Few persons who have had to do with shipping in 1925, either in China_or elsewhere, will be disposed to differ from Lord Incheape who, at the annual meeting of the P. & O. Company a fey weeks ago stated that it kad been "th worst year which shipping had ever experienced." The shortage of cargo, already pronounced when the year started, reached an acute stage; freights were constantly at an unremunerative level; running costs mounted higher even than in 1924; dock and labour charges, already in many places as high as the shipping industry could possibly cope with and continue to exist, showed a tendency to mount even higher; and in every way was the shipowner handieapped and dragged.
The political stabilization and econo-mie recovery of Europe were accomished neither ough nor ely enough thet were held out the openings of still too recent for the anticipated on international trade, and therefore on inter national shipping, fo be felt. even tially. The Lo-came Treaty, the toe wadiment in will "constitute rehabilitation the and in no hewsich of comm its influence it for trade over, two coun tries especial by re uffered more than any a and China; Australi ins of Bolsine who harassing and jeapy eaith shipping or more yeara and) who year attempted, njunet hoyists nand South Africa, to uhimately to of British coa ina, owing scamien which followed May 30 last; to ing of the yy ris of Canto and Swatow: to ship which hax been in force last but by no means hopeless state of chaos into which Eh: herself has fallen. It would be difficult ace rately to in which of the three causes gh as had the foreign The strike of seamen en Britith and Japan-ich lesser de-ich commence tee hi is still all} nationalities, June 5 last (and fon so far as Bi med), had the effect of Imost_ecmpletely. par activity in the coa The resumption ud nat the time months aiter the com-tike, has not been June 28 the ly supported b; at Canton, there itich ship trade, and on double, festered and open-the Bolshey element ad to Hongkong, where al walk-out, the men being among the first to x0.
But even admit the effect Shanghai and the of Hongkong and has affected for so much as the in the country itself.
Text read from the printed page and cleaned; old type leaves the occasional error.