924

THE COLLIERY GUARDIAN

May 2, 1913.

Weser 10s. 6d., Hamburg 10s. 9d., on d.w., option Kherson, b d.,
3d. extra, cancelling May 10; Novorossisk, Theodosia, Eupa-
toria, two ports, 5,200, Marseilles, 12 fr., ppt.; Philadelphia or
Baltimore. 30,000 qrs., 10 per cent., Rotterdam, 2s. 84d.,
May 31; Gulf timber port, 800 stds., 10 per cent., Holland-
East Coast United Kingdom, 110s. one port, 112s. 6d. two
ports, May; 1,000 stds., 10 per cent., River Plate, 157s. 6d.,
June; Bahia Blanca, 6,000, 10 per cent., United Kingdom-
Continent, p.p, 19s. 9d., oats, with part wheat at 2s. less,
early May; Bilbao, 3,000, Cardiff, 4s. 44d., ppt.; 3,500,
4s. 4|d., ppt.; 1,600, Grangemouth, 5s., ppt.; 1,600, Middles-
brough, 5s., ppt.; 1,600, Newport, 4s. 6d., ppt.; Bordeaux,
1,900, Cardiff, 5s. 9d., April 28; Buenos Ayres, 5,000, 10 per
cent., United Kingdom-Continent, 18s. o.c., less 6d., May 15-
June 20; South Japan, 3| dole., Singapore; Philadelphia,
28,000 qrs, Avonmouth or Rotterdam, 2s. 84d., May;
26,000 qrs*, 10 ten cent., Avonmouth or Rotterdam, 2s. 74d.,
other ports 2s. 9d., June; Rangoon or Bassein, 25s. 6d.,
Holland, option part cargo at Moulmein; Taganrog, 5,000,
Antwerp or Rotterdam, Ils. 14d., completing Novorossisk
(2,000) same rate, 3d. less barley, ppt.; Boston, 2,059 net,
Copenhagen, 3s. 14d., May; Venice, 4.000, Hartlepool,
6s. 6d., ppt.; Port Breira, 5,000, Tyne, 5s. 3d., ppt.; San
Juan, 2,500, Middlesbrough, 7s., ppt.; 2,000, Rotterdam, 7s.,
ppt.; Azof, 5,800, Weser, Ils. 3d., with 3d. less barley up to
half cargo, ppt.; 4,000, United Kingdom, p.p., 11s. 3d., ppt.;
7,300, Rotterdam 10s. 9d., Antwerp, Emden or Weser Ils.,
Hamburg 11s. 3d, option Marseilles 13 fr., May 5-20; 6,100,
max, Rotterdam 10s. 6d„ Emden or Weser 10s. 9d., Hamburg
Ils., with 3d. less barley, June 5 cancelling; 5,800, Rotter-
dam 10s. 6d., Weser or Hamburg Ils., with 3d. less barley
up to 1,000 tons, cancelling May 20; 5,200, Rotterdam,
10s. 6d., with 3d. less barley. May 25 cancelling; San
Lorenzo, 4,500, 10 per cent., United Kingdom-Continent,
19s. 9d. o.c., less 6d., May 1-10; 4,200, 10 per cent., 18s. o.c.,
less 6d., Lisbon-Oporto Is. more, May 12-31; 5,300, 10 per
cent., 18s. o.c., less 6d., North Spain Is. extra, May "15-
June 15; Sulina, 5,900, Rotterdam 9s. 6d., Antwerp 10s.,
early May; 4,100 max., Denmark, basis 13s., ppt.; 7,000,
Rotterdam, 10s. 6d., mid-May; Genoa, 3,300, Rotterdam,
5s. 6d., early May; Hornillo Bay, 4,000, Cette, 8fr., ppt.;
New York, sail, 21| c. one port, 22| c. two ports Australia;
time charter, States, Brazil and River Plate trade, 4s. 4|d.,
two years; time charter, general trade, 3s. lOjd.; 4s.;
4s. 6d., one round trip, delivery and re-delivery, United
Kingdom-Continent; West Australia, 35s., two New Zealand
ports, June; Baltimore, 18s. 3d., Rio de Janeiro; nitrate
ports, about 29s. 6d., United States, July-August; Poti,
4,000, Rotterdam 12s., Garston or Fleetwood 12s. 6d., ppt.;
Eupatoria, 4,600, Reval, 14s., salt, ppt.; 2,700-3,000, Libau,
15s. 6d., salt, ppt.; Bombay, 2,762 net, Marseilles and
Antwerp, 21s. 6d. on d.w., ppt.; Bombay and Kurrachee,
8,400, Liverpool and Birkenhead, 18s. 6d., scale, early June;
Montreal, 14,000 qrs., 10 per cent., Avonmouth or Rotter-
dam, 3s. grain, 3s. 4£d. flaxseed, May; Taianta Channel,
4,800, Middlesbrough, 6s. 6d., ppt.; Sagunto, 6,400, Rotter-
dam, 5s. 4|d., early May; La Goulette, 3,200, Glasgow,
7s. 3d., May; St. Petersburg, 800 fms., East Coast coal
port, 26s. 6d., props; Novorossisk, 4,700, Genoa, 12 fr., option
Genoa and Milazzo 12| fr., May 1-15; New York, basis
28|c., Australia, four ports, June; Port Romaine, 2,200,
Glasgow, 7s. 6d., f.d., 1,000-500, ppt.; Rosario, 16s., Hull, for
4,000 tons, berth terms; time charter, Transatlantic trade,
8s. 3d., one trip, delivery New Orleans, re-delivery United
Kingdom-Continent.

