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Full Chapter Logistics Real Estate The Emergence of A New Asset Class 1St Edition Quach PDF
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To Tran Quach
Michael Trübestein
Matthias Daniel Aepli
Logistics
Real Estate
The Emergence
of a new Asset Class
Logistics Real state
o ran Quach • ichael rübestein
atthias Daniel Aepli
© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Fachmedien
Wiesbaden GmbH, part of Springer Nature 2024
This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher,
whether the whole or part of the material is concerned, specifically the rights of translation, reprinting,
reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical
way, and transmission or information storage and retrieval, electronic adaptation, computer software,
or by similar or dissimilar methodology now known or hereafter developed.
The use of general descriptive names, registered names, trademarks, service marks, etc. in this
publication does not imply, even in the absence of a specific statement, that such names are exempt
from the relevant protective laws and regulations and therefore free for general use.
The publisher, the authors, and the editors are safe to assume that the advice and information in this
book are believed to be true and accurate at the date of publication. Neither the publisher nor the
authors or the editors give a warranty, expressed or implied, with respect to the material contained
herein or for any errors or omissions that may have been made. The publisher remains neutral with
regard to jurisdictional claims in published maps and institutional affiliations.
V
Management Summary
We would like to thank everyone that made the publication of this book
possible, whether through practical or moral support.
VII
Table of Contents
Management Summary . . . . . . . . . . . . . . . . . . . . . . . . . . V
Acknowledgments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . VII
1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
1.1 Research Aim & Questions . . . . . . . . . . . . . . . . . . . . . . . . . 2
1.2 Definition & Delimitation . . . . . . . . . . . . . . . . . . . . . . . . . . 3
1.3 Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
2 Literature Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
2.1 Fundamentals of Logistics . . . . . . . . . . . . . . . . . . . . . . . . . 13
2.2 Drivers of Logistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
2.3 European Logistics Market . . . . . . . . . . . . . . . . . . . . . . . . . 23
2.4 Investments in Logistics Real Estate . . . . . . . . . . . . . . . . . . . 27
5 Investment Guide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
5.1 Investment Criteria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
5.2 Investment Principles . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
5.3 Investment Pitfalls . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
IX
Table of Contents
6 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
6.1 Answers to Research Questions . . . . . . . . . . . . . . . . . . . . . . 65
6.2 Critical Reflection & Further Research . . . . . . . . . . . . . . . . . . 72
Bibliography . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
Appendices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83
Appendix A: Evaluation Grid . . . . . . . . . . . . . . . . . . . . . . . . 84
Appendix B: Catella Logistics Market Map Europe 2022 . . . . . . . 90
Authors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93
List of Tables
Table 1: Qualitative Research Design . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Table 2: Interviews – Sampling Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Table 3: Overview of Interviewees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
List of Figures
Figure 1: Structure of the Book . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Figure 2: Research Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Figure 3: Logistics Real Estate − The 4 Sub-Asset Classes . . . . . . . . . . . . . . . . . . . . 16
Figure 4: Global E-Commerce Sales and Penetration Rate . . . . . . . . . . . . . . . . . . . . 20
Figure 5: European Logistics Take-up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Figure 6: European Logistics Investment Volumes . . . . . . . . . . . . . . . . . . . . . . . . 28
Figure 7: European Prime Logistics Yields . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Figure 8: European E-commerce Penetration Rate by Country . . . . . . . . . . . . . . . . . 37
Figure 9: Overview Investment Criteria − European Logistics Real Estate . . . . . . . . . . . 57
Figure 10: Overview Investment Principles − European Logistics Real Estate . . . . . . . . . 60
Figure 11: Overview Investment Pitfalls − European Logistics Real Estate . . . . . . . . . . 63
X
1 Introduction
1
Though, despite the potential of the logistics market, one must not overlook
the fact that the logistics asset class also comes with its own set of challeng-
es and pitfalls which should be considered before investing. Similarly, the
This research aims to underline the key dimensions behind the potential and
challenges of investments in European logistics. It particularly focuses on the
dynamics which shape the European logistics market. Understanding these
dynamics is important to relate how logistics properties fit into the bigger
picture of the economy and environment. This research is mainly targeted
at institutional investors but is also suitable for interested retail investors or
those interested in this industry.
