LOSS AT SEA.
TO THE EDITOR OF THE "SPECTATOR.'] S1R,—With reference to a paragraph in the Spectator of February 27th, commenting on a table of returns of the busi- ness of certain Insurance Companies, which appeared in the Standard of February 22nd, I submit that the conclusion therein drawn adverse to the weather of 1885, or to the sea- worthiness of the ships, is not supported by the table. The two main factors in the profits of underwriting are the main- tenance of average safety of the vessels, and of the average rate of premiums. There is competition in underwriting as in other business, and rates of premium are liable to be reduced from that cause ; so that underwriting may become unprofitable irrespective of any increase in losses. Moreover, the table does not purport to show the profits for 1885. It shows merely the receipts and payments during that year.
The Board of Trade Returns show that the loss of life of seamen in British ships has steadily decreased during the last four years, from about 2,400 in 1881-82 to about 1,200 in 1884-85. It is unlikely that there has been an increase in loss of pro- perty during the same period.—I am, Sir, &a.,
Fenchurch Avenue, E.0 , March 3rd. J. G. S. ANDERSON.
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