FUESDAY, FEBRUARY 17, 1948 "THE- DAILY TIMES-GAZETTE ™-- PAGE THREE, Maple Leaf Mutual Reports 1947 Best Year In é * -------------- Need To Educate Investing Public --Securities Head "We on the commission are far from complacent regarding our record. We realize that we are far from perfec- tion. I do not believe the job can ever come close to per- fection," commented C. P. McTague, chairman of the Ontario Securities Commission, in his address at the luncheon meeting of the Club yesterday. T. K. Creighton, K.C, MLA, in- troduced the speaker who outlin- \ d the work and functions of the commission. The thanks of the meeting was voiced by Cyril Scho- field. Mr. McTague emphasized that perhaps the most important fea. ture of the administration of the Securities Act, in the opinion of those now responsible for its ad- ministration, is the continued edu- cation of the investing public, With this in view the Commission tries |ed to obtain and give the highest de- gree of publicity to its activities. It is important, he said, that the public be kept informed as to' what goes on in the securities business so they may deal in the security markets on the most enlightened basis. Not a Financial Burden Refuting the impression that the Becurijies Commission is a finan- cial burden oh the general public, and that its costs of operation are supported by general taxation, the speaker said the Commission is en- tirely supported by the securities business itself through payment of various fees, In the fiscal year 1945-46, revenue thus amounted to $154,060.50 and its cost of doing business amounted to $69,511.88, leaving a surplus to be turned over to the provincial treasurer of $84.- 548.62. The figures for the 1946-47 fiscal year were $207,980 and $126,- 756.43, leaving a surplus of $81,223.- 72; while for the 1947-48 fiscal year it is estimated revenue will be $150,000 and costs $128,000, léaving a balance to be turned over to the province of $22,000. In addition - to these contribu- tions, the provincial treasurer re. ceives a reasonable sum from some unwilling contributors through the activities of the Securities Commis- sion. Since the present adminis- tration took over in the *fall of 1015, it has launched 124 prosecu- tions in the criminal courts and obtained 113 convictions. As a re- sult $18,695 of fines have been re. ceived by the provincial treasurer. In additign, the City of Toronto has obtained $10,025 found money, through fines paid as the result fo Oshawa Rotary violations of the Criminal Code. While costs of administration had increased, the speaker explain- ed this had been almost entirely due to increased personnel to give the public better service. That the Commission was very busy was in- dicated by the fact that since the present commission took over it has checked carefully and admit- ted to sale to the public 264 indus- trial issues, 690 mining issues and 11 oil and gas issues. In the same period it has check- and granted the applications for registration of 709 brokers, 2,752 salesmen and 221 security issuers. The full commission, in the same period, has held 141 formal reviews as a result of which: the registra- tions of 62 brokers and salesmen have been cancelled. 250 formal investigations have also been con. ducted under oath, two of which-- those into Beaulieu and Eldona-- have been very extensive. Mr. Mc- Tague said the report on Eldona might be expected shortly. New Philosophy Established Continuing he commented that the Securities Act of 1945 estab- lished a new philosophy in the field of security sales control. It established three basic principles to which the act is anchored. First, the commission is charged with the responsibility of licensing the peo- ple engaged in direct selling to the public and in this connection is empowered and required to cancel licenses when this is deemed to be in the public interest. Secondly, every one who sells securities to the public in primary distribution is required to file with the commis. sion and deliver to the purchaser a prospectus containing full, plain and true disclosure of all material facts related to the issue. Thirdly, the commission is empowered to make investigations and undertake prosecutions for violations against the act when directed to do so by the attorney-general, Mr. McTague emphasized that the Securities Act does not give the commission any power to compel restitution of moneys paid. Neither is the commission empowered to in- terfere in the internal disputes of shareholders in companies. Progressive Conservatives Win In Huron By-Election Seaforth, Ont., Feb. 