2.800,	10s. 6d.; 5,200, 9s. 6d., 700 ; 4,000, 10s. 6d. ; Bahia,
17s., May ; Belfast, 300, 4s. 6d.; Bordeaux, 1,000, 6 fr. ;
Bilbao, 2,100, 6s. 6d. ; Cronstadt, 1,900,6s. 6d. ; 2,700,6s. 6d.,
May 5 ; 3,100, 6s. 6d., May£; Caen, 1,650, 51 fr. ; Chatham,
2,000, 2s. 9d., Admiralty ; Catania, 3,800, 9s.; Catalone,

5.500,	9s. 6d. ; Calais, 1,700, 4s. 6d. ; Corunna, 3,800, 6s. 6d. 5
Cromarty, 3,200, Admiralty, 3s. 9d. ; ditto, 3,800 ; ditto,
2,400 ; Campana, 17s., late May; Devonport, 3,800, 2s. 3d.,
Admiralty ; 3,200, ditto; Dundee, 580, 6s. 3d. ; Gibraltar,

3.800,	8s.; Grimsby, 800, 3s. 6d., Admiralty ; Havre, 1,300,
5s. ; Harwich, 1,500, 3s. 3d. ; Kiel, 600, 5s. 6d. ; Lisbon,
4,600, 6s. 3d., early May ; 1,800, 7s. 3d„ 350; 2,100, 7s. 3d.,
350; Leghorn, 4,500, 9s. 9d., 500 ; 4,800, 9s. 3d. ; Lappvik,

1.500,	6s. 6d., 400; Las Palmas, 5,000, 8s. 10|d.; Messina,

2.900,	9s. 3d., 800 ; 2,900, 9s. ; Madeira, 2,800, 8s. 9d., May 5 ;
Marseilles, 6,600, 10f fr.; 2,600, ill fr., May 5 ; 2,600, 111 fr.,
May ; Monte Video, 4,800, 15s. 9d.; 4,400, 15s. 9d., May 5 ;
4,200, 16s. 9d. ; 5,200, 15s. 9d., May 15; Naples, 4,800,9s. 3d.;
5,000, 9s. 9d., 500 ; 4,500, 9s. 9d., 500; Nantes, 1,550, 7 fr. ;
Oporto, 850, 8s.; Oran, 1,900,12 fr.; 3,300,124 fr., fuel, 400 ;
Para, 4,200, 15s. 6d., May 15 ; Pernambuco, 4,900, 17s. coal,
17s. 9d. fuel, May 13 ; Port Said, 5,000, 9s. 6d., May 5 ; Rio
de Janeiro, 8,500, 16s. 6d. ; Rosario, 17s. 6d., late May ;
River Plate, 5,900, 16s. 6d., early May ; 4,200, 16s. 9d.,
reported ; Rouen, 650, 5s. 9d. ; 5,000, 16s. 6d., first half May;
Rochefort, 1,500, 7 fr. ; Salerno, Galatz, Braila, two ports
discharge, 4,600, Ils. 6d. ; St. Malo, 1,900, 4s. 7|d.; St.
Nazaire, 2,500, 5| fr.; Sheerness, 2,000, 2s. 9d. ; Trouville,

1.100,	5s. 6d.; Tarragona, 3,000, 10s. 6d.; Teneriffe, 5,000,
8s. 10|d.; 4,500, 9s., May 8; Valencia, 1,300, 10s. 6d., free
of tax; Villa Constitucion, 17s., late May.

