PREVENT RISE.

Auckland Star, Volume LXX, Issue 88, 15 April 1939, Page 9

PREVENT RISE.

Insurance Against War Risks.

PROVISIONAL SCHEME

LONDON, April 14.

In the House of Commons yesterday Mr. Oliver Stanley, President of the Board of Trade, said it had been decided immediately to enforce a provisional scheme of reinsurance of cargoes to and from the United Kingdom against war risks.

The scheme was intended to prevent an increase in insurance rates.

Following upon Mr. Stanley's statement, Lloyd's announced substantial reductions in premiums on shipments under war risks. A pool is at present being formed. It will consist of underwriters and marine insurance companies, who will reinsure war risk insurances on cargoes to and from the United Kingdom, to be operative immediately.

Simultaneously, revised rates for shipments not insured under the pool provide for an additional 20 per cent for voyages in the Mediterranean and the Baltic.

The new minimum rate for New Zealand and Australian shipments, not covered by the pool, is half a crown per cent.

RATES SOAR.

AUSTRALIAN WAR INSURANCE

SYDNEY, April 14.

War risk insurance rates to and from Australia rose sharply this afternoon. According to local cable advices, rates on the Suez route are up to 466 per cent. For example, the rate from the United Kingdom or Continent to Australia, via Suez, rose from 7/6 yesterday to 35/ per cent to-day. From Australia to the United Kingdom or the Continent, via Suez, the rate rose from 10/ to 40/ per cent.

N.Z. CARGO RATES.

SUBSTANTIAL INCREASE. (By Telegraph—Press Association.) WELLINGTON, Friday. Cabled advice, received in Wellington to-day by the council of the Fire and Accidents Underwriters' Associations, reports substantial increases iu the war risks for homewarti and outward cargo.

The new rates for homeward-bound cargo via Panama and the Cape are 20/ per cent, and via the Mediterranean 40/ per cent. For outward cargo via the Cape or Panama the rate is 15/ per cent, anA via the Mediterranean 35/ per cent.

The old rates from New Zealand to the United Kingdom via the Cape, Suez or Panama were 10/ per cent, and from the United Kingdom to New Zealand via the same routes, 7/6 per cent,