essrs H. E. Moss and Go's, circular states: ir anticipation that a very considerable reduc of tonnage would be shown when the returns of output for 1885 were made up has proved correct. listiCß, briefly, are thuß: Tonnage built in ;ed Kingdom, 1883, 1,250,000 tons; in 1881, KM tons ; in 1885, 540,000 tons, or a reduc of 750,000 tona ■on the output of two s since. This should have a serious :t on the value of steam shipping, and 1 seems very probable, the output of 1886 will yen lower than 1885, we mar then reasonably ! that the excessive overproduction has been y checked, and that supply and demand will be s evenly balanced. The past two years have a grievous time for steamship owners, and y, unfortunately, have had to succumb. We it we can hold out but little comfort for them je immediate future, unless they are in the ion of capitalists having money seeking invest . and can afford to keep their property until tlie ion takes place, which is sure to come. These 1 gentlemen may now secure bargains which 'ears hence will probably yield them 25 to 30 cent, clear profit should "they wish to sell, sy, labour, iron, steel, wood, and almost every in shipbuilding are unusually cheap, and ships ow be produced at lower prices than ever pre ly known. Contracts for steel sailing ships of o 3000 tons register hatfe lately been placed at ir ton. Steel is gaining favour more rapidly g sailing-ship owners than it does with steam owners, -48 per cent, of the total tonnage of 3 having been built of this material in 1885; in twas 43 per cent., in 1883 it was 30 per cent., n 1879 only 9 per cent. The size of sailers is rapidly increasing, the majority of orders [ in 1885 being 2000 tons register and upwards."

COMMERCIAL

Dally Times Office, Monday evening, amount of customs revenue received to-day idi cleared for consumption was £1768 lls lid.
