MESSAGERIES
P.D. Box 68. Queen's Bldg,
M
THE CHINA MAIL, FRIDAY, OCTOBER 2, 1953.
Pare 9
MARITIMES MARINE INSURANCE DISCUSSIONS The Rubber
Tol: 26651,
M
FAST PASSENGER/FREIGHT SERVICE
From Marsellesa banan Leaves Marseliles
"LA MARSEILLAISE"
VIET
NA
"CAMBODGE"
To Harrellies
"LA MARSEILLAISE”
OHTET NA
"CAMBODGE".
From
15 Sept.
Oct.
27 Oct.
Traven Tiongkoo
Xi Ort.
3 Nov.
Via Marielles to s11 Med
Via Djibouti to Mednddscar.
"Eurov
"HAOCADDY"
"MONHAY"
То Гигоре
Dus IX.
Cres,
# Nov. 12 Nov.
Due Marseilles
13 Nov.
26 Nov.
23.1
FREIGHT SERVICE
Left ...
«Antwerp 1 Bipl
Dunkirk early Oct
"COURSEULLES” ` ...
"AURAY"
"IRAQUADDY"
Leaves Reelung
* Oct.
20 Oct.
10 Nov.
For
Yokohama
Yakojama
.. Via
Nalgon
Balgon
Suizon
West Africa Ports
For
22 Oct, Stanila & Japan Manila & Japan
que b.x.
22 Nov.
• Ort.
1 Nor. 17 Nov.
Leaves II.K. For
+
↑ Saigon. Blagapore, Djibouti, Marseilles. Algiers. Oran, Tangiers, Casablanca. La lavre, Antwerp, Rotterdam & Dunkirk. Subject to change without notics,
EVERETT
LINES
EVERETT ORIENT LINE Fast regular freight-refrigerator-passenger Bervice to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Rangoon, Calcutta and
Chittagong.
"LENEVERETT"
Arrives Salls
Oct. 8 from. Singapore,
Kobe &c 0 for
"BRADEVERETT”
Arrives Sails
Oct. 19
from Manila, Oct, 20 for Singapore, Rangoon
(Accepting cargo for transhipment Kobe/Pusan and Kobe/Okinawa)
Yokohama.
Penang. Calcutta,
EVERETT STAR LINE
Fast regular freight-refrigerator-passenger service to Korea, Japan, Philippines, Indo- China, Siam, Malaya, Colombo, Bombay, Karachi and Persian Gulf Porta,
"THAI"
Arrives
Sall
Oct. 0 from Sandakan, Oct.
Puson, 6 for
Yokohama.
"STAR BETELGEUSE”
Arrives Sails
“LAO
Arrives Salls
Oct, 19 from Jappan. Oct, 20
Oct, 21
Kubo
for Singapore, Port Swetten. ham, Penning. Madros, Colombo, Cochin, Bombay,
Basralt, Karachi, ramshohr
from Singapore. Oct. 22 for Kobe;
Khar- Bahrein,
& Yokohama, (Accepting cargo for transhipment Kobe/Pusan and Kobe/Okinawa)
EVERETT STEAMSHIP CORPORATION S/A
(Incorporated in the Republic of Panama
With Limited "Liability
Queen's Building, Telephono 31206. Chinese Department: Tolophono 28293,
View
Pessimistic
Asian Taken On Development Plans
London, Oct. 1.
A gloomy view on the future of economic develop. in Asia is voiced in an articlo in Llyoda Bank Review published today.
ment plans
The author is Mr. Geoffrey Tyson, a former member of the Indian Legislature and an expert on Indian finances and industry.
Economic, plans, Mr Tyson, and objective view of the uses writes, have, in the terminology of foreign capital.
Considered Statement At San Sebastian On Frustration Clause
Question Of Extent of Cover After Discharge
One of the matters which has been the subject of misapprehension in various marine insurance markets has been the Frustration Clause, which, in these days, is imported into every policy of marine insurance executed in the British market or on English conditions.
Although some underwriters are of the opinion that the payment of war losses would not be beyond the market's capacity, this would almost certainly be the case under the present Governmental control in the absence of the protection provided for underwriters by the Frustra tion Clause.
Dumping Of Farm Products
London, Oct. 1.
