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World Exports Show Decrease But Still 16% over 1925 HE condition of our foreign trade is a matter of great concern to the country as a whole and direct-’ ly, of course, to steamship owners and operators. The National Foreign Trade council has just issued its an- nual review on the condition of inter- national trade. This review frankly accounts for the down turn in exports all over the world by citing the facts of increased production during the past five years. It also calls attention to the fact that the manufacturing industry of the United States is sub- stantially holding its own in exports, while Europe, our best customer, is just now the steadiest field of inter- national commerce. The main points of the report are given briefly below: The steady growth of international commerce has been interrupted this year for the first time since 1921 by a net decrease of about 8 per cent in the volume of the world’s export trade. But, in spite of the present down turn, international trade, as ex- pressed in world exports, is still about 16 per cent greater in volume than it was in 1925. About two thirds of this gain in the tonnage of world trade, that had been made since 1925 up to the end of last year, will thus still be retained at the end of 1930, on the basis of present figures covering about half the world’s commerce. World export trade for 1930, accord- ing to figures up to Dec. 1, for nations carrying on about half of the world’s commerce indicate that the export trade of the 101 nations of the world will be about 22% Dillion dollars for 1930. The total exports of these 101 nations for 1929 were $24,427,000,000, both figures being reduced to the com- mon index of 1913 prices. A notable fact of the year’s business is that European export trade has been less affected by the present de- pression than that of any other sec- tion of the world. The actual volume of Europe’s export business has re- mained very close to what it was in 1929. Though its trade is less than last year’s in current dollar values, this is almost entirely due to the fall in prices. In 1929 the aggregate ex: port trade of the 27 European nations had at last reached 99 per cent of its 1913 volume. The figures reported by the various governments place the 1929 total at $11,985,000,000, adjusted to the 1913 dollar, compared with $12,- 086,000,000 actually reported by these nations for 1913. World prices are lower, meanwhile, than at any time since the war; even lower than in 1921. They have de- creased since this time last year by of semibulbous type. fully 15 per cent, approximating, as an index of present world export values, a figure of less than $1.20 as related to current dollar values in 1913. The recession since 1925 has been from a corresponding world export index price of $1.56, on the 1913. dollar, or a drop of almost 25 per cent in the past five years. The most constructive factor of the present year is, however, that manu- facturing industry, particularly in Europe and the United States, though reflecting the general reductions of prices, has not substantially reduced the volume of its products entering international trade. The single ex- ception is the automotive industry whose exports, almost 90 per cent of which come from the United States, have dropped off during the present year almost by half from its 1929 record. The average diminution of other manufactured exports from the United States by only 8 per cent, coupled with the ability of Europe to maintain her own _ predominantly manufactured exports at practically last year’s volume, show that the greater part of the year’s losses in foreign trade has been absorbed by the more speculative international commerce in raw materials. This rel- atively steady market for the prod- ucts of manufacturing removes much of the danger from the present situa- tion and presages an improvement for the near future. Keel Laid for New Liner (Continued from Page 21) sion will be by twin screws driven by triple series turbines and single reduction gears, developing 34,500 maximum shaft horsepower giving a sea speed of 20 knots. The new liners will be of modern design throughout and they will have an appearance of grace and speed. There are to be two low raked elliptical funnels. The bow will be The stem will be raked and the stern will be of the merchant counter cruiser type.. The length overall is to be 705 feet and the beam 86 feet. First, tourist and third class passengers to a capacity of about 1300 will be provided for; 600 first class, 490 tourist and 230 third class. Interior of the new ships will be of exceptional quality throughout. There are to be large lounges done in the Georgian, Jacobean or.Tudor design equipped with stages and talk- ing motion picture equipment. In all passenger arrangements in pub- MARINE REVIEwW—January, 1931 lic and staterooms every need and comfort of the traveler will be con- sidered. Special study has been given to safety. The regulations adopted at the international safety at sea con- ference held in London last year will be complied with in full. Every proved practical safety device known to modern science will'be used. In addition to passenger quarters express cargo will be carried. The holds will have a capacity of 350,000 cubic feet. Some of this space will be cooled for the transportation of perishable products. Another 16,000 cubic feet will be refrigerated for storing food stuffs for passengers and crew. Laying the keel of this magnificent new liner, which is to carry the American flag on the Atlantic, is an important step in the upbuilding of the merchant marine. For this, re- cent and present governmental pol- icy, is directly responsible. Port Traffic Gains Figures for the first nine months of the year for the Port of Houston, Tex., reveal that despite a nation- wide slump in business this port made greater progress this year than last. Statistics covering the nine- month period show that the port made a tonnage gain of 19.7 per cent over the corresponding period for 1929 and a gain of 41.30 per cent over the same period for 1927. Ves- sel movements were 2927 for the first nine months of the current year. Dur- ing the past year this port rose to first place in the United States as a cotton exporting port. To meet demands made by increas- ing commerce, numerous improve- ments were made during the past year. These included the enlarge- ment of the Houston grain elevator, giving it a capacity of 3,500,000 bushels, whereas its former capacity was 1,000,000 bushels. Installation of two 25,000 kilowatt generators by the Houston Lighting & Power Co. is practically completed. A 16-acre site on the Houston ship channel has been acquired by the Davidson Chemical Co. of Baltimore for a large fertilizer plant. Dredging for the wharf has been finished and a spur railway track and shell highway have been constructed. About four miles of additional railway storage tracks were constructed and a contract has recently been awarded for the con- struction of about eight miles more of main line trackage. Destroyers on the deferred payment plan are offered for sale by the navy, providing they are not to be used for transportation of illicit beverages, and both bond and notes are furnished in payment, the navy department an- nounced Dec. 9. 33