SHIPPING SLUMP.
WORST IN UVING MEMOEY. (By Cable—Press Association—-Copyright.) (Reuter's Telegrams.) (Received April 20tu, 10.45 p.m.) LONi/ON, April 19. The shipbuilding employers and the shipbuilding trade unions have reached an agreement by which wages will be reduced 3j -weekly from May Ist, with a further reduction of 3s from May 30th. The present shipping slump is regarded ns the worst in living memory. Approximately nine hundred British vessels aggregating over two million tons, have been driven to anchor by industrial stagnation and dissensions. A City authority declares that ships to-day aro unworkable and unsaleable, and are being given away with a pound of tea. The shipbuilding centres have been hit hard. There arc fifty-six thousand workers unemployed, and over 170,003 idle in the engineering and iron trades. Recently a Japanese vessel of four thousand tons was sold for £IO,OOO. Last vear the ship was withdrawn from auction at £32,000, while earlier her owners refused £SO,OOO for her.
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Press, Volume LVII, Issue 17125, 21 April 1921, Page 7
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157SHIPPING SLUMP. Press, Volume LVII, Issue 17125, 21 April 1921, Page 7
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