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does not exist for London, Liverpool, Glasgow, and other places. For the payment of one shilling at Basinghall Street, similar information can be obtained from the Register there, but to be of practical use, it wants compiling by some intelligent man into a book for each port, with the addition of the registered mortgages, for with the assistance of such books as these the creditor, at any rate in England, could see at a glance whom he is trusting, and thus protect himself from loss. The member of the outside public who invests in ships often cares for none of these things, and suffers accordingly. One great cause of increase in the number of steamers has been the profit which, in some ports more than others, accrues to managing owners in such capacity; brokers and others often "place" the shares of ships, taking a small number themselves to secure the management and consequent profit. Shipowning, as a distinct business, as formerly existing, has been considerably altered, and some ship-brokers combine both characters. It is thought that managing steamers, and holding shares with other shipowners gives a backbone to a shipbroker's business. So it does, and has done, while business was brisk, and 30 and 40 per cent. was made by owners generally on their shares, and some managing owners then (what with brokerages every few months on the chartering, and on the insurances, with the addition of the managing commission), possibly secured 50 to 60 per cent. on their shares. In a depressed time like that which we have just passed through, ordinary owners get a smaller interest on their shares, although a good interest is often secured to the managing owner from his brokerages and commissions, &c., and the misfortune for other owners sometimes is that the managing owner's other interests are not always the same as those of his coowners. Would a merchant who receives tea from China, produce from India, sugar from the West Indies, or corn from the exporting countries, place his cargoes in the hands of brokers in Mincing and Mark Lanes, if he knew those very brokers had produce of their own to sell, and had their own interests to serve as well as, if not before, those he entrusted to them? Yet an analogous proceeding not infrequently happens in the shipping business. In some ports, those persons who have shares in steamers, and go in purely for shipowning as a business, charge only (say) £100 a year for counting

house expenses, and in some cases also credit the steamer with a share of the brokerages they receive, and usually taken by managing owners; and in addition also credit the discounts on the stores, &c., purchased for cash payments. In some other cases the managing owner has been known to take all these for himself. Co-owners in many other cases are now beginning to insist on the first plan being followed, and that where the managing owner is a broker, he should be made to be content with his manager's commission; or with a fixed allowance, which should be recognised by all the coowners: when this arrangement exists all brokerages are returned, and not given to his firm to back up his business at the expense of his co-owners' profits. Meetings to bring about this kind of management have recently been called in Cumberland, as will be seen by referring to the accounts at length of the meetings reported in the West Cumberland Guardian and Whitehaven Herald of the 18th, 20th, and 27th September last. The broker is, under such a system, either a broker pure and simple, as he ought to be, or else a shipowner, making the management of ships his business, and being paid a fair remuneration. The outside members of the community who hold shares in ships, are beginning to inquire whether the evil of allowing a managing owner to charge brokerages is not that, being sure of his brokerages, he can afford to consider the interest of the merchants before the interest of his co-owners, and whether he may not be tempted to do so to secure the brokerage business which the merchants can put in his way. It is very difficult for coowners to dispute or inspect the contracts of their manager. Brokers are, in some cases, in the habit of employing others in various trades who have steamers, so as to get a reciprocation.

Some shipbuilders also, by assisting the increase of tonnage beyond the demand, have helped to bring about a depression. Competition among builders has for some years been very great, Clyde versus the Tyne, Wear, Hartlepool, and Stockton, and there are those who think that the East Coast has fairly won the day, though there is no denying the fact that exceptionally wellfinished work is the characteristic of the Clyde. Cargo boats,

however, do not require this. much money and give the speed quite as well as do the most finished boats of the Clyde. At the outset of the shipowning mania some builders would not enter into the speculative spirit of the day, and for two or three years were content to secure such orders only as really paid them; but on the heavy fall in iron and the cheapening of wages, to hold their own position they had to take orders which little more than paid the outgoings, or else to take orders at better rates but entailing long dates, sometimes three or four years, for the payment of the instalments of the purchase-money. They were, also, very often compelled to take shares in the steamers themselves to get the ship built at all. This system has, however, not bettered the position of shipping at the present time, whatever it may do for the future, and it has increased tonnage on an unsound basis; moreover, speculators, with next to no means, have, in some instances, become shipowners.

