The shipping industry is at present undergoing one of the greatest crises in the history of commerce, the "Daily News" announced en February 21.
According to the annual report of the Chamber of Shipping of the United Kingdom for 1920-1921, just issued, in January, 1921, there were laid up in United King: dom, United States, and Scandinavian ports (apart from 26 wooden ships laid' up in America) 5,000,000 tons dead weight, or approximately 3,000,000 tons.
"The year," proceeds the report, "has been marked by a dramatic fall in freights. The character of the movement is reflected in time charter" rates, which fell from Qos. (twelve months general) to 10s. After the close of 1920, the vote dropped to 7s, 6d.
This falling off was accompanied by no reduction in the cost of running charges, except in the price of coal. As compared with the preceding year, the increase amounted to 148 per cent, in the coasting and home trade, and 280 per cent, in the case of foreign trade, upon costs in the year preceding the war.
Under present conditions, it is stated, very little shipping is being run at a profit, and on a great many voyages heavy losses have recently occurred.
Comparative figures as to seagoing tonnage (excluding sailing vessels) in 1914, and on June 30 last, are given as follows (million ess tons):
World supply 516 British Empire share 2.0 20.62 United Kingdom share 181 18.9 The weights of our exports and imports last year were about 6 per cent. of those of 1913, indicating a slight improvement on the figures for 1919, The most serious falling off, from the point of view lof shipowners, was in coal exports. which decreased from 73,000,000 tons in 1913, to about 20,000,00¢ tons in 1920.
Modern developments are also reviewed, and it is stated that more than two-thirds of the vessel fitted for oil fuel are American. say Mass in one of the many little chapels round the cloister, or, at night, to chant matins in the central church. Life was nothing to them; they devoted themselves to meditation and study. They were Latin inscriptions carved over ths, theologians, philologists, trans-cell doors reminded them of the! laters, and annotators of manu-vanity of the world and the cer-! scripts, and they made the Grande tainty of death. They received Chartreuse an ardent centre. of their food through trap-doors, and, spiritual and intellectual life which they never left their cells except to shone throughout the Middle Ages.
Text read from the printed page and cleaned; old type leaves the occasional error.