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machinery presented very great difficulties, and that this would certainly be the case with a scheme of national free indemnity based on policies previously issued will be seen from the fact that it has been stated in evidence that between 50,000 and 100,000 policies against marine risks are issued every day in time of peace. Under the scheme here suggested, however, the vast bulk of these risks would never come to the State, so that a comparatively simple machinery might suffice.

It would be of great advantage if the whole of the operations of the State could be conducted through a single office in London controlled by a Committee of expert underwriters acting as agents for the Government. But the question how far this would be practicable, and what steps, if any, ought to be taken in time of peace to retain the services of competent underwriters for the purpose, is a matter that requires careful consideration when the question of principle is settled.

February 1, 1912.

H. L. 8.

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PRINTED AT THE FOREIGN OFFICE BY 0. 3. HARRISON.—25, 2,1913.

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