Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
0Activity
0 of .
Results for:
No results containing your search query
P. 1
World Transportation

World Transportation

Ratings: (0)|Views: 2 |Likes:
Published by sumanparvez
World Transportation
World Transportation

More info:

Published by: sumanparvez on Dec 29, 2012
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

12/29/2012

pdf

text

original

 
World Transportation Account, 1950-1953Author(s): Herman F. KarremanReviewed work(s):Source:
The Review of Economics and Statistics,
Vol. 40, No. 1, Part 2. Problems inInternational Economics (Feb., 1958), pp. 36-41Published by:
Stable URL:
Accessed: 23/04/2012 11:56
Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at
.
http://www.jstor.org/page/info/about/policies/terms.jspJSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new formsof scholarship. For more information about JSTOR, please contact support@jstor.org.
The MIT Press
is collaborating with JSTOR to digitize, preserve and extend access to
The Review of  Economics and Statistics.
http://www.jstor.org
 
WORLDTRANSPORTATIONACCOUNT, 1950-1953
Herman F.Karreman,National Bureau of Economic Research
A
SUMMATIONoftheamountson the
transportationline ofthe balances ofpayments submittedto the InternationalMone-tary Fund doesnot give a goodpicture of theamounts actuallypaid and receivedby the re-porting countries.The explanationis, partly,that
(i)
manycountries reportthe amountspaid for freightunder merchandisetrade in-stead of undertransportation;
(2)
earnings aswell asdisbursementsof substantial portions ofthe worldfleet are not reported at all; and(3)many countriesdo not report the receipts frombunkersalesorport services.But even ifal-lowance ismade for all thesedeficiencies inthereporting,the receipts are still much lowerthan thepayments:the submittedfiguresareeithertoohighfor paymentsor toolowfor re-ceipts,orboth.My paperdeals first, witheliminationof thedeficienciesin the reporting,and second,with methods tocorrect the sub-mittedfigures.To calculatethe freight paidon imports bycountries whichdo notreportitseparatelybut includeit in merchandisepayments,so-calledfreightfactorswereapplied.Thesefreight factorsstand for theproportion offreight in thetotal paid bythe importing coun-tryfordeliveryof the merchandise to its ports(thetotalcomprisingthepricereceivedbytheexporting country,thefreightbythecarrier,theinsurancepremium bytheunderwriter,andsoforth).Freightfactors differamong groupsof merchandise;ingeneral,theyarehighforraw materialsandfoodstuffs,medium for semi-manufactures,andlowfor manufacturedprod-ucts.Duringthefouryearsstudied, theyvariedgreatly overtime for the first group-becauseofthesharpfluctuationsintramprates-butvery littlefor manufacturedproducts mainlytransportedbyliners. Thesefreightfactorswereappliedto the amountspaid bythe im-portingcountryfor each of threebroadgroupsofcommoditiesineachof the fouryearsofthisstudy.This calculation isa rathercrudeone, particularlysosincethe number ofselectedmerchandisesubgroupswasrather smallforeach country,usuallynot morethan twenty.A moreaccurate butmuch moretime-consum-ing method,basedon importedquantitiesandcorrespondingfreightrates, willbe discussedlater.Neither earningsnor disbursementsof tank-ers operatedby Britishoil companiesarere-portedunder transportation;rather they areincludedwith all other foreignexchange re-ceiptsandpayments of thesecompanies under"miscellaneous"inthe UnitedKingdom bal-ance ofpayments. To assess theirearnings onaccountof transportation,usewas made oftheresults ofa companionstudy aimedat therec-onciliation of paymentsandreceipts onac-countofinternationaltransactionsinpetroleumand its derivatives.Basedon quantitiesofpetroleumproductstraded betweencountries,aworldfreight billfor petroleumwascom-puted bymultiplyingthe movedquantitiesbytheappropriatefreightrates.Thecalculatedfreightwas then dividedbetweenAmericanandBritishoilcompaniesaccordingto eachgroup'sshareinpetroleumexportedand/or importedbyeachcountry.CharterhirepaymentsbyBritishoil companiesfor foreigntankers werecalculatedonthe basisof tankertonnageowned(or controlledviasubsidiaries) byBritish andAmerican oil companiesandnon-oil companies.Estimatesofotherdisbursementsinforeignex-changeof tankersoperated byBritishoilcom-panieswerebasedonoperatingcostsofNor-wegian tankers.Earningsanddisbursementsofships flyingthePanamanian,Honduran,andLiberian"flagsofconvenience,"astheyare oftencalled,arenotreportedatall,since thethreecountriesdo notconsiderthese fleetsaspartoftheirecon-omy.Suchearningsand disbursementswereestimatedandadded totransportationreceiptsandpaymentsof theotherreportingcountries.Theseestimates werebasedonthe financialaccountsofNorwegian shipswhich havevir-tuallythe samefreedomin thearea ofopera-
[36]
 
