The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1898-03-31
Some Hawaiian Sugar Insured
Against PTiVatGGrS.
OPENING RATE A LOW ONE
A Business of Which Little Has Been
Said-It Is a Recognized Feature.
London the Head.

That some Hawaiian sugar now in tran
sit for New York is carrying war marin
insurance will be a surprise to a larg
portion of the population. It is a fact
If the strained relations between the Unit
ed States and Spain last for any time a
all, it is certain that every ounce of thu
principal product Of the Islands as ship
ped will be guarded by policies against
Spanish privateers.
| Advices in detail concerning marine wal
insurance came to several of the leading
agencies and to a number of individuals
| here by the mails of the S. S. China and
S. S. Moana. 1t would occur to the ordi-
conflict between nations would gradually
grow as such a genuine and destructive
argument proceeded. On the contrary.
war marine insurance is an established
| institution of many years standing. The
department exists as a bureau of every
great marine insurance company.
London is headquarters for war marine
insurance. But if Spain and the United
States go at each other on the high seas
and possibly on land, the sub-agencies
at San Francisco, New York, Phfladel-
phia, New Orleans and other American
seaboard cities, will doubtless by given
full authority. The business will be
something immense in volume Honolulu
may have a branch. There will certainly
be important representatives here of the
great concerns interested
AS minated, war insurance rates are
fixed, or rather have heretofore been fixed
in London. All of the scares of late years
have been amongst countries in which the
Britains have had almost a national mo-
notary interest. Much of the diplomatic
formed in London. In the struggle that
great many people believe is pend
ing" there will be somewhat of a diff
ference, but London capital will be alert
1t may be that the financiers of the Unit
ed States will be unwilling to permit so
great business as war marine insurance
to go abroad when the United States is
a party to the fighting.
A good many calculations enter into
naming the figure of the premium for
risk during war, or when one is in pros
generally. Next comes what is perhaps
really the prime consideration. This is
naval strength If there was war between
Great Britain and the United States the
premium on American cargoes and bot
toms, would it is the opinion of man
here who should know, be not less than
70 per cent. On the other hand the in
surance rate on a British bottom would
be merely nominal. In case of war, Brit
ish merchant ships would travel in fleets
under the convoy of ships that Britain
could easily spare from her navy after
placing a line around the United States
seaboard.
The rate at which the one lot of Ha-
waiian sugar now carrying insurance
against attack by a Spanish privateer is
one and one-half per cent In one of the
letters from San Francisco it is stated
that this will be the rate till the verdict
of the commission investigating the
Maine disaster is made public, unless in
the meantime there is a collision or a new
of some sort. On the day
the China left the war fever was low
The Coast agent advanced that he |
thought if half million of sugar was in
;ured against war loss he could get a |
rate of perhaps one per cent. If war be |
declared the rate at first-from the first |
lay-will be between five and ten per |
,ent on American or Hawaiian cargoes
which are regarded as practically the |
same. In this statement is again given
he Judgment of a citizen who has in |
-estigated the subject very carefully and |
who controls one of the largest sugar
rops of the country.
One of the gentlemen largely interested |
10Th in plantations and shipping said last
evening on the subject of war marine
insurance: IF the trouble between Unit
d States and Spain comes as now APP
'ears very likely, I think we can outwit |
10Th the enemy and the insurance COM
'anies. The premiums they would de-
nand of US would be something away be-
-ond what the business could stand. The |
American flag would go up here at once. |
,ut even if it did not we would come in |
or abuse from Spain on account of our |
ormer utilization and we'll known sympa-
HES. My idea would be to cease ship |
ling around the Horn entirely 1t would |
Jay 10 nave the centr1fugalS for the last |
I'm reffneries go from San Francisco by |
all. There would be here in any event |
| quite formidable American war fleet. |
Ne could send out sugar fleet say once |
| month and it could have convoy to San |
Francisco. The packets in the trade are |
Ill handy boats and they would be armed |
md could do little in self defense The |
water in the Pacific is so smooth that it |
would be no trouble for the fleet to travel |
ike squadron of war ships. By some |
1lch arrau oeroep+ o1rr I,,,Sinoc. oo,,la 49,.