FREIGHT WAR.

Timaru Herald, Volume CXXIII, 12 April 1926, Page 9

FREIGHT WAR.

HEAVY CUTTING IN RATES. By Cable—Press Association—Copyright. Australian and N.Z. Cable Association ■ . SYDNEY, April 10.' . Shipowners and shipping agents' interested in overseas trade are preparing to face, during the next lew montins, tiie woi’st situation experienced in the export 'shipping trade since belore the war. Rates ol freight are being cut by tramp vessels, and there is n pronoonccd dearth of exports for linel tonnage. 'lhe wheat freight market has tntu.illy been cut to pieces bv tramp vesse.s. Within tiie last few days on engagement lias been made for a vessel to load a full, cargo of wheat at Sydney lor the United Kingdom at 21a pci ton, ivbicli is the loivest. rate accepted since long before th 0 war. Wheat parcel rates have, also suffered, and are now' reduced to 20s per ton for the 'United. Kingdom, which is the lowest on record since tiie 190708 season.

One-sign of the desperate competition which prevailed between the overseas linos for any Homeward cargo is lice storage, which butter exporters are able to secure at the expense of the shipowner, who is prepared to book butter and accept delivery before tiie steamer discharges outward came The butter exporter has the satisfaction of seeing ills butter stored in the ship's insulating space, while she goes to other ports discharging and leading. In many instances a month's free storage is secured.