Report of a Sub-Committee of the Committee of Imperial Defence on the insurance of British shipping in time of war

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Monograph

Identifikator:: 1014405858

URN:: urn:nbn:de:zbw-retromon-37916

Document type:: Monograph

Title:: Report of a Sub-Committee of the Committee of Imperial Defence on the insurance of British shipping in time of war

Place of publication:: [London]

Publisher:: [Harrison]

Year of publication:: 1914

Scope:: 1 Online-Ressource (20 Seiten)

Digitisation:: 2018

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Part IV. - Summary

Collection:: Economics Books

Summary. 19 a further 5 per cent, of all British steamships remaining available for foreign trade are captured, the cost to the State would be as follows :— — Total Estimated Loss. State’s Share. 1. 5 per cent. loss of British steamers, homeward and outward bound, employed at the outbreak of war in the foreign trade of the United Kingdom £ 1,450,000 £ 1,160,000 2. 5 per cent, loss of the British steamers employed in the foreign trade of the United Kingdom which are neither homeward nor outward bound, but which may at the outbreak of war be at sea or iu ports of the enemy 1,700,000 1,360,000 3. q per cent, loss of the British steamers employed abroad and not in the foreign trade of the United Kingdom and which may, at the outbreak of war, be at sea or in ports of the enemy 1,175,000 940,000 Total Hull losses incurred by the State without premium 4,325,000 3,460,000 4. 5 per cent, loss during the six months following the outbreak of war of all British steamers remaining available for foreign trade, after deduction of the above losses Total Hull losses incurred by the State against premium 6,133,750 4,907,000 5. Value of. the cargo, carried on the steamers assumed to be lost during the six months following the outbreak of war, but excluding the cargoes carried ou the vessels at sea or in enemies’ ports on the outbreak of war (The basis of this valuation is the average value of the cargoes carried under normal conditions in the foreign trade of the United Kingdom.) Total cargo losses incurred by the State against premium 8,000,000 8,000,000 Grand total (gross) of State’s share of estimated losses on hulls aud cargo in six months (without taking into account any premiums received) • • 16,367,000 On these assumptions the total losses on hulls ins ™^ go^oool^We estimate the 6,133,7501., and the State’s share of those losses would be ^ ^ value of the steamship tonnage remaining availa e o ^ ^ nder normal conditions months following the outbreak ol war at 12 , , • r-r ■+ j Kingdom makes, each vessel in that part of our foreign trade which « withj^e as a on the average, ten voyages each year, counting each out ^rd andl i J id if the separate voyage. If that average can be ta 'en as Ledums at’ the average number of voyages be maintained after the outbrea > } t , be sufficient to rate of 1 per cent, per voyage on the new voyages would in six months cover the whole of the losses on hulls insured agaiins f P re ““ eg that wiU be carried It is more difficult to estimate the total va ue ' ^ Rowing the outbreak m British steamships in our foreign trade during wrm i d on the same basis ns that of war, but if that trade were maintained such va If tbe wbo le of those upon which we have estimated losses, amount to 8 , > • ii be cov ered by cargoes were insured with the State Office the assumed loss would 3 premiums at the rate of 1 per cent, per voyage. . „ ^ D6 r voyage It is, we think, probable, that at average premtums of 1 cTh^red with the the greater part of the hulls would, through the Cluh M1 . g0 at State, but the amount of cargo so insured, an ' er i t, v the insurance the risk of the State, would depend largely on the facilities offered by market. » v 4.1 vfao’fird to the extent of We admit that we are making many assump ions, o i dg . bu ^ when every °ur losses and in regard to the volume and va ue o nearly 10 per cent. allowance is made it will be seen that, even on an assume outbreak of war and of all British steamers employed in our foreign tra e, w ic resnect of hulls and for six months thereafter are at risk, the claim on the State in respe^ cargo would be hut a very small percentage on the tota vo u

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