1698007 Project ID: P037453 Dates - Pubdocs.worldbank.org.

THE WORLD BANK GROUP ARCHIVES

PUBLIC DISCLOSURE AUTHORIZED

Folder Title: Shipping Projects - Netherlands - (01) - Loan 0007 - P037453 / (02) - Loan 0008 - P037454 / (03) - Loan 0009 - P037455 / (04) - Loan 0010 - P037456 - Administration - Volume 2

Folder ID: 1698007

Project ID: P037453

Dates: 11/01/1948 - 03/31/1949

Fonds: Records of the Europe and Central Asia Regional Vice Presidency

ISAD Reference Code: WB IBRD/IDA ECA

Digitized: 3/7/2018

To cite materials from this archival folder, please follow the following format: [Descriptive name of item], [Folder Title], Folder ID [Folder ID], World Bank Group Archives, Washington, D.C., United States. The records in this folder were created or received by The World Bank in the course of its business.

The records that were created by the staff of The World Bank are subject to the Bank’s copyright.

Please refer to http://www.worldbank.org/terms-of-use-earchives for full copyright terms of use and disclaimers.

THE WORLD BANK Washington, D.C. © International Bank for Reconstruction and Development / International Development Association or The World Bank 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org

USA Patent No. 1484611 MADE IN U . S . A.

DECT .~~ SIFIED WBG Archives

0

I II I I II I I Ill I II I I I II I I I I I II I I I I I I II 11 111111 11 11 111

1698007 A1995-053 Other#: 6 Box# 170940B

Shipping Projects - Netherlands - (01)- Loan 0007 - P037453 / (02) - Loan 0008- P037454 / (03) - Loan 0009- P037455 / (04)- Loan 0010- P037456 -

NETHERLANDS SHIPS LOANS

AAGTEKEBK

+A l(E)- 12-47 SS No. 1 Mobile 12-47 - Dkd 11-47

+AMS 12-47 MS 12-47; BS 12-47

FRIESLAND

+A l(E) 7-48 SS No. 1 Mobile 7-48 - Dkd 7-48

+AMS 7-48 MS 7-48; BS 7-48

LIMBURG

+A 1(3) 3-46 LRS

+AMS 3-46

REMPANG

tA 1 (I) 12-48 SS No. 1 Mobile 1-48 - Dkd 7-48

+AMS 12-48 MS 1-48; BS 12-48

RIOUW

+A 1 (E) 12-48 SS No. l Mobile 11-47

AS 12-48; Dkd 12-48

+AMS 1-49 MS 11-47; BS 12-48

WAR RISK INSURANCE

War Cancellation Clause (Hulls) Cl. 196 B

'

,

ebruary: ll, 1949

ar Mr. de Tchih ta.lie£.

Thank you for your 1 ·tter o. S/38/i • of January 21 with ch you closed Noticea oo. 1879 end 1899 i sued by Lloyds

gist r of Shi ping regarding the vi ed. ru.1 a for the con truction of te 1 hi a tc. hich v.l.11 come into operation on July 1, 1949.

I note that you have de arrang ents for a c py of on:, fur er ord re iss d by th tt of Lloyd on this subj ct to ent to yaur offic • We l int at to r c i th se orders rov d they ar not too n rou.

inc r ly your

s.

( I

!?- • • d chihatchef' lnternationa.1 £or Recon truction

and lo nt 5, J oban van Olden vol tla.en

IIAGU - loll.and

G.Jones:emk

'=C~ M NO. 75 •< 7. 48) • ~TERNATIONAL BANK FOR RECONSTRUCTION ANO DEVELOPMENT

ROUTING SLIP Date ....... 2.,./..,.J ... / _.,4;9.,__~~ Vi

TO- Na111e Roo111 No.

2

3

FOR-Action Initialing Approval Preoarine Reply Comment Previous Papers Filing Noting and Returni ng Full Reoort Recommendation Information Signature

REMARKS

For information

J,, '•~;

FROM- L.B . Rist

~ -

DECLASSiFIE.

OCT O 2 2017 WBGARCIDVF~'

CONFIDENTIAL

To: Mr. L.B. Rist

From: Arthur Wubnig~

• February 4, 1949

Subject: Voyage accounts of mortgaged Dutch ships to date

1. As of early January, 5 of the 6 mortgaged ships had terminated at least one complete voyage since the loan became effective. Another was due to complete its first voyage by late January or early February.

2. Considering all 6 ships:

(A) The Alblasserdijk (Holland-America-Line) and the Almk:erk (United Netherlands Navigation) have been operating between the Gulf Coast and Continental Eu.rope.

(B) The Raki and the Roebiah (Nederland Line) as well as the Friesland and t~e _Drente (Boyal Rotterdam-Lloyd) have been operating between the U.S.A. and Southeast Asia via the Suez Canal.

J. Considering the 5 ships whose voyage accounts are now available, they have so far:

(A) Brought in voyage earnings before fl.eet overhead at an aggregate rate, measured in equivalent U.S. dollars, of $475,000 a year per ship.

(B) irought in pre-depreciation, pre-tax profits at an aggregate rate, measui;ed in equivalent U.S. dollars, of $315,000 a year per ship.

4. The r e turns to date, however, probably exaggerate true annual earning power. Adjusting for various technical factors, the average ship may well be yielding a shipowner income of roughly $440,000 a year before fleet overhead, roughly $275,000 a year before depreciation and taxes.

5. Neither the total foreign exchange yield nor that in hard currency alone can be definitely assessed from the existing da ta. As a crude approximation, however, we estimate that the average mortgaged ship:

(A) Has been earning foreign exchange for the Dutch economy at a rate close to $500,000 a year, mainly at the ex_pense of Europe, Southeast Asia, and the Middle East.

(B) Has been saving foreign exchange for the Dutch economy at a rate close to $100,000 a year, mainly in the form of sterling and dolla~ savings.

6. Attached is a brief abstract of the voya.ge accounts as submitted to the Bank.

cc: Messrs. Rodan, Rosen, Stevenson, Penton, Mason, Fajans, Aldewereld, Files.

•• --· .

Vo~§E.e account~ of mortgaged Du.tch §hi~§ from mid-124~ thro~gh earl~ 1949

-000 t'.l.- Pre-Freights deprec-and Voy~e Voyage Fleet iation, pre-

Debtor Shi:g Yo:i:~e Duration Far~!l! exoen§e!l! ~arnings overhead tax: 12ri2f!t Holland-America Line Alblasserdijk No. 2: - Rotterdam/Antwerp- 21 July - 582 432 150 72 78

Gulf ports, Mexico and 23 Sept. U.S.A .. - London - Antwerp/ Rotterd.a.m

No. 3: - same itinerary 28 Sept. - 600 406 194 107 ..fil. Dec. 1

Tota. .- ---------- 1182 8,8 ,44 17q , ht; Nederland Line Rak:i No. 1: - Gulf Coast, U.S.A.- 15 June -

Alexandtia - Suez Canal - 12 Sept. 831 515 316 125 191 Indonesia

No. 2: - Indonesia - Aden - 18 Sept. -Suez Canal - Amsterdam 3 Dec. 915 1§2. 528 l.9.§. 420

Total------------- 1746 902 844 233 611 Roeb1.ah No. 1: - Gulf Coast, U.S.A. - 24 August -

Alexandria - Suez Canal - 22 Nov. Indonesia 798 503 295 127 168

United Netberla.ndi Almkerk No. 1: - Gulf Coast, U.S.A.- 19 Sept.- 343 187 156 31 125 Navigation Amsterdam - Hamburg - Rotterdam 20 Oct.

Ro~al Rotterdam-Llozd Friesland No. 1: - Gulf Coast, U.S.A. - 20 July - 492 420 72 102 - 29 East Coast, U.S.A. - Bona - 25 Oct. Alexandria - Suez Canal -Colombo - Straits - Indonesia

No. 2: - Indonesia - Colombo- 26 Oct. -Jeddah - Suez Canal - Marseilles- 6 Jan. 689 _J5Q_ JJ2_ _.]J_ 252 Barcelona - Rotterdam

Total------------ 1181 770 411 189 223

Drente No.l: - East Coast, U.S.A. - 1 Nov. -Suez Canal - Colombo - Indonesia late Jan. n.a. n.a. n.a. n.a. n.a.

Source: Voyage accounts as submitted by Netherlands Ministry of Traffic.

J nunry 27, 19 ·9

De r r. Bl ck;

.R$: ,on.n to Du.tcb ~ CotT i y Referring to~ letter of Jan ry 24, 1949, I

now take le~sure 1n enclosing fifteen cop!ea e ch of th • rt rly ina.ncial Statem nt of December 31 1

1948 for th Rotterdllm Lloyd Line, ederland Line and the United etherland :riga.Uon Oo :>1.\flY• This com-pletes th 1nformat1oll for the quarte1• ending Decem1,er ,1, 1948 £ om the four ot ship co nie.

!!/e d

Mr, ~ugene • »1 ek ecuti e Director

International Bank for &con truction and Development

:33 Liberty Street ew tor S, ev York

Sine rely yours.,

Jose;ph jan

r

INTERNATION. BANK FOR RECONSTRUCTION AN 'WEVELOPMENT

OFFICE MEMORANDUM TO: Mr. Hugh :B. Ripman

FROM: Joseph Faja..'ls 1(

SUBJECT: Dutch Shipping Loan

DATE: JanUP.ry 27, 1949

I attach hereto one copy each of the Financial Statement as of December

Jl, 1948 for the Rotterdam Lloyd Line , Nederland Line and the United

Netherlands Navigation Company.

Attachments (3)

JF/efd

o,,tcE SEaYICES 17,10

• • JtU'lUa17 26, 1949

ar Mr. d Tchihatc efs

'!bi i to cknovledg th r c ipt pf your let r o.

S/37/ mk rk d Al.blass rdijk of Jan ry .21 with \.Jhich

you ncloa ort o. 3 hoving the u of the s.s. AumE n and s.s. AI.BI.A RDI n durin the fourth quarter

of 1948.

inc rely your

H nry w. ley

• • d Internatio for Reconst ction

d D velo nt 5, Johan van Oldenbarnev ltl

I · - Holland

NGJones:emk

FORM No. 57 ( 5-48)

TO:

FROM:

SUBJECT:

INTERNATIG. BANK FOR RECONSTRUCTION A. DEVELOPMENT

OFFICE MEMORANDUM Mr. Henry w. Riley

Norman G. Jones ~ .

li_etherlands Ships Loans

DA TE: January 26, 1949

We have now received from Mr. de Tchihatchef reports showing

the use to which the following vessels financed by the Bank have

been put during the last quarter of 1948:-

1. s/s RAKI 2. s/s ROEBIAH 3. s/s AIMKERK 4. s/s ALBLASSERDIJK 5. s/s RIOUW 6. s/s REMPANG 7. S/S AAGTEKERK

The S/S RAKI, ROEBIAH, ALMKERK and ALBLASSERDIJK were financed

by the Bank under the Netherlands Ships Loans. Provisional voyage

accounts for these four vessels were also received from Mr.

de Tchihatchef and these have been passed to Mr. Stewart Mason of

the Loan Department. As the S/S RIOUW, REMPANG and AAGTEKERK were

financed under the $195 million loan to the Netherlands Government,

no voyage accounts are submitted for these vessels.

The reports on the use of all the above vessels call for no

action as they show the ships are being used for commercial pur

poses as part of the Netherlands merchant fleet.

NGJones:emk

I • January 261 194

•

I t her to 'Frovi ional Voys.g Accounts for the following

v s Gl. rlnruic. by the Bank und r· the fothe lande Ship Loan:-

. /s MKI" - (Voya e 2)

s/s n B i - {:Voya e 1)

., ... -....~~'"""" - (Voyag l)

.,/s n LASSERDIJK" - ( oyag 3)

Attaclwanta: 4

~ oneacemk

FO RM No . 57 ( 5- 4 8 )

•

TO:

FROM:

SUBJECT:

/'J

INTERNATIO. BANK FOR RECONSTRUCTION AN. EVELOPMENT

,

Mr. G. St,,~~~CE MEMORAND~~.

Norman G. Jones 1 Netherlands Ships Loans

I attach hereto

y~, ~ A\

Provisional ~e Accounts for the

January 26, 1949

following

vessels financed by the Bank under the Netherlands Ships Loan:

S/S "RAKI" - (Voyage 2)

S/S "ROEBIAH" - (Voyage 1)

S/S "ALMKERK" - (Voyage 1)

S/S "ALBLASSERDIJK" - (Voyage 3)

Attachments : 4

NGJones : emk

ILE

J ry 24. 1949

r •

Jo

nclo ur 1.5)

n

-INTERNATIONAL BANK FOR

RECONSTRUCTION A N D DEVELOPMENT

WASH INGTO N 25 , D . C .

SEA MAIL REGISTERED

5, Johan van Oldenbarneveltlaan

THE HAGUE - Holland. Tel. 552008, 552393, 552394.

Letter Bo. us/ 38 /Gen.

Mr. s. Aldewereld International :Ba.nk for

Reconstruction and Development 1818 H Street N.W. WASHINGTON 25 D.C. u.s.A.

Dear Mr. Aldewereld,

January 21, 1949

Enclosed herewith you will find Notices Nos. 1879 and 1899 issued by Lloyds Register of Shipping which contain the revised rules for the construction of steel ships and other alterations and additions which will come into force on July l, 1949, by order of the Committee of Lloyds.

Notice No. 1899 is particularly interesting as it gives the a.mended list of classification for steel ships and their machinery.

I have ma.de arrangements with the Lloyds Agents in Rotterdam to forward to this office a. copy of any further orders issued by the Committee of Lloyds on this subject as and when ~ublished which I will pass on to Headquarters as received, if desired.

Sincerely yours,

'·------, Enclosure.-

,~'· .. ~ '

-~ f!_/ J

AT/KBL.

, T I N \ 110tt'A l:!A i 0?. nec0Nsr. MD DEVEL.

F ·B 9 3 46 Pi't I 49

e

e e INTERNATIONAL BANK FOR

RECONST RUCTION AND DEVELOPMENT

WAS H INGTON 25 , D . C .



VIA AIRMAIL, REGISTERED

Letter No . Ns/ 3'/ / "ALMKZFX" and 11 ALBLASSERDIJK 11

File Nos . 8 NE and 9 NE

Mr. s. Aldewereld International Bank for Reconstruction and Development

1818 H Street N.W. WASHINGTON 25 D.C . --/ :

1, I"\.

U. S.A . ~ u-

Dear Mr . Aldewereld .

January 21, 1949

\

I am sending you herewith reports No .Jon the above mentioned

ships . You will observe that the reports give the required inform

ation on routes . trades , etc. for the fourth quarter of 1948 .

Yours sincerely,

A. de Tchiba.tchef

fsk/ML , _'Enclosures: reports Nos . "ALMU1RK 11 /3 & "ALBLASSERDIJK11 /3

-- 'lJ;Z.Ar . ~ZI" Yf ,,V

~-- ,-,,(.;' .d.. ~~.

JAN 25 \l 19 ~.r J .

~ I ) rjl, ~ L ~-f


RECONST RUCTI ON AND DEVELOPMENT

W A SHIN G T O N 2 5 , D . C ,

5, Johan van Oldenbarneveltlaan THE HAGUE - Holland.

VIA AIRMAIL

Letter No.NS./3>/Jen. File No. 102

NS/Gen.

Tel. 552008, 552393, 552394.

Mr. s. Aldewereld International Bank for

Beconstruction and Developnent 1818 H Street N.W. WASHINGTON 25 D.O, u.s.A.


January 21. 1949

Further to our letter No. H/489 and NS/29/Gen. of Januarr Sand 14, 1949, respectively, today we have received the following letters:-

NS / 9 / ALBLASSERDIJK NS/10/LIMBURG NS/11/ALBLASSERDIJK NS/12/FRTESLAND NS/13/Gen.

In the same enTelope weJe included letters No. D/246, L/19 and L/20.

The envelope shows as date of despatch December 29, 1948, ~nd was sent by First Class Surface Ma.11.

At the same time, referring to Para 3 of our letter No. H/493 of January 7, 1949, we would advise you of the receipt of the -parcel with desk calendars and 1949 refills which arrived yesterday.

Sincerely yours,

A.de Tchihatchef

/1.c.. MBL.

Ot:iPMCM=.::D

IN1 i:.IW;, 1 ill!IA\_ ti1~11F f OP. IH:.CONS1. AND UEVEL.

Jf\11 25 l I i e N1 \949

e

' .. -

F oilllt., N.o • ~ ( 48) • J !

INTERNATIONAL BANK FOR RECONSTRUCT ION AND DEVELOPMEN T

ROUTING SLIP Date 1/14/49

TO- Name Room No.

I Mr. ~ I ,., ,- 1002

2

3

IJ

FOR• Action

Recommendat i on Si na t ure

REMARKS I am sending you a note prepared by the Transportation Section of thi~ Department, giving an analysis of the voyage accounts of two of the Dutch ships, the purchase of which was financed by the recent Bank loan.

I think you will be interested in the estimates given in paragraphs 6 and 7. "fhe Section will continue to follow these accounts and will report periodically.

FROM- L . B. Rist -

CONFIDENTIAL

Memorandum

ECLASSiF~

OCT O 2 1pn WBGARC.Hi·

To : Mr • L . :S • Ri s t

From: Arthur Wubnig ~

Subject: Voyage accounts of Dutch loan ships, third quarter, 194e

1. Only 2 of the 6 ships terminated a complete voyage in the third quarter of 1948 . These are Raki of the Nederland Line and the Ablasserdijk of the Holland -America Line. We have the voyage accounts for each.

2. The Raki completed a 90-day outbound trip from the U.S.A. to Southeast Asia via the Suez Canal. It carried cargo from the Gulf Coast to the Middle East (Alexandria) as well as Indonesia (various unspecified ports).

J. The Ablasserdijk completed a 60-day round trip between Continental Europe and the Gulf of Mexico. It carried Westbound as well as Eastbound cargo in the ratio, measured by receipts, of $111 Eastbound to $10 Westbound. It went from Rotterdam/Antwerp to Mexican ports, then to U.S. ports, then back to Rotterdam/ Antwerp with an intermedi te call at London.

4. The outbound trip of the Raki plus the round trip of the Ablasserdijk are inadequate data for assessing the recent performance of all 6 mortgaged ships since:

(a) The final accounts of any ship like the Rak1 plying between the U.S.A. and Southeast Asia will be heavily weighted by the return trip with Indonesian exports.

(b) U.S. exports to Europe were in a heavy slump pending ECA relief when the Raki began ner round trip across the Atlantic in mid-June.

5. Tne voyage accounts now available for analysis are thus merely suggestive. Taken at face value, t hey indicate:

(a) Tne Raki brought in pre-tax, pre-depreciation earnings after fleet overhead at the rate of $275,000 a year; the Ablasserdijk, at the rate of $165,000 per annum.

( b) The Raki brought in voyage profits be1·ore fleet overhead at the rate of $450,000 a year; the Ablasserdijk, at the rate of $Jl5,000 per annum.

-2-

(c) The Bak! as well as the Ablasserd.ijk each earned and saved foreign exchange for the Dutch economy at the rate of roughly $560,000 a year.

(d) The Reki 1s yield came entirely as earnings at the e:x:pense of the Middle East and Indonesia, that of the Ablesserd.ijk mainly as earnings at European expense plus saVings of dollar and sterling exchange.

(e) Although a sizable fraction of the Raki 1s yield may have been in hard currency, almost all that of the Ablesserdijk was probably in soft currency.

6. I f the above performance be typical for the routes and period in question, and allowing for return loads from Indonesia a~ well as concentration on Indonesian traffic, it is a reasonable estimate that the average C-3 covered by the Bank loan:

(a) Broughtin pre-tax, pre-depreciation profits in the third quarter of 1948 at a rate close to $250,000 a year.

(b) Earned and saved foreign exchange in t he third quarter of 1948 at a rate close to $560,000 a year.

(c) Yielded hard exchange earnings and savings in the t hird quarter of 1948 at a rate no~ below $265,000 a year.

7. The inconclusive initial returns thus suggest that the Dutch ships are performing much as expected when the Eank made the loan.

cc: Messrs. Rodan, Rosen, Stevenson, Penton, Mason, Fajans, Aldewereld, Files

FOIIM No. 57 ( s. 48) INTERNATIO .. BANK FOR RECONSTRUCTION Ar',eoEVELOPMENT

OFFICE MEMORANDUM e TO: Mr. D. Crena de Iongh ..... A\.

Hugh B. Ripman \~ "/'

Dutch Ship Loans

DATE: January 17, 1949

FROM:

SUBJECT: ?'/rf In accordance with your instructions I today suggested to Mr . Penton

that the attention of the Management of the Bank might with profit be drawn

to the conclusions drawn by Mr . Wubnig of the Economic Department from the

voyage accounts of the Dutch Loan ships concerning the contribution which

they were likely to be making in foreign exchange, and in particular in

hard currency, in the Dutch balance of payments .

Mr. Penton said that he was most grateful for this suggestion and

would ta1ce this step .

HBRipman:pc


RECONSTRUCTION AND DEVELOPMENT

WASHINGTON 2 5, D . C .

VIA AIRMAIL

5, Johan van Oldenharneveltlaan

THE HAGUE - H olland. Tel. 552008, 552393, 552394.

Letter No.NS/~O /Gen.


