EXPERTS’ PLAN

Hokitika Guardian, 17 May 1933, Page 3

EXPERTS’ PLAN

TONNAGE TO BE LAID UP.

LONDON, April 0

A plan to cope with the shipping slump, which is likely to figure on tin; agenda of the World’s Economic Conference, was discussed in detail by experts yesterday. lUis followed the . lldws:-.that the scheme was gaining further support at the Baltic and International Maritime Confeieuee,.

Tlie scheme involves all. countries making levies on tramp and cargo ships, the proceeds to form an international pool fumn which to compensate owners, who lay up or scrap a certain proportion cf their tonnage.

It is felt that th© machinery for collecting- such a tonnage tax could b© organised by the International ping. Conference. The big difficulty would he to persuade every country to join the scheme for the common good, but, in view of the- widespread nature of the slump, th is is not thought to be insurmountable.

, Freight markets are now in a very grave state;, thousands of ships are idle,, and there is much undercutting. It is- believed that the .suggested levy and pool would ease the situation considerably. The scheme would not affect passeng-er-carrying liners. Now that many North Atlantic ships have been diverted to cruising the surplus tonnage problem-is with them not so acute. Among the English liners taken from the North Atlantic for cruising are the Homeric and Mauretania.