The Author has written down this paper with a view to stimulate the replacement of Superannuated ships with new and better ones, for the sound development of the shipping and shipbuilding industries in Japan.In the first half of the paper there is given a full description about the fact that the development of Japanese shipping is mainly attributed to the importation of old ships from abroad since Japan started the modern shipping, but as a matter of course Japan was ever and is still a remarkable old-ship-owning country in the world. The Author compares the percentages of old aged tonnage of each of the shipping countries in the world and gives precise statistics about the old aged ships in Japan. He also gives a warning about the coming crisis of the rapid increase of old aged tonnage in Japan after about fifteen years, the most of the old aged ships at that time being the so called war-made vessels which are more or less peculiar and inferior in design, construction and performance. Turning to the importation of old ships, the Author describes about the tonnage, age, country where built &c. of the ships imported into Japan during last about thirty years. He also discusses about what has been the effect of the Registry-Ordinance in Kwantung Province (Kwanto-shyu) upon the old ship-owning in Japan. The reasons why Japanese shipowners buy old ships are explained and some hints are given concerning the policy to prevent the shipowners from buying old ships and to encourage them to turn towards new ships.In the latter half of the paper the Author describes about what are the relations of the age or date of built of vessels to the dead weight capacity, boiler pressure, market price, laid-up tonnage, scope of active service and sea casualty of vessels, and draws attention to the inferiority of old aged ships.There is a further field of investigation on the present subject and the Author has much to say from technical-, economical-, administrative-, &c. points of view, which was left out this time. Therefore there is not shown a concrete conclusion in this paper, it being left to the readers for the time being. But the Author believes that throughout the paper there will be some indications which one might easily find out.