The Dutch insurance industry has received a negative outlook from Moody's Investors Service Ltd. in London, reflecting in part concerns over unit-linked contracts and the absence of growth opportunities in the nonlife segment, according to a report released Thursday by the rating agency.

Nor should hippophobes shrink away; though the story reeks of horses it is not horsy.

Often, on the plantation, he had seen the white men take drinks. But there was something somehow different in the manner of Borckman’s taking a drink. Jerry was aware, vaguely, that there was something surreptitious about it. What was wrong he did not know, yet he sensed the wrongness and watched suspiciously.

We were talking about it at mess, yesterday, and chaffing Derby Oaks—until he was as mad as a hatter.