DOWNWARD MOVE IN OVERSEA FREIGHTS

Dominion, Volume 14, Issue 48, 20 November 1920, Page 9

DOWNWARD MOVE IN OVERSEA FREIGHTS

-A 50. PER CENT. DECLINE. , London, November IT." Frejuhts continue to fall. ; Tlie decline i,n the past six months lias averaged over 50 per cent., and there are signs that the downward move has riot ended.. The cheapening of rates is due more to ilhe quicker recovery of the world's shipping from the influence of the war than to its productive machinery. Consequently more tonnage is available than there are goodii for transport. The' downward movement is likely to continue ail-least temporarily, owing to. the fact that seven million tons of shipping will be completed in British and. foreign yards: in the courfe of 1921; but the /limit ..will lie reached when the owners find.it-necessary to lay up tonnage until ,the economic recovery of Europe provides more . - .Roods, for transport.—Aus.-K.Z.° Cable Assn. FREIGHT MARKETS WEAK ALL ROUND. (Rec. November 19, 8.30 p.m.) London, November 18. Tho' freight markets ore weak all round,"especially American business. The decline is largely .attributable to the. coal strike., causing -an' accumulation •of tonnage, wi£h congestion and oversupply in some mnrkets. There appears to be plenty of tonnage available for Austral-ian-wheat at;a reduccd iigure. Lower .'rates 1 are not improbable.—Aus.-N.Z. Cable Assn.