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British Shipping Now at Low Ebb Analysis of Third Quarter Operations Shows Still Postponed-- N -ANALYZING present shipping conditions, it is essential to re- member that the state of the world is still abnormal. When we recall the magnitude of the upheaval caused by the war, no surprise need be felt that the settling down process has been prolonged. An analogy may be drawn with the case of a man recov- cring from a severe illness. Patience needs to be exercised during con- valescence. He can only gradually adapt himself to workaday conditions and the world today can not even be properly compared with the case of a convalescent. Large portions of the world, notably Russia, are still sick. Whole nations are the poorer for the outpouring of enormous wealth during the war. This-wealth can only be re- placed by hard toil over a. long period, and the effects of the great upheaval have been so disturbing that nations are finding it very hard to adapt themselves to the work which alone can bring about happier condi- tions. Trade Sag Causes Ship Surplus For shipping, the position has been complicated by the vast output of tonnage during the war, for which the present smaller volume of commerce, consequent on the breakdown of finan- cial. credits, can not. find.' employ- ment. 'If the volume of the world's commerce had been steadily increasing at the normal prewar ratio, there might have been no difficulty in profit- ably employing all the new tonnage. The simple fact is that the increase of shipping has been in excess of the actual requirements of the imme- diate postwar period, and depression has succeeded prosperity. The recov- ' ery of the world's trade must be slow, and while factories are working only two or three days a week, or are completely closed: down, it would be useless to expect real activity in the freight markets. : In these 'abnormal passenger liners have been more fav- orably placed than the cargo vessels. The destruction -of the high-class pas- senger liners during the war was ex- tremely heavy and this has not yet been made good. Consequently, the circumstances, BY CUTHBERT MAUGHAN Shipping Editor, The Times, London remaining vessels have, as a rule, been fully employed, and at the pres- ent time, when there is the usual autumnal exodus from the United Kingdom the fullest use is being made of the available accommodation. Cargo Liners Badly Hit Cargo liners are maintained in serv- ice as long as practicable, because the cargo liner companies undertake to provide regular services for their sup- porters. Ships in these cargo liner services have been; and are being dispatched with only comparatively small proportions of their cargo space occupied. Since the United Kingdom depends to so large an extent, for its foodstuffs on imports; many of the ships have been returning to the United Kingdom with good cargoes, as in the case Of the meat ships from South America, Australia and New Zealand. But, on the outward voyage, these vessels have carried very little of the manufactures of the United Kingdom, or they have been sailing in ballast. This means that the whole cost of the round voyages of very many thou- sands of miles has to be borne = by the freights earned on the imports. The maintenance of the cargo liners in service has meant that the financial results have been more serious for their owners than the effect of trade inactivity has been for the owners of ordinary cargo tonnage. The expenses of working large cargo liners are so great that the voyages may result in very heavy losses to the ownerships. In times of depression, owners of ordinary cargo vessels do not hesitate to lay up their ships in port. The laying-up of ships involves a certain amount of expense, but it may be, and often is, small as compared with the cost of maintaining ships in serv- ice when the support is inadequate. It has to be admitted that the times are still difficult for the ownerships of 'ordinary cargo steamers. At this par- ticular period of the year it was cus- tomary, before the war, to find freight markets extremely active. July and August were always regarded as quiet months, but with the arrival of Sep- tember it was usual to expect a great increase in the demand for tonnage 487 of tonnage available for the Upturn Uniform Shipping: Rules Are Favored due to arrangements for shipping the grain and cotton crops of North Am- erica. There was no. such improve- ment last year and there has been none so far this season. It is true - that large shipments of grain havé been arranged for from Canada to Europe. Dozens of steamers have been secured during the late sum- mer and early autumn for loading at Montreal. The rate, however, has remained stable for ordinary cargo vessels. at about 5 shillings a - quar- ter, indicating that there is plenty trade. Lately the volume of chartering for this trade has been limited by the accumulation of tonnage waiting to load there, and by the forthcoming expected closing of the navigation sea- son. Many of the vessels proceeded to Canada from the United King- dom in ballast. South American Trade Drops Chartering for the loading of grain in the Atlantic ports of the United States of late has been described as of only moderate proportion. The. River Plate: market has proved a disappointment. Early in the summer, the rate for loading heavy grain in the up-river ports of the Plate was on the basis of between 50 and 60 shillings per ton. At that time, there © was difficulty in securing outgoing coal cargoes in the United King- 'dom, and it was estimated that a treight of about 50 shillings a ton was required to cover the cost of 'dispatching a vessel to South America in ballast and bringing her home with a cargo of grain. Since then British bunkers and coal cargoes have been obtainable, but many of the vessels have still had to proceed in ballast. The rate has gradually weakened until, on Sept. 22 a freight of 22 shill- ings 6 pence was accepted, repre- senting about half the rate ruling in June. Some owners who had vessels i» the River Plate appeared to tire of waiting for full cargoes and de-- cided to put their vessels "on the berth." As low a rate as 10 shillings a ton for the voyage to the United Kingdom was known to have been accepted for parcels of grain. Such