The New York herald., 1922-08-06
HUGE COAL IMPORTS
REACT ON CHARTERS
Much Tonnage Available for
Last of Month, but Takers
Seem to Be Few.
RATE NATTER UNSETTLED
Operators Might Turn to Old
Pooling System if Laws
Do Not Forbid.
RATE MATTER UNSETTLED

The prospect Of real profit TO be
gained in transatlantic full cargo busi-
ress. regarded confidently when the
rush to charter ships for voyages with
coal from England began, is less opti-
nistically discussed in shipping circles.
Although in volume OF business the
chartering market has a greater activity
than at any time in recent months. the
I. inward coal business has exerted
depressing effect on outward rates on
grain and other commodities and these
are sagging swiftly to low levels.
Coal rates also are falling off. Steam
ships are being offered at as low as
12 shllings ton and merchants gem
ei ally are holding off for IL shillcgs.
This rate compares with the first quota
tions of shillings 6 pence and the
later high point of II shilings. The
Shipping Board is again placing tonnage
for coal business and the fixing of the
Independence Hall, Wekika, Puget
Sound, Chickasaw and Cliffwood has
teen announced. making the total of
charters effected for Governmnt craft
fifty-four.
Demand for Prompt Loading.
On outward voyages tonnage is offer
ih6 iiCCly lOl ldlG aug uSl diiu otpttIH-
Ter loading. but orders are not readily
Obtained. The brisker activity in the
grain market has made a4sbetter demand
Tor ships for prompt loading especially
as inward bound coal carriers are hold
ing out for the option of cancelling sail
Ing dates. due to the possibility of delay
III diseharging their coal.
Rates for Montreal loading are firm
at about IA cents a hundred to the
Antwerp Hamburg range Except for
August loading there is no demand at
the moment for tonnage from the At
lantic range number of steamers
are reported held firm at 11Ia cents
representing drop from 1874 cents, the
low point reached in July. 1t is generally
expected that this rate soon will be
pushed down TO II cents and eventually
even 10 10 cents berth parcel is said
TO have been accepted recently at s
cents to Rotterdam.
Berth business generally, as dis
tingu.shed from tramp or full cargo
business, IS unsatisfactory to the opera
tors. Although here and there slight
~ better movement of freight is to be
FOUND the all important matter of rates
has not been settled. The permanency
OF liner freight operation, every one is
agreed, rests on a system of fixed rates
at levels high enough to yield a profit,
E'N AAit hhouidlouS oDLAlnS tndt
most OF the steamship companies appear
willing 10 accept business at far below
these levels.
Conferences Not Fully Effective.
The Shipping Board conference sys-
tenn. designed to bring about stability in
rates, has not borne fruit: there has
been no effectual bar TO rate cutting by
dishonest members of the conferences
In the Far East trade a plan for the
assessment of damages, secured by a
cash forfeit. Is being completed and
many believe that it will offer a solution.
Others say that as long as many of the
important trade routes remain over
tonnaged and have a large proportion OF
passenger ships ready to accept heavy
cargo at nominal rates for ballast the
conference system cannot function equl
tably
There is some thought OF the old form
OF pool organization. which had its most
complete exemplification before the war
IN the transatlantic passenger pool This
was undoubtedly satisfactory to most of
the members, and the pool system
might well now be revived were II not
for the fact that 1t Is believed to be
more or less in conflict with present
shipping laws Of the United States.
There is the further consideration that
Shipping Board vessels plainly could not
enter pooling agreements with foreign
Tires, and would remain disturbing fac
tors.