INSURANCE

Evening Post, Volume LXXXVIII, Issue 52, 29 August 1914, Page 8

INSURANCE

WAR RISKS AUSTRALASIAN CARGOES MINISTERIAL STATEMENT.

The Government has received the following cablegram from London :— > "The Board of Trade state that many and large insurances are daily being effected at War Risks Insurance Office on goods from New Zealand and Australia, and that anangements are working smoothly. Necessary paiticulars would be telegraphed to an agent in London who effects insurance, the insurance documents then being deposited with the ba.nks in this country, who will inform Dominion banks by telegram that insurance ha 3 been effected. The Board of Trade consider , that there should be no difficulty in following this procedure in case of cargo shipped in transports, except with regard to shipments which are too small to bear cost of necessary telegrams. In case of such shipments they suggest for the consideration of your Government whether they would be prepared to cover risks themselves rather than press for modifications of existing arrangements in this important principle, and so establish dangerous and inconvenient precedent. As regards the four steamship lines referred to, if vessels are included in one of the approved War Risk Associations, hulls and cargo can be covered under Government scheme at current rates. It is believed that some at least of vessels are already entered in one or other of the associations." Commenting on this" the Prime Minister made the following statement to a Post reporter this afternoon :— " The Imperial Government having made provision for insurance against war risk on hulls and cargo of English merchant ships at a varying rate (which is at present three' goineas per cent.), the New Zealand Government has endeavoured, through His Excellency the Governor, to make arrangements for war risk insurance of cargo from the Dominion to England at the same rates. Proposals by the New Zealand Government that it should be permitted to act as agent of the Imperial War Risk Office, or, alternatively, that the New Zealand Government should itself issue cover and be reinsured at the Imperial Office, were, for sufficient reasons', not assented to by the Imperial Government. Special arrangements have been made for cargo per transports. With respect to cargo in steamers other t-han transports, the New Zealand Government informed the Imperial Government that four lines of steamers regularly trade with New Zealand produce to London, viz., the New Zealand Shipping Company, the Shaw, Savill Company, the Tyser Company, and the Federal -Houlder line, all four voyaging via Cape Horn, coaling at Rio or Monte Video and Teneriffc— and requested that hulls and cargo of those four lines travelling by that route might be included in the Imperial insurance scheme. The New Zealand Government further stated that, for the pui poses of sales of, or advances against, New Zealand produce, delivery of shipping documents, including full insurance cover, is necessary according to the custom of New Zealand .trade, and that application for cover In London is therefore inconvenient. The last telegram received on the subject by His Excellency from the Secretary of State on the 28th inst is now, by His Excellency's permission, published for general information. The New Zealand Government has requested His Excellency to inform the Secretary of State that New Zealand will act in accordance with this telegram. Every consideration, has been given in London to the representations from New Zealand on this subject, and it is not considered right to further urge alterations in favour of New Zealand of the procedure settled, by the Board of Trade for all parts of the Empire.

Tho third of a series of lectures on "Prophecy" will bo given in the Carlton Hall. Marion-street, at 7 p.m. tomorrow. An art union is being promoted by the Natives' Association in aid of the reliff fund (or the dependents of the men leaving for the front. Particulars are advertised in this issue.