17--(CP) -- Thomas Pryde, 59-year-old monu- ment maker from the village of Ex. eter, brought about a fresh triumph at the polls yesterday for Premier Drew's Progressive Conservative government of Ontario. The Scottish.born veteran of two wars won Huron riding by a ma. jority of 684 votes over Liberal Ben- son Tuckey in a two-party fight in Ontario's first provincial vote since the Drew government's resounding victory in the 1945 general election. The result keeps tlie Progressive Conservative strength in the 90-seat legislature at 66 against 11 liberals, eight C.C.F.,, two Liberal.Labor, two | Labor-Progressives and one Labor. Mr. Pryde's election was assured less than twqg hours after the polls closed in the mainly rural riding-- it contains no cities--lying along- side Lake Huron, When returns were complete he had 7,618 votes to 6,934 for Mr. Tuckey, a fellow business man frcm Exeter. Dr. R. Hobbs Taylor, Pro- gressive Comservative whose death last December led to the by-elec- tion, polled 7,081 votes in the 1945 election to 5,152 for Liberal James Ballantyne and 1,211 for C.C.F. can. didate J. E. Huckins. The C.CF. did not contest yesterday's by-elec. tion. Favorable weather and good road conditions combined to bring out a record 14,552 of about 20,000 eligible voters. In the 1945 election, held in June, 13,444 voted. Mr. Pryde won eight of the rid. ing's 13 municipalities and four of the eight 'townships. Mr. Tuckey led in this tqwn 22 miles west of Stratford ' where returning officer W. E. Southgate established his headquarters. : In Toronto Premier Drew said he wag "delighted" with the result of the by-election and added: "Thom. as Pryde has received a convincing endorsement from the people of the riding and Huron County will have a splendid representative in the Ontario legislature." The new member- worked at To- ronto and Windsor before set#ling in Exeter in 1919. A former reeve Qf the village, he served in the ar. my ang air force in the first world war and was a Flight Lieutenant in the RCAF. in the last war, o Mr. Tuckey, 49-year-old native of the London district, is in the truck- ing business at Exeter where he is serving his ninth term as reeve. He was an unsuccessful candidate in the 1943 provincial election when Dr. Taylor wrested the riding from the Liberals who had won it in 1934 and 1937. KENNETH C. CRAGG DIES Ottawa, Feb. 17--(CP)--Kenneth C. Cragg, 43, parliamentary corres- pondent for the Toronto Globe and Mail and author of "Father On The Farm," died yesterday a few hours after collapsing in the lounge of the parliamentary press gallery. He had been in ill health for some tune. Huron's Choice THOMAS PRYDE Progressive Conservative, who was elected last night in the Huron pro. vincial by-election, Levy $175 Fine. For Taking Bets In Pool Room Wray Gunn, 59 Celina Street, was fined $175 ana costs or two months by Magistrate F. S. Ebbs yesterday when he pleaded gullty to a c e of using the OK Billiard Parlour, 38 King Street West, for the pur. pose of recording bets. ' Evidence given by Sgt. Duncan Foreman of the Police Department was that he had executed a war- ranted search of the premises on Valentine's Day and 'had found $250 in cash besides a racing form and a sheet with the names of hor- ses listed on it. Gunn told police that he took bets amounting to "about $100 to $250" daily. He said he was "try- ing to make a little extra money" because he was not fit to work. The $250 was confiscated by the court. URGES BETTER TEACHING Toronto, Feb. 17--(CP)--Dr. Watson * Kirkconnell, president. elect of Acadia University, Wolfville, N. S.,, sald yesterday the teaching pro- fession is not getting the best type of young people, ard teachers, es- pecially in elementary and second- ary schools, are not measuring up to the standards required. TWO.WHEELED AUTOS Gyroscopic motor cars, with only one front ang one rear wheel, have been successfully operated in tests. Child Fund Answer To Call For Help With the Oshawa campaign for the Canadian Appeal for Children already one-day.cld, and a benefit concert to spark the public interest being held in the Masonic Temple tomorrow evening, further queries have arisen with respect to the fund itself, The Canadian Appeal for Chil. dren is Canada's answer to a uni. versal call for help. A campaign to raise $10,000,000 commenced Feb- ruary 9. With the funds raised, help will be provided to the destitute children of Europe and Asia. The money will be used to purchase food, clothing and other supplies in Canada for shipment overseas. Representatives of the Canadian Council for