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Manawatu Herald, Volume XXXVIII, Issue 1629, 26 October 1916, Page 4

The London correspondent of the Post, Avriting on Sept ember 8, slates that the Times, commenting on tin* Avrock of tho Tongariro, remarked that it might involve the market “in one of the heimest marine losses since the Titanic disaster, for although the liner had discharged 2000 tons of cargo at Auckland, she had on hoard 7500 tons of general goods for Wellingum, Lyttelton and Port Chalmers, Avhirdi may he valued at about £500,000. The hull Avas insured against all risks for £BI,OOO, and in addition there Avere amounts placed against the risk of total loss only ami on homoAvard freight, etc., bringing the total insurances in connection with the ship to about £170,000, and raising the sum involved in the casualty to not far short of £700,000. The underAvriters' idea of the prospect of salvage of the ship Avas indicated hy a reinsurance rate of DO per cent., hut according to a Lloyd's message from Napier, New Zealand, there is a (-bailee of salving (he cargo if the weather holds.”