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event disregard of preventing collision in re- as the rules proves; for spect to signaling, crowding, and as to preventable abuses, and in other particulars. And so, in severally, and not one for another, agree that an advisory committee con- sisting for the first annual period of J. S. Ashley, G@A: Tomlinson, D. Sul- livan, H. Coulby, J. Hy Sheadie, W. C. Richardson, and H. S. Wilkinson, is selected and agreed upon with author- ity to admit into the membership of the committee one additional member each, representing the package freight lines, so-called, and the Canadian own- ership, but the committee to act under the full authority herein given to the advisory committee, with or without either of such additional members; and the duty of the committee shall ibe to inquire into causes of ground- ings, accidents and losses, and to gath- er and collate information in reference thereto, and regarding seaworthiness, proper loading and navigation, and make the best reasonable provisions for distribution of information, as to proper depth of loading, all as the committee may from time to time deem wise. And to furnish some working basis to the accomplishment of this, each subscriber, while carrying for himself or insuring as he may see fit, 95 per the subscribers acting here- cent of tthe insurance valuation of his, ship or ships, shall reserve 5 per cent of such valuation, and, in lieu of con- ventional insurance in respect of this 5 per cent contribute on delivery of certificate, sums calculated at the cur- rent rate for full insurance, including colliston and P. and I. risks, on the great lakes, of vessels of that class, say on April 1, 1909, and annually thereafter, to be applied to the pay- ment of losses and expenses in respect of 5 per cent of the valuation of the vessels interested in the membership, and if the sum so advanced shall be insufficient, each severally and without liability, one for the other, shall con- tribute his proportionate share, but no more, to make up the deficiency; any surplus to be divided among 'the sub- scribers in proportion of their respect- ive contributions, all to be paid in to a treasurer appointed by the advisory committee and moneys to be paid out only on the check of the attorney in fact hereinafter provided for, counter- signed by such treasurer, the treasurer to give such bond as required by the committee. An attorney in fact shall tbe selected by the advisory committee, whose duty it shall be to administer tthe details "TAE Marine. REVIEW under the general direction of the ad- visory committee from time to time, in respect of the 5 per cent of risks, and sums payable in respect thereto, and. each subscriber shall. give to such attorney in fact due power of attor- ney; but no insurance business is or shall be authorized either jointly or severally by or for the subscribing members, nor anything further than administration of the several obliga- tions of the respective parties hereto, to the extent and limit above pre- scribed. The advisory committee shall hold office until their successors are elect- ed, and shall have charge of all mat- ters pertaining to losses as to the 5 per cent of the insurance valuation of the ships listed, and make rules and regulations in regard to the same, and the attorney in fact shall act under the direction of such committee. Annual meetings shall be held on the third Tuesday of January in each year at such place as shall be decided and notified by the advisory commit- tee, with authority in the committee to fix a different date according to convenience. - Viote of a majority shall govern in the action of the committee, and, if a member cease to be a subscriber, he shall cease to be a member of the committee, and the vacancy shall be filled by its remaining members for the remainder of the term for which said committee is elected. Subscribers may list newly acquired eligible tonnage, but after April 1, 1909, mo new subscriber shall be ac- cepted without the consent, but may be admitted with the consent, in writ- ing, of a majority of 'the then sub- scribers. Claims and losses in respect of the 5 per cent of the insured valuation, shall be confined to, but include, such risks' and losses as are within the terms of the general form of marine insurance policy on each ship, includ- 'ing collision and P. and I. on vessels operating upon the great lakes, not to be changed as the sharing of losses undertaken by the 'subscribers, prior to the next succeeding annual meeting. Subject to 'the regulation and con- trol of the advisory committee, the attorney in fact shall issue to sub- scribers proper evidence of the par- ticipation of the ships listed by such subscribers in this loss-sharing agree- ment, for each subscriber to receive notices and proofs of loss in respect of said 5 per cent of the insured val- vation, and receive from and give to the subscribers all notices that may be necessary or proper; in cases of loss, 21 to collect and 'settle the same; to pay out of the moneys and things. of value: of subscribers in his hands by reason hereof, any loss that may happen in respect of said 5 per cent, according to the terms of the form of policy adopted; in case of any proceédings at law or equity being taken, to ap- pear for the subscribers, and in their names defend the same; to compro- mise and settle any and all sueq claims or suits, and proceedings there- on; to commence and prosecute all proceedings in law or equity, which may be deemed necessary iand proper for the purpose of collecting and real- izing all sums of money herein agreed to be paid by any subscriber hereto, and the same to compound, compro- mise, settle and withdraw. The attorney in fact shall keep a complete account of all moneys re- ceived at all times open to inspection of the advisory committee, or any com- mittee of the subscribers appointed for that purpose; and for compensation and in consideration of the guarantee by said attorney of tthe solvency of each wf 'tthe subscribers, said attorney in fact may deduct from all such moneys stich percentage as shall be fixed and agreed to by the advisory committee of the sum paid in toward the fund for meeting losses, but shall therefrom defray all expenses except legal expenses, on behalf of the sub- scribers on any of them, which shall be borne by "the subscribers severally in proportion to their respective con- tributions. In view of the fact that present in- surance wpion the vessels of the sub- scribers hereby listed does not expire, and will not thereafter attach at 'the Same time, participation by each ves- -- sel listed hereunder in this loss-sharing agreement, and expenses, shall date from the expiration of the present marine insurance 'thereon, as scheduled by the subscriber listing the same, and on newly acquired tonnage, or in case of new subscribers accepted in the same manner, and when there is no such linsurance to expire, then from April 1, 1909, to: be filed with the ad- visory committee, and approved by it; liability for losses as to 5 per cent of the insured valuation of each ship shall be for yearly periods, and no profits shall be construed to be earned on the 'business of the year 1909, until all liabilities assumed during the year 1909, hereunder, shall have terminated, and all losses adjusted and paid, and so in each 'succeeding year. ~Wihitness our hands at the city of Detroit on and as of the 20th day of January, A. D. 1909.