This research guides the reader through an overview of logistics real estate,
the key drivers affecting the European logistics market, and the current and
future dynamics to finally provide a guideline for a course of action regard-
ing investments.
2
Introduction
Considering the research aim, the following research questions were defined:
Logistics and industrial properties are divided into two major sectors:
logistics real estate and light industrial real estate. Important to note is that
this book focuses only on logistics. The topic of light industrial is only dealt
with for delimitation. Thus, this subchapter defines and distinguishes the
two from each other, and further gives definition to the terms last link/
urban logistics and just-in-time logistics.
3
Logistics Real Estate
The typology of light industrial real estate is not always clearly separable from
other commercial or industrial buildings. The main difference lies in the
higher third-party usability. Investment-intensive medium-heavy to heavy
industries (e.g., mechanical engineering, turbine construction, mining, and
steel production) require properties that are designed for very specific pro-
duction processes and thus have low third-party usability. In contrast, light
industrial properties are suitable for light forms of labor- and knowledge-
intensive manufacturing of small and medium-sized consumer and invest-
ment goods. Types of uses include manufacturing, storage, office, research,
and service spaces. Light industrial real estate can be more flexibly adapted
to production and market cycles. As a result, light industrial real estate can
be used by a broader range of parties without major conversion costs and
therefore, offers great liquidity to investors (CBRE, 2021, p. 10).
The light industrial real estate sector is considered a niche sector with a very
high proportion of owner-occupiers (approximately 90% in Germany).
These properties often are in attractive locations within large economic
areas. Different than with the logistics properties, light industrial properties
are typically multi-tenanted – especially in business parks. This sector has
proven high resilience in times of crisis due to the broad tenant base, espe-
cially among small and medium-sized enterprises which usually are quite
loyal to their location base. Furthermore, the light industrial sector has an
advantage in terms of the construction law due to the broader utilization
options. On the other hand, the disadvantage of this broad use is the high
asset management cost (Gütle, 2021, p. 6).
4
Introduction
So, light industrial is the general term for mixed-used commercial property
that is in or near metropolitan areas with good transport connections. These
properties typically have a medium-sized multi-tenant structure although
they can also include large single company occupiers. These properties can 1
be classified into four categories (Swiss Life Asset Managers, 2020a, pp. 1–2):
Last mile, last kilometer, and urban logistics all refer to the last link in the
supply chain. Cushman & Wakefield (2019) has developed the term last link
to refer to the final connection. The term is used regardless of whether the
final connection is long or short, the delivery is by truck or electric bike,
urban or rural, to a pickup location or home. For this paper, the term, and the
definition according to Cushman & Wakefield will be used. In the context of
e-commerce, link in last link refers to the connection to the rest of the supply
chain, while last refers to the end of the supply chain that is reached when
the package is delivered. The general rule of thumb for last link facilities is
that they should be within a 30-minute drive time of major city centers and
as close as possible to the first delivery point (Cushman & Wakefield, 2019).
5
Logistics Real Estate
Just-In-Time Logistics
1.3 Methodology
This subchapter explains the methodology applied for this research paper.
Before diving into the details of the research process, the composition of this
paper is presented for a better understanding of the methodology.
Introduction
Chapter 1
Research Aim & Questions Definition & Delimitation Methodology
Literature Review
Chapter 2 Fundamentals of Drivers of Logistics European Logistics Investments in
Logistics Market Logistics Real Estate
Investment Guide
Chapter 5
Investment Criteria Investment Principles Investment Pitfalls
Conclusion
Chapter 6
Answers to Research Questions Critical Reflection & Further Research
6
Introduction
The following sections explain the applied research method in detail. First,
the research strategy and design are presented.
The main six steps of a qualitative research process are applied to this re-
search (Bell, Bryman, & Harley, 2019, pp. 357–358). Steps 1 and 2 together
form the research design. In step 1, the topic European Logistics and the
research aim are defined. In step 2, the relevant sub-topics are selected, and
the corresponding research questions are specified (see Table 1: Qualitative
Research Design).
