WORLD’S SHIPPING

Hokitika Guardian, 21 February 1928, Page 1

WORLD’S SHIPPING

(Australian it X.Z. Cable Association.) LONDON, Feb. 18. Lamenting the disastrous effects of the coal strike and poor passenger and cargo earnings, the annual report of the 'Chamber of Shipping discloses that the conference generally proposed "to increase rates but refrained in deference to the wishes of merchants and manufacturers. There is sufEcent trade to fill the world’s ships and shipping will continue to be depressed until the world realises what is true economic policy, and trades instead of barring trade by tariffs. Referring to the Commonwealth Line the report says: “It is purely a hypothetical claim that the Line "restrained freights and by reducing them ton shillings in 1923, saved Australia two millions sterling. In any case this saving was more than offset by depreciation and losses amounting to thirteen millions, which the Australian taxpayer makes good. The Commdnwealth Shipping Board was unable-to right matters, and Realised profit*? could be earned only by increased, fares and freights, but as the line had a disciplinary mission, ordinary business methods were ruled out. The report 'concludes by quoting the Board’s doubt whether it is possible "to retain both the Australian Mercantile Marine and Australian seafaring conditions. In addition it regrets that the Commonwealth has not adopted the Federal Accounts Committee’s recommendation to abolish coastal restrictions against British ships, which' is so foreign to the Empire spirit, and damaging to Australian interests to such an extent, but tligr© is growing up in Australia a demand for their abolition, especially as Australian tonnage is unable to fulfil local needs.