GAMBLING ON SHIPS' LIVES.

Wairarapa Age, Volume XXXII, Issue 9687, 11 January 1910, Page 7

GAMBLING ON SHIPS' LIVES.

The President of the Board of Trade, in introducing a Bill in the House of Commons to prohibit gambling on Joss by maritime perils, said that there-was a class'of P.P.I, (policy proof of interest)*with which he did not see his way to interfere, but there were also policies effected by[persons>ntirely unconnected with a ship or cargo who could gain nothihg£by their safe arrival. In fact, they could by the loss of the vessel. Such insurances were gambling in the true sense of the term. They were dangerous]and harmful to the last degree. All kinds of honour policies were based bona-fide interest of the assured person in the ship or cargo, and were in harmony with the general assumption that a contract of marine insurance was based on indemnity. The class of nolicy with which he intended to in a very different category. was directed against vestiels|heavily mortgaged and overinsured,|in ajjbad state of repair, undermanned,fand with dangerous cargoes. Such'vessels, [as a wounded animal, attracted the attention of vultures, became the subject of insurance by people living far away from the sea, who had no interest of any kind in the vessel, and who hoped to win a bet by the ship be'ing lost. The consequences of this practice to shipowners were'very injurious,l[for ships which acquired the reputation of being spotted'ships became the subject of a gamble, and insurance premiums were raised against the owners. They were injurious to masters'because when a wreck occurred the foulest suspicions were sometimes aroused. He had come to an agreement with the underwriting and Bhipping interests as to the mode in which his object should be carried out, and be asked for the favourable consideration of the House for a measure which would run the risk of being jostled out of the way in the stress of a Parliamentary session, unless it had friends on both sides. The Bill was read the first time.