To achieve the research aim set and to answer the defined research ques-
tions, steps 3 to 6 of the qualitative research process are carried out. In step 3,
the data to answer the research questions are collected with a cross-sectional
approach, which means the collection of data in the form of observations, on
a series of variables, at a single point in time (Bell, Bryman, & Harley, 2018,
pp. 58–61). For this research, academic online research in combination with
semi-structured interviews is conducted. Academic online research includes
the collection of existing literature about the defined topic. In the interviews,
experts from this field, namely institutional investors, fund providers, and
operators are surveyed using a semi-structured interview guide. Semi-struc-
tured interviews are suited to discover subjective views, orientations, and
behavior related to a specific topic (Flick, 2018, p. 32). Therefore, they are
appropriate to explore expert opinions on logistics investments in Europe.
7
Logistics Real Estate
Steps 4 and 5 together form the data analysis. In step 4, the results of the
conducted interviews are analyzed and interpreted. In step 5, the conceptual
and theoretical work is done using the data from the online research and the
results of the interviews. This means relationships (similarities and differ-
ences) are investigated to reflect patterns (Bell, Bryman, & Harley, 2018, pp.
58–61). The analysis deals with the current situation of European logistics
(Chapter 3: Analysis I – Experts on the Current Situation of European Logis-
tics) and the future of European logistics (Chapter 4: Analysis II – Experts
on the Future of European Logistics).
Data Analysis
Figure 2: Research Strategy (Bell, Bryman, & Harley, 2019, pp. 357–358)
8
Introduction
Step 6 deals with the findings and gives guidelines to investors (Chapter 5:
Investment Guide) as well as a conclusion (Chapter 6: Conclusion). More-
over, the work is critically evaluated and the need for further research is
defined. Figure 2 shows an overview of the research strategy and table 1 gives 1
an overview of the research design (Step 1 and 2). The upcoming sections
then explain the research process regarding the interviews with the experts
in detail.
What? Why?
• Topic: Logistics Real Estate – The Emergence • Investment opportunities become increas-
of a new Asset Class ingly rare. Investors are under pressure
to generate returns on their assets.
• Research aim: Investors know the funda-
mentals of logistics investments, and their • Logistics properties are becoming increas-
assessment criteria and can orientate ingly attractive to institutional investors.
themselves within the current and future
• It is crucial for investors to understand
dynamics in the European logistics market.
logistics' fundamentals and assessment
• Answering the research questions defined criteria to orient themselves within the
in Chapter 1.1: Research Aim & Questions. current and future dynamics to invest.
1 The interview guide will be explained on page 10 (Interviews – Data Collection & Analysis).
2 The evaluation grid will be explained on page 11 (Interviews – Data Collection & Analysis).
9
Logistics Real Estate
To ensure an all-around view, three kinds of parties are considered for the
interviews. The parties can be categorized into institutional investors, fund
providers, and operators/3rd parties. Each category is represented by at least
one expert from the industry. Some experts might speak from the perspec-
tive of two categories (e.g., fund provider and investor).
10
Introduction
For the subsequent data analysis, the interviews are conducted via Micro-
soft Teams with video transmission or sound recording. All interviewees are
asked for their explicit consent to being recorded and they are informed of
the study’s context. The experts conducted the interview independently of 1
each other. The form of evaluation of the interviews is explained in the next
section. The following experts were selected based on the defined sampling
strategy (in alphabetical order of the last name):
The analysis is then carried out in an evaluation grid (see Appendix A: Eval-
uation Grid). Each interview is organized within the table with the key state-
ments in the respective columns. The statements are then compared and
grouped into common themes. Thereafter, the similarities and differences are
highlighted and summarized (Guest, MacQueen, & Namey, 2012, pp. 9–10).
11
Logistics Real Estate
12
2 Literature Review
Before diving into the topic of logistics real estate, it is important to first
understand real estate in general as an investment class. Real estate as an
investment class is often to be found in the portfolios of institutional inves-
tors. Investing in real estate can yield high returns, be useful for diversifica-
tion, and function as a hedge against inflation. Credit Suisse (2021b) expects
the historically low-interest rates to rise modestly and the ongoing economic
recovery to continue. This environment should be supportive of real estate
investments in 2022. Furthermore, the report states that accelerated growth
in e-commerce, digitalization, and working from home (WFH) should con-
tinue to specifically benefit the logistics sector while further challenging the
outlook for office and retail space. With that being said, pandemic-driven
structural shifts persist, and logistics real estate is favored as an asset class
(Credit Suisse, 2021b).
