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5.6 per cent of the total net tonnage, Panama canal measurement, trans- iting during that period, in com- parison with 4.9 per cent of the total in the 12-month period ended Feb. 28, 1933. The increase over this route in the past 12 months aggregated 370,560 net tons, or 33.6 per cent more than the tonnage _ passed through in the preceding 12 months. The gain is attributed to the rate of exchange becoming more favorable to British owners who operate the greater amount of tonnage in this trade. It will be remembered that when Great Britain abandoned the gold standard, vessels plying between Europe and New Zealand sought routes other than by the Panama canal (Cape of Good Hope and Cape Horn), due to the high tolls rates when paying gold dollars with de- preciated pounds. With the aban- donment of the gold standard by the United States last March, however, the exchange again became substan- tially the same (or slightly more favorable to the operators) as when both nations were on the gold basis, resulting in the return to the Panama canal of much of this traffic. Traffic in February 1934 over this route was the highest of any month in the past two years. The daily average net tonnage for the past six months in this trade made an increase of 30.0 per cent over the preceding six months, and an increase of 79.2 per cent in comparison with the corres- ponding period in the 12-month pe- riod ended Feb. 28, 1933. A table showing the net tonnage through the Panama canal in the trade between Europe and Austral- asia, by months, for the 12-month period ended Feb. 28, 1934, in com- parison with the same months in the period ended Feb, 28, 1933, follows: Europe and Australasia Tonnage Tonnage 1933-1934 1932-1933 106,062 128,745 141,197 104,743 124,289 92,987 101,474 107,023 73,002 89,780 101,087 58,400 647,111 581,678 September: viiscccisicccscceces 95,813 95,434 October ise 93,809 57,562 November 2325s 139,821 75,269 DeOCGMmDErs! hisaticee 8 155,454 80,741 JANUATI saci e 139,558 111,512 Pebruary: soniccissscccestoes 202,816 101,628 WOCE ss iecsticstecsatrscietestee 827,273 522,146 Grand Total .............. 1,474,384 1,103,824 East Coast U. S., West Coast S. A. Traffic between east coast of United States and west coast of South America was the sixth trade in point of net tonnage through the Panama canal in the past 12 months. It accounted for 4.9 per cent of the total net tonnage, Panama canal net, in comparison with 3.3 per cent of the total in the preceding 12 months. The increase in this trade in the past 12 months aggregated 561,847 net tons, or 75.7 per cent more than the tonnage passing through in the 12- month period ended Feb. 28, 1938. The increased tonnage over this route has been due to a resumption of iron ore and nitrate shipments during the past 12 months, as well as a return to the trade by the Grace Line of several of its passenger and cargo vessels which had been with- drawn in 1932 owing to poor trade conditions. The daily average net tonnage in this trade during the past month of February (4616) was the second highest of any month in the last two years, being exceeded only by that cf September 19338, which aggregated 4979 tons, the daily av- erage tonnage for the last six months of the 12-month period ended Feb. 28, 1934, was 4344, exceeding that of the preceding six months by 54.5 per cent and that of the correspond- ing six months of the 12-month pe- riod ended Feb. 28, 1933, by 164.6 per cent. A table showing the traffic in Panama canal net tonnage in the trade between the east coast of the United States and the west coast of South America, by months for the 12-month period ended Feb. 28, 1934, in comparison with the same months for the period ended Feb. 28, 1933, follows: East Coast U. S. West Coast S. A. Tonnage Tonnage 1933-1934 1932-1933 Marel 2: ceisississiiscotecsvicvens 69,206 66,317 UN a) Weer re terre rereryy er SOPP 42,575 108,632 Maye siussbinsgorindseesnntins 82,843 85,833 SUMO caceaerccaeweniene 83,608 79,604 A fyb Uh ser eaae esi Man not 101,404 41,632 AUQUBSE Siieeik catenins 137,646 62,931 Total: :s..:2 ess scaeviauceedeens 517,282 444,949 September ........cccscccesses 149,360 55,688 Octobere scans 122,815 47,247 Novemebr' oii ieee 124,905 50,512 December oii iiveccscievenes 129,003 38,123 VANUATY cavemen 130,965. 47,062 Hebruary: Vics 129,234 58,186 otal sii acer 786,282 296,768 741,717 Grand Total ........,..... 1,303,564 — t Miscellaneous Trade Routes The net tonnage in the commercial traffic classed as ‘‘miscellaneous trade routes and sailings,’’ comprises the traffic in addition to the six fore- going major trade routes. This traf- fic amounted to 3,334,705 net tons for the 12-month period ended Feb. 28, 1934, an increase of 379,295 tons, or 12.8 per cent over that pass- ing through in the previous 12 months. It made up 12.6 per cent of the total net tonnage for the 12- month period ended Feb. 28, 1934, as compared with 13.0 per cent of the total for the corresponding period ended Feb. 28, 1933. The daily av- erage tonnage over these routes for the past 6 months was 9975, exceed- ing the average of the previous 6 months by 20.0 per cent, and that of the corresponding six months in the 12-month period ended Feb. 28, 1933, by 20.0 per cent. A table showing the traffic in the miscellaneous routes and sailings, by months, for the 12-month period ended Feb. 28, 1934, in comparison with ' the same months for the 12-month period ended Feb. 28, 19338, follows: Tonnage ‘Tonnage 1933-1934 1932-1933 March? ssisscsasscati dovsteireene 249,688 237,692 ADE Sea ee heats 243,431 231,879 IMIAY. aiveicsapncaascessdsccssntncene 245,450 800,758 DUNE? ikaliticnuisnwers 222,820 261,867 SULLY ecdeseacaseseasnernaneeann 259,875 182,266 AUGUSE. oGirccesee cue 308,056 237,087 Total tiene 1,529,320 1,451,549 September ..... w. 266,841 285,544 October......... 246,982 231,686 November 307,799 205,984 December 358,185 343,200 January ... 824,444 247,197 February ..... 301,134 191,250 Total swine ve 1,805,385 1,504,861 Grand: Total). 3. 3,334,705 2,956,410 Inner harbor, Balboa, Canal Zone—Right to left, dry dock, shops and cargo pier MARINE REVIEW—May, 1934