1818 H Street N.W. WASHINGTON 25 D.C. U .s .A.


January 14, 1949

I am sending you herewith copies of my letters of to-day

to N.V. Stoomvaart Maatscha.ppij 11 Nederland 11 , N.V. Koninklijke

Rotterdamsche Lloyd and Rolland-Amerika. Lijn respectively.

Yours sincerely,

A. de Tchiha.tchef

;; Sk/ML Enclosures.

""

e • INTERNATIONAL BANK FOR


WASHINGTON 25, D . C .

VIA AIRMAIL

5, J ohan van Oldenbameveltlaan

TH E HAGUE - Holland.

Tel. 552008, 552393, 552394.

Letter No. NS/ 21 /Gen.


1818 H Street N.W . WASHINGTON 25 D.C~ U.S.A.


January 14, 1949

Relating to the Netherlands Ships Loan we have up to now

received your letter Nos. 1-8 and 14-28 inclusive . The letters

Nos. 9-13, however, are still missing and, presuming that they

might have gone astray, we should appreciate having copies for

warded to us.

Thanking you in anticipation of your kind cooperation in

this matter,

Yours sincerely,

A. de Tchihatchef

1 l f: li,'il, / ,uht.l. i.iA,vl( I UP. HCCONSl .~/ID DEVEL,

JNJ 24 I I ~r, Af1 1949

e

e

• INTERNATIONAL BANK FOR


WASHINGTON 25, D . C.



VIA AIBMAIL Letter No. NS/Zb /GEN.

Mr. s. Aldewereld International :Bank for

Reconstruction and Developnent !818 H Street N.W. WASHINGTON 25 n,c. U.S.A.


January 10, 1949

Many thanks for your letters No. NS/14/Riouw and Rem:pang, BS/1S/1riesland and Limburg and NS/16/J.Agtekerk of the 3 inst.

The requested actions have been ta.ken in accordance with the instructions contained .in hese 1 tters. ,

--- ~ t- '

Copies of the relative communications to the interested Steamship Companies in connection with

s/s "RIOUW 11

s/s "HEMP.ANG" s Is 11FRIESLA.ND11

s/s "LIMBUBG11

s/s "AAGTEKEBK"

are attached herewith for your records.

Enclosures,-

Sincerely yours,

! ILE r. r hur bnig

Jo eph j ns :,{-

h

10, 1949

yC 11 11

1• nd the kt.. ri-ve been recei ed fr de Tchihatc.aef .

o voyage as completed by the ................. 11 nd NTE 11 during the - rter

hav no yet rec ived their VO g

J /ef

)

FORM No. 57 ,1 ( 5- 48) ,,

TO:

INTERNATIO. BANK FOR RECONSTRUCTION A. EVELOPMENT

OFFICE MEMORANDUM (\J <?


FROM:

Mr. s. Aldewere~l

Hugh B. Ripman ,,

SUBJECT: ~therlands Ships Loans

We have now received from Mr. de Tchibatchef under cover of his letter

No. NS/17/Gen. of December 29 reports No. 1 on all ships purchased and/or

mortgaged under the Netherlands Ships Loans. These reports indicate the

following:-

Loan No, 7 NE. The S/S "RAKI11 , the vessel purchased under this loan has been registered under the Netherlands flag No. 2269 z, Amsterdam 1948.

The S/S 11RIOUW" is the vessel mortgaged under this loan. A search at the Central Ships Registry at The Hague shows this ship to be free from any registered lien or encumbrance other than th~ mortgage in favor of the Bank.

Loan No, 7a NE. The S/S "RCEBIAR 11 , the vessel purchased under this loan, is operating under temporary sea letters pending final registration.

The s/s "REMPANG" is the vessel mortgaged under this loan. A search at the Central Ships Registry shows the vessel to be free from any registered lien or encumbrance other than the mortgage in favor of the Ba.nlc .

Loan No, 8 NE. The S/S "AI14KERK", the vessel purchased under this loan, has been registered under the Netherlands flag No. 7262 Z Rotterdam 1948.

'.lhe s/s Aagtekerk, the mortgaged vessel, is according to the Central Ships Registry free from any registered lien or encumbrance other than the mortgage in favor of the Bank.

Loan No, 9 NE. The S/S "ALBLASSERDIJK", the vessel purchased and mortgaged under this loan, is registered under the Netherlands flag No. 7229 Z Rotterdam 1948. A' search at the Central Ships Registry shows the vessel to be free from registered liens or encumbrances other than the mortgage to the Bank.

Loan No, 10 NE. The S/S "FRIESLAND", the vessel purchased and mortgaged under this loan is registered under the Netherlands flag No. 7230 Z Rotterdam 1948. A search at the Central Ships Registry shows the vessel to be free from liens or encumbrances other than the mortgage to the Bank.

- 2 -, .

Loan No, lOa NE. The s/s "DRENTE", the vessel purchased under this loan, is being operated on temporary sea letters pending final registration.

The S/S "LIMBURG", the vessel mortgaged, is registered under the Netherlands Flag No. 6837 Z Rotterdam, 1946. A search at Central Ships Registry shows the vessel to be free from registered liens or encumbrances other than the mortgage to the Bank.

The above particulars are being noted on the respective ship1s record

cards.

NGJ:EMK

Januaey 7, 1949

Dear \fr. de chlhatchef:

Thie i r ceipt or your 1 tt r o.

/23/0 n. of ember 31, 1948, with w lch you clo

r ports o. 2 giving info tion on t li , routs, etc. for

the third q r r of 1948 on th f'ollcndn ship.-

~ -/ inc ly your

Mr. A. d Tchlh tchef In rnational for construotio

end Deve ln'l"ll'IIA,.., 5, Johan van Olden rneveltl THE HAGUE - Holland

NGJoneetemk

• Letter No, S/25/0en. Jar.maI7' 7, 1949

D ar 1r. de chihatchet,

Thank you for your lett r No. llS/17/Gen. of D cember 29

with which you enclosed report No . 1 on all ship purchased

and/or mortg ed under th N thE>rlands Ship toana.

Sincerely yours

S. Aldewe d

Mr. A. de Tchihatcllef Int.rnatlonal Bank for Reconatruotlon

and Development ;, Johan van Oldenbarneveltlaan THE HAG , Holland

NGJones:eink

'\:oRM No. , 57 ,. ( 5-48) ~

"

YJ<UA J~~ ~ INTERNATh • .. ,,ANK FOR RECONSTRUCTION I II .VELOPMEJr .

OFFICE MEMORANDUM TO: Mr . G. Stewart Ma.son DATE: January 7, 1949

FROM: Norman G, Jones /1/, SUBJECT: Netherlands Ships Loans

/

}11! t}o JJ/D6-I attach hereto Voyage Accounts for the S/S 11RAKI 11 (Voyage - ' · S 1,.

No. 1) and the S/S 11ALBLASSIRDIJK11 (Voyage No. 2), which we have

received from Mr. de Tchihatchef.

We have received reports showing the use of the s/s "ROEBIAH",

11.ALMKERK", "FRIESLAND" and 11DRENTE 11 during the quarter ended on

September 30, 1948, but voyage accounts were not attached as no

voyage was completed by any of these vessels during this period .

NGJ :EMK

Attachments

FORM NO, 57 ( 5-48) ~

.I

~ (

TO:

FROM :

SUBJECT:

Ir

INTERNATIO- BANK FOR RECONSTRUCTION AN. EVEL0

1

PMENT

OFFICE MEMORANDUM art Ma.son ef

Norman G. Jones ~ Netherlands Ships Loans


With reference_ to ~sation on the telephone this

afternoon, I am attaching hereto a copy of Mr. de Tchihatchef 1s

letter No. NS/22/Gen. of December 31, 1948, together with a

copy of our reply.

NGJ:EMK

Attachment: 2

.., ....... .

' ; C "!' • 0

p y

• )u;t;l. (t

Letter No, NS/21/Riouw and Rempang January 6, 1949

Dear Mr. de Tchihatchef: ~ Thank you for your letter No. NS/22/Gen. of December 31,

1948, regarding the Classification Certificates and periodical reports for the S/S 11RI0UW 11 and the S/S 11REMPANG11 •

I have drawn the attention of the Loan Department to Mr. Mewe's statement that the figures which will~ given in the Voyage Accounts will only be provisional. The Loan Department is prepared to accept these provisional figures but would very much like to receive the final ones when they become available in the normal course of business later in the year.

Sincerely yours

s. Aldewereld

Mr. A. de Tchihatchef International Bank for Reconstruction

and Development 5, Johan van Oldenbarneveltlaan THE HAGUE, Holland

NGJones:emk

• ....

C 0

p y

REGISTERED VIA AIR MAIL

Mr. s. Aldewereld International Bank for Reconstruction

and Development 1818 H Street, N.w. Washington 25, D. c. Dear Mr. Aldewereld:

December 31, 1948

Mr. c.c. Mewe of the N.V. Stoomvaart Mij. "NEDERLAND" has advised us that the Classification Certificates for the 11RI0UW 11 and the 11REMPANG 11 have been applied for by his Company and as soon as they are received will be passed on to us for action.

As these two vessels were financed originally under the $195 million Netherlands Loan, the usual return as regards their use had already been ma.de to the Ministry of Shipping as at September 30 last. We will, therefore, receive the Voyage Accounts and the statements as to the use to which these vessels have been put in the new form for the December quarter early in January.

Mr. Mewe mentioned inter alia that the figures which 'Will be given in the Voyage Accounts are provisional ones, the definite figures being finally collated much later in the year after verification of all the returns. In practice it has been found that the final figures differ only very slightly from the provisional ones and he expressed the hope that we would not require the submission of the former, as the provisional figures, he thought, should fully satisfy our purpose and eliminate for the steamship Company a great deal of extra clerical work in the compilation of special statements for us.

I told Mr. Mewe that I would pass on his comments to Headquarters for consideration.

Sincerely yours

A. de Tchihatchef

1/7



O F FICE OF

DIREC T O R OF M AR K ETI NG

Mr. G. Stewart Mason Loan Department International Bank for

and Development 1818 H Street, N. W. Washington 25, D. C.

Dear Mr. Mason:

Reconstruction

/

WASHINGTON 6 , D . C .

1818 H STREET, N . W .

33 LIBERTY STREET NEWYORX 5 1 N.Y.

January 5, 1949

We are enclosing a copy of a letter to the Chase National

Bank which is self-explanatory. Before mailing out the statements

of the Dutch shipping companies, we discussed the matter with the

Chase Bank and it was decided that they would forward the copies to

the participating banks with a short explanatory letter.

Hoyt Peck

:Enclosure

f !t.(.1;.,, ,~LJ

I 't1,., tJ ·~ I"(,;

:iE~c' .:: . I, VD., V£L.

J!Y 6 /0 s, A/1 19 ,

,·.

' •

,

'r. t. Se anrl Gt··· • N,. ion~ 1 B,in Pine ·trce~u Corn r o Ne York 15, N. Y.

, r ,.r. K lley:

? •

Jonu ry 5, 1949

t .. ' lo the loc.n tte .zr n t 1 l· st ye r to co l,rnl s, Section .3, Arti le VIII of h

ee follows:

Sv lon rs •my p· rt cf th L,o n sru:, l ou ho norro er ill f· rnLh to t B1-nit 11 suw tm s ... nd in ~ ch cott.11 &s t ,c l nk ·r all

·· 11: ... t 1 1th re t·rd to ( 1) e ~xp r:di urE of tte proceeds of th Lo n nd th u e of tl'1e V ssel,; t1.nd (2) t e aper tions d fin.:m fol con .ition of the Borro er. l;ti n reasom:bly . er_ue!!; ed by U t.nk, infor - ion ~hall be cer ified by independ.nt publi~

, co,mt rnts who y bo the putJlic account.tints re lt..rly retliin by the Borrower.•

In \r . L. Tolli

cc: ~r . G. Stewar t Mason Loan Department

co vcra&. tion to y fth '!' in<> you un er s !)6rr.te co •er ten copit18

rccei vol Jicl ·e m · rs• CJ • you .i

purch5s d 1.: portion of th se ote:J h odde · its gut.trimt .e .

Very truly your~,

Hoyt Peck

Mr. • Ste rt tason

lloit'tll'lm G. Jones,

..

January 6, 1949

With .ferano to our convoroation on the t e ,hone th1

ernoo, I ttachin he to er• l tter o. US/22/Gen. of

copy of our reply•

Atta ts 2

• L§tter Re g/20/Gen Jann ry 6, 1949

I

Dear Mr. de Tchihatchef:

With r fer nee to your le ter o. S/15/Gen. of

Dcceti r 29, 1948, this 1 to confirm that it vill only ho

necessary for you to s nd to ah. gton one copy of .the

various typ s of r orts require for ach vessel.

Sincerely your

Mr. A. de Tchlhatchef International for Rec nstl'Uctlon

and Develo ant 5, Johan van Oldenbarn veltlaan THE HAGUE, olland

NGJones:emk

;

Letter No, N /17/Gen. January 5, 1949

Dear Mr. de 'l'chihatchefi

With reference to your lotter No. NS/12/Gen. of December 28, I am afraid t. the last sentence of paragraph 6b of the Standing Instruction for th Netherland Ships Loans is not entirel;r clear. Jhe requests to the £our shipping companies for th submission of voyag account wer de to meet the r uirements 0£ the Loan Dep tment and only apply to the following six ship, vhich -were financed under the lath rlands Ships Loan :-

,

Mr. A. d Tchihatcbe.t

S.S. RAK! S.S. ROE IAH S.S. AIMKERK S.S .. ALBLASSRRDIJK s.s. FRIESLAND S.S. DRENTE

Sincerely yours

s. =:? International Bank for Reconstruction

and Develo ent 5, Johan van Oldenba.meveltlaan THE HAGUE, Holland

NGJones:emk

R - 206

(To be submitted to the Executive Directors on January 6, 1949, for approval)_

VAJt; - LtV 7 INTERNATIONAL BANK FOR {( A/£ - llV f

RECONSTRUCTION AND DEVELOPMENT er Nl ~ L, N f:/

To: Executive Directors

From: The President

le ·N( [;.IV (0

January 5, 19h9

SALE OF NOTES OF NETHERLAi·rD SHIPPING CO~!PAIJIES

Pursuant to the authority granted by Resolution No . 90,

adopted by the Executive Directors on July 28, 1948, the Bank on

August 6, 1948., solcl ~P8,lOO,OOO, aggregate principal amount, of not es

of Netherlands shipping companies issued pursuant to 1oan agreer. ents

between the Bank and such companies to 10 commercial and savirgs banks

in the United States.

The Bank has received inquiries with regard to the sale of a

part of the r emaining 03,900,000, aggregate principal amount, of such

notes~ 114bile technically Resolution No. 90 would authorize the Bank to

sell the remaining notes on terms and conditions substantially similar

to those contained i n the form of Purchase Agreement which was approved

by Resolution No. 90, since that Resolution was adopted with specific

reference to the above-r.1entioned sale of :'..,8 ,1001 000 of the notes, I

believe that it would be advisable for the Executive Directors at this

time to confirm the authorization conferred by Resolution No. 90.

Accordingly, there is herewith presented for the consideration of the

Sec. 3-94 DMcC

( R • 206

- 2 -

Executive Directors, as Appendix "A", a form of resolution for that

purpose. Under the proposed r esolution, we shall be in a position

to act promptly on any inquiries for the remaining notes which we 1.1ay

receive.

Distribution:

Executive Directors and Alternates President Vice President Department Heads

Sec. 3-94 DMcC

DRAFT Appendix 11A11

AUTHORIZATION TO THE PRESIDENT OR VICE PRESIDENT OR TREASURER TO SELL NOTES OF Ni3THERI.JI_NDS SHIPPING COJIPANIES

RESOLVED:

1. That the President or the Vice President or t he Treasurer

be, and each of them hereby is, authorized in the nar.ie and on behalf

of the Bank at any time or from time to time to sell, with or without

the guarantee of the Bank, all or part of the notes of Netherlc::nds

shipping companies which were received by the Bank under the Loan

Agreements dated as of July 15, 19h8, between the Bank end such com

panies at not less than 100% of the principal amount thereof plus

accrued interest and on such other terms and conditions as they, or

any of them, shall approve;

2. That the President or the Vice President or the Treasurer

or any Assistant Treasurer be, and each of them hereby is, authorized

in the name and on behalf of the Bank (a) to sign the guarantee of the

Bank (substantially in the form of the Form of Guarantee ihich was

approved by Resolution No. 90, adopted by the Executive Directors on

July 28, 19h8) on any or all such notes Y'lhich shall be sold pursuant

to this Resolution; (b) to sign such guarantee on such notes on de

nominational exchances and in replacement of mutilated, lost or de

stroyed notes; and (c) to take any and all such other action and to

execute and deliver any and all agreements and other documents as they

or any of them, shall deem necessary or proper in order to carry fully

into effect the purposes of this Resolution; and

Sec. 3-94 DHcC

3. That the President or the Vice President or the Treasurer

- 2 -

of the Bank be, and each of them hereby is, authorized in the nrone

and on behalf of the Bank, by power of attorney or othervfise as he

shall determine, to delegate to any other officer, employee or repre

sentative of the Bank the power to sign, in the name and on behalf

of the Bank, and to deliver any or all agreements, guarantees and

other instruments which the President or the Vice President or the

Treasurer is by this Resolution authorized so to sign and deliver .

Sec. 3-94 DMcC

. .. • ECLASSiFIED e

OCT O 2 2017 ARCHIVh'

. . , , l. Thi di cussion i concerned t the ur. ncy. roductiVity, and so dn f l3snk lo • in sup- r\ of ship inveet ent .

xtent 9£ Ship lnveetmqnt Effort

2 . Th rl ' e hi y de are t rk on , b ckl g o:f 13.5 million d t of n v \ er ft, ,it0rt 1 er p$ 2.8 billion.

Ve 1el1 on ord r, l te 1948

Total c n1truct.:on

~ .ic.l ~ 7.3 1. ;;. .5 .4

Fre1 htere 5.1 Pass er -

oarco hi 1.1 • .

3. This i nol,lgh ne to

ll . ted y t rial.a ot 11, f r the ne~ t L-5 y rs .

1946 1947 l94ts

Ye I

ooo GB.T

212? 2136 2.150 !)./

.3 . 2 -3.2 -J.2 t

1illion dollar

2 . ~ l.l 0.9

o.

to c ~ eci y , a

IJ:/ siim te :rrom ·• "for 1.ce it first 9 month .

- ·2-

·,ueh ore ..- tonnaee le du to be d d in the next S y Ill"& than 1 t

t tbro~ er~pping. c aualti , d de ctiv in.

Exp eted 6 o• of ea:p. ci tr, 194~- 2 - ill on dw'ti -

ass er ~otal '?ankere ehips

7 13.5 I 7.3 t 1.l - 2.4 - , •• 5 - ~ 0 . ").j

- 1 • .s , .J.1. - 1.r: . 1 ... ...2£2 - i:.Z -- -t J.9 + 6.s - J .4 f c.9

i hdr ol for fleet

e oxi ti mere t mnri.ne e bodi co aider bly re :trei ht r r.nd tanker

lift,

view f

t co Bi -r bly le p s e::i.eer tonn •• than th r - -r i'loet . n

.s. r serve ere.ft, 20- 25 p rcant ore

"· Or strict 'Vi w, i~or:l.ng .s. 1•e rve er t, 5-10 rcent oro

is :v 1la.ble.

-Ot, at U.S . reserve

f!ec.tiYe uwl;r :i:ank r

reigh"'ere en&er .. er go hi s

· inon of cu:rrent with ra- a.r neat

§pt, l, 12)9 80 .6

2 . 4 / ~ 16.6 .51 .9 9.7

..:1'f1llion dvt-

!l/ a.inly or entirely fr i hter

road

-~-Tne f'!ective ly foe t,n ~et foes toe nd me aur ly over

th lif of t le&a !r 1 hter li!t

ot e 1o

tanker lift i duo to ln e

r JQ ere nt

c , 1.5 re . \ nore H ng tonn ee.

Oomn rho o4" c rent fle t · th t t in ight

~sm:e \'otel a.no t U.S. res rv

· ehter

?, The ~1 ho d th

than

ut ~ thi les pa •o

10-lS rcen, ore

thl"e -f:1 ""tht

:£rease

~ ,

~ ~ t

:h 22.2 2 .? 29 55 • .5 5!? . ... 6 5.6 6.6 t 1

l ger .ereh nt ri:ne in 1952- SJ

n, min l 11ft. 4 ere 18 t to b .uc.h the c

,S. -1lipa) • thr e-£ urths more ~er

• dlUl" d in t city, w1

. , there ia

ly. twiee ~e much t er !N;t4• ly. bu onlJ

0 ri n of l t i si t ti t t of re- r

- illi n dwt-

•tamure - Le.l§ 1219 125&- SJ I o;t de<iI~Ci:i~ ot 1 aflo .6 108.6 t 35. .s. re er ..kl± !!I ,J. .l Ji t 2:/i.O

78. 2 . .§Li t 12 16.6 28 .7 t 3 .51 .9 52.1 •

• 9.1 6.6 - ) y freighters

9 .

10,

-4-

Urgency <>f S

f .llid t er eapaci t 1s clear-eut . Petrole m c n

con. tinw,a to ll th& world over . lg etroleu.m prcjeots r under · ~ in he

t fe d more nd more oil t th .S.A. ,

~nd eetern Eur e . t e e :rec ti ve t oce 1:ers is n

re on bly e ose bcl.i _ce d th the 1fec · Yet

uch bi :ger Job

com nie$ fr iho

end req irin.P' ouch r-,ger .r e t . So re G n the oil

direct or ind reet ccount the .re t .. ,11:: of ~ll the n w

tonn~e is build.i •• ~.