Before a bar of chocolate reaches the end consumer, there are a series of
steps that precede it. As the term implies, the supply chain is a series of inter
linked functions, companies, and individuals. Supply chain management is
planning and organizing how the distribution of goods and services will
make it from manufacturer to consumer. The supply chain starts with those
who produce and supply raw materials or components to manufacturers,
continues with the logistics firms that move finished goods to warehouses
and distribution centers, and concludes with the hand-off to wholesalers
and retailers. So, if the supply of cocoa from Guinea is disrupted, a factory
in Switzerland cannot produce chocolate bars (Prologis, n.d.).
14
Literature Review
are traded with a risk premium. Similarly, the smaller user base, consisting
of industrial companies, retailers, and logistics service providers, leads to a
more limited third-party usability (CBRE, 2020, p. 4).
• Fulfillment Centers
• Distribution Platforms/Warehouses
• Parcel Hubs
• Last Mile Distribution Hubs
Figure 3 on the next page gives an overview of these four categories with
their corresponding characteristics and the next section then explains some
of the requirements for the location and properties.
15
Logistics Real Estate
Fulfillment Centers
• Size 80,000 up to 200,000 m²
• Several levels of concrete or steel mezzanine
• Central storage area with robots for handling in recent layout versions
• Packing areas in periphery of building with natural light
• Large office component and social premises for high number of
employees
• Ground floor usually as cross dock with HGV ramps
• Access to mezzanines or upper floors by cargo lift
• Connection to public transport and large labor pool in local market
Distribution Platforms/Warehouses
• Typical size 10,000 up to 90,000 m²
• Up to 15% mezzanine behind dock doors
• Ideally not more than 5% offices
• Sufficient truck parking area
• Minimum height 10 m; ideally 12,20 m for single layer sprinkler system FM
• Floor load min 5 T/ m²
• Loading docks 1/900 m²
• Ideal depth 80 m up to 120 m for single sided ramps
• Often also cross dock layout tor side loading area under canopy
(automotive)
Parcel Hubs
• Typical size 3,000 up to 15,000 m²
• Up to 25% office area for commercial teams
• Necessarily cross dock units with depth 40–60 m
• Minimum height 6 m; usually not sprinklered
• Floor load min 3 T/m², large truck parking areas
• Loading docks along whole façade min 1/100 m²
• Possibly two types of loading docks for HGV and vans
• Location at motorway/highway crossing with 24/7 access
Figure 3: Logistics Real Estate − The 4 Sub-Asset Classes (AXA Investment Managers, 2022) 3
16
Literature Review
The macro- and micro-location, the plot, and the property itself play an
important role in the requirements. Regarding macro-location the p roperty
should be in a logistics region or conurbation, in proximity to a production
site, and have optimal transport connection (road, wail, water, air). I deal 2
micro-location characteristics are, e.g., good infrastructure nearby and
on-site (petrol station, retail trade, gastronomy, hotel, etc.), generous street
fronts for entrances and exits, few traffic lights, and no residential area in the
neighborhood (DIWG, 2021, p. 53).
The plot itself should be at least 2 ha with a rectangular cut (optimal 130–
150m, 200–400m). Typically, 40–60% of the land is covered by buildings.
Furthermore, a level plot i.e., no incline is ideal. Of course, the development
of traffic and technical (water, electricity, gas, telecommunications), protec-
tion against force majeure (floods, storms, etc.), as well as fencing (barriers,
alarm systems, video surveillance, etc.) are required. The plot should also
have enough parking spaces/waiting areas for the trucks and ideally have
expansion areas (DIWG, 2021, p. 54).
A very important requirement is the extensive usage permit (at least from
6 am to 10 pm, seven days per week) which heavily depends on the noise and
air protection regulations in the area. The construction itself typically has a
minimum size of 10,000m2 and is a single-story hall with a mezzanine in the
docking area for office use. Typical for the construction of logistics buildings
are concrete and flat sole, waterproofed floor surface, and a flat pitched roof.
