GREAT SLUMP

Hokitika Guardian, 24 February 1931, Page 3

GREAT SLUMP

JN WOULD SHII’I‘IN(L OU'tetl Piesa Association. —Vj £lectric J «Jwgi'E pli.—Copyright, | W ASH JNG-TOX, February "23. 'l'll,, Fiiiied Status Departin' iu oi Commerce has issued a rcport staling that there was a heavy decline ill U.' traffic through both the Panama a.a.i the Sue/. Canals in 1930. I-.b v.a‘in marked contrast to the upaan trend ot such shipping in the mini diately preceding yeans. YTie I'eiiort emphasised that there i a world-wide decline in overseas Had which has been maiked also by a tremendous increase in the idle tonnage and also a pronounced dcl ne in the world shipping. The report. Kays: ‘‘The latest, returns of idle tonnage are striking m that they represent an incra'se tor in dividual countries of several humirei per cent, or up to nearly l.oO(i thousand gross tons. The maritime - tri 'sl taken as a whole, on dan ary 1. 1931, had about- 8,270,000 groes tons of shipping laid up. This was an increase of lot) per cent, over one yea'' earlier. Britain fared the worst., wit! approximately 1.4 Id,()■!!<) tens idle which was three hundred p ,j r cent, e! an increase. The Vnited States w; s affected to the extent of half a million toiilp. Germany had the is'inie fi'ures, compared with practically none the year hoi ore. The report indicates tliai A estralu 1 iu 1930 had 90,C00 gross tons idle, and in 1931 had 171.000’ tons idle. The report suggested : “There is : i chronic • weakness of the freight market.. This indicates that a recovery from the nres-mt depression is unlikely to he more than gradual.”