Whether th rld needs ell · e tnnkor c p city ow in sight i· uncertain .

h en ting con .. r otinn "Orogram is ge red to the expected gr h f do

!o:re een b;r the bi oil col!1- anies . '!'hair forecast ~ oYer!l:'t te or under- "'

fol' oi l e fu l. lubricant. and w teri ll. . ln any e1'e,

th '1 envisag enough owth of e ns .un tion y 1952-53 to ebsorh the cntir e -

p cte t and C ibbe output . They r thus eq i ping th -

eelvo with uffic1 nt t .r.er e oity to haul hird , re oil th

ove in oee t :;i sport, -t lea..t t C s much. s\:d to_ ov befor ... he . 4 ere is ls1:> cl :r need of add1 tion~ p sang r tonnage . Ou.t do ill b7

t!r lo aes to lf t e f:f'eetive 1~e .I.'- t pr var fle t, he existing fl et

h · a a • :10h :r even ro traffic to ul . CYel" e s tourist tr ,rel i boo!lli 1

full ~'1 lo nt ec no i . Sur lus l bor 1• tin~ fro Eur et

r of the llen d cc be serviced by overseas rirline, new mode 01.'

tl .i;rd of the eombin d traffic y hi

1 he bal;r.llcet ho ;ever. is :i: r b yond he exi.,,ti ,,. c city of

rbook d, ter trip, both luxury liners di 1-

t h a r 1 e.c e ort up ly.

11.

12.

lJ.

-s-

hether th rld need. all th dded e.e enger ton c• no· building is

b cure. Insuf:fi ient cap .c1 ty 1 on order if re "'&sum t t th world c no y

will continu to f c :lon all- out. t t pe e igr,. tion pr 8fltU'e will r ai

intens • -nd t t tr £tic los o to irlines will hold within cert in bounds.

ty

l v 1 .. tmd/or

b on :rder if a

cut k of Europe

big el~ inc ns er inco~•

ation sehed.'11 e, ;JJ.d/or further big

tl" :f'!ic div r i n in f vor of :>lrl 1e • Give onl three- ifths s uch work~

the 1952-SJ tle t •ho c be no lea int naively loy d then th t 0£ 19.36-.39.

11'0 op r t.e xlst1 g fle t, ho ver, uld l"equ.ire 20- 25

· r ffi t .. is ;pt i

C b e bul,.. of th reigh.t r tonnD6e curr ntly

on order. of ting f t needs o be r _l ce by n er ft in th

t fuel• t .n.- r nd. ·n :rking ff cienc;y; w .r-buil t

or i tori • .s ·ell aa over ge ehi.ps. Cert ! ?'!XI of tret!ic auoh

calling for ad tin

..,ei t.,. D a 1

SU: ply of all,

··e s bJeet to str ctu.ral ro

s1.tp .13' of tr sh1 in a•

tl" a fi to ervic the l3al tio

Oper i.ing ge; r nd better heigh er n t air powr t e rn and a e doll r ~ ·)llge fro a.l\ipping.

.n. 1. • is on ord r ca s t! U.S . • 1 •

ole, there is tight

rt •

A c rte.in r

re rv of er .,,.t which for 1 op r tor ¢ or

i,. hi pirJ.B: reg in

rl - de tren . u t 1 e .l't'l]1:"n'J"le

cono iea 1 tend t beco self- st "':f'ieient

d.ivi•ion t l r; b c :use of the

tr f fic q t e in f vor f t' e .I.LU~".,....

ee • A ch ne · nn e eomea int • r'Vic • l ., r dy of ships will

•

1.5.

16.

b on C Ul t O the 8

Th 1eq ey f th freigll.ter flee tn 1igb.t de nde o e ort- m rt 1 •ele <.,~

~e d. t· :A o11cy f e tiv tin _ or lua hi s, . extr -

Eiiropean drive to shi pi a l:t ~f ie1 ncy. To e

1952- 53 no lat inten. 1v ly than th .nip of 19 :39 ul

l t 10- 15 ercont or "°rld trad t • .· rdl of tr .. £fie ct

a.nsion n e i tic l;; c nceiva'ble limit • a glu.t of tr :t eh1 ing woul

prom u en e if • • deoi

,. • ur to el r viv

d ction, . loyment, tlo

equipped wit freighte:ra in

1hip1 to ul hel~ he xnort..-

to r

G rm

eono y

ort tr "'f'ie .

eh1 · ing.

nstmen\

ite full

erio ly cv

f

~h 0-0 ercial rod tl.nt;y of ehip d.istinet from i balanee

of p ents .1ield1 from 1 t imp ct on • 0 ere ·1y t lf n ·

hi ld.ixie ll b pl"Oductiv: e ey 11 ld rofi to heir o n ra

p they ·11 b roduct1v t_ y .. el

doll in.co e of th rest of the rl' t

Con iderlng the glo'b.91 econo y, th 1 will be r hey t d t 1ncre e

t ~e rld out ut d e

ithout d

111ty f

ec t

t rev 11

el

0 od d e;rv1oe.

r'\.td ee d • city o sh.1 m r ~ rder w

ri.c (do 1bl or t inle pr - r) the ultil:l t

nt t

for old • cond- (d

ser1ou11 do bt .

2S- J5 rcent einoe ly

he o ible 1 m nenc of lo price a for n w built er f't

11 ( • ,• throudi o e c. n r etion of hi 'building rofi t rgi1111). fr

l? .

- 7-

h rt l" r es t dr f ther (down 35-40 p re nt since arly 1947) end

liner t ifrs my sob fore d do\oll1

the f O;t

.s. relief end rec natruction rr.:orts

ex ending rld fleet. Sine the n

cy-lo d r tio f r &hip to bre even ar uch gher to than ever

b fore, th co tl3 n rof t- w1 to cyclic

el '-'1)9 { leae ll

pe Thoy re n r blo. if fin nc d t ough ortg eb,

o ~7 defl t1 of rld

eete:rn Euro e i der cut r~ ure to ·et re and e nd her doll r

receipt · ro erch n shippi · e of hippi , se:rvic Yi t th

. .A. ;ia - tc:

l nl) 1 .rg bu ahr1 ng et payments · ic ot l .S billi n .. r f.4)/H)

l 4 o t • In i949, d fieit of _5()-~ 1111 n

n 11h1 p1

lf )

l.50-l?S

11:',

(59 ) sf_ (.5 ) ~ (4Q 500) !)

rec ipt• =...... ......... ---~ ........ ·....;.. y

275- JQO )10 J

(17P) s/ (350) sf (35 4CO)

f 125 .. S10 - 740 -( 220) 9.f -(170)

(5 100)

•

-..

•

2l .

22.

coun ry tr ic. 'l' :Br1 ti h, l!o r gien, d Gr fl h . . Vllloo1

n o·e t so-s traffic rul ett euc t In ::.,lob

cono "I er e h COU!l.try ule Xp er o bott a, t e

bu1

Sc,

rM

A.

c.

f the or t,1. and reek t a..rin

the • . \Q~ •

th re an now 1s re eon bl

f teriala, labor. mid .qui nt .

wuld e to 1 id-. or B l •

f tion1 £ th· glob ec n-0 cle ly call for ere.

I od rn. ftS.ci

, obs lee er t, fi et C

l, , liea, I be de ed de$ir b.1.e.

l . y l ra o el re 1 1 t q, 1£ a p due "i •

C rt 1 count 1ei u t 1 veet in

l . itho

oir o

rcha.nt fie t ,

oda er .. c · r

de nor lt 7

ervictts. fhe

tend ra t U.Vi

0 rt in c tr

d t ..

l d hip u1l

them re t o t, 1:1he get eful

ve to bes ported in idl nees, fro

lie ed .•

d r ce

roductiv ly t

d lo e mo t f

rld. .ith

or\ t rn ti v • to he J.

r oh

r ent

ull u e f t el:r

plo7ed ahipy

nd

eh uld thor a

•• t

nt, e~. 1 out·i \ waat of l bor,

r teri

of de

~o e f the tonn e no build.118 t

er .1t, s lt-$ui'fic1en y otive , 50-S fro l

a. It thu.

1ch 4 re would be no n d • l r -, .t1 n •

of rld res uroet .

. . e - l C, -•.

..

2,j. Altho h the rld 1 .. ehip invest ent driv 1 r sonably ell !oun , the

n.k incurs ~nuin , ponder bl ri k by l nding on,d,,security of orche.nt v ssels •

.uare a.r ri ··k , e . g ., of:

(A) b1 c clical lumJ>

11 t r e craft ,

t tem ore.rily wi er o:f'

dri e own vess 1 v u tar blow th

) shi in Ul"plu.s ro er in. th enoe of olo ed l~-u of much of

the orld n at beoa.u 8 foreign trade, oil consum tion, d oc an t_r :t'el

f 1 to re ch certain o t - . rtont :

(0) deflation o· vorld rice, cluditie ooe n treight and f eo , eriou

eno 1 to :n ir moat or .1 h e ui ty · ehin tho • 1 s _ rior ..:.ien }

( ) Lioitod hard- xch ge e rn nes b the . u-o e -leet de p t an

inco t the emens-e or L in eri ca, th nr . t , ooloni ,l ' ndencies •

te. ;

( ) iar-1nVe$t nt by cer 1n · econo 1e in th of i C rr.-'

for er t whose ming pover m inly in o?A Clll" enoy:

( •) rogre iv loss 0£ a:rn1n- S0-50 r otices read, by

uropean !leeta 1 a.inly o er t ng in third country tra.f:f'ic,lj

(G) A coll. e o tr hi~ping h~ 1, the U. S. deci e o ct1v t her

lid- up freighter , oft er 1 ping ifs riou overpro u.ct·on of oil

e~elops , of immigrant hippin~ if o arsea countr1eo b cQme 1111 to

absorb eurpl s uro l bor.

ome o£ thos re inb.a~e t ri hich cannot be nvoide if the B i to lend

o d 11 1 ean efe , e . ~• 1! the U. S. ro n ity to i, ort continue

to! l fa:r ort of the tite oft a rest ot the world fr hr ter1 s , food-

stuffs , d ui ent . ~he ext rn fin· ei o_ hird economies i necess 117 ore

haz d(r.l a tr·.d.e b1later 11 n rrow th convert bil ty of c1?Tenci s. omest1c

,1ell ... .,, o:ll.ten al finsnctn rmild h. 1-,. it each lend r hrul to b certa.i t t

s deflationary o mswi · ould n ver rerur.

•. . ~ I • I e - 11 -

25 . tho gh cert n ri 1th1n the ti control

or th d t be n1 f llOW":

( ) our hin lo to nt o tly-ne d. er :f i th

tor

h dy tr · p for e st wor •

2.6 .

( ) t

o xtr e T

crcl't ch

or th

e of

( 0) Lend.1- for

cle -cut

r 11

on tr 17 rof ci nt n

•

( ) fu i, to 1 n to th e

elf-sufficiency 1

1 b r it7lt t

( )

ily in oft

( )

of force· s

(G) lo n

f :fe by lo ·-t

ct n pr

:fo i e t n ...

•

t o"" xtr ly ,g, n iv er t ubj et

. g . l

to no count 1 s

of

1 0 to brl ho for

sion of mode iz tion ! fl

ry otiTe .

re

Uy

en tio

ivi :!.on of

son who t to

pric of no .i.1

oing t eol ter v lue only

•

ort o to 'b uk

c nt t of e r t currency.

~l s roductiv

iny oth r b c 1ndust clo ly ti t

- e INTERNATIONAL BANK FOR

R ECONSTRUCTION AND DEVELOPMENT

WASHIN GTON 2 5 . D . C .

5, Johan van Oldenbameveltlaan THE HAGUE - Holland.

Tel. 552008, 552393, 552394.

VIA AIBMAIL 1 REGISTERED

Letter No.NS/23/Gen.

Mr. s. Aldewereld International Bank for Ree>nstruction and ~evelopment

1818 H Street N.W. WASHINGTON 25 D.C. U.S.A.


December 31, 1948

With reference to Standing Instructions for the Supervision of the Netherlands Ships Loan, paragraph 6b, I am sending you herewith reports No.2 giving inforne.tion on trade, routes etc. for the third quarter of 1948 on the following ships:

fSk/VJ., Encl,

s/ s "RAK!" ./ s/ s "ROEBIAH" / e/ s 11AL1i'KERK 11

s/ s 11AL:BLASSERDIJ1: 11

s/ s "FRIESLAND" s/s 11 DRENTE 11

Yours sincerely,

~~ A. de Tchiha.tchef

. '

.. ..

e


RECONSTRUCT ION AND DEVELOPMENT

W AS HINGTON 25 , D . C .

VIA AIRMAIL


THE HAGUE - Holland.

Tel. 552008, 552393, 552394.


Mr. S. Aldevereld International ~ank for Reconstruction and Development

1818 R Street N.W. WASHINGTON 25 D.C. u .s.A.

Dear Mr. Aldevereld,

December 30, 1948

I am sending you herewith copies of my letters of December 29,

and December JO, to Stooll!V'aa.rt Mij. "Nederland" and Koninklijke

Rotterdamsche Lloyd respectively.

Csk/ML )l,,_~nclosu:res

Yours sincerely,

A. de Tchiba.tchef



WASH INGTO N 2 5 , D . C .



VU AIRMAIL. REGISTER'ED


Mr. s. Aldewereld International :Bank for Reconstruction and Development

1818 H Street N.W. ~- ,.t t WASHINGTON 25 D.C. ~ u .s • .1. <'

Dear Mr. Aldewereld.

December 29, 1948

Fn.rther to my letter of to-day. No.NS/15/Gen. I am pleased

to send you herewith reports No.l on all ships purchased and/or

mortgaged under the loan.

You will observe that the reports give the infornation

req_uested under paragraphs 6a and 8a in the Standing Instruc

tions for the Supervision of the Netherlands Ships Loan.

Yours sincerely.

A. de Tchiha.tchef

e

e

;e,CC1\£U

l/ii ~_1Wf, I ,., Nt1p iA NtZ ~ Or. RE.'°GONST. MW DE VEL.

JAN 4 II 24 Ar1 1949

December 29, 1948

'r. Jolm. s. Linn, Treasurer United Medical Servic Inc. 80 Lexington Avenue New York 16, Mew York

Dear r . Linen: /

1 h ve r ceived your letter of Dec mbar 27, 1948 in reply to y letter 0£ Decem er 23, 1948.

In vi { of our telephone 1.;N·v rsation of this morning I understand that there is nothing further to be done in the ll}atter at the present time .

With best regards ,

Sirtcer ly yours,

( El lgtL i) C , ., ~ ... _ ,., ltJVL L. - c.. .:1

Chest r A. McLain General Counsel

/

• e INTERNATIONAL BANK FOR


WASHINGTON 25, D . C .



VIA AIRMAIL.REGISTERED


Mr. S. Aldewereld International Bank for Reconstruction and Development

1818 H Street N.~. WASHINGTON 25 D.C. U.S.A.


December 29, 1948

Reference is made to Standing Instructions for the Supervision of the Netherlands Ships Loan, paragraph 27, which deals with the reports we are to submit on the ships purchased and/or mortgaged under the loan.

We note that the various types of reports should be numbered in a single continuous series for each ship. Seeing that the infornation on the use of the ships (paragraph 6b) is to be submitted by the shipping companies in duplicate of which one copy is to be forwarded to you and, furthermore, that this information should be treated as a regular report, we take it, that the other types of reports (paragraphs 6a and 8a) should also be ma.de out in one copy only. Otherwise, as we see it, if the information requested under 6a and 8a is to be given on the regular report forms, you will, in the same number series, receive three copies of some reports and only one of others.

You will note from reports nailed to-day that we have in all instances submitted only one copy. If our assumption is wrong please let us know and we shall have the reports in question (under 6a and 8a) nade out on the regular report forms .

Yours sincerely,

e

e

!NTE.IU, · 1.Jh/tl tl/\f~K r OP. fH; GON S i. AHO DE VEL.

JAN 4 I l ?~ Ar1 \949



WASHINGTO N 25 , D . C .

VIA AIE IL



Letter "O . S/12/G!fD..!..

~r. S. Aldewereld International Ban: for Reconstruction ~n Development

1818 R Street N.W. WASHirGTOl 25 D.C. U .S.A,

Dear ?,:r. Aldewereld,

Decemb6r 28, 1948

T. c a st sentence in paragra-, 6b of the Standine; Inst u.ctions of the retherlands Ships LoA.n reads:

\tteched to t e reports whici. wil be c;ubn,i tted to V0'1 y the borrowers s"l 1ld be a cony of t'ie voyef!e account of the last com,oleted voyage of each vessel in each t ree-mont'l-t}y pPrio ; or if no 7 :·age has been com_t>lct d during t~e -period, a statement sl:lo'f.'ing •··hether the vessel ie en,.l"a.e:ea in 2 vo;ve.ge , is laid up or is in repairs.

From the e.bove it a,ppears to be clear enour.h th8. t VO"YP..te accounts should be supn ied for al ships except s/s IMBT G. From the documen~s received, howeve.:·, we note t~t t o of the s nnine; companies, vi?': Stoomvaart Maatsc'h.a_opi. 111cderl.r..nd" ard Vereerigde Nederlandsche Scheewaart ?'aatsc'l-ia.9oi,j do not enclose voyagP. accounts for the mortga.ged vessels, viz: s/s RIOT,:, sf~ mm,r·w•::G and s/s AAGT-:-XWK respectively. T is omission, ,,,e ta e it, 'l'"F:T be due to a misinterpretation on t~e part o t~e c~mpa" P~· ~ rce. as ·e note frol"l the last pa.ragr~ph of yo•u· lett&rs of November 10, to the b,bove c m,.)anies ( items 8 8· 10) it has not been explicitly s ta tr.a th.at voyage account~ for :'hpc-e ships should he s11brr.i tted, but rnerel~, t~t the certificates on end use · ic"l had heretofore been sent to the Directorate General of Shi")oing, from now on shouJd be ic1ent direct to our office.

For the sake of order, be:ore approe.c'J.iing; t'ie c mcaniAs on the sub.1ect, we should. ap:precis te 'having your confirrra. tion tha. t our 2 ssumption: vo:·age accounts to be upp ied fer al shirJs, is correct.

