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.