Also, to be considered are the special requirements regarding the equipment
of the building, e.g., the heating, lighting, water, gas, and electricity connec-
tion (depending on the use of the building). Moreover, a fire alarm system,
sprinkler system, protection in front of the loading gates, and weather aprons
must be considered (DIWG, 2021, pp. 54–55).
The past years have accelerated and highlighted some existing trends but
have also shown new emerging trends. Cushman & Wakefield (2021) define
five key drivers that are influencing and driving the logistics real estate
17
Logistics Real Estate
All these factors coupled with a rising consumer class are driving the need for
more logistics space (Prologis, 2021, p. 4). During the Covid-19 lockdowns,
online retail in Europe particularly showed the same growth in online sales
volume in one year as in the previous five years combined. The online retail
revolution is certainly not a new trend but one that has been seeing some of
the biggest shifts in the industry and a trend that will continue to shape the
sector in the future (Bruer, 2021).
The disruption of the food supply chain being an emerging trend, has shown
the ways in and from which places food is sourced – basically the production
and distribution of food. The focus is on the localization of food sourcing
and on geopolitical factors such as changing trade relationships. Meaning
18
Literature Review
the flow of food from production locations is changing for some markets.
In manufacturing and production, technology is playing a major role. In
response to recent disruptions, businesses are considering how they hold
stock – just-in-time logistics or holding greater inventory levels to maintain
supply without interruption. Therefore, facilities closer to the markets with
the right operational needs for users to operate effectively and efficiently, are 2
in great demand (Bruer, 2021).
One of the biggest drivers facing logistics users and the property industry is
urban and last link logistics. Last link/urban logistics in particular was the
focus of investors, and activity in this area has increased since the outbreak
of the pandemic (UBS Asset Management, 2020, p. 4). Despite the Covid-19
pandemic, expectations are that people will continue to live more and more
in cities. By 2030 over three-quarters of the people of Europe are expected to
be living in urban areas and there are expected to be 74 cities with a million
19
Logistics Real Estate
20
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is doubtful whether they would have succeeded had it not been for
the help of the friendly Esquimaux, who did everything in their power
for their visitors.
At one time, they all gave up the ship as lost. The ice closed
around them with such a crushing force, that the captain and crew
fled to the shelter of the Esquimaux snow houses, where they were
most hospitably received, and preparations were made to entertain
them all winter.
But the vessel escaped, it seemed, almost by a miracle, and the
crew returned to it very soon. Then the ice broke up into smaller
pieces and drifted away towards the open sea, and the ship
prepared to follow as soon as the channel should be sufficiently
open. The Esquimaux bade farewell to the whalers, and went off on
an expedition, partly for hunting, but chiefly to gather in their dogs
and reindeer under shelter for the winter, leaving a few old men and
boys to guard the settlement.
Polargno happened to be one of the boys left behind. The day
after the expedition started he walked down to the shore to see if the
bay was sufficiently open for the ship to start on its voyage. He found
that the vessel was enclosed in thin ice which extended for quite a
distance beyond in a solid sheet. But, as the weather was still
moderating, this ice would probably break up in a few hours. Some
sailors were packing up their things in a tent they had occupied on
the shore. They evidently expected certainly to get away this time.
But, before Polargno reached the place, they ran out of the tent, and
down towards the beach with exclamations of horror. Polargno ran
after them, and soon discovered the cause of their excitement.
Lower down could be seen the open sea, and, rising and falling on
the waves were blocks of ice, some large and some small. On one of
the largest floes stood a sailor, trying to ward off the attack of a polar
bear. The bear had evidently just arrived upon the scene, and was
walking around the man, preparatory to making a rush upon him. If
he once closed with the sailor there was small chance of the latter
escaping with his life. The ice floe, on which they both stood, was
now almost stationary, having become wedged in a mass of light,
loose pieces that were swaying back and forth on the water.