Reconstruction through the United Nations Educational, Scientific and Cultural Organiza. tions (UNESCO) and the United Nations Appeal for Children (UNA C), make up the Canadian Appeal body. The Canadian Council for Recon. struction through U has as its objective the providing of facil- ities for education in war.ravaged countries--school .upplies, teachers, scientists and technicians and the provision of scholarships and re. fresher courses for teacher, doctors and scientists to come from Europe and Asia to study in Canada. UNAC which operated the International Children's Emergency Fund, is pri- marily concerned with child sur. vival, Its aim is to get food sup- plies to the neediest children. It has not sufficient money or supplies to begin to alleviate the miseries of the children in countries laid waste by war. The OCRU and UNAC decided to make a joint appeal for both ob- Jectives -- to feed, clothe and edu- cate the children of Europe and Aisa, The program is united as the Canadian Appeal for Children. It is a joint appeakin Canada and sim. ilar campajgns will be conducted by UNAC simultaneously in 26 coun- tries. The Canadian Appeal for Chil. dren, with national headquarters in Ottawa, has Provincial Committees operating within the individual Provinces, breaking down provincial organizations to local committees. It should be stressed that The Canadian Appeal for Children has the endorsement of the Canadian Congress of Labour, the Trades and Labor Congress of Canada, the Can. adian and Catholic Federation of Labor, the Standard Railway Bro- therhoods, service clubs throughout Canada, church organizations, wo. men's groups, co.operative and fra- ternal societies, educational scien. tific and cultural groups. Proceeds from the song recital which features Toronto baritone Eric Tredwell, will go to the logal campaign fund. Oshawa merchants have contributed six prizas to be given away at intermission and the high standard of music selected for the program promises an entertain- ing concert. Soprano Brenda Kirk. wood is assisting Mr. Tredwell and their accompanist will be Alec Tur. ner, pianist with the Toronto Male Teachers' Choir. Some seats are still available and tickets may be procur. ed at Adelaide House, Mitchell's Drug Store, Johnston's Men's Wear and Detenbeck's Men's Shop. Audi- | torium doors will open to theatre. goers at 8 pm. and the program is scheduled to begin sharp at 830 o'cleck. That's tomorrow night at the Masonic Temple. Mild Weather Fails To Dampen Carnival Spirit Slushy snow and soft ice did not lessen the enthusiasm of those tak- ing part in the community carnival at Albert Street Public School last night. The program consisted of all types of contests including fancy dress, racing, movies, a hockey game between fathers and sons, and a door prize won by Alan Morden. The fathers defeated their sons but on the ice and with hockey sticks rather than in the accepted fashion. The scort at the end of the game gave the fathers three goals, the boys none. "I guess pop's not as old as I thought he was" said one youngster. Jack Northey, for the fons, sustained a cut eye when the stickwork went a little high. In charge of the night's arrange- ments was Alfred Perfect, assist- ed by John Butler, Gerald Darling, Mervine McCabe, Gerald Morden and Jack Naylor. Mrs. Gerald Mor- den was in charge of the refresh- ment committee. Prize winners for the evening were Jimmy Graham, Fred Wood taking first and second place for the best comic costumes. Best girls' fancy dress costumes were worn by Dorothy Geadman and Helen Phair, judges said. In the same contest for girls over ten awards went to Donna Jean Mowbray and Louise Powless, while Lilly Scero was credited with the best original costume, Judging the contestants were Kelvin James, Fred Mason and E. J. Mullen. Alfred Perfect pre- sented the prizes to the children. PLAN SLEIGHING PARTY Harmony, Feb. 17--The Sunday School will hold a sleighing party tomorrow night for the adult Bible Class members, the officers and teachers and the teenage mem- bers. The party will leave the schoo] at 7.30 p.m. Hot soup will be provided by the committee in charge but those attending are asked to bring their own dessert course. First Aid For Hockey Casualty # a When the fathers played the sons at Albert Street Public School last night Jack Northey got an eyeful. scramble for the puck and sustained a cut eye. Jack was caught by a high stick in a First aid was rendered by the school nurse and the boy was later treated by Dr. Charles D, Russell, --Staff Photo Adult Circulation Increased At Library