Tension in the Far East is reflected in a decision arrived at by the Shanghai Marine Underwriters' Association with regard to War Risk Rates, which went into effect on Monday and are "subject to alteration at any time." These rates are exactly double the normal figure, and exclude ships flying the Chinese and Japanese flag. Furthermore, they are water-borne only, which means that as.soon as the cargo is landed it is no longer covered.
For some time now, Lloyds of London, and British and Continental underwriting companies have refused to issue land rates, their rates covering water-borne cargoes only. Prior to the issue of the new rates by the Shanghai Marine Underwriters' Asso: ciation, the local rate was 215 cents per cent, or 2% cents for every one hundred dollars. The new rate, which is for steamers trading locally to or from the China Coast and river ports, and including Hongkong, is 3 cents per cent, For steamers to and from or-calling at China coast and river ports (including Hongkong) special minimum-rates have gone into effect. It should be noted that the underwriter ciation has decided that, for the time being at any rate, no rates will be laid down for "warehouse to warehouse" cover, or for ships under the Chinese and Japanese flags: furthermore, the new rates exclude the risk of piracy.
Underwriters covering ships under the Chinese or Japanese flags, therefore, will do so at their own risk and at their own rates.
Text read from the printed page and cleaned; old type leaves the occasional error.