In three distinct ways, the United States talks of
HONGKONG SHARE MARKET
morning's
Markets
Singapore, Oct. 1 After a dull opening the market steedled during the day on the reserve of sellers, and better buying enquiry.
Closing prices were as follows (Straits vents per lb):-
No. 1 rubber per lb, Oct. 52}}-#3}'
Dec
No. 1 rubber per lb. Oct. No. 3 rubber pen. Jb. Del. No. 4 rubber ped, lb, Vet. Spok, rubber-ünbülba: ......... day Banket pepe, No. 1 pain crepe
-United Press.
NEW YORK MARKET
New York, Oct. 1. Rubber futures closet uny changed to 10 points higher with sales of three contracts,
Both the futures and spot markets ruled dull and feolur transae-loss as traders divided their at tention between the baseball
Ldockers': alrike,
(From Our Correspondent)
Business lone on the Stock dumping its surplus farm Exchange this morning amount- these ed to $209,099. Noon quotations products. In one of ways-selling them for local and the currencies-it is definitely fans: preparing to do it and may sUANES BUYERS SELLERS SALES games and developments in the actually be done before the BANKS end of the year.
Another dumping
ayston- guaranteeing the "parity, price” for wheat consumed in the U.S. Holland recommends:-Limita-
while selling export wheat for tion of cover to 15 daysmal widening and influential support. whatever It will fctch-gains An international discharge; murcharge charged from inception The third export subsidies for DOCKS, ETC.
cotton-has been rejected by the
In these circumstances, it was decided at the International Union of Marine Insurance meeting at San Sebastian that the time was opportune for a careful exposition of the raison d'etre of this clause. Avtoilingly, Mr A.B. Stewart even in those days, underwriters realised the implications, namo- presented to the counell a con- Allered statement on generally, that on the outbreak of war nes, not technical ones, because they would be faced with an
OL
the exact niceties and 10chalcali- | averwhelming number of losses, of risk where longer periods are er weing Préstec "re but is]
tles are not of such importance | merely because the voyage required. da the meter-lying principles,
could not be completed. The following is a more or less
complete reproduction
Mr Stewart's statement-
of
a
{
Today, one can be sure Gov- ernments
almost cer- would The Frustration Clause is tainly give wholesale orders
out viz: "This policy is all their shipping on the short one, warranted
of any claim break of war, For example, free
or frustra- based upon loss of
when the Second World War tion of, the insured voyage or started, the British Government venture caused by arrests, re- brought into operation plans for straints, or detainments of kings. assembling all vessels in certain
peoples, princes,
or usurpers
areas, and had them convoyed to attempting persons
to usurp
safe ports, irrespective of the power."
destination. What The clouse has nothing to do contract with confiscation, Joss
losses Insurers would have had by. seizure, or any of the risics to meet but for the wisdom of in adopting usually associated with war. their predecessors Instead. It deals with
situmition this clause as, oblidiory, in but for this where,
clause,
Avoyage risk insurances is be- loss has to be paid by, under-yond computation. writers wifen the assured has not lost his goods and, indood,
•
at
again
the
policies degree less
dairy import American Act,
* 100
HK Dank East Asia
INSURANCES
Undon Underwriters 5.25 Ik Fine
Dealers quoted No. 1 spot:
RBS
kadai 22% conis a pound. Prices of
futures closed as follows:-
Dec.
21.50 Bid
March 1954
2,00, bid
May
22.60 bid
1:20 013
July
200,00 d
Sept.
22.00.bid
-United Press.
***
100
K. Wharf... 071 Dock
Provideni 12,70 12.50 1000 @ 13.70
Now Shut Docto Wheelock 0.06
HKC 11otel HK Land Khat Land Humphreys
UTILITIES
Tram Star Ferry
Israel recommends;-Rein-
. Providenit Any one of these, let alone statement of time limits after all three, would have such discharge (15 and 30 days); disruptive effects on to invite the
held extensions to
highest diplomatic protests. But LAND. ETC. covered premium to be arranged: such protests have not availed
U.S. Import against Italy comments that few in which are only a mends: Surcharge for extended surances are affected but recom- disruptive
tho Quotas,
Buy cover clause; part payment of
tariffs,
customs import A.P. should be charged from restrictions,
synthetic rubber inception of risk (no provision policy and all the rest. Instead for return of premium).
