New-York tribune., 1920-11-28
Foreign Trade
Situation DRAG
Upon Shipping
Operators Find 1t Difficult
to Secure Even Partial
c.arsoes. Despite Gain in
the Valuation of Exports
Sharp Decline in Imports
Ocean Freight Cutting Goes
On in Shipments TO Orient
and Continental Europe

Increase i The proportion o. snip
ping entering American ports in
ballast is Indicated in the govern
ment returns az to the monthly value
Of imports. The October figures, just
issued, show that the decline in values
has been unbrokcn since last June,
when the high monthly mark, $685.
100000, vas reached, the October total
showing decrease of nearly $780,
oOV,Ouo, OF more than third.
hlle export values for October.
SI52, 100000, were higher than for any
month this year With the exception OF
March. and nenrly 100000 900 above
the September total. the Improvement
has not been reflected in the condi-
tons prevailing in the ocean freight
market. Rates still show declining
tendency nhd conditions abroad are not
such as TO lend any encouragement to
the outlook for shipping. Demoraliza-
tlon OF exchange rates continues, COM
me'clal disturbances are accompany
me the process Of reconstruction and
the general effect is that of increas-
inr limitation upon the volume Of
cargoes to be carried
Under present conditions it Is diff
ficult for operators 10 get even partial
cargoes,' says the Nautical Gazette,
and unless an improvement occurs in
the near future some Of the sualler
steamship companies may be com
PEELED to suspend service. Even the
most optimistic ship owners do not
expect any recovery from the present
depression for two or three months
before an Improvement can take place
foreign markets must be lquidated and
'he process IS necessarily slow"
Restrictions on Exports
Meanwhile, it is pointed out, export
trade IS likely to be seriously affected
BY efforts that are being made nv
VARIOUS countries to reestablish their
financial position. For instance. the
Italian government LAS imposed q sur
LAX OF 80 per cent ad valorum above
the regular duties on farm traction
engines weighing not more than $500
N-os. This may reduce materially the
exports Of American tractors for t}o
Italian market
Spain has decided TO limit her i'm
ports Of foreign goods, especially in
the luxury class, for the purpose Of
improving rates Of EXCHANGE. rho
proposed tariff will affect autonob;les
and machinery and in fact most Of
the goods that Spain usually obtains
from abroad
brltlsh manufacturers have asked the
government to prevent the dumping
oil foreign goods, which has shown a
large increase of late.
South America Unsettled
Widespread unsettlement is reported
to exist in many South American coun-
tries, including Brazil and Truonav
owing to declines in exchange and de-
creased commodity prices. MANY in
stances have been reported Of Goods
being turned back on American shin
pcrs. Paraguay has established sixtv
day moratorium.
because of the decline in prices Of
such commodities as coffee. sugar.
hldes and cocoa, the expectation move
ment from South America to this coun
try has been greatly reduced Tho
Cuban commercial situation is still
unsettled
Ocean frcights in the South Ameri-
can trade are steady however and are
not expected to go below the confer
ence scale, especially as several lines
haze reduced their sailings
In the Orient trade shipments arc
sail extremely limited. Little is NOV
,nl, from Atlantic ports Tor Asia and
Pacific business with the Far East
continues on small scale with rates
unsettled through the competition of
Japanese vessels, which are said to be
accepting almost any rate that offers
rather than remain idle Australian
financial conditions are reported, 70 be
unsettled and South African business
- very limited. In the Continental
trade the rate war brought about by
the action OF the French Line in refus-
ing to adhere to conference rates still
rravpile