Mr. CHUBв. The insurance rates would be about comparable. Supposedly the valuation of the individual ships would be variable. Mr. RADNER. The last time we looked into that, the basic British insurance values for 20-year-old freighters were in the neighborhood of $40 a ton. That was the information we received. That is about 85 percent of our $47.50 value. Perhaps we can find more data on that for you.

Mr. WIGGLESWORTH. Have you any available information along that line?

Mr. RADNER. We did get something about a year ago.

Mr. WIGGLESWORTH. If you have anything, I would like to know what the fact is.

Mr. RADNER. I am quite sure that the statement that British insurance values are only one-third of ours is incorrect.

Mr. WIGGLESWORTH. Has your agency ever supplied Congress with a detailed statement of its activities and expenditures and rates for any given year?

Admiral LAND. On what basis-an over-all basis?

Mr. WIGGLESWORTH. In this insurance field.

Admiral LAND. Yes; we have.

Mr. JOHNSON. Each year we supply that, and we have it this year. Mr. WIGGLESWORTH. You have supplied it each year?

Mr. JOHNSON. Yes.

Mr. WIGGLESWORTH. A detailed statement of its insurance activities and expenses and receipts, and so forth?

Mr. JOHNSON. Yes, sir. I can refer you to last year's hearings, on page 457. That has an insurance statement that is fairly comprehensive on the subject.

Admiral LAND. There is a very brief statement on page 211 of the justifications, and the tables that go with it are also here.

BASIS FOR CHARTER HIRE RATES

Mr. WIGGLESWORTH. Let me ask you this question: Does the rate of $56.25 per dead-weight ton apply to all classes of ships? Is there some differentiation as to ships under charter hire?

Mr. RADNER. All the material on that is shown in General Order 37, which you will find printed in Document No. 20A.

Mr. WIGGLESWORTH. We have had so much material submitted at the last minute that I do not know what is in it and what is not in it. Mr. RADNER. We submitted that last year. Perhaps it should be made a part of this record also.

Mr. WIGGLESWORTH. Does it or does it not apply to all ships? Mr. RADNER. The $56.25 value is subject to adjustment for speed, age, and other characteristics.

Admiral LAND. It is exactly on the same basis as charter hire for ships. It differs with different categories of ships.

Mr. WIGGLESWORTH. It is not a flat rate?

Admiral LAND. This basic rate applies to 10-knot, 20-year-old freighters.

Mr. WIGGLESWORTH. How many ships have you insured during the last fiscal year? Is there a table in the justifications on that?

Mr. SCHELL. If you will look at page 64, that gives you some of that data.

Admiral LAND. All the ships under charter to us are insured, and the total number is 874.

FINANCIAL STATEMENTS OF INSURANCE WRITTEN

Mr. TABER. There is not any statement here indicating the tonnage insured or the tonnage lost, nor is there a definite statement indicating what the profit or loss is.

Admiral LAND. That is all in these tables here.

Mr. TABER. Are they in the justifications?

Mr. JOHNSON. No, sir; but I will insert those in the record.

Mr. WIGGLESWORTH. Is that an insurance table?

Mr. JOHNSON. Yes; I believe there are statements in detail. (The matter referred to is as follows:)

Division of Wartime Insurance-Continued

UNDERWRITING STATEMENT OF INSURANCE WRITTEN FROM INCEPTION TO JUNE 30, 1944