New-York tribune., 1921-01-05
Ship Values
Abroad Still
On the Decline
New Tonnage Offered on the
Deferred Payment Plan
in the British Market. Is
Report to Shipping Board
English Would Drop Ban
Urge Restrictions OH Sale
of Secondhand Vessels
to Foreigners Be Ended

Continued reduction in ship values
sbroad is indicated in reports received
by the Shipping Board from it's Euro
mean representatives. The British mar
le:. especially, is reported to be flooded
'spith tonnage OF all classes, and little
willingness is said to be shown to ab-
sorb even d small proportion of the
offerings.
Even tankers are said to be drug
OF the market. and vessels which two
or three months ago would easily have
brought $40 10 95C are reported WITH
cut buyers at $50. AT present exchange
values the latter figure would work on.
at about S100 q ton. For new contracts
the prices are, cf course, higher, az
American oil company recently placing
an order with a British shipyard on
the basis of Sl45 a ton, in comparison
with figure of S185, said to be the
lowest bid given by AL American ship
building company.
Present values OF freighter tonnage
in the British market, according to the
Shipping Boards advices, are illus
trated by the Offering of steel
steamer of 4,250 tons deadweight, build
ing by Charles Hill e. Co., of Bristol,
available st 395,000. cor offer" delivery
this month or next. The price works
cut at slightly more than e22 dead
weight ton, or about S75 on the present
basis of exchange No British pur-
chaser has been found, apparently, as
the same vessel is reported to have
been offered in the American market
within the last few days at substan
tial reduction III price. the offer, it Is
said, coming TO about $50 ton.
Deferred Payment Offered
A vessel of $3.50 tons deadwegh.,
building by the northumberland Ship
building Company, is reported to be on
the British market at $50 ton, "or
offer" delivery III March. \ steamsr
OF 1000 IONS deadweight, building at
Sunderland for delivery in March, IS
to be mad at g25 q ton. "or offer" with
the privilege of deferred payments. 1t
is long time since deferred payment
has been the privilege of any pur-
chaser Of British tonnage.
1T is not su.prlslag.' says the
Shipping Board report, that British
shipowners are chatting under the eX-
istng restrictions on the sale OF sec
ond-hand vessels to foreigners. Under
the transfer restriction acts no Brit
lsh vessel may pass under a foreign
flag without official sanction and these
years after the end of the war.
"Shi powners argue that We're these
row needless restrictions removed they
could 0ivest themse OF their old
tonnage. replacing it with new thus
furnishing more business for British
shipyards and more employment for
British workers. They point out,
furthermore, that had they been in q
position to turn more Of their older
tonnage into cash during tho last
year, wneN values have been 50 in
fated, the owners would be in much
better condition than they now find
themselves to weather the present
slump However. efforts are being made
to have the restrictions relaxed so
that in effect they will be a mere mat
ter OF form, but, as British shipping
publication puts il. the mischief has
already been done"
Cargo Eagerly Sought
Conditions il the foreign freight
markets arg on par with the slump
in tonnage values According to the
Shipping Boards advices. in one case
q hrm offer for grain was put on the
London market. with the result that
within 4 few minutes several steamers
were Offering for it, one against the
ether In other instances. it is stated,
steamers have been offered out to the
United States as many as fifteen times
before getting finally fixed up, al
though i is possible, it is reported.
that many Of these offers arc being
used as levers to get cheap American
. tDnnaOn