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‘September, 1915 ‘er than they have been since the Russo-Japanese war. You hear the ery that there is a marked shortage of steamers to carry the goods offered. The opening of the Panama canal has cut the distances between points in half. But the complications that have arisen in the past few months are surprising. “In the first place, the Pacific coast thas ceased 90 per cent of its dead- weight cargo offerings. The stopping of lumber shipments with the stag- nation of .that industry, the lack of heavy machinery, and the falling off in westbound steel products, have reduced cargo of this class at least 90 per ‘cent. I know of one steamer that ITH coal and grain leading. the V \ way, chartering has become more extensive during the past - ‘two weeks and some moderate increases in rates have been established. This improvement follows a rather quiet and spotted July freight market, in which the general inclination had ‘been toward lower figures. Generally shippers now appear to be more will- ing to pay higher rates for forward fixtures and the market affords signs of further advance. Many Coal Cargoes Placed Coal thas furnished the largest de- mand in the past month. To the River Plate, the rates paid have ranged from 34 shillings to 34 shil- lings 6 pence ($8.09 to $8.21). To Rio Grande do Sul 42 shillings 6 pence ($10.11) has been paid and to West Italy the rate has been from 36 shillings to 37 shillings ($8.57 to $8.80) for single trips to around 41 shillings ($9.76) for four, five and six trips. The demand for West Italy now has subsided somewhat and char- terers are offering 38 shillings to 39 Shillings ($9.04 to $9.28) for last half of August and September loading. Grain Rates Steady In grain much of the fixtures have ‘been for Gulf loading to West Italy for the last half of August at 10 shillings 6 pence to 11 shillings ($2.50 to $2.62). From the Atlantic range to West Italy, for last half of August, several steamers have been fixed at 9 shillings 9 pence to 10 shillings ($2.32 to $2.38). From the Gulf of Spain and Marseilles 10 @ence ($250) was paid, and to Piraeus, 11 shillings ($2.62). A small steamer secured 11 shillings 6 pence Mexico to shillings 6 THE MARINE REVIEW left New York recently with only 4,000 tons of actual weight in cargo, yet she was filled to the hatches. It costs money to handle this sort of freight, and there is a corresponding increase in damage claims, stevedore charges and the like, while revenue is reduced. Then, too, while you have not heard much of it, we have had trouble at the Panama canal. There have been frequent little delays which have all meant money. “The agitation for equitable rates to all Pacific coast ports has reached the east. Men who have money in steamship lines pay strict attention to this phase, and they fear that there may be trouble as direct result of it. Charter ($2.85) from the Gulf to Spain. or Marseilles with the option to West Italy at 11 shillings 9 pence ($2.80), for September. and October loading. There was some decline in lumber rates early in the month, but a recov- ‘ery occurred later sand. from: New Brunswick points to United Kingdom 140 shillings ($33.32) was paid and to London and Liverpool 142. shillings 6:pence ($33.91). Fixtures have been made at 240 shillings ($57.12) from the Gulf to London. and at 250 shil- lings ($59.50). to the River Plate. A rate of 212 shillings 6 pence ($50.46): was paid from the Gulf to United -Kingdom on a cargo of timber and ties. Cotton Tonnage Looking Up Cotton tonnage is looking. up and South Atlantic charterers are offering 110 shillings ($26.18). An in- ‘crease in this rate is expected, as a British steamer’ obtained 167 shillings 7 pence ($23.19) from Galveston to ‘Havre. On case oil, 50 cents was paid from New : York to the River Plate. Over 50 cents is -reported to have been paid for Chinese ports. Time chartering has been slightly more active. For transatlantic voy- ages rates paid have been 12 shillings ($2.86) for 12 months, 13 shillings 9 pence to 14 shillings ($3.27 to $3.33) for six to eight months and 15 shil- lings 6 pence ($3.69) for round trips. To the West: Indies, round trips are 10 shillings to 11 shillings ($2.38 to $2.62) and to the River Plate 15 shil- lings ($3.57) for a down-trip. Lake Tonnage Exceeds Demand Tonnage on the Great Lakes during the past few weeks has considerably exceeded the demand. Shipping of Viarket is a90 Strangest of all is the stand recently taken by the big shippers. An effort has been made to force down the rates of the coastwise lines. These lines have offered reductions of from $60 to $150 a car on freights. They are keeping big fleets of steamers on runs, paying them an average of $15 a ton, whereas by putting them into tramp service they could secure from $20 to $40 a ton, and with smaller crews and less expense. “Then there is the great psycholog- ical hold which the war has on all business, also the newness of the Panama canal routing to be overcome, all of which is making the steamship game rather uncertain just at present.” grain has been late and light. Iron ore has been handled in normal quan- tities, but congestion at the docks has handicapped coal transport materially. A number of vessels have been with- drawn from service on account of the scarcity of cargo business. Knglish Firm Profits The annual report of Furness, Withy & Co., Ltd., one of the largest and most important of English shipping interests, operating steamers or book- ing freight to almost every port in the world, covering the 12 months ending April 30, 1915, shows that while the gross profits were about $200,000 more than they were in the preceding year, compared with the operating results of two years ago, the company is approximately $500,000 behind. The directors, however, consider the results satisfactory, as they have been en- abled to charge no less than $1,750,000, equal ‘to about 9 per cent of the current book value of the assets, to depreciation, and to declare the usual dividend of 10 per cent. It is declared that present high freight rates have probably more than com- pensated the company for any loss incurred through the war, the report disclosing trading profits of over $2,- 094,000 as against $1,875,000 in the previous year. Dividends were $1,- 243,820. The report further announced that the directors have Set aside the sum of $75,000 for the creation of a super- annuation fund, $50,000 being appro- priated for distribution as a “war bonus” for masters, officers and en- gineers of the company’s fleet. A large number of the steamers owned by the, company are run by subsidiary companies.