Re-elected chairman of the Osh- awa Public Library Board at its annual meeting last night, Rev. George Telford said his task was made pleasaht by "a growing spirit of co-operation" which had been noticeable during his tenure of office. Final job before concluding his four-yehr-term was presenta- tion of the librarian's annual report to the Board which unanimously re-elected Miss Jean Fetterly to the position of Secretary-Treasurer. Miss Fetterly's report indicated that 1,654 mcre books had been circulated in the adult class last year than in 1946. With 15,083 regis- tered borrowers, adults took out 92,993 books including 64 from Simcoe Hall, and children's circula- tion totalled 39,442 including 5,856 from the branch library. $5,536.48 was spent on the purchase of new books in 1948. Miss Fetterly brought to the fore the organizing of 'the branch in January last year with the co- operation of the Women's Welfare League. Indicating that it originally began as a juvenile library, Miss Fetterly stated in her report that adult books had recently been added and public response was good. Enlarge Record Library Encouraged by a gift of records to the Library from the Oshawa Music Teachers' Association, a col- lection has been built - up since October, 1947, so that 317 recerds were now available for rental. Simi- larly, 80 moving pictures have been handled by the library which took over the projector belonging to the Oshawa Film Council. Members of the library staff operate the mach- ine whenever necessary. Miss Fetterly's report indicated that biographies had become more popular during the year. Reason for this was attributed to the fact that this section had been moved into the fiction section where readers could easily find ij. A total of 1,631 new books had been added to the shelves during 1947, the report said. Declaring that a drop in chil- dren's circulation was due partly to better library facilities in the schools, Miss Fetterly reported that a variety of interests had been the lot of youngsters who attended the Saturday morning classes which last year featured radio story hours, record-playing periods and film showings. The librarian commented on the displays which kad been presented Dies Suddenly KENNETH C. CRAGG Ottawa correspondent of The Globe and Mail, who died suddenly after a heart attack in the Parliamentary Press Gallery while at work yester. day afternoon, . Library Chairman REV. GEORGE TELFORD Minister of St. Andrew's United Church, who was re-elected chair. man of the Oshawa Public Library Board at its annual meeting last night, to the public in the main hall "despite the difficulty of finding space." Miss Fetterly stated bluntly that "there were not enough shelves to hold the books and making room for a display is a major problem." A move toward the creation of more space was made last May when the Library Board purchased the Hoig Estate adjoining the present library building. No details were given of plans to erect an addition to the building, however, Agriculture Increase In her report for January, 1948, Miss Fetterly emphasized the sur- prising increase in the circulation of adult books which was 1,032 over the same month a year ago, Giving no reason for this, the librarian was asked by the Board to investigate and report at the next meeting. The circulation totalled 9,461 with biog- raphy and fine arts showing a marked increase while travel and history books showed a decline, Sim- coe Hall adult books taken out numbered 52 for January and total for the four preceding months had been 64, so an encouraging increase is evident. The boys' and girls' sec tion of Simcoe Hall circulated 460 books amongst juveniles but a cor- responding drop of 376 was noticed at the main library. Financial expenditures for Janu- ary totalled $1,292.76 plus petty cash expenses amounting to $12.05. Miss Fetterly reported the estimated ex- penditures for 1948 would total $23,444.00, with receipts estimated at $22,151.24. The Board decided to publish a complete statement of the annual report for the interest of the public. 