ANCHOR BRAND PURE MANILA ROPE. *THE CORDAGE| YOU CAN TRUST."
MARINE RUPE
TRANSMISSION
OF
POWER ROPE
CABLE LAID
HAWSORS
WELL
DRILLING
CABLES
ESTABLISHED 1854
ROPES OF ALL SIZES FOR ALL PURPOSES
YNCHAUST
ROPE
FACTORY
MANILA
MADE FROM
PURE MANILA
HEMP
MANUFACTUR.
ED BY THE
MOST MODERN.
MACHINERY!
STOCKS ON HAND OF ALL SIZES ENQUIRIES SOLICITED.
FACTORIES --MANILA P.I
KING'S BUILDING. TELEPHONE: CENTRAL 3165, [A R.D.]
HONG KONG OFFICE:
After a warm and tiring day-there is nothing so refreshing as
OUR TOILET EAU DE COLOGNE.
Very Special Offer $1.25 per large bottle.
Look in at
THE QUEEN'S DISPENSARY,
(Next to Whiteaway, Laidlaw),
22, DES VOEUX ROAD CENTRAL.
Tel. No. C. 492.
[A.P.8.]
ISAKO'S EUROPEAN CIRCUS
Kowloon Hunghom opposite
Hunghom Bridge
Bus N. 3 brings you to the Circus Door.
NIGHTLY at 9.15 p.m.
GRAND GALA PERFORMANCE
Special
MATINEE
Wednesday, Saturday and Sunday,
at 4 p.m. Sharp.
Booking at ANDERSON'S.
THE HONG KONG DAILY PRESS, WEDNESDAY, MAY 18th, 1927.
| MARINE INSURANCE. only, that it would be better for all concerneil were they to obtain a nore accurate appreciation of the risks they sa lightly undertake af the lowest of rates.
LOCAL PREMIUMS TO0 LOW?
CANTON INSURANCE OFFICE MEETING.
CHAIRMAN'S REVIEW OF THE YEAR.
A comprehensive review of the various sections of business under- taken during the year was made by the Chairman at the 46th ordinary meeting of the Canton Insurance
WA
In addition to the difficulties of | Marine Insurance generally, have, of course, to face a serious fall in premium income arising from the decrease in trade which -necessarily resulta from the chaotic state of affairs in Shanghai and the Yangtze Valley, already refer red to.
It is difficult to prediet what lies! ahead of us but thanks to the can- tons policy adopted in the past, the Company is in a position com
STORES SHARES FOR AMERICA.
250,000 SELFRIDGE PROVIN- CIAL SHARES FOR NEW YORK.
CONTROL NOT PASSING INTO UNITED STATES HANDS.
an-
A romance of the stock market was revealed, when it WAS nounced that 250,000 £ ordinary shares of Selfridge Provincial Stores, Jad., have been sold to Messrs. Harvey Fisk, the well- known New York stockbrokers, to
Cue, Ltd., held at the Board Room 1 furtable to weather a few lean years be placed on the American market.
of Messrs. Jardine, Math on & Co., Ltd., the General Agents, yes
terday.
without feeling any undue strain,
The Accounts. Turning now to the Accounts it that the Premium It was pointed out that although will be seen the report did not compare well Income for the year 1925 shows an with those of the preceding right increase of approximately 8335,000 over that for the preceding year; years, good fortune had been enjoy-
this is entirely due to the lower ed in the Underwriting business. The conservative policy of the Com-rate of exchange, viz.:-1/11, at pointed out, had which we converted our Sterling any, it was enabled it to continue to pay fair Income on the 31st December last, compared with 2/4 for the pre- dividends and steadily to build up
The final balance of the reserve. The year under review was our of the worst yet recorded in the annal of Marine Insurance. Despite set backs, however, it has been found possible to pay a final and interim dividend amounting to $40 per share,
The Hon. Mr. D. G. M. Bernard | (Chairman) presided, and was sup ported by Bir-Robert Ho-Tung and Messrs. H. P. White, T. E. Pearce And A. S. Gubing (members of the Consulting Committee), with Mr. F. C. Hall (Secretary) and the following shareholders: Messrs. Ho Kom Tong, Lo Cheung Shiu. Ho Leung, R. A. Dastur, A.-H. M. da Silva, J. M. Alves, E. M. Ray mond, C. Bernard Brown, P. S. Cassidy, L. S. fireenhill, J. H. Seth and J. T. Bagram.
CHAIRMAN'S REVIEW.
vious year.
this Account is less by the sun of $248,718.30 than that for the year 1924. The ratios for Losses and for Commission and Charges work out at 60.98 per cent, and 20.18 per cent. respectively, na against 50.15 per cent. und 20.34 per cent. for
the year 1924.
