SHIPPING TRADE

Hokitika Guardian, 29 November 1933, Page 2

SHIPPING TRADE

N.Z. COYS HANDLE MORE CARGO. BRIGHT OUTLOOK REVEALED. (Per Press Association, Copyright) WELLINGTON, November 27. Grounds for belief that the economic conditions generally are improving arc provided by an examination of the state of the shipping industry, which provides one of the most reliable barometers of trade ! but also for the position of any one country.

During the past few, months, the New Zealand coastal shipping companies have been handling far more cargo than has been the case for some considerable. time. A number of vessels laid up, owing to slackness of • trade have in recent months been brought hack into ocmmission, while those which'-for several years past, have been running with half their cargo space empty, are now carrying capacity or near capacity cargoes, A number of coastal vessels are still laid up, but the majority of these are ole] tonnage, uneconomical to run and will probably never be brought back into commission. This increase in Quantities of cargo handled ig reflected in improved returns of almost every New Zealand harbour Board in recent months.

So far as the New ZdalaUd export trade is concerned, now . approaching its peak period, it promises for actual tonnage shipped overseas to be a record. The number of overseas vessels allotted to load for the United Kingdom during December-January is in excess of normal, while the numbers for January-February and FebruaryMarch, will'be'heavier than ever before. During that period December to March, over 50 vessels will leave New Zealand ports for England with capacity cargo. ' In addition to these regular trader s to the United Kingdom, nearly 30 ship s including regular mail liners to San Francisco and Vancouver, will carry cargo from New Zealand to Great Britain, til©' Continent, United States, Canada and Japan. This huge' total of 80 ■ ships in, approximately 120 days. pntirely excludes those taking cargo both for . Australia and for transhipment from Australia .to other countries.

BRITISH LINES ARE ALL BUST

DOAJINIONS ; TRADE lAIPROVING

LONDON, November 1 27,

Shipping men say convincing signs exist that, trade with the Dominions is increasing, attributable to Ottawa agreements, particularly refrigerated shipping from Australa and New >Zeaand, in which the tonnage employed is much larger than last year,, while tile Rivet*. Plate is suffering severely. Referring to the Australian trade, the P, and O, Company’s annual report says i. Conditions in Australia continue to improve ,with an increase in the volume of exports and a rationalisation of. tonnage is more remuneratively employed, Exports to Australia are still at a low ebb, but are showing some expansion. The passenger traffic was indifferent but it was hoped to improve the trade as the result of homeward bookings.

The Bine Star Line’s two new motorships will be 13,000 tonners. They will be 515 feet long, seventy feet wide, and 43feet deep. Their sea speed, will be sixteen knots. They will contain , a large amount of refrigerated space. They are intended mainly for cargo. Their high speed will enable them, to reach New Zealand in 30 days. There will be luxurious accommodation for j twelve passengers. j The Peninsula and Oriental Com- : painy, after providing for the depre--1 edition of the fleet, has a credit balance, including £129.274 brought forward, amounting to £306,616 ,of \Vhich preferred dividend absorbs £152,000 ) and the amount carried forward is £154,616. £1,264,426 is provided for depreciation of fleet on a five per cent basis, of which £656,970 was taken from the reserve for redemption of debentures freed by the new issue. Therefore, • the net depreciation charged on the year’s earnings' is £707,456. -

. Including £71,061 brought' forward the Orient Steamship Company’s profit balance is £213,567, from, which it is paying preference dividends, also five per cent’on ordinary shares, and carryng forward £79,263. The situation in British shipyards is the brightest for three years despite the competition of subsidised foreign ers. The improvement is chiefly due to Australian and New Zealand orders for which six first-class vessels are being built, Orient, Shaw Savil, Adelaide Steamship, New Zealand Shipping Companies one each and the Blue Star two. The Blue Star intends to have seven vessels trading to Australia and New Zealand within a year. Shaw Savill’s new refrigerated ship will be 520 feet long, seventy beam, and will have five hundred thousand cubic feet of insulated space