The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-02-22

Messrs. II. T.. Moss & Co., of Liverpool,
have Just issued their annual shipping
circular, and make the following interest
ing observations: Lloyd's official returns
for the shipbuilding operations of 1893
having been issued we have now sufficient
data at our disposal to form a correct
judgment of the mercantile tonnage
turned out during the year 1898, and to
compare it with the output of previous
years. To certain extent these returns
are satisfactory inasmuch as they show a
reduction of tonnage as compared with
1892 of about 30 per cent, the exact figures
being 1,13l 900 tons in 1899, and
1886 1888 tons in 1893, and as compared
with 1889 total reduction of 5718 per
cent, the output IN 1889 being ,SS2, $50
tons yet even with this reduced produo-
tion the feeling is unanimous amongst
shipowners that the tonnage built and to
be built is in access of our actual wants,
and in consequence the hopes we all en-
tertained of revival of freights to yield
n living profit early in 1894 must be rele-
gated TO a more distant period, and may
even not be arrived at In the current
year. Under these circumstances 1t Is
our duty to our correspondents TO urge on
them extreme caution, and to contine their
operations to replacing their obsolete ton
mage with modern and economic vessels
able 10 compete with others on equal
terms, or TO supply any known CONNER
cial wants with suitable tonnage. The
Times, London newspaper, in its very able
an exhaustive report on British shipping
and shipbuilding in 1893, very rightly lays
great stress on the falling of in 1893 of
i,750000 tons, as compared with 1892, as
proof that our shipping trade is a declin-
ing one-and also the increasing prepon-
derance of foreign tonnage in the special
trade of the United Kingdom. Al great
deal of this trade is worked by old-type
vessels more or less obsolete and unwork-
able by British owners owing to this par
ticular industry, The same vessel when
holding foreign register carrying from
10 per cent. to 10 per cent. more dead
weight cargo than she could have
done had she remained under the
English flag-this means that we are
seriously handicapped, and it behooves
our legislators TO stay their hands or still
further injury may yet arise. Even this
serious result does not exhaust by long
way the decline in our carrying trade ;
in 1870 tonnage flying the Union Jack
that entered in and cleared from British
ports was 50 per cent, in 1880 it fell TO 80
per cent. and in 1892 to 7S per cent. and
wefear 1898 will show a still further re-
duction-from these official records we
learn that whereas, in 1870 foreign flags
entering and clearing from British ports
only carried IL per cent. in 1892 it had ad-
vanced TO % per cent. and we fear is still
advancing. We are not alarmists, but a
careful perusal Of these figures must
cause even the most sanguine TO seriously
consider, and even to doubt the wisdom
Of recent legislation. We have, no doubt,
pulled through worse times, and shall DO
so again. and we believe it Is matter of
great importance, and IL is our true policy
to have the most completely equipped
steam feet and of the most modern type,
whatever sacrifice might be involved at
the moment-aud thus lead the van, as
hitherto, in the carrying trade of the
world. Prices for building are exceed
ingly low, and builders anxiously compete
for orders, but prices were still lower in
1885 A considerable number Of old YES
sells have changed hands during the last
half of 1898. owners of these vessels
having at last realized the fact that it
was better for them TO face a present loss
than to hang on TO tonnage that they
could not work prohtably, and that re-
addition 10 other causes, the falling away
Of dividends has induced shareholders 70
put such pressure on managing owners
that they were compelled In many in
stances 20 accept current prices. We re-
greet we cannot speak more favorably Of
steamer freights In some few cases east
ern freiRhts have hardened, and durin 9
the coal strike small coasters had very re-
munerative rates, but this has now re-
coded 20 normal rates, and the profit on
voyages Of every description Is very
bare one.