of being alleviated as the world Japan comments: Extended hoped, the whips of US. Cover Clause used in nearly all (there is renowed agitation for
policy may be toughened INDUSTRIALS Insurances. Any agreement to
against Importe restrict cover must be on inter-more barriers
of lead and zinc and of |
of wool. national basis.
and the Tariff Commission has Norway commerts;-Certain been made more accessible to export business only is insured pleas for protection by other U.S. COTIONS under extended dover, condi-industries) and aggravated by llons. Would welcome any the scorpions of U.S. export
policy.
the
was the
As recently as 1041, is in full possession of the decision in Sanday's case merely being unable to get them quoted with approval by
the well- carried to the destination named House of Lords, In in the polley.
known, test chees concerning German vessels on the outbreak of war (Forestal Land v. Middows v. Robert- cir-Rickards;
son: Howard v. Kann).
at
In 1915, the case of Sanday v British
and Foreign came be fore Bailbache J. The cumstances were as follow: Sunday and Company were the owners of two cargoes shipped In British
the vezels,
St. Andrew and Orthin, respective ly, in July, 1914, from the River Flate to Hamburg, the owner ship to remain. with Sanday's until delivery
Hamburg. Thus, the cargoes were on the high seas at the time of out- break of war. The vessels were unable to proceed to Ham burg, an enemy port, and had to proceed
British port to a In the case of the St. Andrew this was ordered, but in the case of the Orthin it was only suggested. Mr Stewart stressed this to show how far the cir- cumstances were removed from underwriters the risk which thought they were covering.
pro-
steps taken to solve problem.
A two-price system for wheat Pakistan recommerxis:-Rein- would certainly reduce U.S. statement of time limits atter consumption and would prob- discharge (15 and 30 days); ably enlarge U.S. production, In extensions held covered at
any case, in wheat's premium to be arranged (1/20 atatistical position if U.S. export!
present per cent for each 15 days or wheat wore sold without support, part thereof).
it would probably fetch for less Sweden comments:-Export than the International Wheat
minimum price but business only is insured under Agreement
$1.55. extended cover conditions. An AP. It charged depending on destination (C.M.S. is sull op- piled in many cases),
Some foreign underwriters might think that the respective courts of their countries might not adopt the same view, frequently foreign courts, faced with something new or hitherto, undecided by them, are in- fluenced by decisions' previous- ly made in British courts, es- peclaily when these have been the House of confirmed by Lords.
the
"the
run.
Indonesia Comments:-The cover on all Indonesian imports is limited to 15 days after dis charge
held covered Extensions for additional premium,
Yugoslavia Clarification
recommends:-
of
the Swiss market grants 30 days after discharge free, and then any further period up to 80 days is charged an A.F. after expiry of risk. It recommends that the above A.P, should be
་
of
ARGENTINE AIM Argentina is intent on TC- maining competitive in order to earn foreign exchange which she needs in any case, and
needs
for her particularly development
She programme, contemplates making her com- petition more efficient, by ending her export monopoly (the IAP1) presumably with consequential changes in her export exchange rate system.
now growing are Her crops not as promising as a year ago,
H
but there is time for them to prove (maize, which is not yet than last year) hazlarge stocks sown, could be a bigger crop
and these U.S. moves may make her still more them. She over-stayed the best
In any case
enger to clear
of the market, but it is still, a
it is
12.20
2 2.10 7000 à
3010 3000
1.08
122 031% 120 er end 1.40 150 .2015 10.00
25.20
131 134
C. Light (0) 18.00 15.50 200 ## 13,70 C. Light (N) 2.03 - 1000 ở 020 Electric.... 21.00 -20 B G# 20 Telephone
.. 1223,70 344 22.30
Cement. 10,2018,.58 800 @ 1886
.. : - . STORES, ETC.
Dairy Watson
Mwo
23.40 23.60 2000 ‹ə 23,50
24 800 24
240 Texule Corp. 5.00
MISCELLANEOUS
Yonglaze
TIN
LONDON
MARKET
London, Oct. 1.
The tin market was dull and barely steady. Turnover olds 10 tans all cash.