Having taken in this situation at a glance, Polargno did not hesitate
an instant, but ran down the shore at his best speed to a spot
opposite the ice-floe. The four sailors followed, but they could not
equal the speed of the Esquimaux boy, and when they arrived he
had taken off his outer suit and boots, retaining only his in-door suit,
and light seal-skin boots. The sailors could not imagine what the boy
was about, but their attention was absorbed in their comrade who
was in such deadly peril, and they paid little heed to Polargno. Two
of them had guns, but they found to their dismay, that these were of
no use. The distance was too great for them to aim at any particular
spot of the beast’s body, and a polar bear is very hard to kill, unless
a vital part is struck. If he were only wounded he would be so
infuriated that the sailor’s case would be hopeless. And, besides, the
bear was now on the farther side of the block of ice, and was thus
partly covered from their fire by the man’s body.
All this had passed in the space of a very few minutes; and now,
while they were wondering what they could do, and watching for a
chance to fire, the sailors suddenly discovered that the Esquimaux
boy was far on his way to the help of their comrade. He had made no
boast of what he was going to do. He had asked for no help. He
knew they could not give him any. The thin cakes of ice, which
dipped into the water under his light tread, would have sunk with the
weight of one of the sailors. He saw that a fellow-creature was in
danger of being killed by a ferocious animal; and, at once, without a
care for his own personal safety, he went to the rescue. He had, in
his belt, his knife and his hatchet, and, on these, and his dexterity
and quickness, and knowledge of the ways of polar bears, he relied
for success.
The sailors watched him, full of admiration for his courage, and for
his skill in jumping the floating cakes of ice that one would scarcely
expect to bear the weight of a bird. He seemed to select the largest
and strongest pieces, by a sort of quick instinct, and bounded from
one to another as lightly as a cat. A foot went into the water at nearly
every step, but he did not sink.
Meantime the bear had advanced upon the sailor, who, it now was
seen, had a knife in his hand, prepared to do his best.
The Esquimaux boy had now reached the pack of loose ice
against which the ice floe had rested. This was firm, and he paused
an instant, before springing on to the floe. The sailors thought his
courage had failed at the last moment. But no! Polargno knew there
was no time to lose, and he required only this instant to see where
he could best strike the bear. There was no vital part at which he
could get a good stroke. All he could do at first was to divert the
bear’s attention from the sailor to himself.
He threw his hatchet straight at the side of the bear that was
exposed to him. It sank through the tough skin into the flesh, but the
wound was not a very severe one. The astonished animal turned,
and, seeing the boy who had now sprung upon the ice floe, not a
dozen yards from him, he made towards this new comer in a great
rage.
But Polargno was ready for him. He sprang aside, and quickly
struck his knife into the side of the bear. The animal fell, but was not
killed, and it tried to stagger up again; but, by this time, the sailor had
recovered his senses, for he had stood apparently stupefied when
the bear left him. He now came to the boy’s assistance, and,
together, they soon put an end to their formidable foe.
Polargno pulled off his hood, and waved it in the air, and shouted
“Hurrah!” This word and action he had learned from the sailors. By
this time the whole crew had come down from the ship, and they
also joyfully waved their hats, and shouted “Hurrah!”
But the two must be taken off the ice-floe before it went sailing out
into the sea. The pack of ice was, even now, moving faster, and gave
signs of breaking up. So a boat was got down from the ship as
speedily as possible, and some of the sailors, steering in and out of
the floating ice, went to their relief, and took them safely to the shore.
They intended to leave the carcass of the bear, but it went to
Polargno’s heart to see so much good meat wasted, and he begged
so hard for it, that the sailors waited long enough to tow it to shore,
though they were in a hurry to get back before the upper ice field
broke up.
You may wonder how the sailor and the bear got off on this ice-floe
together; as you, no doubt, feel sure they did not make an
appointment to meet there. The sailor told how he came there. It
happened this way: The day before, he had lost a small wallet,
containing some of his valuables, among the ice hummocks near the
shore. As soon as he discovered his loss he searched for the bag,
and his companions aided him. It could not be found, and, this day,
while the men were occupied in packing up the last of their effects,
he went out on the ice to look once more among the hummocks for
his wallet. He wandered some distance out, but the ice was solid and
firm. Suddenly he heard a noise like a sharp thunder clap, and the
next instant he was floating out into the open sea, with blocks of ice
swirling and tumbling about him in all directions. The ice had broken
loose, and there was no way for him to reach the shore. He called
and shouted, but his cries did not reach the ship, or the men in the
tent. He was afraid the floe he was on would go to pieces before he
could be rescued, and he knew it would be impossible for him to
swim through the masses of loose ice. His swift course was
fortunately arrested by the ice-pack, and he hoped there would be
time to rescue him before it was all swept away by the waves, as he
was sure he must soon be missed by his companions in the tent.