Newport to Genoa, 6,800, 9s., May 5; Algiers, 3,600,
10| fr.; Seville, 1,350, 8s. 6d.; Corcubion, 1,750, 6s. 9d.;
Naples, 4,100, 9s. 3d., 800; Gibraltar, 2,600, 8s. 3d., May 3;
8s. 6d., May; Naples, 5,800, 9s. 3d., 800.

Seaham Harbour to Hamburg, 1,200, 3s. 6d.

^Grimsbv to Aalborg, 950, 5s.

^Swansea to Catania, 2,900, 10s.; 3,200,10s. 3d.; Boulogne,

1.900,	4s. 9d.; Rouen, 1,400, 5s. 9d.; 1,600, 5s. 6d.; 2,500,
5s. 6d.; 2,200, 5s. 6d.; Norrkoping, 5s. 9d.; Honfleur, 1,150,
5s.; Leghorn, 2,900, 9s. 9d., May 3; 3,700, 9s. 6d., May 3;
Genoa, 3,700, 9s. 6d., May 3; 2,900, 9s. 9d., May 3; 2,400,
10s.; Dieppe, 1,700, 5s.; Monte Video, 18s., fuel, 7 per cent.,
May; Ancona, 4,200, 12s. 6d. coal, 13s. 3d. fuel, May 3;

3.100,	13s.; Bari, 2,900, Ils. 9d. and 12s. 6d., 500, May 3;
St. Nazaire, 2,250, 6| fr. and 7| fr., May 9; 2,300, 6| fr.;
Havre, 1,100, 5s.; Venice, 3,100, 13s.; 4,200, 12s. 6d. coal,
13s. 3d. fuel, May 3; Savona, 2,900, 9s. 9d., May 3; 2,400,
10s.; Licata, 1,800, Ils.; Chantenay, 2,250, 6f fr.; Bordeaux,
1,250, 7| fr.; 1,600, 7| fr. coal, 8 fr. fuel; St. Brieux, 750,
6s. 6d.; Cronstadt, 2,600, 6s. 6d.; St. Petersburg, 2,600,
6s. 6d.; Naples, 3,200, 10s. 6d. coal, Ils. 3d. fuel, 800;
Grimsby, 800, 3s. 6d.; Cromarty, 2,200, 3s. 9d.; Valencia,

1.300,	10s. 6d.; Oalesvae (Shetland), 1,900, 4s. 9d.; Brest,

1,900,	4s. 6d.; Alexandria, 3,600, 10s. 6d. and Ils. 3d.

Burry port to Rouen, 750, 6s.

Thames to New York, sail, 8s., chalk.

Bly th to Stockholm, 2,100, 5s., 500; Archangel, 1,000,5s.;
Cherbourg, 1,000, 5s.; Cronstadt, 3,000, 5s. 9d.; Havre,
1,200, 4s.; Nykjobing Falster, 1,500, 5s. 9d.; North Norway,

1,800,	4s. 6d.; Riga, 2,000, 5s. 6d.; Devonport, 850, 5s. l|d.

Hull to Cronstadt, 4,000, 5s. 4|d.; 5,000, 5s. 3d.; 4,300,
5s. 3d.; 2,000, 5s. 6d.; 2,700, 5s. 9d.; Rouen, 3,500, 5s.;
St. Petersburg, 2,800, 5s. 9d.; Swedish Sound port, 1,550,
4s. 9d.; Kiel, 1,200, 5s. l|d.; Norrkoping, 1,100,5s. 6d. coal,
7s. 3d. coke.

Leith to San Francisco, sail, 14s., completing Tyne 17s.;
Kiel, 1,200, 3s. 3d.

Immingham to Riga, 2,400, 6s.; Pernau, 3,000, 5s. 3d.;

2,500,	5s. 3d., May 3; 2,400, 5s.

Amble to Norrkoping, 1,000, 5s. 9d.

