A MARINE INSURANCE COMBINATION.

Press, Volume LIV, Issue 9763, 26 June 1897, Page 7

A MARINE INSURANCE COMBINATION.

The low condition into which marine inBunuice business has fallen in the colonies as well as throughout the world has led to »n organised movement by the various Companies, and an understanding has now been arrived at in Brisbane, Sydney and Melbourne, the British and China offices fconcurring with the colonial offices. A new

In rift" of rates has been adopted, applying ing to all merchandise, with the exception of frozen meat, specie and metals; but »onifi matters of detail (which practically ?oncern only the offices themselves) have still to be settled. The tariff states net

fates for various lines of steamers and classes of sailers from Victorian Jpurts direct to the United Kingdom and Europe, with extra rates for deviations, transhipment, &c. An increase in rates, it is alleged, has become a positive necessity, if the marine insurance offices *re to continue to exist at all. The accounts of the 4?veat British offices, received since the beginning of the year, indicate almost disastrous losses during 1896. The low rates that prevailed Jfor so long a time were, the Consequence chiefly of excessive competition. That competition having been carried to a point destructive of profits, has, naturally enough, been followed by a fraction.