. in May, 1930, when the market even then was rapidly declining and rates were below the normal. Current terms to the French Atlantic, from the Gulf, are no better than 95., which compares with 20s. 6d. in June last, whilst chartering in case oil has been at a standstill for a long while past. " The outlook in this section of the chartering markets is very dubious and it will be a long time before any sustained improvement can be looked for either in freight rates or in the volume of business effected." Note. —The freight per gallon varies according to the weight per gallon under the varying specific gravities of each grade and each shipment, but for general comparison the freight rate per gallon is based on 307 gallons to the ton for first-grade and 302 gallons for second-grade. Marine Insurance. The usual underwriting rate on motor-spirit shipped in tankers from California to New Zealand is | per cent. This rate is charged to three of the major oil companies by the exporting supply company. In the case of the other company a rate of over § per cent, is debited to the New Zealand company, and it is suggested that this rate is fixed to return a definite underwriting profit to the export organization. Landing Charges. Harbour Board rates on bulk shipments in the four main centres are as follows ■ Per Ton of 2SO Gallons. Per Imperial Gallon. S. d. d. Auckland . , .. .. ..3 6 0-168 Wellington . . . . .. ..3 6 0-168 Per Ton of 300 Gallons. Lyttelton . . . . . . ..16 0-06 Dunedin .. .. .. ..5 0 0-2 Wharfage and other landing charges account for 0-138 d. to 0-1849 d. per Imperial gallon, an average cost of 0-1602 d. for the four companies. Bank Exchange Rates. London bank buying rates, sight drafts on New Zealand, have been quoted as follows, the dates indicating when alteration in rate occurred : — s. d. 1929—215t December . . 60 0 per cent. 1930 —31st January .. .. 70 0 per cent. 18th February . . .. 80 0 per cent. 19th March . . . . 90 0 per cent. 3rd April . . . . . . 122 6 per cent. 1931 —14th January .. .. £108 12s. 6d. for £100 in London. 29th January . . .. £111 2s. 6d. for £100 in London. (This latter rate had not altered at the 16th September, 1931.) Drafts negotiated New York on New Zealand, during the above period have been quoted J per cent, less than London on New Zealand. On the basis of £111 2s. 6d. the present exchange rates for sight drafts London on New Zealand would cost, per imperial gallon, c.i.f., as indicated below C.i.f. Price. Exchange : Cost per Gallon.. d. d. 6-5 .. .. ... : .. 0.723 7-0 .. .. " .. .. .. ... .0-778 7-5 .. .. .. .. .. .. 0-834 8-0 . . .. .. .. .. .. 0-890 Customs Duty. Customs duty has been levied and collected on motor-spirit at the following rates. The dates referred to indicate when alterations in rates became effective. - 1927—8 th November .. 4d. per imperial gallon and I per cent, primage. 1929—2nd August . . . . 4d. per imperial gallon and 2 per cent, primage. 1930—23 rd July .. .. 6d. per imperial gallon and one-twentieth of duty payable (=6-3d.). The duty shown on the statement below is the average duty paid over the period reviewed.

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