Hamburg to San Francisco, sail, 16s.; Chili, sail, 21s. 6d.;
Charleston and Jacksonville, 10s. 9d.; Charleston and
Pensacola, 10s. 9d., Santos, sail, 21s.

Antwerp to San Francisco, sail, 17s.

Immingham to Pernau, 2,450, 5s.

Rotterdam to Wallaroo, sail, 20s., coke, June-July;
21s. 6d., June; 20s., September-October; Algiers, 1,500,
104 fr., May 15 ; 104 fr-, May; Bilbao, 3,900, 4s. 104d.,
May 10; Malta, 3,900, 8s. 3d.; Porto Vecchio di Piombino,

3.300,	10 fr., May 5; 4,200, 10s.; Bagnoli-Porto Ferrajo,
4,700, 9s. 3d., May 7-8; 5,000, 9s. 3d.; Constanza, 1,550,
Ils. 44d.; Wallaroo, sail, 20s., coke, June-July; 2,198 reg.,
25s., coke, September-October; 1,930 reg., 21s. 6d., coke;
St. Nazaire, 5s. 14d.; Barcelona, 9s. 9d.

Forth to Ornskjoldsvik, 2 500, 5s., end May; 5s. 14d.;
Fredericia, 1,050, 5s.; Kotka-Helsingfors, 1,700, 5s.; Reval,

1,800,	5s. 9d.

Newport River to Philippeville, 1,800,13 fr., fuel.

Goole to Ghent, 750, 4s. 9d.

Hartlepool to Marseilles, 4,300, 9s. 6d.

Grangemouth to North Norway, 1,600, 4s. 6d.

Mersey to Shediac, 800, 6s. 6d.

Port Talbot to La Pallice, 2,200, 54 fr.; St. Nazaire, 1,700,
6fr.; Sables, 1,500, 7fr.

Wales to Monte Video, sail, 15s.; 15s. 6d.; Rio|de Janeiro,
sail, 15s.; 15s. 6d.; West Coast South America, 20s. 6d.,
early May; West Coast South America and home to
United Ringdom-Continent, sail, 45s. on the round.

Wear to Gefle, 2,400, 5s. 3d.; Cronstadt, 1,600, 5s. 6d.;
London, 2,500, 3s.; Aalborg, 1,700, 4s. 6d.

Bo’ness to Gibraltar, 8s.

Glasgow to Genoa, 9s.; Savona, 9s.; Leghorn, 9s.; Civita
Vecchia, 9s. 74d.; Alexandria, 9s. 10jd.

Fife port to Cronstadt, 1,700,5s. 9d.; Horsens, 800,5s. 44d.;
North Norway, 2,200, 4s. 6d.

Partington to Buenos Ayres, p.t.; Genoa, 5,000, 8s. 6d.,
early May.

London to East London, sail, 22s. 6d.

Homeward charters:—Kherson, Nicoleieff or Odessa,
3,400, Ils. n.c. or any, Ils. 6d. Hamburg, May 5-20; 4,500,
Rotterdam 9s. 74d., Hamburg or Weser 10s. 14d., ppt. ;
4 600, Rotterdam 9s. 9d., Hull 10s. 6d., mid-May; 6,000,
Weser, 10s. 14d., with 3d. less barely, ppt.; Kherson or
Theodosia, 3,500, Ils. n.c. or any, Ils. 6d. Hamburg, ppt.;
Saigon, 6,000, Marseilles, Dunkirk, Havre, 28s. 6d. one port,
29s. 6d., two ports, May ; 7,000, Marseilles, Havre,
Dunkirk, Liverpool, 27s. 9d. one port, 28s. 9d. two ports,
29s. 9d. three ports, May 31; Calcutta, 2,430 net, Antwerp,
25s., d.w., basis May; 3,168 net, Bombay, Rs. 7, May; 4,928
net, United Kingdom-Antwerp-Holl and, 25s. one port,
25s. 9d. two ports, d.w. basis, end May; Kurrachee, 4,415
net, United Kingdom-Continent, p.p., 17s. 6d., May-June;
7,000, Mersey or Manchester, 17s., early June; about
18s. 44d., United Kingdom-Cont.; Nicolaieff or Odessa, 6,800,

COAL. IRON AND ENGINEERING COMPANIES.

