NAVAL PRIZE SALES

Evening Star, Issue 16198, 21 August 1916, Page 5

NAVAL PRIZE SALES

Numerous facts hitherto not widely known are given in tho 'Windsor Magazine in an article or, 'Xaval Prize Sale* ' whxch includes statistics as to the number ot ships captured from the enemy which haw been sold at auction in the. course of the war, and some interesting illustrations of typical scenes at such sahs. The J^ CT ' Mr Cuthbert Maugham savs • the financial terms offered bv the Marshal 01 the Admiralty have undoubtedly been attractive, and a factor in tho kiffh prices secured. Tt, has been arranged that J-art of the purchase monev, even up to (5 per cent,, might be left cither on mortgage of the vessel or on bankers or other approved guarantee. This amount usiiallv carries interest at the rate of 4 per cent l*r annum from the day of «do. payable halt-yearly on January 1 and Julv l' ; )n d J« to be paid off by'three annual instalments, the first of which is due. one vear after delivery of the vessel to the buyer, though the latter has liberty to pay off tho amount earlier if he so desires. STeed'Jess to say, such generous terms of credit are not, as a rule, offered at private sides. In tho last few sales they have been considerably modified, .so as to give the buver the option of leaving onTv 25 per cent, "on mortgage or guarantee, on which interest at the rate of 6 per cent., instead of 4 per cent., is charged. Sever can a British shipping auctioneer bo happier than when he is offering a prize vessel for sale. He knows that there are plenty of buyers teady to snap up tho property, and he' has the_ pride of standing before his fellowbiismess men as the representative of the JSavy, which is indeed an honorable, position. Moreover, ho knows that all the money ho beguiles from the pockets of owners will go to benefit British seamen. All tho proceeds of the sales and of the i»les of contraband goods form a poundage fund in which the Xaw will ultimately participate. The knowledge tiiat the British seamen would benefit undoubtedly stimulated buying at the sales. The CToation of tho fund is a departure from the practice followed in the naval wars of Jong ago, when prize monev was distributed among the men of the'ships which actually mnde the captures. But obviously distribution among (he whole fleet •would, under present conditions of warfare, be a fairer method, since it was the pressure exercised by the- whole Xavy which made captures' by individual "ships practicable."