The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1908-10-30
A BAD YEAR FOR
JAPANESE LINERS

The following is from the Japan Ad-
vertiser:
Mr.. Kondo, president of the Nippon
Yusen Kaisha, spoke, on his visit to the
United States in connection with The
changes in the transpacific trade in CON
sequence of the interstate commerce.
commission 8 ruling that steamships and
railways must disclose the percentage
of freight rates received on through
business, which becomes effective on\
November l, to the following effect:
The Nippon Yusen Kaisha has lost
over fifteen millions of dollars OF
freight since the boycott against Japan
began in South China, according to Mr..
kato, vice president of the N. Y. X.
de paints gloomy outlook for Japan
csc shipping in an interview. He stat
ed that at present an unprecedented de-
preston in the shipping industry pre-
vaiis not only in Japan but almost all
over the world. Even in England.
which is the most important carrying
nation in the world, more than 200 YES
sells are said to be laid up being unable
to obtain freights. There is no doubt
that the business depression which has
prevailed in all parts of the world since
last year, is responsible for such a con-
dition of affairs. The extent to which
the worlds shipping trade is suffering
through business inactivity may be
gathered from the gloomy forecast made
by the Pacific Mail Steamship Com
pany, that loss of something like ven
so0,Oo0 ($430.O00) would be unavoid-
aDle during the current business period.
Japan s maritime trade is in an espe
claiiy bad condition owing to the ex
istehce OF peculiar circumstances as, for
instance, the Chinese boycott. which
has inflicted severe blow upon it. The
boycott at Canton and Hongkong is di-
rected not only against Japanese goods.
out is also extended towards foreign
goods carried in Japanese bottoms. The
consequence is that shippers in Amer
lca, Australia, Singapore and other
places refuse to ship goods by Japanese
Vessels; bankers also refuse to issue
uraIts ana insurance companies to in
sure such goods. This being the case.
the loss and inconvenience sustained by
japanese ships trading on the Pacific
coasts on account of the boycott move
ihent mas been very great, and the loss
IN freight suffered by the Nippon Yusen
halsha alone in Hongkong and neigh
borhood during the last three months
ana MALT Will not amount to less than
tnlrty million yen. 1t is very deplor-
able to lind that German and other for
elgn goods are fast supplanting japan
csc goods in the Chinese market ON
account of this state of affairs.
Another fact, says Mr. Kondo. which
his caused inactivity in the carving
trade is the sudden and great increase
in the tonnage of Japans mercantile
fleet subsequent to the war, and the
consequent competition amongst shin
owners, which has resulted in the low
ering of freight. Thus many vessels
are now employed at little profit, while
the number of ships laid up and out
of employment is also large The fall
ing off in the volume of American trade
and the check to the landing of Japa-
nese immigrants in America, have re-
duced the receipts of japanese vessels
to material extent. In addition to
all this the revised railway freight
rates in America, which comes into
force on November LIST next will neces-
sarily have the result of reducing the
sea freight; and further the increased
price of coal and other articles, together
with the higher wages now paid to
coolies, do not tend to minimize the
difficulties experienced by shipowners.
during the past year the Nippon Yusen
kaisha earned about sixteen miIliol ven
of foreign money, which, after deduct
ing the expenditure, amounting to nine
million yet, left a profit of something
like seven million, but unless the bust.
ness outlook brightens, it is doubtful
whether the company will be able to
obtain a similar result in the next
twelve months.
MIR. Kondo, who is fifty-eight years
| OF age, IS one of the best known bust.
ness men of Japan. He has been con.
nected with the shipping business since
his youth, having served under the late
Baron Iwasaki whose relatives he be-
came by marriage. On the creation of
the Nippon Yusen Kaisha (The Japan
mail steamship company he was made
director and was elected vice presi-
dent at the time of the Chino Japanese
war in 1894, later becoming president.
For services rendered the Naval De-
partment of Japan by giving steamers
of the company for transport services
he was given the fourth class of the
order of the Rising Sun.
The Nippon Yusen Kaisha was form.
ed in 1885 by the amalgamation of two
rival companies, the Mitsubishi and
Kyodo- Unyo, and when the war began
with China the company was able to
furnish the government with fifty-seven
steamers for transport service and dur
ing the war with Russia seventy.one
steamers of $4,000 tons were furnish
ed. In 1895 service between Japan
and Europe was established and the
following year the service to Victoria
and Seattle, operated fortnightly, was
begun. There are also lines to Aus.
tralia and Bombay and many coastwise
services. During the past few months
the company which in previous years
has had large profits to declare at each
semi'annual meeting, has lost heavily
on account of the boycott declared by
Chinese on account of the Tatsu Maru
affair.
| 49,.