Yours sir.cPrely,

~~~ A. de Tchi'lhtc~ef ·

,. .J ~ -=::·

::ll ~

w n, -0 .....

.-J 0 -:.!: =.!'"

(.0 c,, ;,. !2 ;--t -- r,,

> C "71 o , ... ;i:. c:, . ~- -· ~

c::, cj C, <. 1 --- l°?l ~ C ..;: -

q5 "1 :;,,,,

,!::::., r- .....

c::x;; 0 .-r:

e e

Dece~ber 27, 1948

Dear r. '.Ela.ck:

Loan to

r ference to letter of ec ~ber 1 d December a. 1948 dd±es ed to .r. Dunstan, I now ha.Vo plea.sure in oncloa1ng iift~en copie of each or the following documents submitted by the United ethorlends Uavigat1bn Co~~y for diatribut1on to the rcha.ser$ oi' the no_tes:

) inancia.l ta.te:nent as o. ptember JO, 1948 - ~ f.

b) l nee Sheet d Profit nd oss ccou.nt - Ii for the '3e 1• 1947.

ncloaure

Mr. en. • laek ~xecutive rector International :Bank or

aeconstruotion and iVel ~n 3J iberty Street

ork .5, ew York

Sincerely yours,

0. tewart _ son

/

l>ecember 2?, 191.ia

Dear .tr. v n H, el:

1th reference to my letter of Docem'bar 22,

I have le sure in in.forming yo that we hn.v now

rec ive the iw:o:rmat1on required u.nd r the 1ot\ll

contr ct fro the United Netherle.d .avi ion

Co .rq.

'inc r ly :yours,

G. tew t M so

:r • J • • van llenge.l Office of the etherland

inistry of Tr ic Directorate General of Ship 1ng 1470 Euclid treet, .,. /a hinc.>ton 9, . C.

G

hS/7/GIEN. Letter No. a:/.i.g9

December 22, 1948

Dear Mr. de Tchih1:J.tcb.ef:

In aoeordance with the Standing Instructions for the Netherlands Ships Loans it h your responsibility to submit t certain intervpls reports on the vessels fin~ced and/or mortgaged. It is also your task to ensure that confirmations that exoiring insurance on the mortgaged vessels has been renewed or extended, are received from the Shipping Companies as far in advence of expiration dates as possible, but in no event less than five days prior thereto.

ln order to facilitate your t sk and our in connection with the above we have had printed two kinds of control cards, one c9.rd being a record of the reports submitted on the ships fin/!Ulced aJJ.d/or mortgaged under each loan, the other c~rd being a record of the insurance effected on each mortgaged vessel. The object of these cards is merely to provide a running r cord of periodic reports and insurance inform tion reoeived. These cards will also enable you to see ta glance when further periodic reports and renewals of insurances are due.

We are enclosing herewith two sets of cards fore ch loan. We have noted on these cards all the informPtion regarding periodic reports and insurances which we have received to date end we ,re sending under sep-r-te cover su~ply of bl k cards (25 of e oh type of c d) for your future use. The number of c rds we a.re sending should suffice to record all the necessary information about these shi~s uring the lifetim~ of the loens. You will note thrt on the insurance card there are three columns headed "Policies Received'. It should only be necessary for you to note in these columns, the fact that the particular type of policies ha.ve been received dthout giving details of the etual policies.

You will note thn.t on the cards for recording the receipt of the eriodie reports on ea.oh vessel the column "Classif'ication and Rating11 is broken do\-.rn into two columns, i.e. "Report Numb r" and "Date". We now realize that the cla.ssificatiQn certific te is not submitted in the form of a renort but is merely a letter of the Ola.ss'ifioation Society concerned. The column headed 11llep<>rt Number" should therefore be used merely to note the abbreviated name of the Classification Society, followed in the next column by the date of the letter in question of such Society.

We suggest tha.t the bloolat headed 11 Insurance Exoires ontt and "Next Report Due" at the top of the cnrds should be filled in in pencil and merely- used to draw attention to the date of the first expiring insurance and the d te when the next ~eriodio report is due.

Mr. A. de Tchihatohef Inte»nationaJ. ~ank for Reconstruction

and Development 5, Johan van Oldenbarneveltl,wn The H8€lle, Holland

Enclosures

Sincerely yours,

s. §;?:~ /.

e ~·ILE

~n.r !Ir. van .r.engal:

COP J!:•

'

December 22. 1948

Th nk you for y 'U:r le r of December 16. ine I ,rote to rou on November J, we ha.ve received the reau.1red

t.a.tements from the !!ederlan Lin but no information s as yet be~n ent to u by the United etherltt.nds avigat on Oompany. Pern pa you would be good enow~h to brim; thiB

tter to the ttention of the Directorate-General of Shipping.

1 think that the e.r-ra.ngements which you hav made whereby the Directo to-General of Shippi in he Hagu.e will. gather the requir information f~om the shipping co should wor. very well a. the tes chosen are entirely factory.

r. J. F. van &ngel • RP. . • Office of the Ne herl nd [inistry of Traffic Directorate General ot Shipnin.$ 1470 Euclid Street. N.W. W hington 9, D. C.

GSMason/ efd

G. Ste . rt son

!)l!lnies tis-

I

•

1 t r •

I

V th

..

~GJones/PAXanters:fc1emk

/7/ 1

•

r your

•

• ,

r 22; 19

(25

-~

in

•

TO:

FROM:

SUBJECT:

INTERNATION. BANK FOR RECONSTRUCTION AN. EVELO PM ENT N ~ I~ et, '

OFFICE MEMORANDUM Mr. Norman G. Jones DATE: December 21, 1948

s. Aldewere~

Netherlands Ships Loans

With reference to your memorandum of to-day's date -

1. Protection and Indemnity Insurance, Limit of Liability:

:Mr. Crena de Iongh is of the opinion that it will do

no harm if we wait another week before handling the matter

along the lines suggested by Miss Morsey.

2. Workmen's Compensation:

Mr. Crena de Iongh feels that a recommendation not

to ask for additional coverage under this heading is

advisable.

o,,,cr SllYIC[S 17.IQ

.. FORM No. 57

y -48)

TO:

FROM:

SUBJECT:

INTERNATIO. BANK FOR RECONSTRUCTION AA EVELOPMENT

OFFICE MEMORANDUM Mr. s. Aldewereld

Norman G. Jones~

Netherlands Ships Loans

DATE: December 21, 1948

Miss Morsey has studied the amended cover notes referred to in

~ memorandum to you of December 16 and apart from the points men

tioned below is satisfied that they meet the Bank's requirements.

1. Protection and Indemnity Insurance, Limit of Liabilitt;

Miss Morsey has checked that under u.s. law an owner of a ship could

be held liable up to the value of the vessel. She bas checked that

Mendes & Mount require cover up to total value of a vessel and that

General Foods also require similar cover. The u.s. Maritime Com

mission require cover of $175 per ton which, in the case of the

Netherlands vessels, would amount to about $1.5 million. Miss Morsey

would recol!DD.end therefore that the Bank should (with the exception of

the Limburg and Friesland mortgaged by Rotterdamsche IJ_oyd, where the

amount of liability insured is unlimited) request additional insurance

under this heading.

2. Worlanen~ Compensation: Miss Morsey has ascertained that the

U.S. Maritime Conmdssion do not require liability to crew to be in

the P. & I. policies if compensation is provided otherwise. This is a

calculated risk which they are prepared to accept. They regard the

risk as slight. Miss M::>rsey is proposing to check whether under the

laws of the U.S. or other countries she can find cases where workmen

have been able to recover under laws other than the forum. Miss Morsey

-I

2.

is leaving tonight for about a week but if you regard this matter as

urgent she will try to find someone else in her Department to look into

this question. Miss Morsey is inclined to feel that unless her further

investigations disclose something, she will probably recommend we do not

ask for additional coverage under this heading.

NGJones:emk

December 17, 1948

Dear Mr. d Tehihatche!'a

Thank you for your letter o. NS/6/Gen. or Dec ber 9 vi.th which you enclosed duplic te copie of emended cover not for Hull

ine Risks, Rull ar Risk and Prot ction and Indemnity Risk tor th following vess 1 :-

s/s "FRIESLAND" s/s "LDi'BURG s/s "RIOUW s/s •HEMP. JG" S/S" GTEKW

· Th n ed cover note a are hov being e · ned and w Vill in.f'o you in due course ath r or not they a.re ea.ti factory 'to the

•

We have not yet rec 1ved r ply trom the Rolland- erlka Line to our letter or Novem. r 10 requesting emended cover notes for the insurances on the S/S "ALBLASS IJX". I shall glad if you vUl b go enough to s nd tlis company a follov-up letter if you he.ve not re ived the amend cover nots in the meant •

Mr. A. de Tch toh f Int rnational Bank :for -construotlon

and evel t 5, Johan van Oldenbarneveltlasn THE HAGUE, olland

NGJones/PAKanters:emk

Sin~r ly your

• ldewereld

CABLE ADDRESS NEDSHIPWAS

61 BROADWAY, ROOM 824 NEW YORK 6 , N . Y .

OFFICE OF THE

NETHERLANDS MINISTRY OF TRAFFIC DIRECTORATE GENERAL OF SHIPPING

WASHINGTON, D. C.

December 16th , 1948 .

Mr . G. Stewart mason , International BanK for Heconstruction ~ Development Washington, 25 , D. C.

Dear Mr . Stewart Mason ,

TELEPHONE ADAMS 1662

1470 EUCLID ST., N . W . WASHINGTON 9 , D . C .

Your letter of November 30th came du~y to hana ana I was glad to note that , in the meantime, you have received the necessary inforillation from tne Hollanu America Line and the hotteruam Lloyd .

Immediately upon receipt of your above mentioned letter , I requestea tne Representatives of the Nederland Line and the United Netherlands Navigation Company to let you have the necessary information without any further delay and from information , which I received from the Directorate-General of Shipping in The Hague , I have reason to assume that the information regarding the . two latter Companies must be in your hands by now .

Further I beg to inform you that the DirectorateGeneral of Shipping wrote to me the other day, that they had arranged with the four Steamship Companie~ to have the information , which you require , collected by them from the Companies on respectively January 1st, April 1st , July 1st and October 1st and that the Directorate-General of Shipping will forward all these documents as speedy as possible to me, in order to enable me to hanct them to you immediately after arrival .

I trust that the way ir. whicr the DirectorhteGeneral of Shipping is trying to centralize this problPm will also be welcome to you . The dates of January 1st, April 1st , July 1st anc October 1st derived out of a conversation, which toor place between· your Representative Mr . A. F . Tchihatchef ana the United Netherlands Navigation Company in The Hague .

vr /mb .

bincerely yours ,

NETHERLANDS MINISTFY OF' TLAFFIC DIRECTOhATE GENERAL OF SHIPPING

t)- .

ii

, ~ ~ : ./ "ii

J . F. van Hengel , Representative . i'rJt),, . i () .

e

e

AECE:,V~D

lNTEHNAliLl'cALt,AHK FOP. R~COtiST. ANO DEVEL.

DEC I 7' 10 os AM 1843

• Deeemb r 16. 1948

M ORANili 10R '? IL :

Docum1tnts enclo t!d 1th letter to · eon from Hederl, nd Line December 6, 1948:

'""i 1 P.d Under

-------- - 1) Sheet of December 31, 1947 - etherland 10S

Sh1p in

1ICd d ncl Line

Docume ta s Lin r

2)

l) 2)

:3)

nd Lose ccount for ef!mber Jl, 1947

. ye r " ti

ll ff

It fl

" " 4) ~te nt of com it1on of thP. fleet ~ ot s~~temb•r JO 1"48, Filed with

.5) Vo A.coount of the u a.,.1 11 completed. during the )rd qunrt r o~ 1948.

6) St tement of th en 11Ro ibi dur1 th 1948.

• mitted to T:r sur r' or ie by Roll -Am rie n

1) Fina.nc11 st toment r October 4. 1948

2) Voyage eeount "SS A.lblasserd1.1h"

3) ~t t m nt of the conrpo ition of th fleet per SeF emb r 30. 1948.

r. rubnig

ff

" n

ff

ll II

II ,,

FORM No. 57 ( 5- 48) • INTERNAT IOr-e BANK FOR RECONSTRUCTION AN - EVELOPMENT

OFFICE MEMORANDUM TO: Mr. S. Aldewereld DATE: December 16, 1948

F ROM , Norman G. Jones A, SUBJECT: Netherlands Ships Loans - Insurance

With his letter No. NS/6/Gen. of December 9, Mr. de Tchihatchef

enclosed duplicate copies of amended cover notes for Hull Marine Risks,

Hull War Risks and Protection and Indemnity Risks for the following

five vessels mortgaged under the Netherlands Shipping Loans:-

S/S Limburg s/s Friesland s/s Riouw s/s Rempang s/s Aagtekerk

In our letters of November 10 to the various shipping companies,

we asked for the inclusion of specific "Loss Payable" and "Cancellation"

clauses in all three policies (¥..a.rine, War Risks and Protection and

Indemnity). An examination of the amended cover notes now received

shows that the required clauses have been inserted. It should be

pointed out, however, that the amended cover notes for ¥.arine Risks on

the S/S Friesland (P 31771 dated November 29, 1948) and the S/S Limturg

(P 31772 dated November 29, 1948) merely refer to a cancellation clause

but do not set the clause out, whereas in the cover notes for the other

insurances on these vessels and for all insurances on the other vessels

the cancellation clause is set out in f'ull. In view of the fact that

the Koninklijke Rotterdamsche IJ.oyd state in their covering letter of

December 7 that these clauses have been inserted, it is suggested no

action be taken pending receipt and examination of the actual policies.

2.

In our letters to the shipping companies we drew attention to the fact

that the liability under the various Protection and Indemnity policies was

limited in respect of claims arising from any one occurrence to amounts far

less than the outstanding indebtedness under the mortgage and we enquired why

this was the case. The amended cover notes for Protection and Indemnity

insurance still show the same amounts as the original cover notes and the

following explanations have been given by the companies:-

1. Koninkli.ike Rotterda.msche IJ.oyd (S/S Limburg and S/S Friesland) state:

"With regard to the maximum liability for Protection and Indemnity Risks, this is not limited to E 30.-/- per G.R.T. but, since the ships are also entered in Class II (Indemnity Risks), the amount of liability insured is unlimited. We beg to refer to Rule 9 of the Indemnity Clauses mentioned on the back of the Certificates of Entry."

The wording of Rule 9 would seem to agree with the Company's statement

but the Legal Department should be asked to confirm this.

2. N,V, Stoomvaart Ma.atschappij llNederland" (S/S Riouw and S/S Rempang) state:

"The limit of liability under Netherlands law amounts to DG 50.- per cubic metre (DG 141.50 per Gross Register Ton) and under English law:

a) where loss of life or personal injury is caused, either with or without additional material damage to E 15.-.- per G.R.T.

b) in cases of material damage only to E 8.-.-. Considering this we deem a P. and I. insurance to the amount of US $80.- ( = E 20.-.- or DG 210.-) per G.R.T. an adequate cover. On this basis of US $80.- per G.R.T. both vessels were insured against P. and I. risks for an amount of 8335 x $80.- = $666.800.-A rise to $2.000.000.- would mean an additional premium of about $670.- per annum."

It is for consideration whether or not the Company should be required to

talce out additional cover.

3.

3. N,V, Vereenigde Nederlandsche Scheepvaart-Maatschappij (S/S Aagtekerk)

state:

"According to the Netherlands Law we can limit our liability to D.G. 50 per cubic meter (being D.G. l.4]..50 per Gross Register Ton). As per English Law our liability amounts to E 15.-.- per B.R.T.

We based our P & I-insurance on an amount of E 20.-.being $80.- per B.R.T. (7951 tons@ $80.- = $636.080.-), so that in our opinion it is not necessary to insure an amount of $2.000.000.- as we are fully insured in accordance with the Netherlands and English law (Cur steamers do not call at .American ports).

However if you should be of the opinion that it would be better to insure the amount of $2.000.000.- we may add that we are able to insure an amount of $1.363.920.- on an excess policy at the nominal premium of 0.05% which policy covers the amounts in excess of the first policy viz. $636.080.-. We shall thank you to let us know what has to be done."

It is for consideration whether or not the Company should be required

to take out additional cover.

In our letters to the various Companies we drew attention to the fact

that the cover notes for Protection and Indemnity policies expressly excluded

liabilities to crew and we enquired how such liabilities were covered. The

three companies have replied that the legal liability to crew as per Nether

lands law, both marine and war risks, is insured with the Netherlands semi

official institute "Zee Risico11 and that it is not necessary therefore to

include these risks in the Protection and Indemnity insurance.

The cover notes discussed above are in respect of the following insurances:-

1. S S "LIMBURG'' a) Marine

(b) War Risks (c) P & I

Number and/or Date of Cover Note

P31772 of Nov.29/48 P31970 of Nov.24-/48 Unnumbered and

Undated

Amount Insured

$2,200,000 $2,200,000 Unlimited

Period of Insuran~

Aug. 3/48 - Aug. 2/49 Oct. 1/48 - Dec. 31/48 Aug. 3/48 - Feb. 20/49

2. S/S "FRIES~ (a) Marine (b) War Risks (c) P & I

.3. S S "RIOUW11

a Marine (b) War Risks (c) P & I

4. S/S 11REMPANG" (a) Marine (b) War Risks (c) P & I

5. S/S 11AAGTEKERK 11

(a) Marine (b) War Risks (c) P & I

Number and/or Date of Cover Note

P31771 of Nov. 29/48 P.31971 of Nov. 24/48 Unnumbered and

und~ted

Amount Insured Period of Insurance

$2,200,000 July 20/48 - July 19/49 $2,200,000 Oct. 20/48 - Dec. 31/48 Unlimited July 20/48 - Feb. 20/49

Unnumbered of Nov.20/48 $2,270,000 Aug • .3/IJ3 - Aug. 2/49 Unnumbered of Nov.20/IJ3 $2,270,000 Oct. 1/48 - Dec • .31/48 Unnumbered of Nov. 2o,'$ $ 666,800 Aug • .3/IJ3 - Aug. 2/49

Unnumbered of Nov.20//J3 $2,270,000 Aug. 3/48 - Aug. 2/49 Unnumbered of Nov.20/48 $2,270,000 Oct. 1/48 - Dec • .31/48 Unnumbered of Nov.20/48 $ 666,800 Aug • .3/IJ3 - Aug. 2/49

Unnumbered of Nov.29/48 $2,200,000 Aug. 3/48 - Aug. 2/49 Unnumbered of Nov.29/48 $2,200,000 Nov. 3/48 - Feb. 2/49 Unnumbered of Nov.29/48 $ 636,080 Aug • .3/48 - Aug. 2/49

No reply has yet been received from the Holland-.Amerika Line to our letter

of November 10 re insurances. It is suggested that Mr. de Tchihatchef be

instructed that if in the meantime he has not received a reply from this Company

a follow-up letter should be sent to them.

NGJones/PAKanters:emk

S/4/Gen. Dec b r 15, 1948

ar Mr. de Tchihatcheft

I refer to your lett rs Nos. S/2/Gen. and M V4/Gen. of '

December 8 and c ber 9 respectively, in wich y state th t

o of th ships financ s:n.d/or

le.nda Ships wane have not yet be n r gjst r un er the ether

lands nag.

In th · ca$ , you hould su t pr liminary r port on

si of in.formation that th ship in qu stion are bing

on orary e 1 tt r.

• A. d ohihatch r International Bank for Reeon~tructio

end D velo ent 5, .Toh Olde rn v 1 tlaan

un.~._ .... , , oll d

~ liGJones1emk

inc rely your

• Lotter

• d Tchihatch f:

h l

• A. d :tch

el ington ion cone min

(Soe 1ny 1 tt

,..

i Voyage Account of th s it cornAa to a copy will

Slnc r y yau.r

s~ /

Int rnational construction and velo nt

5, Johan van Olden rn v 1 tl HAGU, olland

~ GJones i emk

RUSSELL T . MOUNT WILLIAM B . MENDES THOMAS .J . HEALY

ARTHUR C . MULLER , .JR . HENRY W . OIECK FRANK A . BULL STEWART £ . WARNER

C HARLES R . MILLETT EMILE W . MODICK , .JR . .JOHN A . GARRITY W I LBUR H . HECHT KENNETH A . THOMPSON JOHN A . CURLEY WALTER B . HALL HAROLD G. FOLEY

• MENDES & MOUNT ( SUCCESSORS TO DUNCAN & MOUNT)

27 WILLIAM STREET

NEW YORK S , N . Y.

e CABLES " M ENMOUNT

CORRESPONDENTS THROUGHOUT

UNITED STATES , CANAOA , MEXICO ,

CENTRAL AND SOUTH AMERICA

ANO WEST INOIES

.J . ROGER CARROLL ALEXANDER GOOD VERNON B . WINIKER

HUGO B . PLAOECK

GEORGE W . CLARK WARD 0 . WILLIAMS

D.M . GROGAN December 15, 1948

DANIEL HUTTENBRAUCK .J . a.GARDNER MARTIN .J . DEVER LOUIS ORGELFINGER

GRANT A . PATTEN • .JR .

Mr. Hugh B. Ripma n International Bank for Recons truction & Development Washington 25, D.C.

Our File No. 91308

Dear Mr. Ripman:

I acknowledge with thanks receipt of your letter of December

19th which contains very pleasant news indeed.

Looking forward to seeing you in the not too istant future,

I a m,

Sincerely yours,

Jf/.

FORM No ,.., 75 '7-48) /; e

INTEPNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

ROUTING SLIP Date~_l_2_/_1_5~~~

TO- Name Room No.

I Mr . Norman G. Jones

2

3

IJ

FOR-Action Initialing

Approval Preparing Reply Comment Previous Papers Filing Noting and Returning Full Report Recommendation Information Signature

REMARKS During the absence of Mr. Ripman

will you please keep and eye on

this matter.

. J-J· ~

,.,,,.

~ ~ FROM- s. Aldewereld .

i

Action: Mr. Ripman.

Mr. Norman G. Jones:

DUTCH SHIPPING WAN

End-use

Letters have been sent to the companies concerning insurance and

other matters • They have not yet advised the Bank of their agreement.