Anglo-Westphalian Kent Coalfields Limited.—In the
Chancery Division on the 25th ult. Mr. Justice Neville had
before him a motion in the matter of the An gio-Westphalian
Kent Coalfields Limited against Sidders and wife. Mr.
Bramwell Davis, K.C., said his motion was to restrain the
defendants from carrying out a proposed sale to somebody
else. His contract was dated March 25, and the other was
dated three days later. Mr. Peterson, K.C., said he
appeared for Mr. Sidders, and there was another of these
actions. The only way of dealing with this motion was
by joining the Westphalian Company as plaintiff. His
lordship said he would make an order keeping the matter
in medio with liberty to apply to expedite the hearing, and
leave to amend to both parties, costs to be costs in the
action.

Baker (Joseph) and Sons Limited.—The report for 1912
states that the directors have decided to apply .£5,000 to
the further reduction of goodwill. The net profit for the
year, after placing to depreciation £4,800, is £20,118, and
£4,611 was brought forward, making £24,729. The directors
recommend a final dividend of 5s. per share, making 8 per
cent, for the year, and have placed to reserve £3,000. leaving
to be carried forward £5,866.

Beeley Wood Steel Company Limited.—This private
company has been registered, with a capital of £1,000 in
£1 shares, to carry on the business of iron and steel
merchants, &c., and to acquire the business carried on, in
or near Sheffield as the Beeley Wood Steel Company.
Table A mainly applies.

Binns (J. and A.) Limited.—This private company has
been registered, with a capital of £7,000 in £10 shares, to
take over the business of wire manufacturers and drawers,
&c., carried on by A. Binns at Pellon-lane, Halifax, as
J. and A. Binns. First directors, A. Binns (governing
director) and E. Gledhill. Registered office, West Mount
Works, Pellon-lane, Halifax.

British Westinghouse Electric and Manufacturing’Com-
pany Limited.—The report of the directors states that the
accounts show continued pi ogress. The gross profit
amounts to £157,871 7s. 8d., and, after the necessary
deductions, there is shown a net profit for the year of
£41,074 2s. 6d., as against £20,708 5s. 3d. last year Adding
to this the balance brought forward, £25,825 5s. lid., there
is a balance of £66,899 8s. 5d. to the credit of profit and loss
account, which it is proposed should be carried forward.

Callender’s Cable and Construction Company Limited.
—The profit for the year ended December 31 last, including
£58,531 brought forward, amounted to £155,620. After
deducting interest on debenture stock and dividend on
preference shares, £8,924 for depreciation, and £5,200,
expenses incurred by the company in connection with the
formation of Callender’s Share and Investment Trust, it is
proposed to pay a dividend on the ordinary shares at the
rate of 10 per cent, per annum, less tax, being 10s. per

share, whereof 5s. was paid on November 1,1912, and 5s.
will be paid on May 15,1913; to pay a bonus of 5s. per
share, less tax, and to carry forward £91,745.

Carlton Main Colliery Company Limited.—The directors
propose to recommend to the shareholders the payment of
a further dividend of 12| per cent., making, with the
interim dividend paid last November, 17| per cent, for the
year ended March 31.

Cassel Coal Company Limited.—The report for the
year ended December 31, 1912, shows a net profit of £20,872,
out of which a dividend of £15,000 has been paid, being 74
per cent. The amount carried forward at credit of profit
and loss account is £22,283. The company’s mining leases
cover an area of 26,226 acres and are renewable in per-
petuity. On the Farm Kleinkopje the existence of the
valuable main seam of the Central Witbank district has
been proved, and the company has in this area “ good
marketable coal in such quantity that no reasonable limit
of duration in mining can be placed upon it.” Besides its
coal area the company owns a goldmining interest of 635
acres on the Farm Daggafontein, which is growing rapidly
in value owing to the favourable development of the
adjoining properties owned by the Springs Mines and Dagga-
fontein Gold.

Chinese Engineering and Mining Company Limited.—
Interim dividend of 3| per cent., or 8f d. per share, free of
tax, on account of the year ending June 30, payable on
May 15. Holders of warrants to bearer may present coupon
No. 1 for payment on or after May 8.

