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26 | THE MarRINE REVIEW LAKE UNDERWRITERS 2 Buffalo, Aug. 22.--Some months ago I had occasion to note that there was a possibility of a war between the home and foreign underwriters over lake insurance. It now looks very much like a certainty. How it will come out is a matter of no great concern to the insured, for the first thing done of course will be a general breaking of rates, with the in- sured getting all the benefit so long as the war lasts. After it is over somebody will resume something like the old rates and there will be stability again. It is too bad that such things cannot be adjusted without the waste of incomes and the slaughtering of interests that always accompany com- mercial wars, but the world, from the human race down to the lowest order of creatures, seems built on war principles, so that business wars may possibly be blessings in disguise, as they take the place. of he old-fashioned wars on life itself. ; 'Phe difficulty with fe a ees is that the American companies want it all to themselves. In former years it was found impossible to interest American capital in~ the business to an extent sufficient to cover it. Single risks were then much smaller than they are now, but there were such small earnings that one after another of the insurance companies that had been in the business either pulled out or so limited their takings that it was necessary to obtain aid from outside. So the lake underwriters turned to the London Lloyds for relief and. that aggregation. was, as usual, found ready to write risks to practically any extent. The arrangement worked well so. long as the Lloyds. were. really needed, but it after awhile was found that moze home © capital could be induced to enter. the business and then there was raised the, question as to leadership and general policy. The methods of the Lloyds is essentially different from those of our underwriters and when they set up a standard it was hard to adjust ourselves to. it. Some seasons the spring organization of the lake undetwrite-s, especially on hulls, was ee held off a distressingly long time because London either in- sisted on changes as to tonnage valuations or constructive total-loss ratios or possibly there was no expression of wishes at all, which was just as great a cause of delay. It was then felt that London ° was needed and must be allowed to have her way on that account. Since it has come about in late years that we do not need London at all there has apparently been a general casting about for a good chance to drop her off, but as she was practically all powerful in such matters the home companies did not care to precipitate a war. It appears now that our companies have fortified themselves considerably of late, while the London underwriters have their hands full with the East- ern war and are less Ikely to enter on a war here than ever before. Their losses are very heavy as it is and it will be some time before they will care to enter on a new career of certain loss. | Still it may happen that the Lloyds will manage to stay in the lake business in some -way till their Eastern troubles are over and then they will be more able to take care of this end of it. From the standpoint of the insured it is apparent that there is not only money in the business, but that there is expected to be money in it right along. There used to be a great amount of complaint of no profit all along the line, but the advent of the steel hull, while it did not reduce the losses as it was expected to, has so cut down the number of total losses that it has made a decided difference in the con- dition of affairs. What wooden hulls there are left will go in a short time and then the element of uncertainty will be much less than it has ever been. As to the run of insurance business this season the com- plaints heard so generally during the first month of navigation are heard no longer, an indication that the underwriters are much better satisfied than they were. If the fall is not too severe there will be at least profit enough to encourage the companies to go on, war or no war. The light earnings in cargo insurance continue. There is so little flour or grain moving that this alone would reduce the income materially. Besides the lumber movement is light and there has not for a long time been much in the coal insurance business, so that it is left dependent on iron ore, which largely goes without insurance. _ i Underwriters are looking, though, for a fall business in grain and there are plenty of indications that they are right. One day last week New York reported a big stir in export grain, and if our prices are now down to an export basis as they seem to be there will be something nice in lake grain yet, both for the carrier and the underwriter. JoHN CHAMBERLIN. The following table shows the principal imports to Man- chester by way of the canal in every completed year since tts opening and up to the end of 1904: (Oo HO 8 © = © mM aas . a on Fs OR SBiwe ee oe s & 3s& ae ar oan 6 oc oe he H OH oO HH GID a oF SBS Oe Ke eS B ~~ Ht DOD Os et + N © ' Die 668 S00 5 8 aS ae eee -+tonwoend oweowo wx + 0 es Dis She AO ee oS OD en BS me Ce S BO GD me AQ te HH EN 18 Bo: BS Cont SA oA mh oO a 5. Ow al He te 2 OG GO H aos 2 B.S ES rm lo} ine) me Z m= me att ew eS Ss 1a aon oa x 10 i gad na oP oo +H roc ee a x 7. aod sen md OO a +A rf AO mw GS am S OG 16 ee ON OO SH Oe 1 5 Vis ; gS Ss \ 4 ast 2g = ~~ om RM 6 # 3 mS 2 2 He OD me ete See x =o "| ws Be SG 2 leit, nN 9 CE 0 a gc. Me IS Oi eit 5 OO oe. z s & aot a H+ Bom wos o Hw wow Po = pa to 6 ; Bs a Stee oS 82REGZAG ro i Ie eM OO OO SUS Sos : uN 06 © som oo g o = for GBR S Bi 8-8-8 R a ee a o~ & GO Mes CO in: (Ooo on A qin Oe. aS x 2 EOE OSes OR HAND 6 oe AGS Cig (Ra re 2.109 ®@® © 0 O ia Me. =o no # aa N sr 1c SB Oo wm oF ; S SM oF. OD 6 SO. OO) 2.2 5 s CO BH ee) CoS cS re oO oda ra wee t+ & Sa 4 age ape : Ay es HS = pea OO OF OO - NM - 0 AN ee me A: 6 oN KR @ CO . a nD +H RD & s Dd mr od oO pS dB S Ot Se: Se oe Got Sy 00> Cr On Ce ee ie) ON (S18 oS ot ws Ne tS a as S00 a BS 2B nH Hr ON NA HN OH HH Te AOS 1S She OO OR OS: a = SF ds ed - uo aA + OH OHO HR H- OD -E 7 > ot Oa HS So IS as: 2 252 re) Cn SH mH OH SB Hwan er SC HN Yoo o ERE COR re 00 tN ee moo 20 °S we Oo = QM a CD OS HH e eee Oa Ae SRN bt Ce oOo sa S aQ2nannrn aw | seo 8 | oO Ore (eo. oi = ~ ~ we oO 5 a HO = DO Ors Bl Gon oat - CO ba ak re fo eae eS CS Z 1S min © OD R re o Or owe oO oD ~ a HN © Oe A oO ms G SO eee eae a en are ea ears : % Be GG te : eB eS Hig tata one ate : < zi ses es : ' ee : ; : -- ' ' oO B® . : cere : ' ' 3 GMC he el ee rr ee nn : a a E ; 5 <a a na a> Sees . : = ° De Bi rae egg ete eee Sere pes ae ws '3 Le ee Bay Oe ee ene g a, ere Se Be eR ee oo os < a Sis 22 e Doe Se eee o Oe aoe 9 Mom mm ROS be ie Q OO it ae OO Oo Ocee eme 4 There is little rest for the many vessels now engaged on the Pacific coast in carrying fuel oil. Depots for supplying oil to ships are now maintained just as coaling stations were formerly. Liquid fuel is much used on the plantations in the Hawaiian islands and a large depot is maintained at Honolulu. Most of the steamers in commission on the Yukon river burn California oil. The steamer Rosecrans recently towed the oil-carrying schooner Monterey to Nome and is now on a second trip to that port, towing the same schooner filled with oil from the tanks at Monterey, Cal. The trip from Monterey to Nome occupies about sixteen days. On arriving there, the oil is put into small tanks, from which the river steamers draw their supply.