A close watch will be kept on these matters.

Mr. de Tchihatchef has been made responsible for taking the

appropriate action.

The end-use section is preparing a check-record for each ship,

to be sure that nothing of substance is neglected.

t /

Mr. Chester A. McLain

n. Crena de Iongh

COPY e ]Jlt d

December 14, 1948

There is attached a copy of the letter dated December 10, 1948

addressed to Mr. Garner by the Chairman of the ational Advisory

Council concerning the use of the proceeds from the sale of the

2-1/2% Guaranteed Serial Mortgage Notes of the four Dutch shipping

companies and also the use of the proceeds from the future sale of

other similar securities.

It is our understanding from the last paragraph of the December

10th letter that the United States Governnent considers such proceeds

to be a recovery of funds originally derived from 18% currencies.

Unless you advise us to the contrary, ffi 'Will continue to treat

such proceeds in the same manner as other 18% currencies.

Attachment

RV{Cavanaugh;mg

- COPY

THE SECRETARY OF THE TREASURY

WASHINGTON

Dear r. Garner:

-

December 10, 1948

In accordance with the request contained in your letter of November 29, 1948:

I hereby confirm that the Government of the United States of America does not interpose any objection to the use by the international Bank for Reconstruction and Development in the making of loans of all or any part of the proceeds of the sale by the Bank of the $12,000,000, principal amount, of 2-1/2% Guaranteed Serial Mortgage Notes of four Netherlands shipping companies, approval of the sale of which in the United States was confirmed in my letter of August 4, 1948, to you.

I should also like to advise you that the United States desires to be consulted in the future before the Bank loans any of the funds originally derived from the 18% subscr:iption of the United States and recovered 'b,y the Bank through the sale of other securities.

Mr. Robert L. Garner Vice President

Very truly yours,

(signed) JOHN W. SNYDER

Chairni.an National Advisory Council on International onetary and

Financial Problems

International Bank for Reconstruction and Development

Washington 25, n.c.



WASHINGTON 25 . D . C.

BY AIRMAIL

5, Johan van Oldenbameveltlaan


Letter No. NS/7/Gen.


1818 H Street N.W. vASHINGT 25 D.C. U .s.A.


December 13, 1948

I am sending you herewith copies of letters of to-day, despatched tothe following Shipping Companies:

,

N.V. Vereenigde Nederlandsche Scheepvaart Mij Holland-Amerika Lijn, Rotterdam.

I I.;_ j , The Hague. ( ~

j t. N.V. Rotterdamsche Lloyd, Rotterdam. N.V. Stoomvaart Mij . 11 Nederland11 , Amsterdam.

Yours sincerely,

A.de Tchihatchef.

JT/Th Enclosures: 5 copies.

e

December 13, 1948

Dear Mr .. Hea:J.y:

I have receive your letter of December 10 (your file 91)08) ·

and in reply to your question, I must confess that I feel a little

guilty for not having let you know definitely before whether or not

the Bank "Wished to talce advantag of your very kind offer to ma.ke

specific enquiries in England concerning the dollar holdings of

certain "nan-admitted" companies. As a matter of fact, the decision

was taken that the companies in question hould be regarded as

acceptable to the Bank without any further detailed nquiries

concerning their holdings or dollars. It a.s a great pleasure to

have the opportunity of ma.king your acquantence and I trust that

an occasion may arise to renew it.

Mr. Thomas J. Healy endes & munt

27 William Street Nev York 5, .Y.

HBR:po

Sincerely yours

Bugh B. Ripman

RUSSELL T . MOUNT WILLIAM B . MEN DES THOMAS J. HEALY ARTHUR C . MULLER , .JR . HENRY W . DIECK FRANK A . BULL STEWART E . WAANER CHARLES R . MILLETT EMILE W . MOOICK,JR . .JOHN A. GARRITY WILBUR H . HECHT KENNETH A . THOMPSON JOHN A . CURLEY WALTER B. HALL HAROLD G . FOLEY

J. ROGER CARROLL ALEXANDER GOOD VERNON 8 . WINIKER HUGO B . PLADECK GEORGE W . CLARK WARD 0 . WILLIAMS O. M.GROGAN DANIEL HUTTENBRAUCK ..J. a . GARONER MARTIN J, DEVER LOUIS ORGELFINGER GRANT A . PATTEN , .JR .

r. ~"i ugn L . Ri me:. n

e

he Internation~1 B&nk 1 18 H Street ,ashington, L . C.

Dear :Mr. ipman:

MENDES & MOUNT ( sucCESSORS TO DUNCAN & MOUNT)

27 WILLIAM STREET

NEW YORK S , N . Y .

Our File 91308

e CABLES '' MEN MOUNT

CORRESPONDENTS THROUGHOUT

UNITED STATES , CANADA, MEXICO,

CENTRAL ANO SOUTH AMERICA

ANO WEST INOIES

cernber lu , 1948

I rec' 11 v,i th pleasure our convt:rsa tion of so e eek" ago co -Ct.;rning vhe olicies of th ri tish "Non-J a.mi t te ' Com,t1._nies Tru 1., .

s I rcrnemb~r lL , you ere to ·et in touch with me if ou requirLL 1 rtner ir~or utio~ r grrcing the Tr"~ . Not c..Ving he2r6 fro v~ in ~he me~nti~e , I &ssume th re is not i~~ f her ou re uire . Ho1evc_ , ~s & 'tt 1 of intere~L , I sn ula lik to kno, h· t cou~ce ~s ol~u.tC in the 'rtiCUlcr Cc:.Se ~ ich w,c..S the sub; ct of our tE.lK , nd erh' S

ou ~ill be ind enough to dro me~ line.

Sincerel ours ,

COPY

• T ~ F.c:R ,TARY OF TH, TR1t::P. DRY

'lASJill1GTO

ecember 10, 1948

Dear Mr . Garner:

In accordance wi~e request letter of iroveraber 29, 1948:

contained in your

I hereby confirm that the GoverilI!lent of the United ,tates of (merica does not interpose arzy- objection to the use by the lnternational Bahk for Reconstruction and Development in the making of loans of all or any part of the proceeds of the sale by the Rank of the 12,000,000, principal amount, of 2-1/2% Guaranteed Serial 0rtga1e irotes of four Petl erlands shippin"' companies, ap' roval of the sale of which in the United States was confirmed in my letter of August h, 1948, to you .

I should also like to advise you that the United States desires to be cons lted in the tture be~ore the

ank loans aey of the funds orit.;inally derived from the 18% subscription of the Unj ted tates and recovered by the Bank through the sale of other securities .

I~r . Robert L. Garner Vice President International Bank for

Very truly yours

(signed) ohn .• ~nyder

Chairr1an national Advisory ,ouncil on International J onetary and

Financial Problems

Reconstruction and Development Washington 25, n.c.

' • INTERNATIONAL BANK FOR



5, J ohan van Oldenbarneveltlaan


REGIST"ER~D . BY AIRMAIL

Letter No . ?TS/6/Gen.

Mr . s. Aldewereld International Bank for Reconstruction and Development

1818 H Street N.W. WAS INGTON 25 D. C. U.S.A.

Dear r. Aldewereld,

December 9, 1948

' s~ ()u .. ·~

With reference to 11 Standing Instructions for the Supervision of the Netherlands Ships Loan", paragraph 9 I aw sending you herewith the duplicate copies of the letters received from:

N. V. Rotterdamsche Lloyd , Rotterda~, dated December 7, 1948 N.V . Ve"reenigde NederJA.ndsche Scheepvaart .~ij ., The Hague,

dated December 6, 1948 and _ • V. Stoomvaart Mij. ederland, Amsterdam

dated December 6, 1948

accompanied by the duplicate co~ies of the appropTiate cover notes for Hull Marine Risks, Hull Warrisks and Protection and Indemnity Risks for the following ships:

t/ /

s/s s/s

-/.3/s '4/s

and s/s

"FRIESLAND" ( ex "Ba.nee") 11 LIMBURG 11

11 RI0UW 11 ( ex 11 Stalke:r 11 )

"BEMPANG11 ( ex 11 Khedive) 11 A..AGTEKERK11 {ex 11 Che..ser 11 )

Sincerely yours,

A. de Tchihatchef

RECE!VCD

IH1E1 N ,0 1 · - ~. K FOF'. RcCONST. AUD DEVEL

DEC 13 IO ss Af'l l9iffl

,.

.J

' J I

'

e INT ERNATIONAL BANK FOR

RECONSTRUCT ION AND DEVELOPMENT

WASHINGTO N 2 5, D . C .

BY AIRMAIL.


Tel. 552008, 552393, 552394.

Letter No. NS/4/Gen.


1818 H Street N.W . WASHL: GTON 25 D.C. U.S.A.


December 9, 1948

I am pleased to inform you the.t we have received from the N.V. Vereenigde Nederlandsche Scheepvaart ~ij ., The Hague end the Holland-Ameri<"-R, :r ine, Rotter m the first reports regardine; the use of the R/P. 11ALMKERK 11 and e/s "ALBLASS1ilRDIJK11

respectively.

Since , however, the ship~ in question have not as yet been regiRtered we are postponing the reports ~ending your reply to our letter No. NS/2/Gen. of December 8.

Due to misinterpretation, the N.v. Vereenigde NederJ landsche Scheepvaa.rt Mi j. informs us, the Voyage Account for the s/s 11 AI.J KERK11 has beer, sent direct to you. Would ) you please have one copy returned to us?

Sincerely yours,

A. de Tchihatchef

J sk/ML

I. TEHNt. IUM BM,,< FOr: RECO ST. AND DEVEL.

DEC 13 10 ss AM 1948

C t f'

TO:

FROM:

SUBJECT:

INTERNATIO. BANK FOR RECONSTRUCTION A. EVELOPMENT f\f ),~Qu . OFFICE MEMORANDUM

Mr. Hugh ::S. Ri pma.n

G. Stewart Mason ~~ Dutch Shipping Loan\

DATE: December 8, 1948

There are enclosed 7 copies each of the following documents for your information and records:

Holland-America Line

Nederland Line

GSM/efd

Enclosures

7 1) / 2)

_ ,, 1) ..... 2)

.... 3)

:Balance Sheet as of Deceraber 31, 1947 ( , Profit and Loss Account for the year l{.J

ended December 31, 1947. 0 (lU J

::Sala.nee Sheet as of December 31, 1947 cJ ' Profit and Loss Account for the year j

ended December Jl, 1947. · Financial Statement as of October 9, 1948.

OFFICE SERVICES 17-10

' Letter No, NS/2/Gen December 9, 1948

Dear Mr. de Tchihatchef:

With reference to your personal letter t9 Mr. Ripman dated Dece b r J, 1948, I have to inform you that the Bank has not drawn up any list of underwriters or insurance brokers to be considered as approved in connection ith the insurance of the ships mortgaged to the Bank. You ·.dll have seen from your study of the mortgage deed that there is a clause which lays down certain conditions relating to the maintenance of dollar balances by underwriters and insurance f'unds not authorised to do business in the United States. After caref'ul consideration and enquiry, it became clear that Lloyds underwriters qualified under the terms of this clause, and the management of the Bank decided that it would regard as acceptable the names of first class British insurance companies and protection and indemnity associations. However, you should un~erstand that the decision whether any given company or fund is acceptable to the Bank i one which will be ta.ken at headquarters. In this connection, when you receive covsr notes £or insurance which has en renewed, you should enquire whether such insurance is to be placed with the same un~en,rit rs, companies, etc., as the expiring insurance, and you should advise us if any new names are involved. We shill then let you know ~h ther such names are acceptable to the Bank or not.

No decision has been taken with regard to the names of the classification societies which would be acceptable to the Bank. We will consider the certificates sub'llitted by the companies in this connection when we receive them, and will let you know hether they are sat!stactory or not.

V

Mr. Andrew de Tchihatchef International Bank for Reconstruction

and Development 5 Johan van Oldenbarneveltlaan THE HAGUE, Holland

HBRipma.n:pc

Sincerely yours,

S. Aldewereld

DECLASSIFIED •

OCT O 2 2017 WBG ARCHIVES

DECLASS

OCT 02 WBGAR

Poraonal December 9, 1948

I received this morning your personal letter of December 3, in which

you raise some questions having to do with the Netherlands Ship Loans.

As the questions you raise relate to the official businevs of the Bank

and as m:, reply should be on your official files , I am sending the

answers in the ordinary way in a numbered letter.

Mr. Andrew de Tchihatchef International Bank f or Reconstruction

and Development 5 Johan van Oldenbarneveltlaan THE HAGUE, Holland

HBR:pc

Hugh B. Ripman

e INTERNATIONAL BANK FOR


WASHINGTON 25 . D . C .

B~ A!Rl-~IL



Letter No. NS/?./Gen.

Mr. S. Aldewereld . International Bank for Reconstruction and Development

1818 H Street N.W. WASRING'!UN 25 D.C. U.S.A.

Dear ~ r. Aldewereld,

December 8, 1948

Reference is mde to 11 Sta.nding Instructions for the

Supervision of the Netherlands Ships Loan11 , J;Sra.graph 6a..

Seeing that some of the ships financed under the nAW

loan have not as yet been registered we should like to

kn,w whether you want us to file reports, as we did in

similar cases under the first loan, on the basis of infor

mation that the ships are being operated on temporary

sea.letters.

Yours sincerely,

~~ A. de Tcbihatch~f

e

e

mr,rHNA I 1orJAL Uf\NK fOP Ht GUNST. AND IJEVEL.

DEC 13 9 ?? AI1 19'!~

~

·~ ..

..

Hr. Hagh ll. Ripmn

G. Ste rt Mason

Dutch Ship ing Lo n

December 8, 1948

There re cnclo ed 7 co 1es ench of he o lo ing documents for your inf'or tion and records:

Holland-. neriC"l. Lin,

ederla.nd Lina

G J/efd

Enclosures

- 1) n 1 nee She t ,B of Doce ber Jl, 1947 2) ··rofi t and Loos Account for the ye r

e.nded December 31, 1947,

- 1) :Bal ce Sheet s of December Jl, 1947 2) ~rofit nd o ccount or the ya~r

ende Decembor Jl, 1947. ) 1 St tem nt as of October 9,

' .

1

Dece ber 8 , 19L1,8

Dear ·· r. Du.nat n:

... a: to n to Datch nies

·ath r ference to my letter of ca her 1, I now h Te l~a.i.;ure in nclosine; fi ·t en copies of the following documents

for distribution to the purcha.,ers of the Jotes:

Hop.and- .meric Line - 1) l3a.1 nee Sheet as o December Jl, 9l1-7 .

2) rofi t and Loss Acco t or the ye.r ended Dece~b r Jl, l9L~7 •

li~erland 1, i~ 1) ful nee %.eet e.s of Dec ber Jl, 1947.

2) Profit nd Loss cco mt for the

3) year e~ded DAcember )1, l ~7. Fin.~nci 1 "'ta te :ient R of October 9. 19

Thue, the only United Ietharlands

rticular which we l.ek r ~vig~tton Com ~ny.

those from the

Mr. E. eetw od Dunstan Director, ? rketing :Department Intern tional ~~nk for Reconstr ction

and Development J3 Li erty Street lfoy York 5, er York

:Enclosures

fd

• l'

Sincerely your,

G. Stew :rt M son

e JY. ILE COP

ce ber 8, 1948

r tr. oudhuysen:

·1th r fer nc to our tele ho eonver -

tion r rdin~ th~ tch

i nc o 1 two co is of

b tw nth tnt rn tional

b nk:s.

t l e r

chase

tha riou American private

inc rely o re,

G. on

clo ure (2)

l Oouns l r

r

~

Fc-,1M •N; . 75 .. ri. 48) e INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

ROUTING SLIP /-/~ Date .......... -:... ..... ~ o:c-..--~

TO- Name Room No.

2

3

FOR-Action

ort Recommendation

Information Si nature

REMARKS

FROM•

L1 e Dece ber 8, 1948

Th form 1 ortgage docum nt nd root or reg1 tration ot the shi ing lo n mortgages have no been r ceiv d.

The documents 11 ted b lo r b ng di tr1buted as follow

a) t1rst uthen 1c copy (gro se) ot e ch or the following mortg g a, all ated ugust 2, 1948:

eoretary

1. by •• Vereenigde ed rl dsche cheepv rt t

chapp1J on the •• gte rk (ex Cha er) 1

2. by .v. derland ch merik nsc e Stoo vaart-

t chap 1J MHolland-merika L1Jn" on the s •• 1 l erd1Jk ( x Trumpeter) 1

3. by .v. otterda che Lloyd on the a.a. Lim urg 1

4. by . v. ott rd ache Lloyd on the • a. r1ealand ( x Ranee) l

5. by . v. too V rt t-chapp1J ederland on the • • Rempang (ex Xhed1ve) 1

6. by . v. toomva rt t-sch p1J ederl nd on the • • Riouw (ex St lker) l

Gener l ------=µ=r_e-r_ Coun el

- 2 -

Gener 1 Secret ry Tre urer Coun el

(Un er Dutch la, w1th th1 document execution can be l vied 1n ccordanoe with the provision or the inetru ent without jud1c1 l action.)

b) Photoat t1c copy ot or the ortg ge

ch

c) Extract fro etherland hip ing Regi ter (more or

lee 1n the natur ot recorder' cert1t1c te) setting forth the name nd description of the ve eel, then e of the owner, the date when the ve eel w recorded in the owner's n e, and listing mortg ges gr nt d with reapeot to the ve el, a follows:

e.s • ctekerk (ex Cha er)

• • l laaae d1Jk ( x Tru peter)

•• L1 burg

•• Frie 1 nd (ex nee)

1

l

l

1

a .• Rempang (ex Khedive) l

a.s. Riouw (ex Stalker)

d) Photo tatic cop1e ot uoh the Shi ping

e) u ry ( order 1) ore o or th above mortgage , 1th notat1on by the

Recorder or the hip 1ng R git r of the t1 and

l c or recordat1on th reor

l

in the Sh ing eg1 ter 6

f) hoto tatic co 1e or ch of the u mar1e (borderels)

6 6

6 6

6 6

• - 3 -

g) Letter dated Set . 28, 1948, from • A. Brocbe to Mr. A. Schade concern1ng errors 1n the Agro s nij of the ortg ge , particularly those

covering the a.a. Fri sl nd nd the .a. Aagtekerk

h) Letter dated ov. 2, 1948, from r. A. Schadea to tr. A. Broches concerning

action to be taken in respect of the errors

1) Letter or acknowledgment dated Dec. 2, 1948, from

• A. Broche to Mr. A. Sohadee

General Secretary Treasurer Coun el

l 1

1 1

1 1

FORM NO, 27 (7-0)

INTERNATION. BANK FOR RECONSTRUCTION AN. EVELOPMENT

OUTGOING

, Date:

To:

DECEMBER 6, 1948

D TCHIHATCHEF IN'l'BAFRAD THE HAGUE

TEXT: DOLPBilf

RENTALS E DEPOOIT ROTTERDAMSGHE

OFFICIAL I!]

PERSONAL D

. \(' b :) ~-CL..,...,.....,A..._.Sp::,.,,.;, 1'-0_F_S_E_RV_I_C_E_D_E_S_IR_E_D_--1

- \ l rt\ / \

FULL RATE D NIGHT LETTER [i]

DAY LETTER D OODE "RATE D

T-HFL 3 PA AGREED

INTBAFRAD

AUTHORIZED BY: CLEARED BY:

NAME TREASURER'S DEPARTMENT

DEPT.

AUTHENTICATED FOR DISPATCH BY:

c.c. • .p (2) . oore ~ICATE

•

lt,,F.Rtt.i,~fA!.B ,.~ OP. l'l:CON<'i. AHD DEVEL.

DEC 6 5 4s Pil I 8

•

OCT O 2 2 17 0 CHIVES

PERSONAL

YIA AIRMA.IL



WASHINGTON 25 . D . C .


Tel. 552008, 552393, 552394.

December 3, 1948

Mr. Hugh B. Ri:pman International Bank for

Reconstruction and Development 1818 H Street N.W. WASHIFGTON 25 D. C. U.S . A.

With reference to the data we have received from Headq:1.1a.rters on the subject of the Netherlands Ship Loans there are two additional items of information which would be of mate r ial assis t ance to the task of end use supervision and if on record here , would eliminate the necessity of future correspondence on the subject . Could you send me , if available,

a) , he li~t of Underwriters and Insurance Brokers Headquarters has ap~r oved as fulfilling our requi r ements at the time of granting these Loans

b) The names of the 61assification Societies Headquarters has apuroved as being equivalent to the American Bureau of Shipping and their highest classification rating for vessels of this :r,a.rticular type and age.

T/IJ;BL.

Many thanks in anticipation,

~~ ~

A. de Tchiha.tchef

VIA AIR UAIL

Mr. A. 3chadoo 'Ti jnha ven 11 Rott~rdam , The Netherlands

Dear 'tr . chadee:

December 2, 1948

/ ,, ~hank you for your letter of

there were enclosed the corrected land and Aagtekerk mortgages .

November 2 with which grossen of the Fries-

ith respect to the Aa~tekerk mortgage I agree with you that it is not necessary to have a supplementary deed executed and I a1so agree that we might leave tte other grossen as none of the errors are of a serious nature .

Sincerely yours ,

A. :~roches

AB/wrk fl

~1LE

e r

• K. G. n t Veren Gen ral liepr. ent tive Rotterda. Lloyd 25 !road y-

o York 4, w ork

COP1• t

D ce b r 2, 1948

Very truly your ,

o. St t on

Mr. Arori Broches

O. Stewart Ma.son

Dutch Shipping Loan

· 4t. Jfc,lh COP\

December 2, 1948

W1th reference to our telephone conversation, I um sending you a hotostatic copy of the notarized changes in the Articles uf A'.ssociation of the Rotterd.amsche Lloyd. I su o e this copy should eventuall~ go to the Secretary1 9 rchives since it notiiies us of change in the origin~l ·douument.

GSM/efd

Attachments

December 1. 1948

.Dea1· Mr. Dunstan:

Re: Loan to Du.tch Shi p1n.1 Con nie

You will perh~pa r member that in te~ms of Section J, 1rticle VIII of the Loan greemento w1 th the Duteh Shi "t:ling Oo. aniao. we asked each of the shin ing con. .nies to su,·--ly ua qui-rt rly with a fi ncial stutem~nt in orde~ that we might be rega.larly informed s to the financi l stt'l. tus o'f: our bor:rowers.

e asked :tor 2,5 copies as it ,. s our intantion to let each of the purchasers of the lot es have one copy of the fin nei .1 ste.te ,ent.

So f r o!lly the Holl!.lnd- eric:1 tine nd. the ottetdar..Lloyd Line h.s.ve sent us tvo r ther meager statements. In the case of the Rotterda Lloyd Line, the financ; l statement is included in a t tement rega~ding voyage accounts and the com o ition of the fleet hieh we had ~ked these co nies ·to s'l1 ly for our own information, i.e. only one copy. Ho,ever, I ~ee no reason· by thiG inform. tion .ho1.1.ld not be handed on to the uroh· s~r of the llotes.

,l {

I ~ enclosing 15 co ie of each of thee et toments which you may wish to pas on to the urch~aers at t his time. Fresum bll, for oottp!trison J)Urpo~es, the Rotter m~Lloyd Lin h~ for. rd d to uis their finmc1 ... l 1:tatem nts s f eeenber Jl, 1947 . 1.5 copies of thee state,ent~ are lso enclo ed. On the other h~ d, y_u l?r3.Y wish to a.· it tho arl"i va l . of' the othe:r st~ te ants conoeruin~ 1hich I have once ore .ri tten to "!'. v .n ~·eru;el. s oo a.s t ase hav been received, l hall send y~'U 15 co~i~3.

r. E. Fleetwuod mat n Director, ~a.rk tine ~e~~rt ent Internntion~l lhnk for Reconstruction

d Developm-nt

Sincer ly yours,

G. Stew~rt · son

