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...goes up. He talks of atomic-powered 100,000-tonners in the not-too-distant future. Present-day merchant fleets, Niarchos points out, are never too far from the financial reefs. In a bad year, a ship can lose more than half its value. In the best of times, merchantmen usually work ten years or more to pay off their owners' mortgages. Thinking of his heavily mortgaged fleet, Niarchos claims he is still a long way from blue water. Says he jokingly: "All we really own is the air between the funnel...

Author: /time Magazine | Title: SHIPPING: The Big N | 2/13/1956 | See Source »

...Riffraff." For Nigelock's crew, the excitement was old stuff. A week before, they had been captured by a Nationalist warship but released under the guns of the Royal Navy's frigate St. Bride's Bay. Nigelock is one of a hundred British merchantmen (some under charter to Red China) engaged in Chinese coastal trade. Its crew and skipper expect to run into trouble: war-risk insurance on the China coast is the world's highest...

Author: /time Magazine | Title: CHINA: Shot Across the Bow | 9/7/1953 | See Source »

...Review. This week the Sverdlov stood amid 206 British Commonwealth warships, 56 British merchantmen and 15 other foreigners (including the U.S.S. Baltimore) as the Queen's yacht swept down the lines. As the Queen passed by, the Russians cheered her, and a flashing electric sign spelled out Sverdlov. Next day the Russian ship headed toward home, leaving Britons to wonder whether they should scoff any more at a navy that is bigger than theirs...

Author: /time Magazine | Title: GREAT BRITAIN: Two-Way Scrutiny | 6/22/1953 | See Source »

...flat and forested, drained into the Baltic by the sprawling Western Dvina River, which brings wheat, dairy products and lumber down to the capital city of Riga (pop. 393,000). Over the centuries, the hardy Latvian peasants have been trampled underfoot by Viking raiders, Teutonic knights and Hansa merchantmen, Swedes, Poles, Germans and Great Russians. They have known only 22 years of national independence (from 1918 until 1940, when the Red army marched in), but the U.S. still technically recognizes their nonexistent sovereignty. Said President Roosevelt in 1941: "The U.S. will never recognize the annexation of Latvia and the other...

Author: /time Magazine | Title: RUSSIA: Trouble in the Sticks | 5/4/1953 | See Source »

...Several merchantmen sighted the bedraggled schooner, and came alongside to help, but were driven off by musket fire. Twice the Africans went foraging ashore, while the isolated yeomen of Long Island barricaded themselves behind locked doors. In the end, the Amistad was captured off Montauk Point by the Navy surveying brig Washington...

Author: /time Magazine | Title: Books: He Could Not Be a Slave | 5/4/1953 | See Source »

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