New-York tribune., 1920-09-27
ln the World of Shipping

The need Of aid for the new mer-
chant marine Is emphasized, shipping
men point out, by the recently pub
lished figures showing the proportion
OF American shipping engaged in the
country's foreign trade. Within the
last few months there has been a
striking reversal Of conditions and in
stead of American vessels carrying the
bulk of American commerce, that ad-
vantage is again in the hands of for
eigners. This is not proof that Ameri-
can shipping is insufficient to meet
American trade needs. it is simply
an indication that the abnormal con-
ditions prevailing during the war and
carried on into the post-armistice ne
rlod have come to an end and that COM
petition Is again the real test which
shipping must meet. That difficulties 3
are being found in meeting it is what
the figures indicate.
Other figures that indicate that the
American maritime situation is not all
optimistic are those relating to the
amount of tonnage under construction
IN American shipyards. With both
government and private orders declin-
ing from month to month, the ship
building industry is contracting al
most as rapidly as it expanded during
the war. Already a number of the
smaller yards have been forced to close
down for lack of orders and others
are expected to follow suit in the near
future. Some of the older yards have
contracts sufficient to carry them on
Tor about q year more, but there are
few of these,
brighter side to the situation. 1t Is
claimed in some quarters, is shown
by the sales made by the Shipping
Board of vessels at the prices fixed by
the board, which the majority of shin
owners say are we'll above the present
market value of tonnage. These ship
owners also point out that the sales
are being made in most instances, not
to old established shipping interests
but to new or comparatively new con.
Germs" The old lines, it is declared.
nave not and will not buy tonnage at
the Shipping Boards valuation.
America, however, is having no mo-
nopoly on shipping difficulties. Great
Britain is also feeling the pinch. The
following, from leading British ma
rine publication, is characteristic of the
opinions entertained in English ship
ping circles:
There is now no getting away from
the fact that the crest of the shipping
boom has been passed and that the de-
scent into the trough is a very sharp
one. The fact that it would inevitably
have to come. of course, has been cb-
vious all along, but the optimism ana
ignorance of some interests have made
the downward curve appear to be very
much sharper than was necessary. Well
established firms, with thorough
knowledge of their business, will come
through unscathed. having taken the
seamanlike precaution of battening
down and making fast. But it is, un-
fortunately, obvious that there are
many firms who will crumple up very
shortly. OF course, one view is that
British shipping is very much better
off without such inexperienced owners,
but against this must be placed the
fact that it is into such concerns that
great deal of money has been in
vested by small capitalists who have
never interested them selves in shipping
before. When they lose it they will
Of course. also lose all their confidence