579 
INSURANCE 
BRITISH & FOREIGN MARINE 
INSURANCE COMPANY, Ltd. 
0 /LIVERPOOL, LONDON and NEW YORK 
THIS COMPANY INSURES RISKS UPON SECURITIES, BANKNOTES, 
BONDS. SPECIE, MERCHANDISE, AUTOMOBILES, FREIGHTS', 
HULLS, AND INLAND TRANSPORTATION AND MARINE RISKS 
Losses Made Payable in the Chief Cities of the ff^orld 
LONDON BRANCH MELBOURNE BRANCH SYDNEY BRANCH 
1 Old Broad Street, London 57 Queen Street, Melbourne 56 Pitt Street, Sydney 
UNITED STATES BRANCH 
COTTON EXCHANGE BUILDING, NEW YORK 
W. L. H. SIMPSON W. A. W. BURNETT J. H. WALTERS 
Underwriter Sub-Underwriter Secretary 
MARINE INSURANCE 
Hulls, Cargoes, Merchandise, Specie, Bonds 
Issue Policies on All Classes of Marine Risks , 
Including Yachts, Registered Mail and Parcel Post. 
Losses Made Payable in All Parts of the World 
ROYAL INSURANCE COMPANY, Ltd. 
of Liverpool, England (Marine Department) 
QUEEN INSURANCE CO. of AMERICA 
of New York (Marine Department) 
STAR INSURANCE CO., of New York 
(Marine Department) 
NEWARK FIRE INSURANCE CO. 
of Newark, N. J. (Marine Department) 
MARITIME INSURANCE CO., Ltd. 
of Liverpool (u. S. Branch) 
84 William St., New York City 
John E. Hoffman . . . Marine Manager 
Banking Prosperity in Relation to Business 
With regard to the recent movements of deposits 
in commercial banks the conclusion seems plain 
that there has been more improvement in the cities 
than in the rural districts. Borrowings of country 
banks increased up to the end of 1920. The hard¬ 
ship that the period of liquidation has occasioned 
in agricultural communities is directly reflected by 
the relative borrowings of banks. In general, 
liquidation in city banks began earlier and moved 
toward completion more rapidly than in country 
banks. 
Large Profits for Great Northern Telegraph 
Company 
In spite of the many obstacles encountered by 
the Great Northern Telegraph Company during 
the war and after, the big Danish concern was 
able to pay a dividend of 22 percent for the year 
1921. There is no company in Europe considered 
on a more solid foundation than the Great North¬ 
ern Telegraph Company. 
Problem of American Ship Subsidy 
According to the Bulletin of the National Bank 
of Commerce of New York, the need for subsidizing 
the American merchant marine cannot be accu¬ 
rately measured under present conditions. Legis¬ 
lative restrictions and the depression in shipping 
discourage ship operators from purchasing Gov¬ 
ernment vessels and make it impossible to deter¬ 
mine whether or not they can compete with foreign 
ships in normal times. 
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