ABSTRACT
London itself emerged from the first crossing over the river, and shipping still plays a large part in the City's activities. The City's involvement in shipping is bound to be affected by the underutilisation of capacity, which may well extend into the early 1980s, as well as the shifting forms of competition that are accompanying it. The shipping offices in St Mary Axe and along Leadenhall Street are geared both to Britain's and to the world's shipping prospects. If Britain's competitive position is undermined, the head offices of the leading British lines will immediately reflect it. If world shipping remains depressed, this will be reflected in the international services provided by the Baltic Exchange, Lloyd's Register of Shipping, and the hundreds of management companies represented in the City. The real danger is that the current underutilisation of world shipping will bring in its wake trade protectionism, competitive depreciations of currencies and mercantilism of the worst kind.
