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chant vessels to build at their Walker yard. Other orders for vessels rang- ing from 3000 to 9000 tons dead- weight have been received during the past three months by various firms in the district, some of which will be busy for several months to come. The Furness Shipbuilding Co. can look forward to two years’ work, and the Palmer Shipbuilding & Iron Co. has at least 20 ships on its books. The ship-repairing departments also are busy and successful tendering has of late been effected. At Belfast, Ireland, Harland and Wolff have re- opened two yards which had _ been closed for several years. Workman, Clark & Co., Ltd., launched at the beginning of March the first of the passenger and fruit carriers built for the United Fruit Co. for service be- tween Boston and the West Indies. The Peninsular and Oriental company is reported to have invited tenders for the construction of five mail boats of about 20,000 tons each. Belfast interests are hoping that at least a portion of this contract will be awarded to them. The ship sale market has_ been unusually active of late. One of the largest sales of cargo steamers which have taken place for years is that of the fleet of cargo steamers com- prising five large vessels aggregating about 40,000 tons deadweight and built a little over two years ago; they belonged to the firm of Charles Radcliffe, Ltd., of Cardiff, Wales, and were purchased by Haldin & Co. Ltd., on behalf of the Court Line, Ltd., and the United British Steam- ship Co., Ltd. for about £315,000 ($1,527,750). The ships will be used in the Argentine and North American trade of Haldin & Co. in grain, wool and general cargo. A new steamer, only now com- pleting, has been purchased by the Glasgow firm of J. and J. Denholm. This vessel, which will carry about 9850 tons deadweight, has been built by the firm of Lithgows, Ltd., of Port Glasgow and will be named HOLMPARK. The BaAwrry, of 9100 tons deadweight and built ten years ago, was acquired by the Arbor Ship- ping Co., Ltd., London, at £37,000 ($179,450) and has now been taken over by Mr. N. G. Livanos of London at £38,500 ($186,800); this vessel formerly belonged to the Canadian Pacific railroad. The MANHATTAN, of the Atlantic Transport Lines, carry- ing about 12,000 tons deadweight and built. in 1898, was sold to Italian shipbreakers for about £15,000 ($72,- 750). This transaction took place last January and a similar one, that of the MICHIGAN, was made in Oc- tober last year, also with Italian ship- 36 breakers. Three steamers of the Prince Line, Ltd. managed by Fur- ness, Withy & Co., were sold for £32,000 ($155,200), £40,000 ($194,- 000) and £45,000 . ($218,250); these are the BURMESE PRINCE, 8020 tons, built in 1911, the ROMAN PRINCE, a two-deck and _ sheltered-deck steamer of 9150 tons, built in 1914, and the MoorisH PRINCE of 9300 tons, also built in 1914. Many other transac- tions have taken place during the past three months. Freight Market Fairly Good Present conditions in the freight market are fairly satisfactory. There has been a marked improvement in the River Plate homeward freight market, and with the good crops an- ticipated for the coming season, indi- cations point to the current year being more favorable than the pre- vious one. The accompanying chart illustrating the index numbers com- piled by the Statist, London, shows a substantial drop from the abnor- mally high figures of October and November 1926. The figures since the beginning of this year compare favor- ably, however, with those prevailing at this time one year ago. There still is a considerable sur- plus of unemployed tonnage, as shown by Lloyd’s figures for the past year. In 1914 the total tonnage of sea- going steel and iron steamers and motorships was 42,514,000 tons, where- as in 1926 it was 52,117,000 tons, or an increase of over 16,500,000 tons. The surplus of unemployed tonnage is gradually being reduced, but it still is large enough to cause owners difficulties in finding profitable em- ployment for their ships. As regards the immediate outlook, the chamber of shipping states that although the economic position of the shipping in- dustry is not at the moment materially better than it was a year ago, there are, perhaps, signs of an improvement, depending ultimately upon the per- manence of factors which make for a general restoration of trade. It is pointed out that during 1926 the cost of supplies, maintenance and re- pairs for one of the largest com- panies was found to be, on the aver- age, 75 per cent above the standard before the war, whereas the average rise in freights was only about 20 per cent above pre-war levels. It is owing to the expenses incurred dur- ing the last six months of 1926 by the lines plying to Indian ports and Ceylon that freight rates to these ports have been revised upward, both from Great Britain and from the continent. rates from the United Kingdom and the continent will gradually be brought MARINE REVIEW—May, 1927 It is anticipated that the - to a parity. A feature of the moment is the resumption of short-distance trade and the gradual revival in the employment of many small _ ships trading in coal between Britain and ’ the continent. Look For Active Grain Business Notwithstanding the prospects of active grain business with Argentine, the homeward River Plate market is slightly easier in view of the ample supply of tonnage. April loadings are on the basis of about 27s ($6.55), but 25s ($6.05) for May-June. Hampton Roads coal remains depressed under the threat of a strike in the United States, though a few shipments have been made at $3 to west Italy. Cuban sugar offers at 22s 6d ($5.45). Mon- treal’s terms for May grain to the continent are about 16 cents per 100 pounds. There is a good miscellan- eous demand in the eastern market, but business is held in check to a considerable extent owing to the Chinese situation. Large steamers are steadily chartering from Australia. The Mediterranean and Black Sea markets are improving and ore ship- ments are decidedly more active, char- tering to British ports being at about 7s 6d ($1.80). Coal freights are steady. The question of port charges has been brought before parliament, where it was pointed out by Sir Frederick Wise that costs of loading and discharging cargo in Great Britain are higher than in continental ports, due to lower labor costs on the con- tinent. The question also was taken up in a paper on loading and unload- ing facilities in ships and on land read before the North-East Coast In- stitution of Engineers and Shipbuild- ers by Mr. R. I. Dodsworth, a director of Furness, Withy & Co., Ltd. The chamber of shipping also has taken the matter in hand and port authori- ties are urged to do all in their power to increase facilities and make those improvements over which they have control. The movement of vessels in the Brit- ish ports since the beginning of this year compares favorably with the some period of last year. In February 1927, 4145 vessels of 4,089,769 tons entered British ports with cargoes, and 4673 vessels of 4,682,015 tons cleared with cargoes to foreign destinations, including British dominions. During the first two months of the year a total of 8592 vessels, trading foreign, ageregating 9,098,964 tons, entered British ports with cargoes. This compares with 7883 vessels and 8,171,- 592 tons in the corresponding period of 1926. Of this year’s tonnage, 23.3 per cent came from the Atlantic coast (Continued on page 46)