Just as he was comforting himself with this thought, he turned, and
saw a large polar bear sitting upon its haunches very near him, and
regarding him attentively.
As the polar bear is dead, and as he was not able to tell his own
story, either living or dead, in any language that we could
understand, I cannot inform you how he came to be sailing out to
sea on a cake of ice. But there he was, and greatly alarmed was the
sailor when he caught sight of him. He had the presence of mind,
however, not to make any sudden motion, and hoped by keeping
very still, to persuade the bear that he was only an inanimate object.
But the creature knew better than that. It is probable he had been
observing the sailor for some time, and the reason the man did not
notice the beast was because it was so nearly the color of the ice
hummocks. It soon crossed over to his ice-floe, and it was then that
the men in the tent first saw what had happened to their companion.
MATAMATA TURTLE.
How would you like this pretty creature for a pet? He can be
domesticated, and will stay with you very contentedly, if you put him
in a place where he can’t get away. If you leave an open gateway,
however, the chances are he will walk out of it some day, and return
no more. He does not go away because he is tired of being petted,
for he likes that; or because he does not like you, for perhaps, in his
heart, (if he has one) he is sorry to part from you. He goes simply
because he can. This restless disposition moves him to extend his
travels; and, no doubt, he intends to return at some future day. But
he never does.
If you have him in any place where he can do mischief you had
better keep an eye on him; otherwise he will be poking his long nose
into things that do not concern him in the least.
His two ends are not well balanced, his neck being so very long,
and his tail so very short! The fringe-like appendage hanging from
his neck gives it somewhat the appearance of a great centipede.
His small eyes have not a very intelligent expression, but our
matamata has quite sense enough to take very good care of himself.
His shell is really very pretty. It looks as if it were hung loosely
upon him for a canopy, and as if he might be just as well off without
it, especially as it must be somewhat heavy to carry around on all
occasions. But, if you consulted him upon the matter of removing it,
he would, at once, object. Probably he would draw his long neck
instantly within his shell, leaving not so much as the tip of his sharp
nose visible; then he would whisk in his ridiculous tail; and, lastly, in
would go his fat legs and feet; and there he would have as tight and
snug a house as possible.
Did you ever eat any turtles’ eggs? If not, I advise you to do so on
the first opportunity, for they are very good.
The turtles lay their eggs in the sand that the heat of the sun and
sand combined may hatch them at the proper time. As soon as they
are hatched the young turtles make their way to the water, where
they know how to provide their own living, without instruction. But, in
the warm countries, where turtles abound, it is a wonder that any
young ones manage to get out of their eggs.
For the eggs are esteemed such a luxury, that, as soon as the
laying season of the turtles is over, the natives turn out in great
numbers, and search the sands for eggs, which they collect by the
thousands, for sale, and for their own eating.
SEARCHING THE SAND FOR TURTLES’ EGGS.
It is at this laying season that the South American Indians capture
great numbers of turtles. The turtles come out of the water at night,
in crowds, for the purpose of depositing their eggs. They dig
trenches in the sand; and, having placed their eggs in these, and
covered them, they all make a grand rush back to the water. Then
the Indians, who are on the watch, run after them, seize as many as
they can get hold of by the tails, and throw them over on their backs.
In this position a turtle is helpless, and the Indians can easily kill
them.
The flesh is excellent food; but what the Indians chiefly desire to
possess is the fine yellow fat with which the turtles are well supplied.
From this fat the Indians manufacture a superior kind of oil, for which
they find a ready sale.
If these turtles were as large as some of the West Indian turtles
that have been brought to this country, the Indians would not have
an easy task in turning them over.
A FEW VOLCANOES.