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Show i'Pdcct::: III oli.fr ...J IJ foresee;: Federal Reserve Coax. Makes Surrey Corerinj : Foreign Conditions WABHTNOTOW.. Feb, . A period of Intense competition In world shipping ship-ping waa foreseen today by tha federal fed-eral reserve board In surrey of foreign for-eign and domestlo shipping conditions. As a result of overproduction, the board said, there probably will ba for a time aa excess of ships above tha Immediate needs of commerce. Shipping Interests already are real- tstng that production of shipping has baeq In excess of present seeds, and reports are eomlng from abroad of cancelation of shipbuilding contracts on a considerable seal la several countries, according to the report. PEAK PASSED. "This would Indicate," It said, "that for tha time being at least, ths peak of shipbuilding in foreign countries, aa wall as In tha United B tales, has Dassed." Discussing th shipping ' situation among th various foreign nations, the beard declared that th expansion of the shipbuilding industry In Great Britain slnos the war "seams to hav taken hold of th Imagination of th other nations of th world." JAPAN FACTOR. Japan, which waa hardly a factor before th war, th board aald. Is now In the front rank as a shipbuilder; whll Holland, which has alwaya been a shipbuilding nation, la turning out tonnes faster thsn vr before. France has turned from th production produc-tion ef wsr munitions, th board asserted, as-serted, to building ships, and Italy has likewise laid out a number ef new v yards. Much of tha same condition applies to other nationa, it was said, eapacially th Soandlanvian group, -In facC th board acid, "moat ot th nationa of th world aeem to be making extraordinary effort toward securing a definite and larger share la the world's carrying trade. Thlt condition has already been reflected In sweeping cuts In can rate is tha past faw months" |