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the business. 240 located on 'he main deck. Each room is equipped with running water. The vessel carries an ice machine and a complete refrigeration plant while an adequate supply of drinking water is assured through a power water puri- fier. A wireless outfit is provided and when the vessel is at her home dock she is equipped with long distance telephone. In many vespects, the new vessel is patterned after the original one, but many important changes have been made. The cld vessel was 195 feet long, or 22 feet longer than the present craft. The new Favorite also is built on finer lines. The locomotive- type crane on the forward deck has greater capacity than the one carried on the older vessel. The old Favorite was fitted with a triple expansion en- gine. She carried two Scotch boilers. When. the original Favorite was built at Buffalo in 1907, she was 195 feet long, but in 1915 she was lengthened to 215 feet. In the new vessel some of the original equipment of the first vessel has been abandoned. This includes among other items a power launch and a power punch and _ shear. The performance of HE difficulties of steamship management and _ operation have been frequently spoken of with the positive declaration § that Americans have been slow to learn In general, these state- ments refer to a business which is creating an interest among citizens of every walk of 'life of the United States, without giving any specific in- stances. There is the one small item of bookkeeping which in the office of a steamship company: presents problems which are never encountered in the offices of an industrial concern. In his lecture before the New York society of accountants, J. J. LeBleu of the Holland-American line listed among the books of a steamship ac- countant the following: The statistical loading book, the voyage account book, the engagement book, the book of passengers booked for transportation, the book of through shipments, the book showing the total passage received for a cer- tain trip and the book of prepaid passage of passengers. These are but few of the separate accounts which must be kept in a steamship office. There are many other by-product books with which a bookkeeper should have familiarity. The practice of writing insurance on vessels and cargoes in Many insurance markets of the world tends to com- THE MARINE REVIE | 1 . -- CRANE ADAPTED FOR WRECKING OPERATIONS the new craft is looked forward to with interest by Great Lakes' vessel operators. plicate the. accounts. Furthermore there is the little item of cash re- ceipts and. expenditures which pre- sents no small problem. We in Amer- ica pay largely in bank. checks, but that is not the case in all countries. In Holland and some other countries payments are made by the transfer of cash. Involves Much Detail It is necessary to have a familiarity with international exchange rates. The fluctuations in the value of foreign currencies is ever a perplexing mat- ter. There is one export house which has adopted the practice of purchas- ing foreign money when entering into a contract in that country and hold- ing it on deposit in some safe bank in that country. Should the rate of exchange go against the house by the date of payment, it has been pro- tected. This is nothing more than a hedge as commonly accepted in the markets and is a practice which com- mends itself for its stability if for no other reason. Marine Insurance Before the war, it was a practice of German insurance companies to re- insure the risks of insurance com- panies all over the world, and from this reinsurance they made enormous WwW May, 1919 Heyday of Lake Wind- jammers (Concluded from page 235) flats. In the next 15 years nearly all the finest and largest sailing vessels that ever sailed the lakes came out. After the year 1883 not one large sail- ing vessel was built on the Great Lakes, fully fitted out as such. After 1885 sailing vessels disappeared or were converted into barges with much reduced sail area, to be towed by a steam barge." A fleet of powerful tugs put the quickly and _ safely A friend writing sailing through the rivers. me from Detroit said: "I haven't been able! to get any pictures of the schoon- ers as the- hair-trigger cameras were not in vogue in those days, but I assure you it used to be a fine. sight to see the old river tugs going up and down with.a tow of from five to eight schooners with all rags set if the wind was fair." vessels levelopments in Ship Operation profits. At that time the United States had but few marine insurance com- panies and the fire insurance business was largely in British hands. The war having developed an American mercantile marine, American marine insurance developed considerably. The opportunities afforded the American fire and marine insurance companies to enlarge their fields of operation and to engage in a reciprocal reinsurance with foreign countries can now be considered. One opportunity has recently been called to imind by» Consul General Halstead, reporting from Stockholm The Swedish law limits the amount of insurance that a Swedish insurance company may keep on its own ac- - Count on a single risk to 6 to 10 per cent of its capital and reserve fund. Thus a large Swedish insurance com- pany may issue a policy of, say, 1,000,000 crowns ($268,000) and dis- tribute nine-tenths or more of the risk among other companies. It ap- pears that this distribut:on of risks is done through hrokers or through com- panies especially estabisshed for' that purpose. Hefore the war such re- insurance went very largely to Ger- man companies, but the British and French also participated. In order to handle this reinsurance business the Aktiebolaget Reassurance has been formed in Stockholm for the distri-