East Coast built steamers earn as

The idea of the parties who began this system of becoming owners was no doubt ingenious, but it is not based on sound commercial principles. The calculations to allow of such arrangements were made some years ago, when freights were high, and were based on the long credit for the payment of the purchase-money of the steamer, as against the ready receipt of the freights. The receipt of the freights allowed working disbursements to be paid, and yielded enough to meet the bills for the instalments of purchase-money without calling on the shareholders; and by settling after every voyage, and paying the co-owners a good percentage on their shares, they were in funds to pay when the amount had to be provided. Hence, in a period when freights were high, little or no money was needed to be found. When, however, any depression sets in, and sailing expenses do not diminish, and heavy expenditure is necessary for repairs, the ship turns out a white elephant, and must so continue until sold, perhaps at a heavy sacrifice, or until the necessary outlay is provided for repairs, or until business rights itself, and yields such a profit as will meet all contingencies, or until a sufficient tonnage is "lost" to allow of the supply being brought down to the demand. This last desideratum can hardly happen, if the yearly building is

and of the improvement therein. The details, perhaps, would be long, and the questions to be considered intricate and many: they would involve consideration of the competition of foreign markets and the expense necessary for machinery required to substitute steel for iron; the narrow margin of profit to merchants or speculators, and the restricted advances of bankers, and many other points which indirectly influence such businesses. The owners of collieries, again, could give their views, excluding perhaps, the vexed questions which arise from strikes. No legislation can help us, except, perhaps, in one or two branches, for the country is happily not prepared to return to protection. Again, the public generally have lost too much money to desire the spirit of wild speculation to reappear, and bankers have learnt a lesson from Scotland and the West of England that will make them exercise a caution as to the use of their clients' money. From the high prices of coal a few years ago, it is possible that too many new collieries were opened, and a demand arose for coal in all parts of the world even at the then high prices, which prompted the opening of collieries in Japan, India, Australia, America, and Germany. Having once been set going they are now able to supply their own wants as well as those of their neighbours, thereby limiting the demand for English coal. English coal mixed with foreign, however, improves the quality of the latter, and admits of it being burnt with greater economy, and this must always ensure a certain demand for English coal. We should also learn how far the advance in science made by engineers has reduced the consumption of fuel required by steamers, and the consequent effect, on the demand for coal. In the hope of inducing others to follow our example, as regards the dissemination of useful deductions concerning their own particular businesses, we venture to put forward some remarks on the depression in our own, basing our views upon an acquaintance of nearly thirty years of the shipping trade, in its different branches and aspects.

The depression in shipping and the unremunerative freights present a large field for inquiry; and for those readers not possessed of a knowledge of shipping property we combine with

our explanation some few general cautionary remarks. They may be of use, as so few of the general public, although many are shareholders in ships, really understand shipping business and the working of ships. They have invested in ships without any consideration of the manner in which shipping management is carried on. By that good "general public" investments of late years have been made both in ships and in steam-boat companies. A member of the outside public taking a share in a ship may, if he is more than ordinarily versed in shipping matters, know some general facts, such as that, before steam was so universally known, the splendid sailing ships of Messrs. R. and H. Green, Messrs. Money Wigram and Sons, and Messrs. T. and W. Smith, now remembrances of the past, chiefly took the Indian passengers and goods. Shipowners' societies have their existence everywhere for protective purposes, and Lloyd's Register of Shipping ensures, by its superintendence of the building of nearly all steamers and ships, sound workmanship and complete equipment, and duly registers those so built. The Board of Trade carries out most efficiently the various Acts of Parliament regulating the complex machinery necessary, and providing restrictions to secure the safe navigation of vessels, and protection as far as practicable to life and property. A ship or steamer is held in 64 shares, and any person, being a British subject, may hold one or more, but the number of registered owners must not exceed 32. Any owner may split up

one share into smaller shares, but no fraction of a share can be registered. The managing owner is supposed to have the largest interest, and to be chosen by all the co-owners, as he is responsible, prima facie, for the debts of the vessel. Members of the outside public thus investing cannot however be expected to know that though in theory every bill of sale should appear at the Custom House on the register of the vessel, great abuse exists as to registration, which misleads persons having to deal with ships, and is unjustifiable under any circumstances. The only official record of title is the entry in the register books, but private and unregistered bills of sale are given even for half shares, and managing owners often appear on the official books to hold more shares than they actually have, thereby deceiving persons at home and abroad who,

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