In dealing specifically with the question of ocean tonnage serving China during the year 1925, it will not be out of place first to refer briefly to the world situation, which is more or less reflected in China trade, with the differenced that the situation in China is probably considerably worse than in aly other part. During the year, notwithstanding the breaking up of a large number of obsolete ships, new construction has+ undoubtedly more than overtaken the Josses from all causes, though the official statistics on the subject are not yet available, It is an illuminating fact that during the 12 months ended June 30 last the tonnage of steamers and motor-vessels on "Lloyd's Re increased from 61.5 to 624 million gross tons, as compared With 45.4 million in 1914. There has been no inevease in the demand for cargo space as compared with 1914, and there is much more tonnage available for the world's maritime trade than it at present requires, or would require even if there were a widespread revival in world trade. A large proportion of the world's tonnage is already Inid up and ready to be brought into use if any important rise in freight rates and increase in cargoes available were to give promise of its profitable employment. At the same time, even for what freight is offering, there is a general surfeit of ships, with the natural eonsequ that with the core jon of eases Generally speaking, freight rates, meastired in gold, ave less than the pre-war level, while recent British Board of Trade vtatistios show that wholes prices of ordinary commodities, measur ed in gold, ave about 60 per cent. above what they were just before the wa In other words, freight rates paid to shipowners for carrying goods by sen are worth less than two-thirds of the quantity of commodities which they wore worth before the war. One main reason for this contrast is probably the very large inevease in the quantity of tonnage available for mari time trade, without any corresponding increase in the demand for such tonnage.
Mluminating Figures As some indication of the present demand for cargo space as compared with pre-war conditions, the statistics for the United Kingdom published by the League of Nations may be quoted. According to those statistics, while the monthly average of the net tonnage of vessels entered into the Kingdom with cargo was, in 1913, 4.1 million tons, the corresponding figure for 1920 was 3.0 million tons; for 1921, 3.1 milliom® for 1922, 3.6 million; for 1923, 4.3 million: for 1924 5.1 million; and for the first A Tepicat Citina Coast Passexcee axp Cance Vesset—n AN Cree 2 of 1925, 4.9. million. It statistics for the following countries—United States, United Kingdom, Germany, Holland, Belgium, France, Sp Italy, Sweden, Egypt, Ind Japan, Austvalia and South Afriea—be put together, the monthly averages of the net tonnage of vessels entered and cleared have been as follows, in millions of tons:—Entered in 1913, 25.2; in 1924, 29.7, Cleared in 1913, 26.1; fu 1924, 29.2, It appears, then, that the effective demand for ships had so far recovered from the low level reached during and after the war that in 1924 it was about 15 per cent. above what it was in 1913; but as the volume of the world's trade has decreased by about 15 per cent. it follows that the average cargo per ship per voyage has tale about one-third, and that the gros earnings per voyay: are only about two-thirds of the pre earnings; and as the gross ton the sicel and iven mere:
from tons in 3014 that is, by 38 por cent—it is obvious that the sopply of tonnage available for the world lo has inereased to a much greater degree than has the eifcetive demand for xuch tonnage, This must have had a great effect towards a n in the Fates of ocean Srely Add to thi sion, the con ntly growing dock and 1921, and a rough ps under which shipping is now operated will be parent. Add further, so far as Chin is concerned, the internal and external disabilities with which the shipowner 1s, directly or indirectly, to contend, and which already have been referred to in another part of this article, and it will be seen that ocean chipping to and from—but especially from—China has been an undertaking encompassed with risks and abounding in difficulties.
Text read from the printed page and cleaned; old type leaves the occasional error.