7,000 Laid Off At Auto Plant Detroit, Feb? 17 (CP)--Kaiser- Frazer Corp. sent home 7,000 em- ployees on two shifts yesterday as the result of &n unauthorized strike in the repair department, ocm- pany officials said, About 5,000 men were sent home at 1:30 p.m, after 10 repair-men left their jobs. An. additional 2,000 were sent home on the second shift. The dispute centred around a demand for reclassi'ication and higher wages, comp ny and union spokes- men said, . fis Over $37 for the year of 1947 plainly before his audience. Col. Smith, president oy the company, touched on the high. lights of the auditors' statement and drew attention to the fact that the statement showed the total amount of insurance presently in force to be $37,488,881, an increase of $3,825,765 over the returns for 1948. Claims too had, mounted showing a total of 41 claims amounting to $44,756.58. "However the picture is even brighter," the speaker hastened to explain, "in view of the fact that many 1946 claims were not paid until after the audit for that year had been taken and so had to be ap- plied to last year's statement." Company assets showed a de- cided upward trend over 1946 when the figures were $275,642.92 whereas last year's total climbed to $292,- 5317.70. "This is the best statement we have ever had" Col. Smith said. "We are now talking in the millions but I can still remember the day when we were in the red." The spea- ker stressed the important work of property inspection and correction that had been carried out and of the further work contemplated along these lines. Bad Fire Year "The number of fires in Ontario is astounding, one seldom turns on the radio without hearing of it. I don't know where it is all going to end" stated Col. Smith, "We are the first company to really tackle this question of in. spection and correction, we're pio. neers in the field. We are doing more than any of the other 60 odd Mutual Fire Insurance companies in Ontario." Our aim is to prevent fires rather than to meet the cost of the damage" he said. Col. Smith explained that the board of directors thought it wiser to spend money on the proper pro- tection of homes rather than pay vast sums to the government. "What would they do with the money anyway," queried the presi. dent. "During the last depression thousands of men had to wander about the country disheartened, low in spirit and mind, starving or re. sort to the disgusting camps that were open. These men, through no fault of their own were unable to find work. Then came the war and millions of dollars were found al- most overnight." It's very strange to me." Returning to the question of in. spection and correction® the presi. dent pointed out that very little had previously been done by any fire insurance company along these lines and called on C. Edmunds, official inspector and engineer for the com- pany to speak to the audience. Mr. Edmunds expressed his appre. ciation for the confidence the board had placed in his department and said he was confident that the job his organization had tackled had been thoroughly and conscientiously carried out despite the well known shortage of materials. Reports Activity ; "We have completely rebuilt, from top to bottom, 69 chimneys, made 38 examinations, undertaken 108 elec. trical examinations and repairs and made 1,369 inspections. Edmunds explained that little work had been done during the war years with the result that many repairs were neces. sary and that there is still much to be done. The speaker outlined the various methods used in the installation of lightning protective equipment and electrical wiring and at the conclu- sion of his talk answered-numerous questions put before him by farm. ers in the audience. The audience laughed heartily when one man ask. bed: "What would happen if light- ning travelled down the conductors and into three feet of dry ground? Would it go up again?" talk and handed a note and after reading it announced that he was sorry to have to report that word had just been received that Samp. urer of the insurance company, was seriously ill following a heart at- tahk and would be unable to attend the meeting. All members of the board were re. elected as follows: President, Lt.- Col. R. B. Smith; Vire-President, M. A: Bagshaw; Secreteary, P. G. Pur. elected as directors were: R. B. Smith, M. A. Bagshaw, Lyman A. Gifford, Grant Christie, L. A. Ken- nedy, W. R. Baynes, George A. McMillan, Creighton Devitt, Robert Armstrong, A. E. Norton, Frank Westney and J. F. Heyland. Grant Christie made a motion to have the by.law amended to make seven directors necessary to make a quorum. The motion was seconded by M. A. Bagshaw. CANON SKEY DIES Toronto, Feb. 17--(CP)--Canon Lawrence E. Skey, 80, rector of west-central St. Anne's Anglican Church for 31 years, prior to his retirement, died at his home Sun- day night. He was known across the dominion -as a liberal-minded clergyman and ' ofter preached to $ongregations of other denomina- ons; Lloyd's of London gets its name from an English coffee house kept by Edward Lloyd in Tower Street in the 17th century. Insurance In Force Million; Assets Of $292,537 "The year of 1947 was the most prosperous year in the history of our company," Lt.