Cold Cut

World's most impartial military observers are the men who set shipping insurance rates in wartime. They have to be cold, wishless thinkers because a mistake may mean financial ruin.

When Italy blustered into the war last June, U. S. war-risk underwriters suspended publication of rates on Mediterranean shipping altogether. Last month Italy looked less formidable and figures on imports to the U. S. from the Eastern Mediterranean and Red Sea (around the Cape of Good Hope) were posted once more: 10%. Nine days later the underwriters thought still less of Italy, reduced Red Sea rates to 7 1/2 %. Last week they gave Mussolini the unkindest cut of all: they trimmed the Red Sea figure to 5%. In areas where Nazi submarines operate, rates remained 10% and up.

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