Report of the British Economic Mission to Australia

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Monograph

Identifikator:: 179824683X

URN:: urn:nbn:de:zbw-retromon-182286

Document type:: Monograph

Title:: Report of the British Economic Mission to Australia

Place of publication:: London

Publisher:: His Majesty's Stationery Office

Year of publication:: 7th January 1929

Scope:: 63 S.

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Supplementary memoranda

Collection:: Economics Books

iN Ing tables relating to overseas and in- terstate shipping, respectively: — Australian Oversea Trade. Year ended 30th June. Oversea Cargo. Dis- charged, Shipped. 1917 1918 1919 1920 1921 1922 1923 1924 1925 _— wes 1926 ve. ee 1927 xo oe. Tons. 2,765,233 2,012,387 2,312,288 2,238,298 3,201,215 2,419,977 3,718,795 1,377,171 1,606,112 5,342,621 ROR 219 Tous. 3,982,826 2,613,561 3,813,651 1,984,946 5,925,133 5,816,174 4,064,196 1,981,521 5,498,098 5,169,407 3.946.141 (927 — British Vessels Foreign Vessels 4,317,856 1 637.356 3,567,889 1.678.252 Total ... 5,955,212 5.246 141 Australian Interstate Cargoes Shipped. Year ended | 30th Jnne. Interstate Cargoes Shipped. 1917 (918 (919 1920 (921 1922 ren 923 ver 1924 is {925 or [926 ais | 9977 oo Tons 1,868,014 1,833,428 4,495,258 4,415,909 1,993,678 5,633,716 5,137,651 6,358,191 6,413,975 5,735,973 6.796.156 » 20. From Chambers of Commerce, from manufacturers, and from many of the private individuals with whom we have been brought into contact we have received representations as to the high rates of freight charged for sea- borne transport, both round the coast of Aunstralia and overseas We think shat those complaints are justified, and ‘hat the existence of these high rates of freight militates against Australian orosperity. If freights are unduly large they handicap . Australian ex- ports, whether of primary products or manufactured goods. They handicap them in two ways, first because if the freight on the goods themselves is large, the c.i.f. price must needs be increased accordingly, and, secondly, because if the freight or articles which are ultimately used or consumed in the production of exported goods is large, this must be reflected in the cost »f production of those exported goods. 21. We do not lay the blame for ex- tessive freight on the shipowners, because our inquiries do not tend to show that shipping, whether coastal or overseas, yields an unduly high rate. of commercial profit. For in- stance, we have seen the accounts of a ‘eading Australian shipping company, vhich show that last year only 7 per sent. dividend was paid, and in the srevious year only 8 per cent.—not a aigh rate of return on capital for a shipping company. Not only was the whole of the profit made last year absorbed in paying the dividend, but some amount of previous profits was sed for that purpose. The reserve fund to cover replacement in the case of this company is not an excessive amount. Similar information is avail- able in regard to oversea shipping. 22. If the shipping companies are well managed, and are not making more than a proper return on the capital employed by charging the pre- sent freights, they cannot be expected to reduce those freights while their ex- penses remain on the present level. It is, therefore, necessary to consider what abnormal causes affect the ex- senses of shipping; they are: (1) High ates for light, port and harbour lues (these affect all shipping); (2) the Navigation Acts, which primarily fect coastal shipping and indirectly ffect overseas shipping; (8) the pecial conditions and high cost of abour in Australia, which, so far as it s incurred in connection with loading or unloading, affects all shipping, and so far as it is incurred for seamen’s vaces. affects Australian shipping.

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