Clayton and Shuttleworth Limited.—The report for
1912 states that the net profit for the year, after providing
amply for depreciation of buildings, plant, tools, &c., and
allowing for directors’ fees and income-tax, is £58,208, to
which has to be added £15,234 brought forward, making a
total of £73,443 available. It is proposed to declare on the
ordinary shares a dividend at the rate of 6| per cent., less
tax, to place £10,000 to the reserve fund (bringing the latter
up to £100,000), and to carry forward £16,693. It is with
regret that the directors record the death of Col. Frank
Shuttle worth. Mr. Alfred Shuttle worth has been elected
to succeed his late brother as chairman. Mr. John Harris,
secretary, has been appointed to the vacancy on the board.

Dixon (William) Limited—The net profits for the past
year, after providing for debenture interest, amounted to
£88,780, and £34,988 was brought forward. The directors
recommend that £15,000 be applied to the redemption of
stock, £10,000 set aside for renewals, and a dividend of
7| per cent., free of tax, paid on the ordinary shares,
carrying forward £35,019.

Glencoe (Natal) Collieries Company Limited.—The net
profits for 1912 were £11.748, and £15,859 was brought
i’orward. A dividend of 9d. per share has been paid, and
£800 written off investments, leaving £17,432 to carry
forward.

Harrison’s Western Ironworks Limited.—This private
company has been registered, with a capital of £2,000 in £1
shares, to carry on the business of ironfounders, engineers,
manufacturers of machinery and agricultural implements,
&c. Registered office, 30, Penn-street, Bristol.

Horden Collieries Company Limited.—The directors have
declared an interim dividend of 4 per cent., as compared
with 2 per cent, a year ago, payable on May 23.

Jagenberg (Ferd. Emil) Limited.—This private company
has been registered, with a capital of £2,000 in £1 shares,
to carry on the business of merchants, manufacturers,
importers, exporters and repairers of, dealers in and agents
for machinery, &c. First directors, Max Jagenberg and
Emil Jagenberg (permanent governing directors).

Legal Insurance Company Limited.—The fifth annual
general meeting of the shareholders of the Legal Insurance
Company Limited was held at the Law Society’s Hall,
Chancery-lane, W.C., on April 29, under the presidency of
Mr. J. Field Beale, chairman of the company. The report
and balance-sheet showed that the gross premium income
amounted to £246,274 Ils. 10d., and reinsurance premiums
to £89,723 9s. 6d. Claims paid and outstanding after
recovery under reinsurances amounted to £107,720 7s. 3d.,
being 68*8 per cent, of the net premium income. Commission
and expenses of management, including provision for depre-
ciation of fittings, &c., amounted to £70,784 4s. 9d., being
45 2 per cent, of the net premium income. Subject to
unexpired risk, the accounts showed that there was a
balance of £30,096 4s. 8d., which sum the directors recom-
mended should be carried forward to the next account.
This balance, the report stated, would probably prove
1 insufficient to meet the unexpired risk in full, but the
funds of the company were amply sufficient to meet any
deficiency in this respect. Other matters appearing in the
report included the formation of local boards for the
Newcastle and Nottingham districts; the appointment of
Mr. W. J. Halsey to fill the vacancy caused by the resigna-
tion of the Hon. Charles Russell; a record of regret at the
death of Mr. H. Chauncy Masterman, who had been with
the company since its formation; and the appointment of
Mr. John H. Ewing, sub-manager, to be manager and
secretary, in succession to Mr. H. M. Low, who had been
obliged by ill-health to relinquish the dual post.—The
chairman, in moving the adoption of the report and balance-
sheet, called to the shareholders’ minds that the company
started five years ago possessing a remunerative business
in insuring loss of profit following fire, and set out tojadd a
fire and accident connection. They had met with a distinct
measure of success in that task, he said. The accident
business had expanded rapidly, and produced profitable
results. They followed the policy of settling claims, par-
ticularly those arising from Workmen’s Compensation Act
business, promptly. It was particularly disappointing,
therefore, that, while the fire and accident business,
which they had built up for themselves, had done as well
as could be expected, the loss of profits business, which
they took over ready-made as it were, should have spoilt
the whole of the year’s trading by yielding really unprofit-
able results. In some cases the losses were seriously
aggravated by the strikes during the year, which caused
great delay in effecting replacement of premises and
machinery damaged by fire, and so seriously increased the
consequential losses. Though the business had been
previously underwritten with caution, it was necessary to
reconsider their policy, and they (the directors) had
decided substantially to reduce the risk retained in
each case. The chairman impressed upon his hearers
that they did not do it because they thought that
the results of last year were likely to be repeated.