,:, Liberty treet n~ WF I

lfow York 5, New York -, ./ <£ ~ ~nclo ~ures

~ JtLE

ovember JO, 1948

Dear • van Bengel: /

1th refere~ce to~ l tter of November 3, 1948. la r,lea.sed to inform you we have now recei ed the neeessa:ry 1ntorne.t1on from the Holland-American Line nd the Botterdarn,..Lloyd Line, However, \18 have not yet received a:ny statements fl-om ·either the iederland Line or the United etherlands Navigation

Oornp3.ll¥ • Perhaps you would e good enough to call the attention of these oompantas to this fact.

tr. J. F. van &:ngel etherlanda Emba.ae7

1470 Euelid street. 11. • Washington. D. c.

G eon/ fd

Sincerely yours,

G. Stewart ~son

7). ' ..) .

K. G. VAN STAVEREN GENERAL REPRESENTATIVE

FOR U. S. A. AND CANADA

• NEDERLAND LINE ROTTERDAM LLOYD

AMSTERDAM ROTTERDAM

International Bank for Reconstruction & Devel opment Washington 25, D. C.

Gentlemen:

• WHITEHALL 4•8448

25 BROADWAY

NEW YORK 4, N. Y.

November 30 , 1948 .

Loan Agreement - .v. Rotterdamsche Lloyd

Effective September 27th, some small changes were made in

the Articles of Corporation (statuten) of the r .v. Rotterdamsche

Lloyd. f)(, ,Jf<,:F lit

I have pleasure in enclosing pho{~sta~c copy of the

notary deed in the Netherlands language as well as translation

certified by the American Vice Consul at Rotterdam .

KGvS:AL Enc . cc: Mr . J .F. van h engel

Very truly yours,

K. G. VAN clTAVEREN

DEC 2 8 · AN 9!

• •




VIA IR.MAIL

5, Johan van Oldenbam eveltlaan


Letter No . NS/1/Gen.

Y'Jr. D. Crena de Iongh International Bank for

Reconstruction and Development 1818 H Street N. If .

ASHINGTON 25 D. C. U.S.A.

Dear Mr. Crena de Iongh,

November 30, 1948

Many thanks for your letter No . NS/1/Gen. of the 10th inst . enclosing the Standing Instructions for the supervision of the Netherlands Ship Loans with annexes.

Jith regard to the provision of a safe deposit for the safe custody of the original policies etc . I have explored the possibilities for same both with the Nederlandsche Handel Mij . and the Rotterdamsche Bank branches in The Hague. The choice is a very limited one, in fact the only suitable one for our requirements as regards size is available with the Rotterdamsche Bank at the p." eferential rental as bank to bank of Hfl . 300. - p. a.

I have been given an option on this box for 10 days and should much appreciate your signifying to me your approval as soon as possible in the circumstances.

Sincerely yours,

~~ A. de Tchihatchef

-

e

AECEIVi::D

IN 1 f.R lln I IOi,AL BANK f Of'. fl t.CONST. AND DEVEL.

DEC 6 9 ig AM 19'1B

TELEPHONE BEEKMAN 3-0240

CABLE ADDRESS: ADORSPIRIT

TELETYPE NO. N . Y . 1-855

ST. PAUL FIRE I MARINE IN SURA NCE CO.

SUN INSURANCE OFFICE LIMITED

PROVIDENCE WA SHINGTON INSURANCE CO .

THE NORTHERN ASSURANCE COMPANY, LTD .

THE PH OEN I X INSURANCE CO. OF HARTFORD

SECURITY INSURANCE CO. OF NEW HAVEN

ROYAL EXCHANGE A SSURANCE

W!!}... H. McGEE & Co., I NC.

MARINE UNDERWRITERS

111 JOHN STREET

NEW YORK 7, N. Y.

1N REPLY PLEASE REFER To E. A. Kratovil/DEG

Mr. Benjamin P. Spiro International Bank for Reconstruction and Development

ashington 25, D. C.

Dear J.\1r. Spiro:-

ESTABLISHED 1881

THE INDEMNITY MARINE ASSURANCE CO., LTD .

CAMDEN rlRE INSURANCE ASSOCIATION

SUN UNDERWRITERS INS. CO •• NEW YORK

PATRIOTIC IN SURANCE CO. OF AMERICA

EQU ITABLE FIRE AND MARINE INSURANCE CO.

EA ST I WEST IN SURANC£ COMPANY

THE RELIABLE FIRE INS. CO .. OF DAYTON

November 19, 1948

It was good to get your letter of 16 November and ue are pleased that we were able to be of service .

ATLANTA

I would gather from your letter that you shall probably write some sort of article as a result of your research and investigations, and I would be more than interested to receive a copy of it ~hen you are finished.

Yours very truly,

the President

BALTIMORE CHICAGO LOS ANGELES SAN FRAN CISCO TORONTO

1 r. H. War en Mccann • North American Oom~anies 620 oodward Bldg.: 15th and H. Streets , N. W., \fashington 5. n.c.

Den.r ,fr. Mccann:

•

November 16, 1948

?lease accept all my ap reciation for your letter of

October 28 and f or the set of specimen clauses and olicies

which were enclosed. Th~nks to your help , I have been able

now to nearly complete my investigation of the American

Ma?"ket .

Yours very truly,

Benjamin~. Sp iro



WASHINGTON 25. D . C.

T£L . , 1!LYS £ ES 68 ,4 3. 44 . 45 . PARIS V IIJ E

Letter No . 562 16 November , 1948

Mr . D. Crena de I ongh Treasurer I nternational Bank for Reconstr11ction and Development Washington

Dear Mr . Crena de Iongh ,

Thank you for you:r letter Uo . F /409 dated ?iovernber 10 , 1948 enclosing a copy of a letter ( t ogether with a number of enclosures ) which you had writ t en t o Mr . Tchi hatchef .

I note that copies of corresuondence in c onnecti on with the six NethP.rland Shi p Loans will not be sent to ln!r offi ce .

Yours sincerely ,

ROYALL TYLER.

•

RE~i:..lv'E.D

lhHJUH·.110~ L ;..H~rOP, RcCON$1. AHO l)c'IEL

•

S; Of /ice Memorandum '1-~l'AR"'l~

TO

FROM

SUBJl:CT :

Miss Emily Awid

Martin 1. Loftus lJJ.lf.

Books for Mr. Spiro

oATI:, November 16, 1948

With reference to the books which Mr. Spiro desired sent to him, we are unable to supply the publications on Latin America as both the Bank and the Fund have missions going to this area and the material is, therefore, needed urgently by the staff.

In regard to books of a general nature, the policy of the library is to secure for the staff only those needed for a specific problem. Otherwise the volume of work involved in supplying the staff with general reading matter would make it impossible to secure material necessary to carry on immediate operations.

With reference to the other items in the lists of November 1 and 3, we have forwarded the volume on Asia by Cressey and the League of Nations stuqy on the future populations of Europe and the Soviet Union. The two volumes on Russia (Mandel and Gregory) will be sent you as soon as our copies are returned. Ely's Land Economics we are attempting to borrow as we do not have it in our collection. The book on United States and China is by Professor Fairbanks of Harvard. However, this volume has been in constant use by the staffs of the Fund and the Bank, and as we still have a waiting list for it, we are unable to send it at present.

The marine insurance material on which Mr. Spiro was working has been rather difficult to secure as Washington does not have any good collections in this field which are available to other organizations. The publication "Insurance Book Reviews" is not available in Washington. I wrote the New York office of the Special Libraries Association, who informed me it is being published and is available on subscription. The demand for this type of publication has thus far been so small that a subscription by the Library is not, I feel, justified. I also wrote to the Weekly Underwriter, New York, for bibliographies as requested by Mr. Spiro. They have now answered that they have no lists or bibliographies but they do act as agents in procuring books on marine insurance. The "Marine Insurance Clauses Reference Book" is in the Library cf Congress; however, it is a legal reference book which they are not willing to loan. As it is the type of material which would be more valuable to the Bank Legal Department, I would suggest you recommend that they secure it.

I hope that Mr. Spiro has had a good convalescence and that he will rejoin us in the near future.

OH,-,,.,~ UV •

602 632 655 673 699 718 723 733 737 750 ?54 77 773 779 763 798

J? F.~DisO Nov· 1 , 191~8 R,T - FMCC

4 1

•

1 , 200 , 000. 00 900 . 000. 00 900 , 000. 0 900 , 000. 00 90~ . 000.

1,200 , 000. 00 750 ,000. 00

1,050, 000. 00 0, 000.0

900 , 000. 00 450 , 000. 00 4.50, ooo. 00 600 , 000. 00 600,000. 00 100 , 000. 00 500, 000. 00

12 , 000 , 000. 00

( )

, "1'0 . 00 15() , l)"\Q . 00 150 , '000. 00 150 , 000. 00 150, 000. 00

150 , 000. 00 1 , 050 , 000. 00

,000 , 000. 00

ip!l Lonn

(ETidenoe o! P,

00 , 000. 0 150, 000. 00 150,000.00 150 , 000. 00 150,000.00

150, 000. O

150,000.00

150, 000. 00 ;i.50 , 000. 00 6oo,ooo.oo

, 000. 00

12,000.000

nt B.nd Reeeipt)

.B

2 ,

, v00. 00 l.$') , 11')0. 00 l'l),""10. 00 15') , Y)Q . O

150,000.00

150.000. 0

150. 000. 0

150,00().00 150, 000. 00

600.000.0

0

IT1VD~)

00 , 000. 00 150, ooo. 00 1so ,ooo.oo 150 , 000. 00 150,000. 00

1,200. 000. 00

. 000 , 000. 00

00, 000. 00 150, 000. 00 150, 000. 0 150 , 000. I"\') 150 , 0"11. on

150,000.

150,000. 00

150 ,000. 00 150, 000. 00

100 ,000. 00 500, 000. 00

2,coo,000. 00

eeei Ted nnd forwarded to Aocoun.ti .d J'inancial Reporh DiT1.sion: -

(a)

(b)

(c)

(d)

(e)

Certificate of i~oeipt (duplic rector, General of· Sh1pp1J2€ on b

e&eh Ship .ne nboYe indicated.

drawn on Oentrel .Hanover :Bank

1948 1:!ign~ by J. J . OyeTMr, o• of the leth~rlanda , for

rust Co., llTC by Th dom of 18therland•, Specit\l Account.

i.£n94 b7 Waterl!18.J1 Steamshi'p Com~ toaether with their endoret•ent Al e'V'idenced. b of aboTe checkt furnished us (Front & :Baek)

PAYJl'.l~nt eoYered by (6) vouchers for .Loan Diabureem~nt of $2, 000 , 000 each

.d 11ne.nc1e.l ~.eporta Dtti lion 9/22/48 - 12, 000 , 000, Cont. I:S..:in-~{71~,ns-_ g~~886?88~.c8~~~.1f-B,:.i

,S ' 1- Vouchere 1-1- )) l

::z..

FORM No. 57 ( 5- 4 8 ) INTERNATIONA~ .K FOR RECONSTRUCTION AND D. LOPMENT

OFFICE MEMORANDUM TO: Mr. R. W. Cavanaugh DATE: November 15, 194S

FROM : G. M. Street •

SUBJECT: Netherlands Shipping Loan

You will find attached Routing Slip No. 1, Loan IB-NE-lO(a),

completing evidence of payment on the SS RAJAH (renamed the DRENTE).

According to our records this completes the documentation to

prove payment in full, both to the Netherlands Government and to the

Waterman Steamship Company, the original vendors of six ships, and

all six loan vouchers originally issued in connection with the six

Netherlands Shipping Loans are now in a "Final Fully Documented"

status.

If you are not in agreement, will you please advise.

GMS : DHC:mmen

cc: Ripman

FILE UEF&R E

FOAM N,>. 57 ( 5-4~)

TO:

Y/f'. INTERNATION- BANK FOR RECONSTRUCTION ANieEVELOPMENT

'-0 FF I CE MEMORANDUM

}Ia.il and Records DATE: November 15, 1948

FROM:

SUBJECT: Netherlands Ship Loans~ Communications

Instructions have been issued to Mr. de Tchihatchef, who is in charge of the Bank 1 s office in The Hague, for the supervision of the above-mentioned Loans.

All letters sent from the Bank to Mr. de Tchihatchef in connection with these loans are to be numbered in a single consecutive numerical series, the identifying number to be prefixed by "NS/11 and followed either by the name of the ship to which the letter refers, or where the letter is of a general character not relating to any particular ship by the letters 11 Gen11 • Numbers for letters to be sent in this series may be obtained from Miss Cotterell (Room 1227, extensions 2338/9).

All cables sent from the Bank to Mr. de Tchihatchef in connection with these loans are likewise to be numbered in a single consecutive numerical series, and must include as the first word of the text (to be sent in plain language and not encyphered) the code word DOLPHIN. Numbers in this series may be obtained from Miss Georgian (Room 310, extension 2165).

Copies of this memorandum are being sent to Administrative Officers in all Departments of the Bank, who are requested to draw the attention of\<: all concerned to its contents.

c.c. Administrative Officers: Loan Department Legal Department Economic Department Administration Department Public Relations Department Treasurer's Department Secretaryrs Department

Mr. J\ld ewereld Mr. i~ son Miss Morsey

HBRipman:pc

r 12, 948 ,

r!·nc re

G. te · rt . on

r

c.c.

in n: pc

ov r.l,l

owl

'Y

'

c.c.

ipmanspc

c ••

•

• • • •

. .. • • • •

• • • •

. ' • •

• • • •

• ft • • • • '

• • ) • •

• • ) ii •

• • • •

-

• •

,. . • •

•

) .

"

)

• )

- -( )

. ..,

ii -

)

( )

)

-

)

7)

( )

- -

• ..

•

)

)

' • •

... -

• -10 -

• •

.3 • •

s •

•

7 •

•

•

10.

ll .

•

l •

•

•

•

7 •

•

19.

~-----------~-----~-------------

NETHERLANDS EMBASSY WASHINGTON 9, D. C.

• OFFICE OF FINANCIAL COUNSELOR

1620 BELMONT STREET, N . W.

./.

F /2743

Mr. D. H. Conner, International Bank for Reconstruction and Development, 1818 H. Street, N.w., Room 1219, Washington 25 D.C.

Dear Mr. Conner:

1 ovem her 10 , 1948

1fi th reference to Loan Agreement

a) IB/lOa/NE 11Drente", project (ex ss 11Rajah11 )

I attach hereto in triplicate photostatic copy of a check# 798, deted October 29,148 to the Waterman Steamship Corporation in the amount of $500,000.- in full payment of the balance of the purchase price of the "Rajah" (renamed Drente) •

• /. I enclose also J photostatic copies of a letter, dated November 2, 1948 from the Waterman Steamship Corporation, confirming receipt of this payment.

This was the only payment of this nature made during the month of October.

Very truly yours,

For the Financial Counselor,

A. D. Woudhuysen.

TEL, ADAMS 4801

CABLES: NETHER,.IN

/

...

HBRipman:pa

NS/1/Gen

Mr. Andrew de Tohiha.tchef International Bank for Reconstruction

a.nd Development 5 Johan van Oldenbarneveltla.an THE HAGUE., Holland

Dear Mr. de Tchihatchefs

November lo, 1948

I am enclosing ''Standing Instructions £or the Supervision of the Metherlands Ship Loans", together with a number of annexed documents.

You are hereby authorised and instructed to carry out the supervision of the six loans in question. in accordance with the terms of the Standing Instructions.

I shall be glad if you will inform me of any comments you may wish to make or any further explanation or guidance which you may wish to seek in this connection.

c. c. Mr. Tyler Mr . Mason Miss Morsey Yll' . Riley Mr. Aldewerel d

~incerely yours,

D. Or,de Iongh Treasurer

•

• •

• •

• • • •

• •

• • • •

•

•

"

-

- -

•

• • , . •

• •

•

•

•

•

•

•

•

•

•

•

•

J.

.. . . .,. "' I • '\ •

4,

• J. • van Hengel :l.470 Euclid Str et, aehi ton, D.C.

Dear Mr. van lengeli

ov r 10, 1948

• •

I nclos for your info tion copies of letters hich have

oday been en to th four r eth rlands shipping co anies in

connection with the six loans r 2,000,000 each granted to th

for the urchase of ahips. ~

7 D. Crena de lona}l

rea.surer

/

c.c. Mr. Mason Miss Morsey Mr. Riley Mr. Aldewereld

HBRipman:pc

HBRipman:po

Letter Bo, F /409,

Mr. Royall Tyler International Bank for Reconstruction

and Development 77 Avenue des Champs Elysees PARIS VIIIe, France

Dear Mr. Tyler:

November 10, 1948

I am enclosing for your information a copy of a letter (together with a number of' enclosures) which I have today 'Written to Mr. de Tohihatohef, in accordance with which he is responsible for the supervision of the six Netherlands Ship Loans.

You will remember that when I va.s last in Paris we discussed the question of' responsibility for the supervision of these loans, and came to the conclusion that it would probably be undertaken by the Central Office of the Treasurer t s Department to be established in Paris. At the same time we agreed that so long as Mr. de Tchiha.tchef remained in The Hague, he should carry out the practical work of supervision and report direct to Headquarters.

You will observ that the Standing Instructions which have been prepared for the supervision of these loans do not provide that copies of correspondence should be sent to your office. It has been docided that this procedure would be impractieable and also that it would serve no useful purpose, since if the office in The Hague is closed down, its records can eventually be transferred to the Central Office.

I should be glad if you W'ould kindly acknowledge receipt of this letter.

c.c. L. de Tchihatchef m. Mason · Miss Morsey Mr. Riley Mr. Aldewereld

Sincerely yours,

I D. Crena de Iongh

Treasurer

ITEM 10

'

• • •

•

• •

• • •

..

.,

• •

I

. ' ITEM 11

•

• *

*

0

• •

•

in

• I ,_

"'

( ,

I ;:,

)

C:.

t'

' --------

I •

I

• - ~---~--~~---------

•

onink:lijke Rotterdamsche Lloyd • V. 2.

th name of K inkli k Rotter oh Lloyd • • without the addition of fffor who it may ooncern8 , and th lo s payabl cl use bas been omitted fro ueh ren l cover notes. he 'for wh it m.ay- c cerntt d also the loss able clause in th form et i'orth above hould, f course, b included in the polici s.

The analogous lose payable clause in the prot ction and indemnity policies read a follows:

"Cl sin excess of 10,000 pays.bl to International Be.nk for R construct! and Develop ent or their ord r, if re uir • "

The fc,llo :

w uld pr fer that this cl use should b ded tor d ae

nc1a1ms payabl to Int tional an for Reeon tructio and Develop-ent New York or di tribution by 1 to itself and tbe assured sinter st may appear, exce t that claims not exceeding Us. 10,000

eac or the eq valent in other currencie (c puted the basi of official rates of e.xob.ang in ffect t th time of payment by the aaooiatian} ar to be id t.o Koni?:0" jke otterdamsohe Lloyd • V.,

or order, unless and until the Assooiatio i otherwis instructed by Int rnational ank for econ truction n.n evelo nt; provided, tha. b fore S37in su cla s directly to the oninklij e ott rdamsche Lloyd .v., the Association shall have received satia

factor;y proof tha t Koninklijlce tterdamsch Ll fd .v. ha obtained o pl te discharge of the liability a. sured again t.'

Further, tb ank: wishes that all th polieie hould have attached the follo~ing co.ncellati clause:

"The ssur hall be directly responsibl to the Underwriters for all premium under thi olicy. If' the payment of r ums is not de by the Assured provided for by th terms of th policy, this policy

y be ooncelled by th Undervrite:reot ivino- the ·sured d herein, and Internat.ion l k for econstru.ction evelopm.ent, five days• notice of such cancellation. written end/or t legraphic notice by or through the rokers who negotiat th insurance to aid Assured a.tit 1st knO'W'D. addres an to International Bank for Reconstruction end Develo ~ent, 1$18 H Street, •• , ashingto 25, D.C., U.S.A. hall constitute a e lete notice as required under this claus, and cancellation shall b co e effective ive days terr ceipt thereof bf the assured and by the ank. Such cancellati n all be without pre,judice to premi s e an du , an to claims for the period t e

lioy i in force, and to any loses pending the date f the cancell tion."

Riders attached to ach of th protection and indemnity forms contain e foll provisi r

It i agreed th tin the event 01 the ves el being sold to satisfy

aninklijke Rotterdamsche IJ.oyd .v.

cl.aim cover by this Insuranc the amount of such c vill be paid in Dollars to t e fortgaae of the outstanding indebtedness due und r the rtgage eed.. 11

Since the tat ent is me,,.rhat ambiguous, be ended to read:

would gest that it

It is a!ll'eed th tin the vent the v ssel i sold to sati 'fy a claim covered by thi insurance, the ount oi' such claim up to th ount of th o t tending indebtedn ss d under th ort g Deed shall be paid to the ie>rtga.gee in U.o. dollars, and any oe s shall be aid to Koninkl.ijke ottord che Lloyd, N.V."

In other reap ots, th cover notes appear to be satisfactory to the Bank f concerns th terms and cond tions of insurance.

ccordin ly be gla.d to receiv fr you at your earliest de cover not inco oratin th change set out a ove.

As far cone rn th insuranc companies, underwriter and under-writing funds with hich the insurance has bee placed, I have to inform you th t although th c anies and th protection and ind it7 association in u stion may not f'ulfill the co ditione laid down in Chapter III, Article I, S otion 3(£) of the Mortgage Deed, the Bank ia prepar to acce t uch companie and such association a satisfactory.

With reference to the protection and indemnity assuranc, in r sp ct f wich the two ves3el ve been enter d with Th tandard St am hip

Owners• Protection Ind ity Association, Ltd., In ta th t the limit of the ssociatio 1s liability in re pact of claims arisin fro any one occurrence 1 E.30 per ton. I should be glad 1f :,ou would inform the Bank why cov r under thi head snot been tak n out tor the t of out-standing indebtedness under the rt a~e {Chapter Ill, Article I, Section .3(b) (iv) of the Mortgage D d), and what would b the remium cost of rai ing the cover und r this head to 2,000,000.

On the rec ipt of this information, th Bank will info 7ou wheth r th cover vhich has be n out is consid r to be ade uate.

