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December, 1916 complish this the fleet will have to move approximately 5,067,000 tons from Nov. 1 to the close of the sea- son. Owing to tthe light grain move- ment during that period, the bulk of the steel vessels carried iron ore during the first half of November. Shippers are confident that all the ore that will be needed will be brought down. Following are the shipments by ports for October and up to Nov. 1, 1916, with comparative data for 1915: October, October, 1915. 1916. HOSCATIG DAS. act ace stas 928,399 876,488 MEAP GUEES nese es ees 522,671 519,806 BNCY a Tralee Niemen eae ae Pa 866,170 1,218,134 WUDETIOLy cits Coe wn et 1,351,893 1,732,865 Beh bol p tar ar a ea at asraa ean ae 2,301,352 3,298,314 Dwot Hiatpors) 23. 2c. ests 1,176,388 1,470,589 7,146,873 9,116,196 DOUG INCHEASE cc hoi kip ie cleee se 1,969,323 To Nov. 1, To Nov. 1, 1915. 1916. AGS CAMA DA a ence tise are ane 4,940,081 6,507,482 Marquette: ni ee 2,836,203 3,546,651 PUSHIATIC <” ciavauciuceittuca oo5.068 4,695,752 7,269,846 Gupedor 6 aos: 7,348,916 11,493,831 TE KEE REE 5) Se RRO a ee eae 14,108,571 19,472,473 wo tlarbors 3.9. .s 628 7,886,916 9,642,563 41,816,439 57,932,846 WOPORIMICLOAS EH so nyeir Wis wos ueleiwieees 16,116,407 Soo Canal Report The movement of freight through the Soo canals during October aggre- gated 11,919,012 net tons, as against 12,906,524 tons which passed through during September. The total move- ment for the season up to Nov. 1 was 80,374,509 net tons, a gain of 20,- 433,055 tons over the figures for the corresponding period in 1915, when 59,941,454 tons were moved. The Nov. 1 total for the present: season also exceeds that for Nov. 1, 1913, the year of maximum freight movement on the Great Lakes. The season’s freight movement in 1913 up- to Nov. 1 amounted to 70,992,568 net tons. Following is the summary for Nov. 1, 1916, with comparative figures for 1915: EAST BOUND. To Nov. 1, To Nov. 1, 1916. 1915. Copper, net tons...... 101,515 117,651 Grain, oth. than wheat, WUSNEIS < Pa hove as epics 68,179,438 35,195,203 Mout Darrels 2 scdies a 8,202,139 6,664,067 Iron ore, net tons..... 56,288,748 40,638,322 Pigeiron,. net tons... .:. 12,050 15,640 Lumber M. ft. B. M.. 302,573 416,352 Wheat, bushels ....... 175,180,717 131,926,082 Unclass. frgt., net tons 280,993 267,837 Passengers, number 27,645 22,262 . WEST BOUND Coal, anthracite, net tons 1,888,831 1,708,922 Coal, bituminous, net tons 12,487,895 9,749,346 Wplours DArrels 26 «ste. cs es 13,321 100 Grain, bushels ........ 6,695 31,623 Mfctd. iron, net tons.. 133,726 158,515 BIA KOTO pois ise ek Scola sae anata carats 1,500 Galtee bartels rs ccc ces 683,117 603,586 Unclass. frgt., net tons 1,032.260 1,093,133 Passengers, number 24,283, 24,331 SUMMARY OF TOTAL MOVEMENT. East bound, net tons.. 64,599,288 47,139,174 West bound, net tons. 15,775,221 12,802,280 BEDE ALC oi we cae oes oes 80,374,509 59,941,454 Vessel passages ...... 22,098 18,138 _Net registered tonnage. 61,097,204 47,862,258 THE MARINE REVIEW 417 Marine Insurance Was Known as ‘‘Bottomry” and Dates Back to Early Greeks—First Practiced in England by Germans ROM time immemorial every kK phase of sea affairs has pos- sessed a distinct fascination, and interesting than the history of early marine insurance. From the times of the Greeks and Romans a system of insurance has been in vogue, but the first explicit statement in writing regarding the matter is found in an edict of Justin Martyr, of the year 533 A. D. He decreed 12 per cent to be the lawful amount of profit for the insurance of goods upon land, and 20 per cent to marine insurers on account of the additional risks entailed. This primi- tive system of insurance was termed “bottomry”, and by it the ship was virtually mortgaged. If the ship was lost at sea, the lender lost the money advanced on her; but if she arrived safely, he not only recovered the loan, but also the premium _ previously agreed upon. In Great Britain the first marine insurers were the merchants of the Steelyard,, who came from Germany in the reign of Edward IV. They settled themselves, and became the represent- atives of the Hanseatic League. They were a quaint company, affecting a monastic-like austerity, abstaining from marriage, and holding no con- versation with the opposite sex. Their none is more premises were closed at a _ certain hour at night, and opened in- the morning according to the season; while any deviation from their rigid rules was met by instant expulsion from their body. It was their custom to elect a “chief” annually, to rule over a council of 11 chosen from their ranks, and for this purpose a ceremony was held every New Year’s eve. ; In course of time these curious folk grew wealthy, for not only did they hold a monopoly of marine insurance, but they also enjoyed certain privi- leges in the matter of trading, which had been granted to them by the early English kings in return for funds for the carrying on of wars. Such favors bestowed upon foreign- ers roused the ire of Englishmen, and again and again this resentment manifested itself in repeated attacks by the London. populace upon the Germans’ warehouses.. In the year 1597, however, public resentment grew so strong that an act was passed ordering all foreigners to leave the country on pain of heavy penalties. in London, built houses for- By way of reprisals, the cities of the Hanseatic League placed restrictions upon British imports. “Good Queen Bess” had to be obeyed, and the Steelyard men went back to their native land. Their warehouses, in which they had transacted their bank- ing, shipping, and marine insurance, stood until 1863. When the Jews, after a period of persecution, fled from England, their places as financiers were taken by the Lombards, who consisted of mer- chants from Genoa, Florence and Venice. These people quickly settled in London, and did a thriving busi- ness as bankers, money-lenders, and insurers, leaving the name of Lom- bard street to perpetuate their fame. Of an exceedingly active and pushing character, they originated an agency at Inverness, and one of their projects was to build what they termed a “marine establishment”. So fruitful did their business become that, like their German predecessors, they soon possessed themselves of much of the country’s trade, and like them they paid the penalty, being obliged to return to their Italian homes forever. With their departure the English people took up the matter of insuring ships, and an act of parliament was passed to facilitate matters. A board of insurance was formed, consisting of merchants and lawyers, which had for its aim the amicable settling of all disputes, but its meetings were few and far between, and gradually the whole: system fell into sad dis- repute. In the first instance, the first marine insurance agents were public notaries and brokers, while in 1602 a man named Candler applied for a patent to enable him to have the sole right of marine insurance. This ap- plication roused the indignation of the people in whose hands the insurance of ships had fallen, and it was with the purpose of appeasing their wrath that a “council of insurance” was soon afterwards formed. This was com- posed chiefly of those who had urged its formation, and in consequence did very little to bring about what Candler and others had agitated for. ‘Practically all our knowledge of these old insurance companies is de- ‘rived from a work commonly known as the Guwuidon, issued at Rouen be- tween 1590 and 1600. In all probabil- ity it was the production of many hands. From. it one may obtain a good idea of early marine insurance,