24 OCTOBER 1868, Page 3

It is stated that the rates of insurance for sea-going

vessels -are now double what they were thirty years ago, and are unprofit- able even then, the cause being the recklessness of the small -owners, who buy unseaworthy ships, insure theta, and run them -on the principle of "Heads I win, tails you lose." If the crew get through the voyage, it is profitable ; if they sink, the cargo is insured. The Times recommends the appointment of inspectors of .shipping as the only remedy, and it will come to that, but we wish to ask one question. How come the underwriters to insure such vessels ? But for the insurance they would not be sent out, and part, at least, of the responsibility therefore-rests on Lloyds.