RICHES IN SHIPS,

Dominion, Volume 6, Issue 1620, 11 December 1912, Page 7

RICHES IN SHIPS.

HUGE PROPITS FOR OWNERS. "Shipowners are simply coining money," said a prominent English shipping authority. Ho drew attention (says tho Daily Mail") to the Black Sea rates (the price per ton of cargo from the Black Soa Home), which were quoted on October 25 at 235. 3d. a ton, as against ss. 3d. three years ngo. "With such exceptional rates prevailing, not only to and from the Black Sea, but throughout the world," he said, "the earning value of tho ships has increased tremendously, and so naturally has their purchase value. I have just sold at a net profit of .-67000 a vessel which I purchased five years ago. When such exceptional prices can be obtained for' ships, it follows that many shipowners, fearing a collapse sooner or later, are selling steamers which they do not want, thus increasing their year's takings.

"Within recent years the owner of a tramp 'steamer of 7000 tons deemed himself fortunate if ho cleared a net 'profit of dfilOOO a year. At present rates the same steamer can clear ,£7OOO in a ninety days' voyage to and from tho Black Sea, or .£28,000 a year. Placing tho cost of the steamer at .£40,000, this gives an income of over 50 per cent, of her value. Tho owner cf a fleet of. ten ships should to making his .£200,000 a year, and tho largo company, with its twenty or thirty steamers, a small fortune."