WORLDTRANSPORTATIONACCOUNT37tionsastheshipsundertheflagsof con-venience.SinceinformationonNorwegianshipsallowed computationof averageearn-ings pergrossregistertonfor drycargoshipsand tankersbothoperatedunder voyageandtime charter,itwas possibletoestimatetheearningsforeachof thefourpartsof thePan-HonLibfleet.Voyage-timecharterproportionsofdrycargoshipsand tankerswereassumedonthebasisofownershipofthese vessels.Dis-bursementsof thePanHonLibfleetwerees-timatedonthebasisof Norwegianaveragesafter the latterhadbeencorrectedforexpendi-turesinside the country.Greecereportsonlythatpartof thenetearn-ingsofshipsflyingherflagwhichis remittedtoher;estimatesweremadeforgrossearn-ings anddisbursementsoftheseshipsinthesame wayas forshipsunder theflagsofcon-venience andsubstitutedfor thosereportedbyGreece.Forcountrieswhichdonotreport,undertransportation,receiptsfromsales offueloutofbunkers,thesereceipts werecalculatedandaddedtothe othertransportationreceipts.Thecalculations werebasedon quantitiessuppliedbythe nonreportingcountryandan estimatedaveragesaleprice.Distinction wasmade be-tweencoal and petroleumproducts.Dueac-count was also givento thefuel used bydomes-tic carriersand onlythe remainderwasen-teredin the paymentsaccount.Unreportedport receiptsfromservices,otherthanthesupplyoffuel outof bunkers,werealsoestimated. Theywerebasedonthe totalregistertonsthatvisitedtheportsofnonre-portingcountriesandon averagereceiptsperton ofcountriesthat suppliedsufficientinfor-mation.Besidesthesemajoradjustmentsoftrans-portationaccounts,there weresomeminoronesforduplicationsor omissionsbythereportingcountries.Theeffectof theseadjustmentson theaggre-gate
I95I
transportationaccountwas,inmil-lionsof U.S.dollars,asfollows:
Receipts:
Originaltotal 5,437
Earningsof U.K.tankerfleet
382""
PanHonLibleet
740" "
Greekfleet(added)
259 I,38I
Receiptsfrom sales of fuelout ofbunkers436Receiptsfrom other portservices
I03
539Other corrections ii8
2,038
Adjusted total7,475Payments:Originaltotal5,749Disbursementsof U.K.tanker fleet434
"
"PanHonLib fleet284
"
"Greekfleet(added)
I2I
839Freight on importspaid to foreigncarriers
I,755
Othercorrectionsii8
2,7I2
Adjustedtotal
8,46I
It appearsthat theadjustmentsresultedinwidening thegapbetweentotalreceiptsandpaymentsfrom
$3I2
to$986million,or by$674million. This canonlymean thatthe orig-inalfiguressuggestmorecorrespondencebe-tweenthereportedreceiptsandpaymentsthanthereactuallywas.Morever,the receiptsand paymentsof theSoviet bloc countrieswerenotincluded intheadjusted totals.Anditcanhardlybe assumedthat their receiptsexceed theirpaymentsinthetransportationaccount.Morelikelythe re-verseistrue.Hence thereceiptsof thereport-ing countriesshouldactuallyexceedtheirpay-ments,andthe imbalanceis evengreaterthanthe adjustedfiguresindicate.Inordertospotthe placeswherethereport-ing ismostdeficient,adistinctionwasmadebetweengrossfreightsandtheotheritems, e.g.charterhire,portreceipts,andportexpendi-tures. Certain assumptionshadtobemadewithrespecttothereceiptsandpaymentsofthe UnitedKingdomonaccountofgrossfreights.Theresult wasas follows,inmillionsofU.S.dollars:
PaymentsReceiptsDifference
I950
Alltransportationitems5,707
4,87I
836Grossfreights
3,345
2,75I
594Otheritems
2,3622,I20242
I95IAlltransportationitems
8,46I
7,475
986
Grossfreights
5,407
4,5I9
888Otheritems
3,0542,956
98
1952
Alltransportationitems 8,626
7,64I
985Grossfreights
5,20I4,259942
Otheritems
3,4253,382
43
'953
All transportationtems
7,4406,5I5925
Grossfreights4,444
3,590
854Otheritems2,996
2,9257I

You're Reading a Free Preview

Download
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->