Closing prices:- Spot tā, buyers
sellers Buslars. 3-month tim, buyers
Busbess
Settlement
sellers
United Pres
Exchange Rates
Business was done in the local imofficial exchange market thin morning at the following rules;- U.S. dollar (per $1)
Sterling notes (per £1) Indonesian guliders (per 100) Slam fical (per 100) Singapore
(Strmita) 1000 1.10 Indo-China plastres (per 100)
Wall St. Trend
0.09
Not Causing A Return Of Funds
(By Sydney 5. Gampoll, Router's Financia! Editor)
Sterling's break in the days up to September 14 coincided in time with Wall Street's break up to that date. On the whole, this probably can be dismissed as a coincidence or, at the worst, a technical touching-off by Wall Street of a technical break in sterling whose real explanation is in other technicalities.
UNDERWRITERS' RISKS
of wording Without the Frustration Extended Cover Clause to make Clause, Mr Stewart concluded, it known that the assured
would
the not covered after the goods have underwriters
within come
control of the risk of having to pay total losses all those cargoes which on
consignee. happened to bo ut sea at the Switzerland comments:-That time of the outbreak of war, und which could not be got to
and German mark, and the spectacular strength TOTAL LOSS CLAM
Strength of the Canadian dollar, Swiss frane their destination, even though followed the
cargoes were neither lost nor
of the blocked mark, combine to show that Wall The vessels orders in the one case and the damaged, and indeed were sul
fully
in possession of their suggestion in the other,
Street's weakness is not causing any general owners. He considered such a ceeding to British ports and
pald at inception of risk. there unloaded the cargoes, prospect so appalling that all
that the Frustrated States comic fairly good maret and 'she,
American move to pull in money from abroad or Thus, all that happened was that must realise
question of "extent of covera Sanday and Company could not tion Clause must go into every after discharge causes consider Uke other potential sellers, may any general fears for non-dollar currencies in the
Includes the risk able coreren,
well feel that, by worse than get the cargoes to the destina-polley which
event of an American recession. the policy.
much likeller to get Germany comments:-Tho | B!!" Extended
to get better. they were still in
Between ther Cover Clause is S. and Argentine
Of course, if the casiness of both psychological and technieni the subject seldom used in practice.
millstones, open meeting.
sterling meant that either dealt with was the extent of granted only an individual ap-
Canada seems
of reasons-bo very much greater to be in some those moves They gave noilco
has started cover after discharge. It was
donger of getting terribly
in than the bear positions bullt up abandonment in each case and
places later. -In tex, chairman of Lloyd's Under-
that event, asserts also that the APPEAL TO MEMBERS has lately become more flexible. Canada
recent might prove Association. Hoop-
but the small adjustments that it
most strengtheningTM of the
dollar associa Speaking 29 an individual at has made are
of the overseas sterling nothing to those vulnerable, merely because that
is where the Americans have dominions lan" of the market, the | pealed to all national
year's conference, Mr that it may still have to make most money and, when they run, similar to the pattem of im
disturbingly held that underwriters tions to study the problem with inst
what Porter for constructive a view to ascertaining
also appealed to the China Mail Special..
they run fast. Neither of these provamont set up between, mid- liable
could be done to ensure the members of the union.to keep total loos
ов the
horrors seems grounds
to be in in- before them the question of the
the '1040 on protection of rivers
and the end of 1030%- that
voyage policy
deductions allowed for
picture at present.
which preceded, the crisis of the premiums, In the Interim, Mr
come second half of 1931. has again been active, Porter
produced for this year's conference another summary of the replies of the varous
Lon
named
In
of war.
session of their last year's conférenco, at i
of
claimed for a constructive total introduced by Mr R. A. J. Por Pilention for specific shipments. bruised. Canada's Wheat Board London It'swould turn on other in 1949 and 1951. This journal
Lots
To the surprise and, perhaps, writers
ware
Arniers not only the phy-forests, whether
the
· Joss or damage, but also losa ot
in this case, although the cargoes
of Eastern democracies, become "It is not always appreciated fost the standard antidote for the in Asia that alleged depredations
of
former colonial economy.
essence
self-interest and the self-respect can frequently bo brought together without loss
of statesmanship."
