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214 to shipping and insurance charges, and they have also resolved to require merchants to give notice, in the event of loss, within 10 days of the expiry -of the risk. This stipulation is re- quired in, order that the underwriters may have some opportunity of tracing the origin of the thefts and of taking preventative measures in future. Unfortunately, there seems to have been a serious lowering of the standard of commercial morality during the past ' few years, and a great many claims have been presented which under- writers feel should be fully investigated. This has occurred not only in respect of merchandise, but also in the case of ships. As the result of board of trade inquiries, certain ships have been shown to have been thrown away, and in other cases the circumstances of loss have been of a suspicious character. Cargo steamship owners, who are always the first to benefit from a rise in freights, have, as usual, been the first to feel the decline in the demand for space and the consequent heavy fall in freights. The autumn months, as was pointed out in the last article, did not bring about that recovery which was to be expected in the pre- war years when the great crops were ready for movement. There has been no stimulus to the demand for trans- port during the first quarter of this year. Much was hoped from a substantial recovery of the British export coal trade, but high producing costs have been a deterrent. Shipping companies have been much interested in re- ports of the success of United States' firms in securing coal contracts which, in: past years, have been held by British exporters. During the past few weeks there has been some _ increase in the demand for vessels to load grain, both at the north Atlantic and gulf ports of the United States, but when the freight offered for the United Kingdom declined from 8 shill- ings to about 6 shillings, 9 pence a quarter, British firms maintained that there was not sufficient in the rate to cover expenses. Some companies are known to have declined the rate, and one of two others declared that they had accepted it in order to bring their vessels home to be laid up in port. Chartering More Active A good deal of steady chartering has gone on from time to time during the past few weeks of vessels to load grain in the River- Plate. As com- pared with' the lowest rate touched during the previous quarter of 40 shillings per ton, the freight accepted has ranged lately from about 30 to MARINE REVIEW 35 shillings a ton. Quite an active business has been done in tonnage to load grain in the ports of the River Danube, the freights paid ranging from about 26 shillings to about 29 shillings per ton for United Kingdom. Less has been accepted for Mediterranean ports. This chartering began in Feb- ruary, which was an unusually early time for such fixtures. "This. year, however, the winter was an unusually mild one, and owners were willing to take the risk of their vessels being stopped by ice. Very little chartering of vessels for time has been done. A number of British steamers are understood to have been chartered in March at a rate of 7 shillings per ton deadweight per month, which compares with a rate of 10 shillings at the end of last year to which the quotation had fallen from 30 shillings at the beginning of 1920. Some of these vessels are under- stood to have been secured in con- nection with American coal contracts. Germany. is believed to have been in- quiring for stéamers on time charter, but after the rupture at the conference in London in March, she is understood to have discriminated against British owned vessels. Selling German Ships In the unsatisfactory conditions which have prevailed during the past three months, the distribution among British owners of the ex-enemy ton- nage allotted to Britain under the terms of the peace treaty has involved dificult problems. The total number of vessels allotted to that country by the reparations commission, including passenger and cargo steamers, sailing ships, and trawlers, is 301. The work of disposing of these ships was intrusted to Lord Inchcape, who was very successful in disposing to British. firms the large number of standard cargo steamers built for gov- ernment account during the war. The sales of the ex-German steamers rep- resented a far more difficult matter. British standard steamers were offered when freights were still high. The ex- enemy ships came to market when freights had fallen heavily. The allotment of the vessels pro- ceeded fairly steadily, but toward the end of March, when bidding became very quiet, the question of the future of the ships was brought to a head. There were some who thought that bidding for the ships might be opened to all the world, including Germany. This proposal was, however, contested in various quarters. It was admitted that Germany, by reason of the de- pletion of her mercantile fleet, might be in a better position to bid for the May, 192) ships than other countries. pointed out that the higher the prices bid the better for the reparation ac. count of Germany, and that to -allow the return of the ships to her Solely on this question of price would pe an outrage on the principles of the peace treaty. It was Decide German Ship Policy The question of the future of the ships was referred to the council of the Chamber of Shipping for Opinion, and the council unanimously resolved that the ships should be sold to British nationals only, and that no re- sales should be permitted to foreign owners for a period of five years. At the .-end. of - March 18 (passenger steamers and 75 cargo steamers were being offered in this way. Bids are to be received until April 15. There were also 22 ex-ememy ships offered British nationals, allies, and neutrals. Feb. 25 was an important day for the Chamber of Shipping of the United Kingdom. day, shipping manag the famous Skinnéfs' hall in the city of London, and discussed the out- standing shipping problems of the day. The events included the election of Sir Owen Philipps as president for the current year, and of Sir Frederick Lewis as vice president. -- Sir Owen Philipps is chief of the Royal Mail company, which is in April inaugurating a new _ passenger and cargo service between Hamburg and New York, with calls at South- , ampton and Cherbourg. Sir Frederick Lewis is the head of the Furness, Withy line, which is well known in the, United States for its transatlantic services. In the evening the annual banquet of the Chamber was held, at which were present the Prince of Wales, the American ambassador, the president of the board of trade, the speaker of the house of commons, and many men eminent in the professions and_ the business world. Naturally, the speech- es in the afternoon and evening dealt with the present unfavorable factors. Nevertheless, there was, especially im the presidential address, an undercur- rent of encouragement. It was urged that since the normal life of a vessel 1s only about 20 years, and little has been done to dispose of old ships during the past few years, there should, im the early future, be a good deal of work for the shipbreaking industry. There was general agreement that working costs of every description must be reduced, and that when these expenses have been lowered and trade again becomes healthy, there should be much work for the shipping industry.