SERIOUS POSITION

Daily Telegraph (Napier), Volume 59, Issue 32, 10 March 1930, Page 9

SERIOUS POSITION

United Press Assn. Electric Cable. Copyright

BRITISH SHIPPING INDUSTRY: 300 Vessels Idle.

(Eeceived This Day, 1 p.m.) LONDON, March 9. Tbe position in the shipping industry is becoming most serious. According to a writer in the Finaneial Times more than 300 vessels with a carrying capacity of nearly 2,000,000 tons, mosk ly flymg the British flag, are lying idle with crews numbering some 10,000 men paid off. More tlian 1400 men and officers are seeking employment at Cardiff, compared w£th less than 1000 a month ago and less than 900 two montlis ago. This is typical of the state of affairs prevailing in tbe seaport towns in the United Kingdom. In tlie last two montbs vessels have been laid up on an nnprecbdented scale as tbe coilapse of the grain markets has rendered it impossible for the owners to secure profitable employment for the ships. Tbe coilapse of the grain markets has also been reflected m other trades to which ships are diverted with the result that the supply of available ton nago bas exceeded the demand with the; 1-- inevitable reduction in rates. Thotigh tbe heavy laying up of vessels has created a steadier tendency, outward freights and homeward requireT ments are still too meagre to offer any encouragement for tbe egrly futnre, tjiough mncb is boped for the steadv ahsorption of tonnage in the Russian timher trade, through the opening oi the "White Sea and ' Balfeie ports and the navigation of - the river St. Lawrence. The fufure, however, will depend on grain shipments, for nnless tbere js a substantial improveinent in this direction Ihe volume of shipping available for other trades will exceed requireraents.