SHIPPING FREIGHTS

Dominion, Volume 9, Issue 2772, 16 May 1916, Page 7

SHIPPING FREIGHTS

GREAT-RISES

WHAT THE FIGURES REVEAL

"TRULY ASTOUNDING."

, , Whajt were regarded as astounding re- . Velations in shipping freights .wero referred to at yesterday's meeting of.tho .Wellington Central Chamber of-Com-merce. The matter of the rise, in shipping. freights was. brought - before ". the chamber, recently by Mr. L. M'Kenzie, nhd yesterday a lengthy return, prepared by Mr. A. J. Petherick (secretary of the chamber), and consisting largely of extracts from "Tho Statist," was laid on the table. , _ The return, said that some .freight rates were now over 1000 per cent, higher, than they were before'' the war, while . the average rise in'Homewnrd rates was in tho neighbourhood of SOO per cent. The. following comparisons were made to illustrate the advances:— : Homcwards.-(1916) Bombay to p.p. 1255.. ' 1915) 205., (1914) ISs.i increase 1075., or. .594 per: cent. River Plate to TJ.K., United States.-(1?16) 1605.; (1915) 605., (1914) 13s. 6d.;. increase 1365.. or'lOU: per cent. - ' -.. Atla.ntio ports to L.H. (cotton).-(1916)'280?., 0915) 905., U914) 31s. 3d.; increase 24Ss. 9d., or -796 per cent. Atlantic port 3 to TJ.K. (grain).—(l9l6) Bls. IH; (1915) 335. 10Jd., (1914) 95.; increase 725. Sid., or 803 per cent. ■ Averago totals:—(l9l6) 1595. «., (.1915) 515., (1914) 17s. lid.;' increase 141s. 2d., or 787 per cent. The estimated earnings and profits of . British shipping in 1916, in comparison with 1913, on the basis of existing . jjreights -were set out thus (in millions):—' • , ' ■ " . , Increase. •■■■:■- 1916.. 1913. ' .perl r. '• •■ ■ > £ £ ' £ cent. .. Gross- earnings ... '410, '127 283 : ' 223 .'Expenses ::. 160 107 . :53 ' 50. ■ Net. profits , -250 . 20 230 1160 Excess profits tax, 50 T -.. per cent. .'.......: .115 — 115 — ■ -Net profit: :...... ..' 135 "'2O 115. 675 'Capital. ...'. '........;:... 2CK] 192 . 8 ,4 ." Dividend'.'...™......' 671 . 10J 57 5« \ "Jlr. CM. Luke, president of the chamber, remarked that:the return was • valuable and surprising..; :..:' Mr. L. M'Kenzie congratulated the -'.secretary on the comprehensiveness'of the ..-■■ return. ! Tho facts were truly astoundJng. ' It. would be noticed that one rise m freights was from IBs. 6di to 1355., However, he was glad ,to see that'local ihipping had not risen'to the same ex»nt as foreign services had. This return ivas tho greatest argument yet.produced ti favour of the nationalisation of the ig services. • Tho nation had made a great mistake in- not commandeering the ' big services of the Empire from the outset. ' It seemed unjust that the public ' in general should pay for the upkeep of the Navy, the. chief use of'. which was to protect, this shipping. Another phase which struck one was that the working men here were being asked:to. enlist and. to sacrifice, even their lives while wealthy men were allowed to sit; in luxury and. tnprmously increase their great fortunes. He hoped the chamber would seriously '. -insider suggesting to the Government .i the protection of the people against such 1 i state of: affairs as was revealetl by' the return. Mr. G.. Winder said'that he did not' believe in broad statements.,; He would prefer concrete instances,-for then .the chamber would have something' definite 'to 'follow up. ■'...'•' '. ';■''.- ■■'' The president said there,:were specific, instances, .in the >eturn, : and at' his re-' quest the secretary read some of them. Mr., L. T, Watkins, thought that the war policy of the Homo Government might have had something to do with the matter,. and-.while such profits were available there was a .chance of bring- ' ing every seaworthy, ship into operation. The'president: said'he did not, know • that it would be right to; blame the Brit- .. ish- Government,-: the ..was that the Government had ...tho. problem.so well. '■•*.'.'-. -.•'.■•/'•'.•■:->;■''■' • ' : The-matter was referred to;the'council of Ihe chamber, ; with*a that the council should bring it to.thenotice .'-.. of the Shipping Committee., : .