MARINE WAR RISKS.

New Zealand Herald, Volume LI, Issue 15718, 19 September 1914, Page 8

MARINE WAR RISKS.

RISE OF 3 PER CENT.

A considerable advance in the extra rates for Insurance against war risks has been made by the Federal Council of the Marine Underwriters' Association of Australasia.

According to advice received yesterday en Auckland the rates are as follows :•— United Kingdom, America, anil Canada (both coasts), India, and the Hist, 5 per cent; Africa, 4 per cent.; Pacific Islands, 3 per cent,; Fiji, 2 per cent. These rates show an advance on the tariff announced two days previously of 3 per cent. to India, and 2 per cent, to other distant ports, the previous scale being as follows :—Atlantic, 3 per cent.; India and Africa, 2 per cent. ; Pacific Islands, 3 ner cent.

INCREASE IN RATES.

THE IMPERIAL SCHEME. [BY TELECI:.U'H—SPECIAL COEEBSPONDENT] Welli.vgto.v, Friday. The subject of marine war risks was mentioned again to-day in the House of Representatives. -Mr. A. M. Myers (Auckland East) asked whether the Prime Minister had been informed that the London Underwriters' Institute had raised the rate on cargo to and from New Zealand from 3 per cent, to 5 per cent, since the preceding day. The Prime Minister said he had heard a rumour to this effect, but he had not been officially informed, and he did not know whether (it was more than a rumour. Mr. Myers : You may take it that it is authentic. Mr. Massey : My information is that it does not apply to vessels now loading. What is happening now applies, I believe, to vessels afloat before the declaration of war, on which the risks were too dangerous for the British War Office to take. Mr. Myers : My information is that it applies to all homeward cargo to the United Kingdom or America. Mr. Massey : I will have that looked into this afternoon. In any event there is one point I think the honourable gentleman might clear up if he can, and that is this : Has the British War R'-sks Office increased its rates? Mr. Myers : I am referring to the London Underwriters' Institute, which is

used generally by merchants throughout New Zealand.

The Hon. A. L. Herdman said he had heard a similar statement from merchants in Wellington this morning, but when he had questioned them about it they did not seem to be able to state definitely whether the Imperial War Risks Office had increased its rates or not. The last information the Government had was that the Marine War Risks Office had fixed its rates 10 days ago at 40s per cent., and in the same cablegram a promise was made , that the New Zealand Government would bo informed of any alteration in the rate Since then, however, the Government had not been advised of anv alteration in the rate. He was inclined to think th.n the rates referred to bv the honourable member were those obtainable from private insurance offices. Mr. Myers : That .is so. Mr. Herdman : Of course that is a very different thing. There is still a good deal of misapprehension about getting insurance covers from the Marine War Risks Office in England. Anv merchant m New Zealand who is sending goods Home m ships covered by the Imperial \\ ar Risks Office can appoint an agent in London who can go to the office there and get a cover for the full insurable amount. H e added that the engagement of an agent could be done through the shippers' bankers. Mr. Myers: Can't the New Zealand Government act as agents? Mr. Herdman said that the War Risks Office would not allow anv outside body to act as agents, because "the Home authorities, who were wholly responsible for the scheme, wished to' keep control of insurances all over the world, the reason being that if they did this they knew where every ship insured was, and they could wire ships to remain in' particular ports at a particular time, until the sf.i was clear. The Government had endeavoured to arrange also that they should insure ships and cargo lice and reinsure in the Imperial War Office, but this application was also declined. Mr. Myers : Is it within the knowledge of the hon. gentleman that consignors here are taking advantage of the Imperial War Risks Office' Mr. Herdman : Yes. Mr. Mvers : Is it general? Mr. Herdman said he believed that fairly extensive use was being made by New Zealand shippers of the War Risks Office in England.