There is a further point which ari e in connection 'With th protection. and indemnity a surance. The cover notes tate the war ri k policies are subject to Lloyd' Polic7 and Institute ar and Stri e Clue including Pr tection an demnity Clauses but excluding lia.bilitie to or ¥ • I should be glad if you would explain to th ank how ventual liabilitie to crew re cover •

Kindly ta..k note that c ti tion th t expirin inauranc h been r e r extended should b giv to the office of the International. Bank, 5 Johan van Olden'ba.1:1eveltlaan, The H e, as far in dvance of expiration dates as ossible, but in no event les t fiv d.8.7 prior thereto. SUCh confi tion should be accompanied, wh re possible, by

Cabl and telegr phlc confi tion , to be cc ptabl , t briefly outlin th ssential de il of the in urance, including any change under the followin h

(1) the .kind and amounts of ch d of insurane . t

(2) the t C form of in ur Ce vill tt '

(3) the t oh rm. of insur ce will xpir • '

(4) th e of th A sur s• , (5) how lo e ar p bl;

(6) te d conditions (these b indie ted by reference to policy f'orms);

(7) eoial clauses or l or r tri tive natur;

() n es of' 'Wlderwriter (if' the insuranc 1 1th a group of underwriter, de ignatio uch a Lloyds" will uffice).

procedur outlined a v e noerning confi tion tat expirin insur nc as been r new or xtanded should also ba .foll ed if t any time ditional insu.re.ne is required ursuant to Section 3(g) f the ort e, if the vess l i to ngag in aJlT v age or carry any cargo

not pe tt under the policie r insuranc in effect.

The original and one ro f co~ or h policy should b deliv-red tote f'fioe or the Internati nal ank t Th Hague.

Te followin procedure should (oth r than fort tal lo ).

followed the C or claims

her cl 1ms in exc ss or 10,000 ar to b collected rom hull unde iter tor g to the vessel, Int rn iona.1 ank, t your r ueet, will until further notio uthori the underwriters to make ent to you or your order w signing payment or r or endorsing olicie, provided th t you hav pravi usly bmitted to the ank:

(l) a writt certification fr the und r\-lriter ' or Cla sific tion oo ety•s surveyor that all damage has b at1sfaotorily

repair dJ and

•

( )

( )

•

0 • ...

•

0 ;

, ) ' FORM No .• 75

(7-48) e INTERNATIONAL BANK FOR RECONSTRUCTION ANO DEVELOPMENT

ROUTING SLIP

TO- Name Room No.

2

3

FOR-Action

Notin and Returnin

Recommendation

Si nature

REMARKS

FROM- /) '\ J/' - ~ . tfi~

J

e

' ...

DECLASSIF

OCT O 2 2017 WBG ARCHIVb~

November 9, 1948

CONFIDENTIAL

Memorandum

To:

From:

r. Leon rd B. Rist

Arthur Wubnig ~

Subject: Tankers no bui ding for Anglo-Dutch oil companie

Sam lipkowitz recently mentioned to you, I believe, the ~os~ibility of doll fin['ncing for the Anglo-Dutch oil co enies through mortgage oens ofl new tankers no·· building for the direct account of Royel Dutch-Shell and Anglo- rania.n. Here ere some clarifyine; da.t2 collected by .iss Werrine. Briefly:

1. Ang o-Sa.xon Petroleum, Eagle Oil Shi~ning, and other tr~ s~ort subsidi ries of Royal Dutch-Shell now have under construction or on order roughly 250,000 d n~rt from 11 new tankers to be chartered fron outside sources.

2. British Tonker, the o n transport subsidi •ry of Anglo-Ir ~iAll, now h ~ under construction or on order ro~hly 650,000 dvt. S.!i!>rt from all ne • tankers to be chartered from outside sources.

J. Ass-wning mi aver~e purchase nrice of $160 ~er d t. equal to current con"'truction costs, the tankers now building for the direct nccount of Roy~.l Dutch-Shell measure an investment of $40 million, those for Anglo-Iranian, $104 million.

4. A~suming a.n average loan value of only $100 million per d t. e ~l to pre-, r construction costs, the tA.Ilker now i ding for Royal Dutch-Shell me ~ure $25 million of collateral, those for nglo-Irsnian, $65 million.

\

cc: Dr. Rod.an, !r. Link wit~

--- .. TELE PHONE BEEKMAN 3-0240

CABLE ADDRESS: ADORSPIRIT

TELETYPE NO. N. Y. 1-866

e ESTABLISHED 1881

ST. PAUL FIRE & MARINE INSURANCE CO .

SUN INSURANCE OFFICE LIMITED WM. H. McGEE & Co., INC.

THE INDEMNITY MARINE ASSURANCE CO, LTD

CAMDEN rlRE INSURANCE AS50CIATl0N

PROVIDENCE WASHINGTON INSURANCE CO. SUN UNDERWRITERS INS. CO., NEW YORK

THE NORTHERN ASSURANCE COMPANY. LTD. MARINE UNDERWRITERS PATRIOTIC INSURANCE CO. OF AMERICA

THE PHOENIX INSURANCE CO. OF HARTFORD 111 JOHN STREET EQUITABLE FIRE AND MARINE INSURANCE CO

SECURITY INSURANCE CO. OF NEW HAVEN

ROYAL EXCHANGE ASSURANCE

NEW YORK 7, N. Y. EA· ST & WEST INSURANCE COMPANY

THE RELIABLE FIRE INS . CO ., OF DAYTON

IN REPLY PLEASE REFER TO

ATLANTA

E. A. Kratovil/DEG

Mr. Benjamin P. Spiro, International Bank for Reconstruction and Development,

Washington 25, D. C.

Dear [r. Spiro:-

November 5, 1948

In answer to your letter of October 11, we are pleased to enclose as comprehensive a set of specimen clauses and policies as we have been able to gather in the ensuing time.

We believe that you will find these as complete as can be expected in the American Market at the moment.

Insofar as the rules of practice for average adjustments in the American Market are concerned, they are the York-Antwerp Rules of 1924.

The U.S. law that corresponds to the British Harter Act of 1906 is called the "Carriage of Goods by Sea Act" as amended 17 April, 1936 and is called document number 223. It was approved b-J the President of the United States on 17 April, 19J6. A companion act was called the Pomerene Act, Federal Bills of Lading Act, 1916 As Amended - U.S. Code, Title 49, gl-124 - J9 Stat. L. 5Jg; 44 Stat. L. 1450. We can recommend to you any one of several texts on Clauses by Mr. Arnold Knauth, 1'/hich are published by the American Mari time Cases in Bal tb1ore, Maryland. We are also enclosing a Baker and Voorhis announce ent of the new Third Edition of Poor's Charter Parties, which may be of assistance to you.

It is the writer's recollection that the Maritime Commission Library, which used to be housed in the middle section of the top floor of the Department of Commerce Building in Washington, will contain

BALTIMORE CHICAGO LOS ANGELES SAN FRANCISCO TORONTO

F ROM WM. H . M C G EE & C O .. IN C, PA GE T

Two

November 5, 1948

Mr. Benjamin P. Spiro

practically every standard reference book on this subject, and I am surprised that the aritime Commission supposedly had no information for you.

If we can be of f'urther help, please feel free to call upon us.

Yours very truly,

Enclosure

INTERNATIONe BANK FOR RECONSTRUCTION AN . EVELOPMENT

OFFICE MEMORANDUM TO: Mr. Hugh B. Rip~

Norman G. Jones/ - / •

Netherlands Ships leans

DATE: November 4, 1948

FROM :

SUBJECT:

I spoke to Mr. McMahon, of the u.s. Maritime Commission, this mor

ning about the procedure the Commission adopts in dealing with claims not

exceeding $10,000 on mortgaged vessels under the various policies (Protec

tion and Indemnity, Hull and Machinery, Marine and War Risks).

Mr. Mcl-1ahon stated that the clauses in their policies were almost

identical with those in ours regarding claims not exceeding 10,000, and

that:

1. No endorsement of policies or payment orders were required as the clause itself authorizes payment to the Borrower or order. 1he policy is merely passed to the Broker accompanied by a letter written by the Maritime Commission's representative to the effect that the policy is being handed over for the payment of a specified claim, subject to its being returned immediately after it has served the purpose, and that no right of lien (e.g. for unpaid premiums) may be exercised on the policy concerned.

2. No evidence is required by the Maritime Commission that Underwriters have ascertained the the Borrowers have either met their obligations or repaired damage to the vessel, because they regard this as the underwriter's responsibility. If, subsequently, a claim is ma.de that the underwriters have not satisfied their obligations under the policy, the Commission would have a right of action against the underwriters. In view of this, it would seem inadvisable to instruct Mr. de Tchihatchef to destroy old policies.

3. If claims not exceeding $10,000 are to be paid to anyone other than the Borrower, the underwriters will be directed to do so by the Borrower.

In the case of claims exceeding $10,000 to be collected from Hull under

writers, the Commission will, at the Borrower's request, instruct its represen-

OFFICE SER V ICES 17-10

-2-

tative to endorse policies or make payment orders after the Borrower has sub

mitted:

1. A written certification from the underwriters or Classification Society's surveyor that all damage has been satisfactorily repaired; and

2. A statement in writing from the adjuster or underwriter's representative that satisfactory evidence of payment in full of all damage repair bills has been sighted.

In the case of claims exceeding $10,000 under any of the policies where

payment is to be made to B.DYOne other than the Borrower, the Commission must

first:

(a) receive written authorization from the Borrower to instruct the underwriters to make such payment, and

(b) receive a statement in writing from the adjuster or underwriter's representative that settlement has been ma.de with the claimant and valid releases obtained.

Mr. McI'Bhon said that sometimes requirement (b) is not obtainable at the

time the policy is endorsed or payment order made. In such cases, the payment

orders or endorsed policies are sent under cover of a letter stating that the

endorsement or payment order is made on condition that a written certification,

to the effect that settlement has been made with the claimant and valid releases

obtained, will be f'urnished the Commission as soon as possible.

Mr. McMahon said that in the case of payments exceeding $10,000 to persons

other than the Borrower, it has been found in practice that it is rather

troublesome to obtain the proper authorization from the Borrower, and that the

Conunission therefore prefers to endorse the policy or make the payment order

in favour of the Borrower and leave it to the underwriter's representative to

obtain a subsequent authorization from the Borrower.

- 3 -

Whenever policies are handed over for the purpose of paying claims

over $10,000, a covering letter similar to that described in para. 2 (1)

above should be written.

If you agree, I vill amend the draft standing instructions to the

Netherlands office accordingly.

NGJones:emk

. <!C:~~·

INSUPMJCE BULLETIN NO. 3 uNI~ED STATES . .MARITIME C0MivuS$ION

. . - . OUTLINE OF INSURANCE REQUIREMEN'l'S AI{P PROCEDURE

F·OR MORTGAGE SA.LBS TO NON -·CI'TIZEN RiRCHASEF~ ·- --1. This bulletin is issued for the purpose of acquainting mortgagors,

their· brokers ond underwriters with the Commission's requirements and procer. ures f or insurr:.nc.es to be arrc.nged. in compliance with the general provisions of mortsages siven in connection .with sales of vessels to non-citizen p1,r<.:hnoers.

KINDS AID AMOUNTS

2. The kinds nnd mini muu amounts of insurance required are as follows:

(a) Marine Hull ancl Ithchine:cy, including Increased Value of Hull., etc. , or other fo1ms of uTotal Loss Only" immrance, in an amount not less than the purchase price of a vessel.

(b) War Risk Hull and 1'1.iachinery insurance in tlle same amOlmt.

(c) Marine Protection and Indemnity _insurance in an amount not less than·the purchase price of a vessel or an amount equal to $175,00 per eross ton: whichever amount is the smaller.

(d) War Riok Protection and Indemnity insurance in an ampunt not less than $60.00 per gross ton.

ASSUTu~ AND PAYEE CLAUSES

3 . All insurances are to be ;.-ri tten in the name of the purchaser 11 for account of whom it may concern:r. Affiliates and operatine agents may also be inch:dec. as o.ssu:i.-eds. If for some reason insu:::ances are to be attached before title to a vessel pusses to the purche.ser, then the Commission is to be named an assul'ed during the interveninr; period only.

4. All· losses under- policies · on hull interests are to be payable in United States dollars to the United States Maritime Commission for distribution by it to itself and the mortcagor as interests may appear.

5. Losses under Protect ion and Indemnity poliqies shall also be payable i n United States dollars to the United Ste.tea Marit:l.reo Commission, but such policies are to provide that "Claims pot in excess of $10,000 each ~laim, or the equ:'_valent in currencies' of other countries, are, po.yo..ble direct to the assul'ed unless and until und.erwrt~ern are otherwi8a instructe?- by the United States Maritime C0mmissi0n"··

'.2ERMS AND co:NDITIONS

6. Hull. and, VJE!.chine :r.·y ins;.irance. shall be on .American lnsti tute. Time (Hull s) J uly l, 1941 (October 1945) terms ana conditions. Increased ValuA :if

- 2 -

H-.111 or other forms of "Totn.l Loss Only11 ..:_ tnsur'e.nce shall be on Amer~can Institute Time, 1946, terr.is c.nd cond 1·tionei'. ·. · !>Q'l.1cies· lllllY be endorsed to provide that General Average, St-lvage and Special charges shall be payable in accordance with York-Antwerp Rnles 1924,: in.stead ·of· accorc.inG to the lo.ws and usuages of the Port of New York.

7. No specific form of Uc.rine Prot~ction and Indemnity policy is required, but such ·pol~cies nust cover the usual claini.s for which vessels may become liable, includ.ins one-fourth of running-down claims where the Hull policies contain a three-fourths 1~nning-dowri clause. • , :

8. War Risk Hull -.l.nsurance shall be written on terms and conditions equivalent to those contained in policies belng issued by .American or British' , u.nde:rwriters at the present time. ·

9. War Risk Protection and Indemnity insurance mc,y be provided by deletion of the F • . c. and S. Cle.use of Marine Protection c.nd Indemnity policies or by including it under War Pisl: Hull policies.

REQUIP,ED CLAUSES

10. AB all unde:rwriters must be suable in the United States, the following New York Suable Clause must be attached to all policies except those issued by nnderwriters d.oillg business in the United Stutes.

"The place of physical and actual issue ond delivery of this policy is the (insert place of issue), but nevertheless, as between the Assured and the Aasi;.re:.·s the place of suit hereon shall be deemed the State of fow Yo1·k, United States of America: and an,y suit hereon ma.y be brought against this company in any Court in the State of New York; this policy shall, with respect to validity, construction and enforcen:ent, be gove:med by. and subject to the laws of the State of New York. The summons and othe:!: legal processes may be served on this Company by o.nd in behalf of the Assured by mniling a copy thereof by United .States registered mnil addressed to (Note: Assurer shall name in the policy two or more persons, citizens of the United States and legal ~esidents of the State of New York), each of whom this Company hereby authorizes to accept by and in its behalf such summons and other legal processes against this Company in any Court _n· the . Stc.te of New York, The .. mo.lling, as herein p::.··ovided, of such summons or other legal process shall be deemed :pereona.l service and accepted by this Compilily as such, and shall be leral o.nd binding upon this Company for all the purposes of the suit. Final ju~gment against this · Compn.ny in any such suit sho.11 be conclusive; a.na. it mny be enforced in other jurisdictions, includin5 Gren.t Brite.in, by suit on the judgment, a certified or exemplified copy of which shall be conclusive evidence of the. feet and of the amount of this indebtedness. The rlght of the Assured to b:ring suit as provided herein shall be limited to a ·suit broueht in its own num.e and for its own account. For the purposes of suit ns herein provided, the ·word .'Assured' includes any mortgagee under a ship mortgage and any person succeeding to the rights of o.ny such mortgagee. 11 •·

., - 3 -

.. 11. All polici~s must have attae:h~d., or- ·insurances ,be subject to, the

following Cancellation Clause. -· · · ·: : .. ·

"The Assured shall be directly liable to the 1mderwriters for all premiums under this policy. If the payment of premiums is not mnde by the Assu1·ed as provided fo:c by the terms of ihe policy, this policy may be cancelled by -the undervtriters Giving to the Assured named herein, and the Uri~ted States . Maritime Commission, five days' . notice of such cancellation. A written and/or telegraphic notice by or through the brokers, who negotiated the irtsurance, to said Assured at ~heir last known addreEs end to the United States Maritime Commission, Attention, Dh'ector, Insu1·ance Division, at Washington 25, D. C., shall constitute a complete notice as required under this Clause and cancellation shall become effective five days after receipt thereof; Such cancellation shall be without prejudice to the claims and. to premiu.ililii · earned and due for the period the policy is in force, and to any losses · _pending on the date of the cancellation." ·

12. Insurances which by their tei·ms automatically terminate because of non-payment of premiums, contributions or assessments, or for reasons other than chango of ownership, are r.ot acceptable and will not be approved. The same applies where unde!vriters reserve the right to deduct from loss payments amounts whi~h may be due them othe1~1ise than for premiums, contributions or assessments ·for insuro.nce on a particular vessel involved in a loss.

13, The Commission, as mortgagee, assumos no responsibility for the payment of premiums, contributions or assessments, or any other charges in con.,ection with insurances required to be supplied by mortgagors under the terms of mortgages.

MARKETS WHICH MAY BE USED .

14. Mortcagors may :place Hull insurance ·in the American, British or local market of the country of which they aro citizens, b~t pot more than ten per cent of the total amount o~ the insurance required by the Commission may be retained by the underwriters of ma:.~kets other than American or British. The balance must be roinsured with American and/or British undervtriters· upon terms whereby the reinsuring underwriters agree in writing to be directly liable to the United Stetes .Maritime Comm.iss-:on for all claims and to pay such claims in Uni tee. States c1ollars if required. Mortgagors or the local underwritc:.rs other than British must furnish the Commission with the written assurance of their Government that if it is required that claims be paid in United States dollars, dolla~ exchange will be made available to the local underwriters. The terms and conditions of policies issued by local underwriters must be the same as specified in Paro.graphs 6, 10 and 11. .

15. Protection and Indenmity insurance may be placed lOC!{o with under• writern of the local market of the country .of wl:}ich the mortgagor is a citizen wi thout reinsurance, provided the requirements set forth :in Parngraphs 7, 10, 11, the third sentence of 14, and 16 are complied with. ·

16. All policies must of ccurse be written in the English language.

., - 4 -

CO:NFIRMATimrs OF ORIGINAL AJ\lD . RENEWAL BHillINGS

17. Sales will not be closed until evidence that all required insurances hc.ve been bound and. will attc.ch at the proper time. \n1ile it is p:-ceferred that evi,:.0nce of the binc.irc of insura,nces be in the form of oricinal brokers' cover nute8 or i..:.nde1·writers' binders, ca.ble or telegraphic confirmations will be uccop":.ed from recognized inst,raLce brokers or underwriters, p:covided they· contain cnf'ficient informc.tion to d.eterr.line that the· insurances arran·sed conform to the Commi ss:i.on I s requirements. When the bindinG of insurances is confirmed by cable or telegram, the or:.(f.nels of brokers' cover notes or underwri tars' binders are to be forwc.rdeu. direct to ·the Washington office of the Commission as soon as possible thereafter. To avoid delay in closing. sales, conf:rmationa should be furnished as mt:ch in a.dvnnce of the expected closine date as pos·sibh1. Purchasers should immediately file with the Inst:.rance Divis ion of the Commission the name, address and cable code name of their brokers und underwriters with whom insurances ere placed direct.

18. Cable and telegraphic coni'irn:ations to be acceptable must briefly outline the essential details of the insnra:n,ces arranged, such ns:

( 1) The various kinds anc.. the a.m.01,:nt of each forr.i.

(2) .The time cc.ch fom of insurance will attach. Initially insurances are to attach from the date and. hour title to vessels passes to purchasers or physical delivery is made, whichever first occurs, unless Port Ris~ insurances, as hereinafter I:J.entioned, have been ar:::aneed and. approved by the Commission.

(3) The time each fo:::m of insurance will expire.

