MERCHANTS WARNED

Press, Volume LIX, Issue 17702, 2 March 1923, Page 8

MERCHANTS WARNED

ABOUT ES'SUE-iN'CE ON GERMAN GOODS. At tbe Wellington Chamber o? Commerce meeting mi Tuesday, Mr John Myers, in deprecating anything in the nature of precipitancy in lifting the embargo on the importation of German goods, mentioned the problems in insurance claims which were arising as the result of the constantly-altering rate of exc-hange. On this subject he quoted as follows from the "British Mercantile Guardian" of November 21st last:— '"We wish to strike a note of warning to those uninitiated business people who are still accepting policies of insurance issued either in marks or in sterling by German companies. Too little has been said publicly on this subject. There are firms in this country and in overseas markets who hare been in the habit of making ; sales to Germany oa c.i.f. terms, and ! making purchases from Germany on the same terms. When documents | are presented for collection) through a ! bank, no doubt the banker would luive j his word .to say if the marine insurance policy were a German one. But [in many cases the documents come through the post, or are tendered to tbe buyer by an agent in this country, and the German policy attached being in good order is looked on as a cover for tbe value of the merchandise, whereas in the event of a claim it may turn out to be virtually valueless. The one-miilion marks cover may be worth its hundred pounds on date of issue, but not a quarter that on date of payment. The dodge of putting a sterling as well as a marks insured Tain© on the policy •also wants watching, -because it will 1 usually be found the insurance com- , pany in case of loss will ohoose the currency that costs them least. The German Insurance Control Department has teen making efforts to come to some unstanding with Holland and Switzerland regarding payment of'claims, but the position can only be regarded as hopeless. The only safe business rule for ! many a long day should be to refuse ali | policies unless issued by sound British or American companies in sterling or in dollars. An insurance that fools you into reckoning your risk is covered I when it isn't is worse than none at all." WHAT GERMANY LOST. HER GRIP ON WORLD'S COMMERCE. It is now fairly common knowledge that Germany, by pursuing an aggressive commercial policy throughout the world, and in particular in British overseas Dominions, was very rapidly establishing an economic grip on the markets of many countries. At the meeting of the council of the Wellington Chamber of Commerce this week, Mr John Myers produced some figures which sum up Germany's economic tragedy to a nicety. The value of Germany's trade with Australia was given as follows : £ 1909-13 _ ... 6,061,999 1914-18 ... ... 449,836 1919-20 ... ... 13,474 1920-21 56,944 For the year 1913 New Zealand imported German goods to the value of £687,935. These figures slumped away to nothing daring the war. During 1919—the year succeeding tbe cessation of hostilities—goods to the value of £23 were imported from Germany. There was a jump td £5462 in 1920, and last year the import trade from Germany was valued at £25,741, of which £25,449 were articles wholly, or mainly manufactured. OIL FROM SHALE. A SUCCESSFUL NEW PROCESS. Mr B. H. Stockhausen, of C&partee, reports that he has patented a new process for the extraction of crude oil from Australian shale, and has the process now in operation at Crown Ridge, Capartee. He has one retort built, and has already extracted several ■thousand gallons of erode oil faom the shale taken from Crown Bidge. He etate3 that he is able to mine the shale for 4s 6d per ton. This low cost will enable him to produce high-quality oil at a lower price than it can be imported. The plant enables the oil to be refined on the spot, and thus kerosene and petrol hare already been produced. A considerable area of country has been secured, carrying about 1,000,000 tons of shale, and a further large area has been applied for. There are about 40 men now at work at Crown Ridge, and on a new area recently secured. The number of men will be increased as the works develop. Several more retorts will be erected, of 'which four Trill be on Crown Ridge.