.by
HOW
take
..
with the
The total of the new capital/of principle. Indeed, that is the adopted, the chairman quoted goods be not takelopers could!
involved in these projects would China Mail Special.
be "gargantuan.” But they
ssume a certain amount of
Baving by the individual or the
Basumption."
A recently published report to the United Nations by
Economic Commission for Asin closed today as follows
(ECAFE) Spat and the Far East
the atresses
Importance of October anallsing agricultural mvings, December
March (1054) Mr Tyson writes that this is May
but
Lali
100 of the
RECOMMENDATIONS
· extensions.
carro
em-
NEW YORK STOCK EXCHANGE
porate
Either or both might
Into it later. Not only Wall Street but also many physical
business..
be Immaterizi.
some
non-
=
the
The Introduction of
clause, cargo
In the Liberal regime for I the venture; and particular intention of dealing and
and financial sectors of the U.3. which Chancellor Butler has were still in the assured's with deterioration in the nature
Britain would economy are flying storm signals been striving, nossession, the venture had been lot risks when consimees reused markets to an inquiry, as to the
for some sort of downturn. keep dollar goods out
out of In up goods or restraint to
or documents;
U.S. or frustrated
Whether the dominions not by begging the or (b) by an approach to the position there in regard to ex- of the British Government.
causes of the downturn were At a meeting in 1919, when banks to ensure that they give cessive deductions.
Mr
Porter informed
dollar payoliological or tangible would dominions to discriminate against
the the
but by underselling notification was immediate Frustration Clause
when the
com.executiva counell that the Bri-
The storm, dollar goods with competitive up by
contish market had considered
New York, Oct. 1.
It came
could head British goods. The Butler..
dia the following words of Sumner, digneers, so that
Gull
the considering
Bircoton of Led by Industrial issues, stocks In
Inflation In
Britain, be advised promptly; or (c) by and was
coupled fractioce to more dollar currencies which ones
with German complet The seas on the outbreak of a return to the 30 days Ware-setting a limit to the extent of Improved
than a point today to slow would remain to be
some wonder in making war would become strewn with house to Warehouse cover discharge by
Extended Cover dealings
DISTURBING A British ports moto constructive total losses, consist-(d) by the Introduction of a
within the Institute Aircrafts, chemicals and In one of He very low defnite petlive.
But it Bas been ordly State and "this is a very big N.Y. Cotton Prices log of, subject only to one tils- the Extended Cover Clause be and (All Risks), but no anal rise. Mirget Loews. Loftinued the International Monetary Fund short of any majd, redistribution
sound
goods in seaworthy schedule of mates for use when Cargo Clauses (F.P.A.), (WA) special layer featured in the statements the Annual Report of mild disinflation: has stopped vessois, ability, viz.: that their owners, granted...
decision could be. taken imtil on the du sido today. Ex-categorically asserted that "any] of prídictive, rogogrész (MicĎAR certain in common with all their fellow
difficulties which had pectations in Wall Street of an sharp downturn would at once would be needed in any, rally had been given further casler, money market, helped bring back the dollar problem to "tæt, gidse, alstorm; adici subjects, were debarred by the
chuy Wind from across law of their country from for
It fulk Belgium recommends; - Re- contration.
sentiment considerably today.
everity,
despite any Atlantic, Jet warding the goods to their by instatement of time limits that by giving very careful at- Mr Porter told the council
Despite some favourable cor- action taken by other countries some people think that soft for tended destination, which,
vay insufficiently hard) led Investors in the meantime to strengthen "diyway hold
developmen's the outbreak of war, had be- discharge;
to the extent of cover covered at premium
be tention to come on enemy one,"
market.
Americans might re- are enlarging home consumption They generally that The chairman then pointed arranged higher surcharge for after discharge and by avold-stole interest in the their positions. A downturn and monetary policies in Bel
excessivo deductions, Ing: extended cover.
diverting goods con centred attention on the second gard as healthy rather than and so If requested
the cargo out that it would be clear. to
market
sharp would suffice after goods arrive at destination; ditions, in
to do it. export. In any case, sõine, In view of surcharges should be ax everyone, especi
ixed.
