SUCCESSFULLY WITH FOREIGN SHIPS? 207 



which again gives a margin of profit of 9 cents per deadweight ton per month, so that it 

 will be seen that the British shipowner has now got his expenses and charter rate on the 

 same basis as before the war. 



Table IV. — Time-Charter Rates and Owners' Expenses in 1913 cmd in 1921. 



British Steamers. 

 1913. 



Time-charter rates 3s/6d at $4.86 84 cents per deadweight ton per month 



Owner's expenses 3s/l^d at 4.86 75 cents per deadweight ton per month 



Margin 0s/4)^d at $4.86 9 centt per deadweight ton per month 



1921. 



Time-charter rates 6s/- at $4.00 $1.20 per deadweight ton per month 



Owner's expenses 5s/6^d at 4.00 1.11 per deadweight ton per month 



Margin 0s/5^d at $4.00 $0.09 per deadweight ton per month 



Note that the margin over owner's expenses in each instance is 9c per deadweight ton per month 



Table V. — Hampton Roads, Va., to Genoa. Freight Rates and Cost of Transportation in 



ipij and in ipsi. 



On ship's value of $20 per d. w. ton — 8,800 tons d. w. 



British Steamers. 



1913. 



Coal rates 15s/- 17s/6d ($4.86) $3.60 $4.20 



Cost of transportation 13s/3d 13s/3d ($4.86) 3.19 3.19 



Margin ls/9d 4s/3d ($4.86) $0.41 $1.01 



May, 1921. 



Coal rates 30s/- 32s/6d ($4.00) $6.00 $6.50 



Cost of transportation 28s/6d 28s/6d ($4 . 00) 5 . 70 5 . 70 



Margin , ls/6d 4s/- ($4.00) $0.30 $0.80 



November, 1921. 



Coal rates 21s/3d 21s/3d ($4.00) $4.25 $4.25 



Cost of transportation 22s/9d 228/9d ($4.00) 4.55 4.55 



Loss ls/6d ls/6d Loss $0.30 $0.30 



American Steamers. 

 November, 1921. 



Coal rates 21s/3d 21s/3d ($4.00) $4.25 $4.25 



Cost of transportation ($4.00) 6.07 6.07 



Loss Loss $1.82 $1.82 



As the question of export of coal is important at the present time, it will be interesting 

 to show you the comparison in operation between an American steamer and a foreign one. 

 By referring to Table V, the freight rates and transportation costs in 1913 and 1921 are 