(4) Names of assureds.

(5) Row losses are puy~ble.

(6) Terms a.~d ccn~itions. This may be indicated by reference to policy forms.

(7) Importent special cla~ses of a restrictive or limiting nature. Also that the N~w York Suable and Maritime Commission Cancellation Clauses ap~ly where these Clauses are required.

(8) Names of underwriters with whom insurances are placed. Where a croup of ~nderwriters issue single policies, designations such as Llo~·ds, Institt~te of London Underwriters, etc., will· suffice.

19. Confirmations that expirinc insarances have been renewed or extended are to be given to the DiY-ector, Insurance Division, United States Maritime Commission, Wa.shington 25, D. C., as much in a.dva.nco of expiration dates as possible, but in no event less than five dny,; . prio:::- thereto , · Such confirmations are, of course, to contain information similar to that required in connect ion with the initial placing of insurances as outlined above .

- 5 - -PORT RISK INSURANCES

20, If vessels are to remain in port fqr some· time after title passes to purchasers) Port Risk Hull and Protection and Indemnity insurances for appro:;;iriate ;eriods may "be arranged, but confirrnntion that . annual Navigating insur-2,Y-_cec have been bound and will automa.tically attach when · 1onding of cargo commences or upon sailing on first voyage in bailast, whichever first occurs, :n.ust be furnished nt the time·the binding of Port Risk insurances is confirmed. If for some exceptional reason sales a1·e permitted to be closed with only Port Risk insurcn~es having been arranged, confi~mation of the binding of annual . ir1surances must be forthcmnine; ':ti thin five de.ys after title passes. Confirmations· of the binding of such Po:::t Bisk insurances should clearly indicate they are intended to cover the Coi1llllission 's interest. as mo:~tgagee, so · they may be distineuished from similar insurances purchasern are :i:equired to arrange under the terms of contracts of so.lo \·rhen they dee ire to have work for their account performed concurrently with that done for the Commission 's account or vessels moved for their con-ver.ience before sales are closed. ·war Risk ·insurances need not be attached prior to the time vessels sail on their first voyo.se,

FilING OF POLICIES WITH C:ONMISSION

21. The originals of all policies issued by .American underwriters are to be'"deli-verod to the United R.tc.tes .Maritime Commiss.ion, Washington 25, D. C. The oricinals cf all policies issued by British c.nd other European underwriters, ~9ge~her with one pro forma copy of each, are "to be delive·red to the United States M..a.ritime Commission, 2 Harewood Place, London} W. 1. The London office of the Conn:c.ission will retain possession of or:ginal policies and transmit pro forma copies to the Washington office for its examination and approval.

CLAIMS PROCEDURE

22. While the Commission requires that all claims, except those of $10,000 or less payable under Protection and Indemnity policies, be payable to it, actual payments to the Commission wHl not be required, other thnn for total losses, (1) o.s long as mo1·tgo.cors are not in default under the terms of their mo.rtgages, and ( 2) mo:t·teagors make and pay for repairs and discharc;e other claims for which vessels are liable.

23, When claims are to be collected from Hull underwriters for damage to vessels, the Commission upon request of morteagors will authorize underwriters to make pQyment di~ect to mortgagors or order by signing payment orders or endorsing pcli~ies. However, before this will be done, the Commission will require:

(1) A written certification from the underwriters' or Classification Society surveyor that all damage has been satisfactorily repaired.

(2) A statement in writing from the adjuster or underwriters' representative that satisfactory evidence of payment in full of all damnre repair bills has been sichtod. In connection with other claims to be collected from Rull ru1d/or Protection and Indemnity underwriters, the Commission will require a statement in wrltin.~

,..:. _q' .'- -: · .. ·.

from the ad.juster or ·.mderwriters ·, rep_i·e·s.e'ntat iye ·. that .-se-t 't.lo:. ment has been m.ad.e· with · the · ciaiznb.nt·~ -·and . va.1~.d releases obtained.

2.4 . Whenever the underwr:iters are authdriZ~d oy· the · CoI!)Ill.iss·ion -or policy p:..'ov::.sions to pay claims othe~ise than to_ '"it; payme:rrt;.:9 'm.ay be·:· made "in curre,ncies cthe:r than United States d.o1:lo.rs by agreemerit··betwe~ri ·the ·pp.yee a..1.tl. '.:.the: under-write r s. · · · ·

,.25~ ·Iri.-any case where unde:rwriters are to ·be 'iri~tructe·d to make payments .. direct · to adjusters or anyone except the -a.ssur·eds :qafueq. · in pol.icies, the Com.; . ,mi ss ion mus t be authorized in writing by the ·-mcii:tgagor to . cit,r:~ ct underwriters to :m.a.ke: payment to such persons, This .authorb:o:~ion m,ay ::i>e . :f'.urnished as · inai ~idual ·c:la:fms are presented or may be in· -the-· :form: · :of 'a general ;au:thorization to ,:tgcept adjus-tei;i, instr1...ctions _· until the a:uthoriz.afioh .i/;j :r:ev.oked • .

J"f ·,. '\ ~: ·.'. .

~-: · 26·. ·As · to ·the United State s · Maritime Conmiissi6n / ~o .right of lien against policies shall exist or be asse r ted by brokers or . i.u1d(;)J:Vri ters, and release of policies for USe in C011nectiOH 'ef.'l. tll, the c;qtJ..e'ct i .<m -b.f ' ·claims Will be subject to this condition. ·

· 27 ;, · The· Co~isS'icin will be glad. to e:xplaih · i~ d~tail: a:py .phase of the fore-going r equirements Md procedures -Whi.ch ure -not· enti'rely, Cll=!ar and to consid~r suggested changes ,i n p:t~occdures that. si~pJ.i:fy __ thf;i,. ha:ndli_ng of· the detail work in co11_r1ee'tion wi tn·· require·a. ._ins.u:rances. . ·· ·: · · · · · · . .

:-.. :.· .' ,\

. · .. :·

Jnnuury 6-, 1947 '

"; .

(Sgd.) _ Bo K. CGDEN ·. B. K. Ogden

Director Insurance· Divis.ion - Operations Department

Supplement #1

INSURANCE BULLETINS #·2 and # .3

UNITED STATES MARITilvIE COMMISSION

The following loss payable clause may be attached to Hull and Machinery policies covering vessels :under mortgage to the United States Maritime Commission, provided, however, that where payment of such mortgages has been guaranteed by a foreign Government, such Government agrees in writing to the use of the clause and also, that in the event it becomes liable to the Commission under its guarantee, it will make no claim for credit for any amount which 1 but for the operation of the clause, would have been collectible from the underwriters.

"Loss, if any, payable to the United States Maritime Commission for distribution by it to itself and the mortgagor as interest may ap:pear, except that claims not exceeding $10,000 (U.S.) each or the equivalent in other currencies (computed on the basis of official rates of exchange in effect at the time of :payment by underwriters) are to be paid ·to (name of mortgagor) or order, unless and until underwriters are other~ise instructed by the United States Me.ri time Con:mission, provided .. t!mt before :paying such claim.c:i the underwriters shall receive satisfactory proof that repairs have been me.de or liaM.li t,Y cls.l.ms settled.''

The Commission will ulao ent ertain requests from mortgagors to be permitted to have t he:'..r Hull and Machinery insuranctl written subject to a Deductible Average clause for reasonable amounts, provided however, that where payment of t l:e r.iort,eage indebtedness has been guaranteed by a foreign Government , such Government agrees in w:z.-iting to the use of the clause and. also, t r,a t its {;Uarantee is extended. to include amounts equal to the cost of repairs aad other expenses which, but for the operation of such clause , would .t...a.ve been collectible from the underwriters.

The amounts of deductible averages which will be approved will vary, ' but in no event will the use of a clause for e.n amount in excess of

$10,000 be approved, unless security in the form of cash or United States Government bonds for the difference between $10,000 and the amount of the deQuctible desired, is deposited with the Commission.

(Sgd.) B. K. OGDEN Chief, Dirisirn of Insurance

November 5, 1947

CABLE ADDRESS

NEDSHIPWAS • f/Jii

OFFICE OF THE

NETHERLANDS MINISTRY OF TRAFFIC DIRECTORATE GENERAL OF SHIPPING

WASHINGTON, D. C.

J TELEPHONE ADAMS 1662

61 BROADWAY, ROOM 824 NEW YORK 6, N . Y.

1470 EUCLID ST. , N . W . WASHINGTON 9 , D . C .

Mr.G.Stewart Mason International Bank Reconstruction and Development. Washington,25,D.C .

Dear Mr.Mason,

November 4th, 1948.

for

/ Your yesterday's letter referring to

our telephone conversation of yesterday morning, came to hand . In view of the agreement, made on July 29,

to procure certain information, which so far did not come to hand in the International Bank for Reconstruction and Development, I immediately approached the Directorate-General of Shipping at The Hague, on this matter with the request to urge the four shipping Companies to procure the information without any delay.

vH/mb.

Yours sincerely,

NETHERLANDS MINISTRY OF TRAFFIC DIRECTORATE GENERAL OF IPPING

4

J.F.van Hengel, Representative.

e

~

RECEIVED

INT~HNA 1 IOtlAL HANK tOP, RcCONST. ANO DEVEL.

NOV 5 9 02 AM 1948

•

r

H.B. Ripman

V. or ey

• etherlands Shipping Lean - Insurance

l ovembcr 4, 1948

The follo ing are suggested inserts for the letters

to the respecti~e shipping companies:

JE.§ru_l, P,.-2 -

The procedure outlined , above concerning con

firmation that expiring insur nee has been rene od

or extended should also be follo ed if at any time

additional insurance is required pursuant to Sec

tion 3 (g) of the mortgage, if the vessel is to

engage in any voyage or carry any cargo not per

mitted under the policies of insurance in effect.

Insei:.~ 2, p, 5 -The Bank, at your request, ill also authorize

underwriters or associations to make payment to you

or your order for claims in · excess of $10,000.00

under protection and indemnity policies, provided

that you have previously submitted to the Bank

satisfactory proof of complete discharge of the

liability assured against.

v. •

e 11 · ILE

r n el:

•

o .

•

TO:

FROM :

SUBJECT:

The Royal Dutch Co.

The AngloSaxon

z1 ~olewn any

Eagle Oil Company

Tanker Tonnage Dec. 31, 1938

Tanker Tonnage Dec. 31, 1947

A age Fab. 1, 1948

INTERNATIONAL B. FOR RECONSTRUCTION AND DE. OPMENT

OFFICE MEMORANDUM DATE: November 1, 1948 Mr. Arthur Wubnig

Grace Werring

Tanker Tonnage of t~~Bl Dutch Company and the Anglo-Iranian Oil Company

The Royal Dutch Company (The Hague) is a holding company of the Anglo-Saxon Petrolewn Company, London and the N.V. De Bataafschi Petroleum Maa.tschappy, (The Hague). The former takes care of the transportion and distribution, the latter handles the producing of oil. In these two companies Royal Dutch holds 60% and 11Shell 11 40%. 1/

The Anglo-Saxon Petroleum Company owns and charters tank vessels. It also manages the following tanker lines: gJ

N. V. Nederlandsch - Tnkische Tank - Stoomboot Mij. N. V. Petroleum Ma.atschappij - 11La. Corona.11

N. V. Curaca.a.osche Scheepvaart-Maatschappij

The Anglo-Saxon Petroleum Company controls through subsidiaries, the Eagle Oil and Shipping Company (London) which also owns and charters tankers.

The total dead.weight tonnage of the RoyaJ.-Dutch Shell Combine (including chartered vessels and vessels of the fleet of the Eagle Shipping Company) as of December 31, 1938 amounted to 2,302,577 Dwt. 1/

As of December 31, 1947, the total tanker tonnage owned by the Royal Dutch Shell combine amounted to 2,080,599 dead.weight tons!±/, In addition hereto, 150,058 deadweight tons te.nker tonnage were under time charter, besides the tankers on voya€e charter.

As of February 1, 1948, the Royal Dutch Company through its subsidiaries had a fleet of 228 vessels totalling 2,08o,730 dead.weight tons. 5./ The tonnage was owned by the subsidiaries as follows:

Vessels Dead.weight

Ton

Anglo-Saxon Petroleum Co. Ltd •••••.......•••.••• 129 1,366,278 N. V. Nederlandsch-Tndische Ta.nk-Stoomboot, Mij. • 12 55,284 N. V. PetroleUlll Ma.a.tschappij - 11La Corona11 ··••••• 24 272,365 N. V. Curacaaosche Sheepvaa.rt Ma.atschappij •••••• 39 153,731 Eagle Oil Shipping Co. Ltd. •••••••••••••••••••••~_2_4~~~~24 ___ 3~,~0~2~2-

Total. ............. """'2 __ 2 __ 8 _______ 2-, 0'-"8=0.._, ?._3"'0'-

iJ. Source: Moody's Indust1

rials, 1946 '"%./. ibid 1948, p. 2381 Jj ibid 1946 !fl ibid 1948, p. 2381 .S./ Source: The Petroleum Data ]ook published by the Petroleum Engineer

Publishing Company (2nd Edition 1948) pp. 120-23.

OFF I CE SER ~ICE S 17-10

Mr. Arthur Wubnig - 2 - ~ ovember 1, 1948

Construction Program of the Royal Dutch Co.

According to the Report of the RoYal Du.tch Company for 1947 fd, the company had under construction or on order 232,000 dea.dweight tons. It was stated that a policy had been adopted to build larger and faster vessels than the standard 12,000 tons, 11 knot vessels. Three tankers of 28,000

World Construction of large tankers.

AngloIranian 011 Oo.

T ritish Ta r Co. Feb. 1, 1948.

Compa.rati-v:e eost of construction & operation.

dead.weight tons are on order for the Anglo-Saxon Petroleum Company z/. J.nglo-Sa.xon ~fil1tg¥a.5t~i~0t~0~fd~ta~eoaong~ 0R ~r%~roi~if bra~w2h~hilfa~~~k~i1cQ~ •• will

The embar~tion of the ~oyal Dute~ group on a constructlon program o~ large tankers is paralleled by the ordering of 24, 28,000-d.eadweight ton tankers, 2, 30,000 -deadweight ton tankers and 16 tank vessels of 26,ooo tons for American oil companies, all with a speed of 16 knots. IJ./ While a total of 28 tanker vessels in Europe and 50 tankers in .America in the 23,000 to 30,000 deadweight ton size group are now on order 9./ in the world, it is remarkable that no such large tankers are presently in operation.

The Anglo-Iranian Oil Company which is connected with the Royal Dutch Company through the l3u.rmah Oil, has as its major tanker owning subsidiary, The British Tanker Company, Ltd., London.

The British Tanker Company had a fleet as of February the 1st, 1948 of 105 vessels of 1,200,985, dead.weight tons. lQ/ It had 52 vessels amounting to 636,000 dead.weight tons on order and under construction. lJ,./ As of September, 1948, the British Tanker Company had 107 vessels in operation. The target has been stated at 155 vessels. l2} At the launching this fall of the 12,500 dead.weight ton tanker 1J./, it was stated that the cost of another such vessel would amount to about t 500,000 or about 65 percent higher than in 194o. The .AJ!lerica.n built tankers average 50 percent higher than the European. l!±/ The European tankers, unlike most of the .AJ!lerica.n built tanker~ e largely Diesel-engined, which imply a substantial saving in operating costs. The tankers completed in European yards have thus a considerable competitive ad.vantage over those constructed in American yards. The .American built tankers, on the other hand, will be in service within two years, while the European built tankers will not be completed for two or three years.

In 1939, the Anglo-Iranian Oil Company controlled the following tank-ships owning subsidiaries: 1.5./

A. S. Tankskibsrederiet, Denmark Association Petroliere, France Companie Navali des Petroles, France N. V. Tankmoborship 11Sophie 11 , Netherla.n.d.s Pet. Steamship Company, Ltd., Iran

As of January 1, 1936, it appears that also 11 0ompagnie Auxiliare de Navigation11 also belong to this group. ~

The Hagu.e, June, 1948. §] '11 Source: The British Motor Ship, Sept. 1948 p.205 - The tanker ordered at

the Ca.tmnel Laird & Co. is of 28,600 dwt., while those ordered at Thailand and Wolf and at Swan, Hunter and Wigham Richardson are of 28,000 dwt. each.

fJ./. ibid. 2./ The British Motor Ship, October 1948, p. 245. The first large tanker to

be launched was the 23,000 dwt. tanker "Atlantic Queerl1 from the Swedish Gotaverken.

ibid. 11./ Mo6d,y', 1948 p.1400. 12/ 11 The can inavian Shi in 11 Gazett " Sept. 8, 1948 p.75. 1J} The British Progress. 14 The Motor Ship, April, 1948. 15./ Chart: Inter-Corporate Relationships and Subsidiaries of the Royal-Dutch-Shell Group and the Anglo-Iranian Oil Co. as of 1939; U.S. Gov. Print. Office 1656-s-1947. lE./ Source: Dr. T. Koopma.n's, Tanker Freight Rates and Tankship Bldg. (London 1939) p. 182.

.. .

Tankers of the world.

e Percentage of world tankers.

Projected world tanker fleet 1952.

Employment prospects.

e

Mr. Arthur Wubnig • - 3 - 11,ember 1, 1948

In the Petroleum Date Book, 1948, however, only two of these companies are listed as owning tankships, viz:

Association Petroliere, Paris: 8 vessels of 43,845 Dwt. Auxiliare De Navigation Co., Paris:4 vessels of 57,152 Dwt. Total French subsidiaries: 12 vessels of 100.997 Dwt.

The world tanker fleet amounted on June JO, 1948 to 1,909 vessels of 22,358,000 dead.weight tons as compared with 1,661 vessels of 16,912,000 dead.weight tons as of September 1, 1939. (Seagoing vessels - 1,000 gross tons and over.) ll/

The Royal Dutch Company thus otms roughly lo% of world tanker tonnage, while the British Tanker Company (main tank-owning subsidiary of AngloIranian) owns roughly 5'/, of world total. If we include the Associated Petroliere and the Auxiliare De Navigation, the .Anglo-Iranian group would own roughly 5.5% of the total tanker tonnage of the world.

Of the world's tanker fleet as of June JO, 1948, about 4o percent is registered in the United States, about 21 percent in Great Britian and 10.6 percent in Uorw~. 1f2/ While 9.4 percent of world tanker tonnage is registered under the Panamanian flag, about 70 percent of the Panamanian tankers are under American ownership. 1!i./

About 6,000,000 deadweight tons of tankers are scheduled for delivery through 1952, 211/ which would bring the world tanker tonnage to about 28,000,000 dea.dweight tons, conceding a normal rate of scrapping.

With an anticipated oil production by 1953 of more than 4,000 million barrels as compared with a world production of 3,118.4 million barrels in 1947, 21/ and in view of the longer hauls necessitated by the increased production in the Middle East, prospects for full employment of the tanker fleet during the next four years seems fair.

12/ .American Bureau of Shipping: ~Bulletin. Sep t. 1948 p. 18. k1

8_/1

Source: .S.C.andina.vian Shipping Gazette, Aug. 25, 1948 p. 718 • .:.ZJ ibid p. 719. 20/ The Scandinavian Shipping Gazette, Aug. 25, 1948 p . 718. :?:1./ The British Motor Ship, June 1948 p. 105.

GW:mas cc:Mr. Samuel Lipkowitz

Bibliography

11Clarus 11

11 Clarus 11

11Notes on Marine Insurance Practice" 1932. Lloyd 1 a List and Shipping Gazette. 2s. 6d.

"More Notes on Marine Insurance" 19JJ. Lloyd's List and Shipping Gazette. 2s. 6d.

Cole, S.D. The Hague Rules explained; being the Carriage of Goods by Sea Act, 1924. Jrd edition. 1930. Effingham Wilson. 6s.

Dover, Victor. A Handbook to Marine Insurance. 4th edition. 1936. Witherby lOs. 6d.

Dover, Victor. Students• Analysis of Insurance Clauses. 5th edition. 1936. vi therby. lOs.

Keate, R. Guide to Marine Insurance. 9th edition. 1936. Pitman. Js. 6d.

Lindley and Saunders. A Guide to Marine Insurance Claims. 1936. Buckley Press. 6s.

Marsden, R.G. A Treatise on the Law of Collisions at Sea. 9th Edition. 1934 Stevens. 1.2.

Maug.~an, C. Trade Term Definitions: Merchanting, Shipping and Marine Insurance. 1924. Effingham Wilson. 4s.

Winter, W.D. Marine Insurance: Its Principles and Practice. 2nd edition. 1929. McGraw-Hill, ~l.

Glossar;z: of Abbreviations

A.P. A.R. b.d.i. B/H c.i.f. C.T.L. F.A.A. F.C. & S. F. I .A. f.o.b. F.P.A. F.P.I.L. G.A.• H. & M. h/c

1. 0 .:p. I/V

Additional Pramium All risks Both days inclusive Between Bordeaux and Hamburg Cost, Insurance and Freight Constructive total loss Free of all aver ge Free of capture and seizure Full interest admitted Free on board Free of particular average Ft1ll premium if lost General average Hull and Machinery or Materials Held covered at a premium to be arranged

Irrespective of ,ercentage Increa sed value

j. & w.o.b.

O.N.R. P.A. P. & I. P.P.I. R.D.C. R/I R.P. S.A.N. R.

s/1 T.L.O. u.c.b. UKC

W.A. W .P.A. W.R. O. Y/A Rules

Jettison and washing overboard

Original nett rate Particular average Protection and indemnity Policy proof of interest Running Down Clause Re-insurance Return premium Subject to approval, no risk

Sue and Labour Total loss only Unless caused by United Kingdom (includin all Ireland) and continent of Eu.rope

With average With particular average War risks only York-Antwerp Rules.

1698007 Project ID: P037453 Dates - Pubdocs.worldbank.org.

Documents