OVERSEAS FREIGHTS.

Taranaki Daily News, 28 November 1921, Page 8

OVERSEAS FREIGHTS.

AUSTRALIAN NEGOTIATIONS. MAY LEAD TO REDUCTIONS. Telegraph.—Press Assn..—Copyright. Sydney, Nov. 28. The Herald states that, as the result of negotiations between Australian shipping agents and the owners in London, which are still in progress, it is expected that general reductions in overseas freights will be announced next week. It Is understood they will apply to refrigerated and general cargo. On some classes the reductions are expected to be considerable. Y’esterday authority was received from London to reduce the freight on copra from 120 s to 95s per ton. The reductions are the outcome of the depression in the shipping trade. The volume of oversea tonnage in Sydney waiting for cargo at the present time is larger than ever since the depression began to make itself felt in November last. There are thirteen steamers on the berth for British and Continental ports alone, aggregating 98,153 tons. So little cargo is offering that the majority of these vessels will have to sail in ballast or with only a fraction of their available space occupied. Next month 14 steamers are due, aggregating over 100,000 tons, and the outlook for them is serious and is causing owners much concern.