Foreign shipyards are having a peacetime boom. A shipper who wanted to order a freighter, tanker or liner in England, Norway or even Germany last week, might have to wait as long as six years for delivery. Under construction were a whopping 1,152 ships (a total well over 6,000,000 gross tons), 35% of them in the United Kingdom.

Though still far and away the world's leading shipmaker, Britain has already begun to feel the pinch from some unfamiliar competition. At the end of June, she had orders for 900 ships, but her share of the world market has...

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