The balance at credit of Working
Account for 1926 is 82,351.290.94 as
against $1,070,260.65 for 1925. This increase is flen hue to the fall in Sterling Exchange and it must therefore be remembered that it will require more dullars to pay for sterling luases. This Working Ac count has a further twelve months to run and, though it is early get to forecast the final result, I may say we anticipate it will be satis factory having regard to existing conditions
Our assels expressed in sterling stand at $1,147,200 08. 0, as against £1,229,601 3s. 7d, last year,
The sale was negotiated by Mr. James White, of the Becchara Trust
Three or four weeks ago," said Mr. A. H. Williams, a director in the Selfridge undertakings,... “n London representative of Harvey Fisk walked into the Oxford-street offices of Selfridge's and asked if he might see a director.
In an apparently casual man- uer be inquired: Can I do a deal in your Provincial shares ?"
Weeks Of Investigation, "In this simple way negotiations were started which have resulted in the big sale completed to-day.
"This is the very first time that
America has bought shares in such a large block in an English depart ment store.
"It is considered, therefore, a very great compliment to our or ganisation, especially as the deal; of the closest investigation into the has been completed only after, works
business.
Mr. Selfridge started his busi ness career as a boy in the Ameri- can firm of Marshall Field and rose to control it. Thus everything he has done since in Britain has been subject of great interest to American business men,
11
The issueil share capital of Self- ridge Provincial Storee, Ltd. is 13,300,000, Mr. Williams added, so that this sale comprises roughly one-thirteenth of the capital of the company.
Competition From Abroad. a decrease of £82,401 28, 10d.. But "But," he emphasised, "it in on the other hand, in Hong Kong no way means that there will be Dollars they show an increase of $1,318.427.08. Both fall and rise are due to exchange.
Before commencing the business of the meeting, the Chairman said: I wish first of all to record the sorrow of your General Agents and Consulting Committee at the death
Underwriting Suspense Account; of the late Sir Paul Chater, C.M.G., This Account is in a very sound which occurred on the 27th of May position and stands at £118,210 185, last year. Sir Paul Clinter was ac- 6d as compared with E103,406 108. tively interested in the affairs of ad. at the saine date last year, an this Company as a member of the increase of £14.802 18. 10d. It is Consulting Committee for over 3 essential that we maintain this years. During that period the Reserve in a strong position so as benefit of his mature experience to be able to meet all demands that was always at our disposal and his can possibly be made on it. death was a great loss to the Com- pany.
Reinsurance Fund-This Fund stands at $2,363,676.16 as against 81,003,649.62 for 1925, an increase of 8480,020.56.
American control now or ever."
"My father once said," Mr. Gor- don Selfridge, jun., here remarked, that he would never relinquish control of his businesses until he went out feet first,"
to
The businesses controlled by Self- ridge Provincial Stores number nineteen, twelve in the provinces and seven in London suburbs,
Speaking at Bradford the Federation of British Industries Mr. Gordon Selfridge said:- Business is the greatest game, with infinite opportunities for shots
and strokes.
To deal with competition from abroad, our industry must, like a tennis player, find out its oppon- ents' weak spots, and hit them just as our opponents hit us."
and to the high cross rate, between MAN WHO RULES RUMANIA. Hong Kong and Shanghai, at the end of the year. The balance of $754,978.77 at credit of this Reserve is ample.
SECRET POLICE CHIEF.
BUDAPEST
An appeal has been published by tieneral Averescu, the Rumanian Premier, for public tranquility, and denying false reports of poli- tieal dangers and disorders in Rumania,
Commenting on this, L'Indepen- dence Rommane, a Bucarest news- the Averesu Government, anys:
Continuing, the CHAIRMAN Baid: It is with regret that we have to place before you what must be re- Investment & Exchange Fluctua- garded as an indifferent report tin Account:-This Account shows when compared with those of then decrease of $269,198.13. The drop preceding eight years. We have, is due to the fall in the Market however, enjoyed good fortune in Values of Gold and Silver Invest- our Underawiting for some time anents, the lower rate of Sterling and should not complain if our Exchange on the 31st December, efforts do not always meet with the same success, In fact it is dit ficult times such as these which show shareholders the widom of the con- servative policy of this Company
dividends it paying fair
and The surplus to be dealt with is steadily building up our reserves. $854,383.81, out of which has been Nevertheless the dividend was grad-paid an interim dividend of $15 per ually raised from $25 per share in share. We now recommend the pay 1618 to $40, which has been paid ment of a final dividend of $22, the same as last year, and the transfer for the past five years.
of the balance, amounting to to Marine Fremiums Low, Casualties
8464.382.81, to Underwriting Sus- Heavy.
pense Account to close the year We do not think that many 1925. The balance of 82,331,290.04 officials of Marine Insurance Com- at credit of 1928 Account allows of paper which politically supports panies will be found to question the payment of the usual interim The munner in which news the atatement that the year 1995, dividend of 818 for that year, now under review, was one of the I do not think there is anything destined for the Foreign Press is:
controlled is downright ridiculous. worst yet recorded in the annals further that calls for special of Marine Underwriting. Not only ment, but shall be pleased to Correspondents of foreign news- did competition continue to be answer, to the best of my allity, papers, both local and special, are acute and rates of premium remain any question arising out of the compelled to run about many hours after documents authorising them totally inadequate for the risks Accounts which Shareholders may
send telegraphic despatches undertaken, but casualties, also, wish to put, after the adoption of t were more than ordinarily severe. the Report and Accounts has been which entirely paralyses their serious netivities and generally In addition to the foregoing, we out duly seconded.
