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230 huge loss every year. voluntarily to pay ! er hire 3 demand the original contract be carried out. On the other hand, in the case of a boat that was sold or built during the war, the owner has a depre- ciating capital cost to consider which. is causing no little apprehension. Rapid depreciation in shipping values is a thing which the shipping world does not wish to see for several years to come. Rather a peculiar condition exists at present in the charter markets Some charterers have offered Ouwentsl ofthe North Pacific... There as a T cade strong demand for sailing vessels and Pe auxiliaries while the charters for is Weak transpacific steamships and rates on the regular Oriental lines are weak and cargo scarce. Private operators on the transpacific routes are now meeting the level established by the United States shipping board of $12 per ton weight and $14 per ton measurement. However, the Oriental situation is 'working under a handicap in competition with Atlantic ports because of the differential imposed by high railroad rates from interior originating points to Pacific terminals. This matter has recently been the subject of negotiation with the proper officials ~at Washington. Recently a large fleet of Oriental carriers has called at north Pacific ports with the result that 'practically all congestion has been relieved and the various lines are now seeking cargo. Carriers from the Orient are arriving with but small cargoes and not a few of them are coming in ballast, a condi- tion which has not obtained since three years ago when the transpacific movement began to assume 'enormous proportions. Operators from that section are concerned about the differentials in favor of Atlantic ports and they hope for further concessions in through rail and water rates so that the Pacific 'may operate on a level with New York and other _ eastern terminals. - The shipping board has assigned a number of new vessels to the Pa- Vessels cific. Some of these will load for e. China and Japan and others for Vladivostok. Practically all business Pacific is now being booked at shipping board rates and there is ample space for all freight offering. -Heavy or- 'ders for railroad ties placed with British Colum- bia and Washington mills have created a demand for carriers and a large fleet of wooden vessels is now fixed to move this cargo. These ties are bought for delivery at United Kingdom and: Atlantic ports. Several' vessels have been taken for British ports from British Columbia at from $42 to $50. The shipping board rate from. north Pacific to 'Atlantic ports has been fixed at $16 for ties and $18 for lumber and several cargoes are now loading at these figures, the vessels employed being woodén: steam: | ers constructed at north Pacific yards. Three lum- ber cargoes for north Cuba have been dispatched from Puget sound at $21 and further business is in sight, although lumber exporters are hoping for lower 'water rates. They claim they cannot compete with the yellow pine districts under preserit tariffs. To north Atlantic British ports, the shipping board rate on lumber is fixed at' $22.50. _ Three vessels have been fixed to carry barley from San Francisco to Copenhagen at $40 per ton net, this being' considered a good rate under present conditions. THE MARINE REVIEW an extra charter. hire while others -- "May; 1919 A French sailing vessel has been taken for grain from San "Francisco to United Kingdom at 119 shillings, this being the first fixture of this king. since the United States entered the war. The nor- mal rate for this business before the war was about 25. shillings. S Owing to the high rail rates. across the country, Pacific coast steel ship- Conditions builders are facing a condition that : is causing some worry and they are Becoming now considering the plan of operat- ing a line of steamers through the Normal : canal to move their steel to the west | coast in, shipload lots. There is now no demand for carriers to bring copra from the South Pacific and return cargoes from South America and the islands are limited. Lumber freights from north Pacific to Australia are quoted at about $30 to Sydney and $35 to Melbourne with South America on a parity. : : a Altogether the situation is thought to indicate that conditions are beginning to readjust themselves on a peace basis with supply and demand governing. In well informed circles it is believed that Oriental rates will touch the $10 level after which supply and demand are expected to govern future commit- ments with the rate likely rising to $20. within. the next six months providing the business expected ma- terializes.. Steamships leaving Boston _ for . Europe are bulging with provisions Atlantic and foodstuffs. The main trouble Toa with exporters is that sufficient ton- . nage is not obtainable. On freight is Heavy for England, the British government ' ig taking about two-thirds space while the remainder' is commercial booking. Piers are filled with merchandise awaiting shipment, the offerings originating in New England and the Middle West. Thus far, the railroads are having no special difficulty keeping pace with busi- ness billed to the transatlantic terminals at Boston but, as the British government requires 'less 'space in its ships, the rails will be taxed, it is believed, to keep abreast of the outward flow of freight. Grain is arriving in large quantities and. the' ele- vators at East Boston and Charlestown, served re- spectively by the Boston & Albany and the Boston & Maine railroads, are kept well filled although several ships for England last month each took upward of 150,000 bushels of wheat. The export of oats is 'falling off, most of that cereal going to France for the army. A marked falling off in shipments of apples to London and Liverpool is noted. The latest con- signment of any size being about 12,000 barrels, for 'London. Total apple shipments since the season opened range round 400,000 barrels. : Quantities of condensed milk and other patented foods are being forwarded to Liverpool. <A. recent consignment of milk weighed 1200 tons. Lesser ship- ments of milk have been going forward all winter while movement of pork products. continues about the same as in prewar days. Quantities of wheat flour substitutes are being sent. to Rotterdam for the Netherlands government and to Bordeaux for the Swiss. The French high commission is being supplied with flour substitutes, principally corn flour and pn meal. Some of these cargoes are trans- a in eh bottoms and the lake-built steam- aly a Been employed in the trace with generally Satistactory. results although their ¢apacity -is small.