Southern Natural Gas fes-There was a responsible calcula- of dorlar: machinery are 21114 should be improved for under game of the world series. by from possibilities
writers. of International scale; no fire rink
curtain al That was truly on tured in volume thanks to ation by United Nations experts more suitable in necesalty, for rates at 23.200-the
23.200-share block. For the that a drop of a mere 4 per cent sons, markets, and, with this Nations, that to accept
Denmark liability
comments G might, under conceiv
business only ls, insured
Gar changed hands. It inished year, recovered in the next year, the Americans could ind able circumstances, bring many export
to dumps In night cut U.S. imports by a thind try to with a loss of 15 to $24 44,
such ex underwriters to the verge of under extended cover, con-
Douglos, WDR the. (imports from
might cut the in already dumping is, texts. To Scandinavia. of the goods consigned to any action taken to solve problem,
points to $70 % Stoel issues world's dollar supply by 110 Certainly the American m facturers would want som over the two years the U.S. defence business one of the great countries of the Tinland comments: Most
rase fractions in the
bullen main Tullies and
such event would be. world from all other parts of shipments are Insured ware
dustrial group: house to warehouse with time the world, insured in the British,
ralls rose, a few cents. Yugoslav trade delega of the 995 issues t
for market under policies with the limits after discharge. Where Savings, both individual and Corporate, is
288 held undoubtedly, atten thened it, buf an integral part of
any moment might well run into is limited to the ordinary course Counsellor to the Yugoslav
milllons of pounds
ounds sterling of transit as soon as the goods Foreign Affairs Secrétariat left changed and 233 moved lower, his reforms are not rosity far Decision many of which it is
Salv tho
today
stalled: 540,000 Belgrade last night for "Scan- preservation
In those days,
Binyourday, still alender.
reaching and the regoLKER BYpothot/ékpap not unfair to say the successor
dinavia New Delhi, Oct
Tanjug news
wa navice To New York Block Schuinge saltat He leading banking for 1 governments of Southeast Asia
“Côver blaupo in not; live,
shown no special The Indian Government has few cases that Governments in-cince comments The technique en zobrazu
decided to entertain applications terfered and indicated to their in practices Ally case requll- "Ola prejudices die hard and from the trade for licences to subjects what they should do, ing extension beyond the nor Aslam thinks: hoe not yet come import rice from soft claveney Today, Governments give or mal 15 and 80 days limits It
ders in wholesale, fashion. Yet, charged an A.P. ROUEKS KO N Rational, diegassionate comiris-China Mall Special
the Prices of cotton futures
New York, Oct. 1.
33.80 nom. 32.65 32.00-12 21.30.27 37.57-16 33.40 33.15 bld 3217 nom. 2321 nom. United Press.
Copra Quotation
Now York, Oct. 1
December
a long-term plan and it assumes July that there exist sizable surpluses October of Income over expenditure in March (1955) Asia, an assumption of dublous Validity.
The ECAFE
ruises report porious... doubts whether the necessary minimum of individual
os corporate savings is being datained."
Historically,"
Tyson
this
proposal to form the League after discharge certito present were too low, and, con- | 25.200 shares of Southern In US. national Income in one daumnum, in their home mit
targent
ditions too wide.
Copra was quoted today... af} bankruptcy--for the total válun ditions. Would welcome. By la trade”. Mission Off Fumer with a gain of 11⁄4 by two-fiture" lig, sterling area (Canada complaisis that the
- Mr writes, the broad scam of $200 per short ton, clf Pacile Investment In Southeast Coast, Coconut oil was quoted from. mobilised at 164 cents per pound, clf
West Coast United Press.
now
avings of the o
the technique of capitalism for Now Delhi
· Paris, Ook
F.C."ond, B. Clause dølsted, at time limits are prolonged,“cover |tion,, headed by Milos Lalovic, higher traded 502 Chancellor
compared
test
and
sterling at Butler has present brings
are 20
Enty
with today, it was only are ashitter construRaN Stf Pntaktdan chetdan sorts Seoane: Ei volume, likes.0.000 burnal The Bandeer" propouniają teda Latent @by'ithe
* The delegation-sodia Phy, con- clusion of trade agreements with and the American Stocky at the pondblity that the bear ace now comin Norway, Denmark and Finland. chirgo volume was 250,000 position bunt up against sterling the lice could f
in any future crisis could-for-international fold.
France-Presse.
shares--United Press of