MARINE INSURANCE

Dominion, Volume 7, Issue 2262, 23 September 1914, Page 7

MARINE INSURANCE

_ RATES FOR WAR RISKS. Another question was put to the Prime Minister in the House yesterday afternoon by Sir Joseph Ward in regard to the position in New Zealand as to marine war risks. The Prime Minister said that he had received, a cablegram from the High Commissioner stating that the rate charged by the Imperial Government's War Risks Office was £2 2s. per cent., whilst that charged by Lloyd's was £2 per cent., less j ten per cent, discount. Sir Joseph Ward also asked whether the Primo Minister had made any inquiry from the merchants as to what the position was. Ho knew that the latter had had. to pay more than two per cent. He thought that the War Risks Office's ,, rates applied principally to hulls and not in all cases to cargoes. • Mr. Maesey: I think it applies to cargoes also. Sir Joseph Ward: I do not think it is a general system applying to cargoes.. One of the reasons given for the raising of freights by ,25 per.cent, except in the case of contracts was the increase in the war rates risks. The difficulty in which exporters wore placed was that there was no one in the Dominion— neither Government nor insurance companies—to whom they could go for cover in regard to ,war risks. If they cabled Home they found that the rate there was a fluctuating one. For instance, if a cablegram was sent Home to-day, after tho news had been received of the sinking of several British ships in the East, .exporters would find that they had to pay more than two per cent. . ' '....'■

Mr. Massey; NotV to the War Risks Office.

Sir Joseph WaTd said that exporiwa. had been subjected to, enormous dia (■ bilities. He had known of cases I h which four and five per cent, had hrf h ■ charged. The trouble was that '/Co was no underwriting office in New Zealand that could gTant cover. Cabling to England meant a great delay. Mr. Massey said that there was no doubt as to the rates charged' by the War Risks Office and Lloyd's. The New Zealand Government had offered to act as;, agontsiin , -tho'Dominion for the Imperial War Risks' Office;'*but the offer had been declined. Tho Imperial authori-

ties stated that they found it impossible to work tlie business even-urLiver-pool with an agent. All business must be done with the War Risks Office or through an agent in London. In consequence of this statement the Government had decided to introduce a Bill dealing with the subject.

In the House of Representatives yesterday Mr. G. J. Anderson (Mataura) asked the Government if, in the event of their securing vessels to take our produce Home, they would stipulate for calk at the port of Bluff. Some of the vessels, he said, were not fulfilling' their obligations in this respect. The Prime Minister said the Government had been

for some time negotiating with the shipping companies with a view te securing a sufficient supply of vessels for the business of the. country, not only during the next two or three months, but for the period following for which there would be more difficulty. In rny arrangements that wore made, directions would be given for vessels to call at ports where cargo was offering. When tho'House resumed at' 7.30 p.m., the Right Hon. W. F. Massey said, ho wished to make a statement as to

the possibility of obtaining sufficient steamers with refrigerated' space to carry Homo the exports from this country. He had arranged with ono of the officers of the Government, who was a business man, to look into the whole matter. Tin's officer had been engaged upon the investigations for ten days, and his advice was that there were quite a number of ships available for the carriage of our produce until December 31. After that date there was a possibility of Bome difficulty on account of the delay that had occurred in the dispatch of the Expeditionary Force from here. Since then he (Mr. Massey) had been in communication with London on the matter, and he had been informed that ships would be available to carry all of our refrigerated produce Home. He hoped to bo able to work with the shipping companies who had been sending ships to our coasts for years, but if these ships were not available, there would be no difficulty, or at any rate no difficulty with which the Government could not deal, aboiit getting the ships necessary.

The serious effect that the prohibition of the export of gold from Now Zealand ia having upon the finances of certain local bodies as well as mining companies was referred to in the House yesterday by Mr. H. Poland (Ohinemuri). He said that the local iii his district were largely dependent upon the gold duty for their revenue, and if no gold was exported there was no gold duty coming in. The Borough of Waihi was very seriously handicapped by thjs matter at present. .The miners' relief fund, which was dependent upon the allowance of threepence per ounce of the gold exported- was also seriously affected. No gold had been exported for nearly two months, and the result was that there was now no money in that fund. Many people who were dependent upon the fund were unable.to.get any assistance from it. He had interviewed the Minister of Mines on the subject and had ascertained that there was a small amount ir. hand from a vote that had been granted by Parliament, and he hoped that he would see that this money was expended in meeting the most necessitous eases. The mining companies, Mr. Poland added, were also seriously handicapped by the embargo on the export of gold. Tlioir gold was taken to the bank and held there as bullion under tlio Banking Act, _and counted in its favour as part of its gold reserve, but at the same time the bank would only advance the companies sufficient to pay wages, and for these advances it made a charge of six per cent. This was a great burden on those conipnnips which wore only just paying their way. Ho had spoken to the Minister about the matter some weeks ago.

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While an Ilford furniture dealer wa« repairing an antique nursing chair which a lady customer had just purchased for 1β.., he discovered in ."th( stuffed seat a silver, cigarette-case, containing £11 10s. in gold. The chair hac been stored in a cellar for 16 years. Colds in the head, chest; or threont disappear as soon as .you bring "NAZOI/ into operation.. It is f tno latest Ehrlisl remedy, and it works effectively—nc Cold is "NAZOL" proof.-Advt.. Stepney's death-rate, according to the report of the medical officer of health i« 13 per 1000. Twenty-Jive pereone ovei 05 years of age died in the two weeks ended July 11, and of these seven wer< over 80 years, one. was over 85 and below 90, and two others were 90 and 95 respectively. •