I now bere have suffered severely, in what
propose the following makes them renounce sending, re- ports altogether concerning actual he described
our Home resolution: may Field," by
That the Report and Accounts conditions in Rumania." reason of the strikes
as presented, including the pay-
Autocratic. and general labour unrest that,
ment of a final dividend in starting in Canton in June, 1025,
The supreme authority in Bucurest respect of the year 1925 of $22 and throughout Rumania have now spread to the entire
per share, and of an interim General Nikoleanu, head of the Yangtze Valley, cripppling trade,
dividend in respect of the year secret police. No. police chief in in every direction,
1928 of $18 per share, and the Russia over possessed The London Market..
addition of 8454,302.81 to Un authority. He has held the post At the last two or three meetings.
derwriting Suspense Account for many years, always enjoying of this Company, I have told you be adopted and passed."
the King's complete confidence, and something of the conditions ruling
Mr. Ho Kom Tosa seconded, and on the Loudon market: these still the resolution, as proposed by continue but if anything, in the Chairman, was carried uns mory aggravated form. Although animously. companies go an losing money, that fact does not seem to act as a brake
sour
:
Other Busines
Com
on the downward tendency of rates. On the proposition of Mr.. Lo and, fürther, the over-generous CHRUNG SHIV, seconded by Mr. terms on which cargo is now being DASTUR, Bir Robert Ho Tung, covered are becoming still more so. Messrs. A. H. Compton, L. Dunbar, There must be an end to the pre. A. S. Gubbay, Henry Humphreys, sent most unsatisfactory state of T. E. Pearce and H. P. White were affairs, and though it is not yet in re-elected as members of the Con- sight, we feel that it cannot much sulting Committee. longer be delayed.
On the proposition of Mr. Ho The crux of the whole situation LEUNG, seconded by Mr. RAYMON anquestionably rests with London, Messrs. Lowe, Bingham and Mat and any improvement there would thews, and Messrs. Percy Smith, act as a tonic to Marine Insurance Seth and Fleming were re-elected throughout the world.
The remi- auditors at a remuneration of $700 fications of Underwriters in the each. United Kingdom extend to all The CHAIRMAN: That is all the lands and amongst all peoples, at business of the meeting, gentlemen, present to the detriment of rates and I thank you for your atten- Whilst admiring their enterprise, dance. Dividend warrants are now there are times when we cannot but ready, and may be obtained on feel, I speak for our local field application.
18
greater
he is primarily responsible for the protection of the Royal Family.
He can instantly paralyse ail railway services and telegraphs and con arrest anybody at his absolute discretion.
On the ground of public safety. he can close all shops at any hour, flood Bucarest with gendarmerie, or blockade the frontiers. "He bas many friends, and even General Averescu and others would fear his enmity. They also depend upon him for personal protection, and all have been obliged to yield to him in the past when differences occurred.
The effect of his authority upon news services is that until he or his trusted subordinates approve any telegram actual despatch is im possible. His attitude towards the Press is mediaval.
Rumania is wholly without dis turbances and will continue trac quil. The King has probably manу months to live.
OPARZR
CHARLES RAY
and
3
ELEANOR BOARDMAN
in
THE AUCTION BLOCK
CONHA
KENNETH HARLAN
in
THE ICE FLOOD
2.30 to 8.30 p.m.
CONTINUOUS
RIN-TIN TIN
in
TRACKED in the SNOW COUNTRY
STAR
TO-NIGHT at 9.15
WILBUR PLAYERS
in
"DO FOOLISH WIVES PAY?"
The laughing success of the day in
three hilarious acts.
Thursday & Friday, 19th & 20th
"CAPPY RICKS"
Peter B. Kyne's Lovable Character.
Saturday & Sunday, 21st & 22nd
UPSTAIRS" "THE FAMILY
A comedy drama of American Home Life.
Magnificent
Scenery
A Fun Show
Special Lighting
Effects
BOOKİNG: MOUTRIE'S and THEATRE.
PRICES: 3400, $200 & $1,00
DIVINA
PERFUMSE
MANUFACTURED BY
RIGAUD, PARIS.
"FLORE DIVINA " EXCELLENT SCENT.
PRICE: 50 Cts. per bottle.
OBTAINABLE PROM
VICENTE ATIENZA & CO.
AGENTS.
No. 64, NATHAN Road, KOWLOON:
TEL. E. 155.
THE NAVY'S CHOICE
Coates
PLYMOUTH GIN
OBTAINABLE EVERYWHERE.