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216 Tite MARINE REVIEW April, 1929 ae ) is the beginning. For three years I : haven't seen over one British ship here at a time. What cargo went to Europe was carried by the Nippon Yusen Kaisha. Now there is about 60,000 tons going there in British bottoms." The dozens of Japanese steamers lying in the harbor were there waiting for cargo. There was nothing for them and, despite the rustling of the brokers. sufficient goods could not be gathered to- gether to enable them all to clear for sea. The uncertainty of the situation caused the shippers to hold back their freight. War's Incentives Vanish Now this all followed a time when shipowners were counting over their profits, and creating hugh ambitions . for the future. Their schemes had to be dropped. What money they had made had to be carefully reserved. And now, when a certain amount of stability is setting in, they do not find the incentives that had existed during the war. The capital raised for shipping dur- ing the boom was astonishing. From every quarter of Japan came millions of yen for shipping purposes. Busi- ness everywhere was _ prosperous. Money filled the coffers of the coun- try to overflowing and so great was the excess that it took little persuasion on the part of the promoters to per- suade the people to lend them money. Hundreds of concerns sprang up over night and the eastern papers were crowded with announcements of new firms entering the shipping business in Japan. But now ~a. reaction has S$et- = Foreign orders are not being placed half so frequently as they were during the war. Therefore, many of the ship- yards that sprang into being, like mushrooms in the night, and the in- dustries born with them, will pass out of being. What, then, is to be the result? Putting aside the large, well estab- lished concerns, the swarm of smaller fry will find themselves "up against it." Of course, they will make a bid for the-China trade. But that cam net be captured in a day. For, arrayed against them are strong British im- ferests, a slow and = surely growing Chinese marine and, let us hope, 4 new fleet of American coasters will soon be dispatched to those waters 0 become a big factor in that trade. Now a sign that should calm the fears of those who expect to see the Japanese make a ruthless freight cut ting attack in the Atlantic and Pacific i GuOWN IN HE TEPER Pe Fence of the Nippee Bs AN EASTERN SHIPPING SCENE TAKEN Kaisha, the Toyo Kisen Kaisha, an¢ other such important firms, into 4 BUSY WATERFRONT SCENE AT HAKODATE, ISLAND OF 2ZO, JAPAN, : ILLUSTRATION--THE LOWER VIEW IS IN NEWCHWANG HARBOR, MANCHURIA