-Col. R. B. Smith told policy holders attending the 53rd annual meeting of the Maple Leaf Mutual Fire Insurance Company. Speaking in the East Whitby Township hall, Col, Smith put the company's facts and figures ¢ Col. Smith was interrupted in his son Roberts, for many years treas. # ves; Treasurer, A. J. Howden. Re. Returned To Office LT.-COL. R. B. SMITH Who was re.elected president of the Maple Leaf Farmers' Mutual Fire Insurance Company at its annual meeting in the Township Hall at Columbus yesterday afternoon. The company reports for the year were indicative of healthy growth and progress. Ontano Spotlite CHECKING DRIVERS Toronto, Feb. 17--(CP)-- Police here are catching up with drivers whose licences are suspended. A special squad is checking between 3,500 and 4,000 in the area who are on the Ontario Department of Highways suspended list dating 1941, BUILDING COLLAPSES Owen Sound, Feb. 17--(CP)-- The gas plant building housing coke ovens collapsed during the week.end carrying a portion of the walls down. The plant has been closed since Dec. 6 and workmen have been removing machinery, OLD GUN BRINGS FINE London, Feb, 17--(CP)--It's dan. gercus to walk downtown here with a 80.year-old pistol stuck in your belt. Thomas Westman was fined $25 for carrying an unregistered weapon--a ball and cap pistol--that he said he was taking to a friend interested in antique guns, EFFORT DIDN'T PAY London, Feb. 17--(CP)--Alex Wallace Beer, 145 pounds, claimed he carried off without help a safe weighing 390 pounds from a local restaurant. He pleaded guilty to breaking in ard stealing $400 in the safe. He was sentenced to 12 months definite and 12 months inde. finite, What to Do To-Night * Recreation Headquarters 100 Gibbs Street Daily 2to4 pam~Leathercrats (except Mon ay ' --Woodshop, shellcraft. --Collegiate-age gym ana woodwork, 4 to 6 p.m.--Crafts and hobbies for boys and girls. . ~--Boys boxing. 7 to 9 p.m.--Adult activities only, ~--Leathercraft, shellcraft, woodshop, plastic, gym, Weekly and Spec Features. TUESDAY--AIr Cadets, auditorium, WEDNESDAY--TUCA. Drama meeting, stage group. Operetta organization meeting. Neighborhood Associations Council. FRIDAY--Family Night. Fidelity Bible Class party. SATURDAY--Chlidren's activities in the morning. VISITORS AT ROTARY Visitors at the luncheon meet- ing of the Oshawa Rotary Club yesterday were Rotarian George James of Bowmanville, Rotarian Ed, Simmons of Aylmer, Quebec; William Brownlee and George Wil- son of Oshawa, 40 NATIONS FIGHT TB More than 40 countries have adopted tire idea of selling stamps at Christmas to raise money to fight tuberculosis, & History A 4 HERO AWARDED $1,000 Port Colborne, Feb. 17--(CP) -- lake in the St. Lawrence River last year, yesterday was presented with a $1,000 cheque. Capt. Misener, President of the Sarnia and Colonial Steamships Limited, the award. - FOOD BARGAINS AT GLECOFF GBOCMEATERIA 174 RITSON RD, 8S. PHONES 3235-3234 Specials for Wed., Thurs, Fri, and Sat. Feb. 18, 19, 20 and 21st. OPEN ALL DAY EVERY WEDNES- DAY FOR YOUR CONVENIENCE Phone or Visit Glecoff's Today Buy at these Low Prices and Save Phone Day Before for early morning Delivery--Call 3235 First Grade 40 ¢ BUTTER, lb. .. Young Roasting CHICKENS, 1b. ,..... Young Boiling FOWL (4 to 5 lbs.) Ib. .. 39¢ Boneless SIRLOIN ROASTS No Waste, only, b. ... BT 47¢ PRIME RIB Boneless & Rolled, Ib. Lean Boneless ROUND STEAK ROAST Lean Minced ROUND STEAK, Ib, .. 45¢ BEEF STEAK PIES, 3 20r voesess Rindless BREAKFAST BACON specul, Bb. -........... DOG 22¢ Fresh PORK LIVER BEEF 39¢ Sliced, Ib. .. 29¢ 39¢ for Dressing, about 113 lbs. each, Ib, ..,.,, er B18 HADDIE, Ib. oor. 8 SHORTENING -1 1b. pkgs., 2 for .... Large Grade A EGGS, doz. .... Golden Ripe BANANAS, 2 lbs. Aylmer TOMATO" JUICE, 20 oz. tin ..... Campbell's, TOMATO SOUP, tin ., MINUTE TAPIOCA Per DUE. «i: cccvens sy .e PEANUT BUTTER RINSO or SUPER SUDS Large, pkg. ....... FA DILL PICKLES X Gallon tins ...... sone Mother Parker's Orange | Fresh Shoulders Lean BUTT ROASTS PORK, Ib. ....s000es0s STEAKS, Ib. .... Ba sore SO STEAKS, lb, ... Large Farmers or Small Link SAUSAGE, 1b. «..c.00e Fresh PORK 23 ¢ Fresh Washed CARROTS or PARSNIPS 23 ¢ Lovely Wared ; TURNIPS, 6 1b. ve0vas.. 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Ep 23¢ Always Phone Glecoff 3235 owners of the Milverton, presented Clare Van Allen of Iroquois, Ont. | hero of the explosion that followed 1 a collision between the freighter | Milverton and the oil tanker Trans. | R. Scott *