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
