SHIPPING SLUMP
VESSELS UNWORKABLE AND UNSALEABLE
BUILDING CENTRES HARD HIT
(By Talegranh-Prees Assoclatlon-OoDvrltrhl (Rec. April 20, 10.45 p.m.)
London, April 19. The shipbuilding employers and shipbuilding trade unions have reached an agreement by which wages are reduced 3s. a week from May 1, with a further reduction of 3s. from May 13. The present shipping slump is regarded as the worst in living memory. Approximately 900 British vessels, aggregating a tonnage of over two millions, have been driven to anchor by the industrial stagnation, and dissensions. A City authority declares that shins to-day are unworkable and unsaleable, and are being given away with a pound of tea. Shipbuilding centres have been hit hard. There are 56,000 workers unemployed, and over 170 000 idle in the engineering and ironfoundering trades. Recently a vessel of 4000 tons was sold lor AIO.OOO Last year tho ship was withdrawn from
auction at ..£32,0T0, while earlier her owners refused for her.—.Reuter.
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Dominion, Volume 14, Issue 176, 21 April 1921, Page 5
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156SHIPPING SLUMP Dominion, Volume 14, Issue 176, 21 April 1921, Page 5
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