Page
MARTELL'S
ONE STAR
V. O.
TWO STAR
v. s. o.
THREE STAR
V. S. O. P.
THE
BRANDIES.
BOTTLED IN COGNAC AND GUARANTEED PURE GRAPE BRANDY
BY
HONGKONG DAILY PRESS, SATURDAY, MARCH STя, 1991..
MARINE INSURANCE.
THE RECORD OF PAST FIFTY YEARS
Under the auspices of the Corporation of Insurance Broker, a lecture was de- tigered in the School of Oriental Studies, Finsbury Circus. recently by Mr. Sidney A. Boulton (ex-chairman of Lloyd's), on Fifty Years of Marine Insurance. Sir A. Ernest Bain presided.
Mr. Boulton said the impressions of aurice nurance during the last fifty years which he would lay before them world be those of one who spent the whole
MARTELL & CO. of his business life at Lloyd's, which i
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PRESCRIPTIONS
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When the Doctor prescribes, ke pects the Druggist to fill the prescription with Pare Draga The quality of sur Drugs Medicines and Tobet Goods de nos cœrepared. Have the Doctor's Prescription filled aere sad the rewals will, entisfactory
THE PHARMACY.
TAN RED BUILDING (OPPOSITE;ICK House £7
entered in 1972 and left at the end of 1021. Marine was the oldest form of in surance. It appeared in England about 300 years ago and Was earried on until 100 years ago by
underwriters during the Hát Lloyd's,
Privatet,
ighteenth century eight
who held the monopoly Fot arine fisurance for 100 years, until 1994. lis to say. the members of Lloyd's did very well those lays The year 1972 was a very bad year lovet for marige insurane, though. less than fifty years after '1923, that was
s of when marine insurance, had been one the most profitable business in London. Why, had it fallen
- low The expl
explana tion lay in two word rcitless compati tian." Insurance Inusitis was snore open to reckless competition than any other way terprise for this reason; Insuraner insti tations sold policies which were promise to pay and took cash payment for what they
were not called upon to deliver for During those years possibly many year they were, in fact, trustees for the pre- mium they had received, and should be accountable na brusters for the funds, en- trust to them, fint this was not even tday
50
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By other HOP SING & CO.,
legally enforced, and though it was 22, so recognised and deal with at Lloyd'a and by responsibly companies, regant cases. that it was neither admitted nor - ut universally. Otherwise the disasters of the last few years would have been possible. Until the Acts sealing with insurance companies were made mort drastic those who carried on their business. on and principles were still exnown? to unfair competition at the public were
able to be defrauded,
"SELLING THE LEAD."
Today the premium income of Lloyd's. from non-marine business was larger than from marine, and at the same time it wa nort profitable. Ovez-competition was the greut burning question of the day and was Ühe problem that called loudly for lu tion. There was one practice that bad crept into marine insurance during the last 20 years that he felt bound to refer to. It was what was known as Selling of under A certain number of the lead. writers who had established a reputation for being sucessful were not ashamed to accept bribes in the shape of supplianent ars insurances at higher rates than neces sary to start risks at rates below the m market price. It was not only humiliating to think that men should be capable of
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"Nothing "Like - It.”
SOLE AGENTS:
lling the reputation they had gained OBTAINABLE EVERYWHERE. anung their fellows, but the results were very harmful for the business Consider ing the high code of honour existing be
insurer and the underwriter, it
Tween the
was almost inconceivable that this betray al of their fellow-underwriters should be posible, but the evidence of it was b yond doubt. The only satisfaction was that this detestable practions did not ori. ginate and was generally condemned at Lloyd's and by the great majority of con pany underwriters. Let them hope it night still be stamped out.
THE STATE AND WAR RISKS.
Having dealt with the services rendered by the members of Lloyd's to the Govern ment during the late war, the lecturer said what the Government scheme for covering way risks on cargoes would be when the text war can they did not know, but there would certainly be one for the protection of trade. 31ranwhile, underwriters were covering the risk for a mero neminal premium, apparently just as they were doing before the last, war. He realised the serious nature of the sug- gestion he was about to make, but he felt it to be his daty to make it. Modern war was not the war of 150 years ago; it was sudden in its outbreak and over. whelmingly destructive, in its effects. Ho suggested that the methods of marine in- surance could no longer be applied to it, To attempt to do so was not insurance, it was a gamble, for the reason that the risks could not be estimated or average, and it was impossible to build up reserves to meet the posible contingencies. The risk of war should be excluded from the war- ine policy, as it already had been excluded from the fire policy. War losses should be should be
ene by the community. The State
war underwrite. In the event of
could give their services
to any State scheme, as they did in the Inst
war, but they could not, under the conditions now existing, continue to bear the burden. The f. c. apu s. clause should be included in
and that
neyRT be taken out. Without being open to the charge of being an alarmist, he would say that the present political adition of
governed as it almost was univer
litary force, justifiel
prompt and united action fr
the
underwriting eminity. In a reference to the position of the United States the lecturer mention ed that the present premium income from marine insurance in the whole of the United States was only cor-fifth of that in this couple it was not the only That was rather chering to reflect
upon, and comforting feature of the situation to-day. He confessed himself an optimist. He was AN optimist because he had seen what Lloyd's had done during the last 50 years, He
was aware that there were many de prewing features in the marine market just
ow, but at the same pu
the idea of co-operation. though not burning brightly to-day, had been a steadily grow ing influence for 30 or 40 years, and they now had machinery at hand which, with plenty of hard work and clear thinking, would bring about a speedy improvement. We moved quickly nowadays, and better times might be nearer than some of theo thought Cheers)
an agreement signed marine
A cordial vote of thanks was recorded to Mr. Boniton for his lustuse,
A mursery maid can do more harm in ten minutes than a professor can remely in ten years.-Dr. James Glover, .
A. RUTTONJEE & ̈SON,
ท
43
THE SAW FRENCH REMEDY
[463
THERAPION No. 1 THERAPION No. 2 THERAPION No. 3
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HOW TO GET GOOD SERVICE FROM
MICHELIN TYRES.
Keep tyres pumped up to correct pressure for the load they have to carry.
tell you what this should be,
We can
When tyres are under inflated there is continual internal friction between the foundation. cord and the rubber, causing overheating of the tyre and consequent rapid deterioration.
Water can also enter causing rust, resulting eventually in the rims having sharp edges which cut the walls of the tyre near the bead.
Most ca's in. Hongkong run on under inflated tyres with the above disastrous results. Have your wheels examined front and rear for frueness and tracking alignment. If ̈ they are at fault in this respect the tread of the cover is subject to a grinding action which quickly destroys the cover.
Keep tyres free from oil and grease.
Start and stop gently and take corners slowly.
Lastly buy
MICHELIN
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tyres from us and follow the above advice and
Carone Hoia Trading C
Telephone 3438.
China / Building, 1st.