The latest international laid-up tonnage figures compiled by the Baltic and International Maritime Conference reveal a position which, though serious, is not alarming. It is probable, of course, that the position has further declined as the latest available figures are, in certain cases, somewhat antiquated When the figures given below are related to the low level of freights March 18 Chamber of Shipping index shows that last month's index was 62 per cent. below the unprofit able February, 1938, levei—there may be some feeling of relief that the world percentage of idle tonnage is not higher than that actually shown. Particularly is this true of the British figure. On the other hand, the very small laid-up percentage of the autarchic States points a moral and doubtless adorns a tale of subsidies and: special protection.
The Baltic Conference comments on the situation in the following words.—
"The big number of vessels laid-up in Scandinavia, and the Baltic countries reflects the plight of shipping and particularly that of the smaller class of tonnage. The few cargoes available and the poor rates of freight offered for them have made an increasing number of owners realize that there is no use in carry ing on trading the vessels have been laid up, and while some will be put into commission again when the timber shipping season com-merices, there are owners who are determined to keep back their ships until charterers are prepared to offer more satisfactory rates.
'A proposal was received some time ago from a group of Finnish owners that the conference should: suggest to all members to lay up tonnage until the rates of freight on timber improved. It has not been necessary to publish any such request. Developments have forced: owners to lay up their ships anyhow.
Text read from the printed page and cleaned; old type leaves the occasional error.