THE HONG KONG DAILY PRESS FRIDAY, MAY
:
MARINE INSURANCE. NO CORRUPTION.
"BREAKING POINT MUST
BE NEAR." 11
1
BUSINESS.
HENRY HEATH
Soft Felt
Hts
THE "SNAP (Regd)
Finest fur felt, adaptable to a shape of brim. New stock in all the newest ours.
Sole Agents--
Mackintosh
MEN'S WEAR SPCIALISTS
ALEXANDRA BUILDIĜ.
& Co.Ltd
DES VOEUX ROAD
POSITION IN LONDON AND HERE
REPORTS OF CANTON INSUR ANCE OFFICE, LTD.
rather worse than ever.
It is
FHILIPPINES ANGRY AT
SUGGESTION,
Wasntraros, May 11th, Sparks Bow from a letter dis- patched to-day by Philippine Resi- dent Commissioner Pedro Guevara Senator William H. King and others concerning the attitude "of
the Governor-General Willis BIN.
upon the
Guevara was replying to verbal I am unable to give you any
information from the senators,. better news with regard to the con-
alleging that Governor-General ditions prerailing on the London Market; which, if it is possible, are Henry L. Stimson had orbled Washington requesting the passage obvious from the further disastrous of the Willis Bift as an aid in reports of many of the leading curbing corruption "lu the Islacds. In the course of his letter, the Marine Insurance Companies, now! Resident Commissioner denied the being published, that the breaking point must be near and some sort of reaction shortly take place," said Mr. B. D. F. Beith at the forty- seventh ordinary meeting of the Canton Insurance Office, Limited, held yesterday at noon.in the Board Room of Messre. Jardine, Matheson & Co., Ltd.,
existence of corruption in the Philippines Government.
18th, 1928.
THE DECAY OF PEKING.
1928 COMPARED WITH
1918.
A NEGATIVE GOVERNMENT.
PERING, April 19th. Facility of communication has never been characteristic of China, but never have the two parts of the country, roughly if inaccurately designated as North and South, been so isolated. from one another
AS NOW.
To anybody who knows China and its history it is not necessary
differences to labour the point of the essential between North and South Between the Cantonese and the native of Shantung or Chihli there is a least as much divergence as between the Scandinavian and Latin.
Even Among Foreigners. The contrast is reflected even among foreigners. The language He further said that if Governor. of the foreign clubs is different in Foreign General Stimson believes that a con- Shanghai and Peking.
officials here in Peking show an ol spiracy exists among Filipino off titude of intolerance toward their cials for such a purpose, he will encompatriots in Shanghar compar crgetically protest against any such able to that of the Tengtier mili- conclusion, much as I respect the tary man toward the entourage of
Chiang Kai Shek distinguished Gov bor-General." Manila Times,
Supporting Mr. Beith were Sir Robert Ho Tung, Mr. A. H. Comp- ton, Mr. L. Dunbar, Mr. H: Hum- phreys, Mr. H. P. White, and Mr. F. C. Hall (Secretary). Share- Underwriting Suspense Account. holders present were Messrs. HoThis reserve continues in a sound
DAIRY FARM NEWS, Leung, Lo-Man Hin, L. S. Greenhill,
12
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LAIDIES' OUTFITTING DEPARTMENT
WHITEAWAY, LAIDLAW & CO., LTD.
A. H. M. da Silva, J, Arnold,, D. F. Steavenson and J. H. Taggart.
CHAIRMAN'S REPORT. Addressing the meeting the Chair- man, Mr." Beith said:
position.
Most of all, there is here in Peking an air of indifference and rontempt for the Nationalist gov ernment, its leaders and its ideas. All that, one hears, is finished. It was all Russian-made, and has col lapsed with the passing of the Russians. Chiang Kai Shek may make some imposing gestures and stands at $9,266,097,56 as against move troops to Hauchowfu, but he Reinsurance Fund. This fund fine dourishes, he may threaten and $2.303,570.18 for 1928, a decrease will not make or attempt to maks 807,572es. This reduction in the decisive move, because he lacks dollar showing is almost entirely the means. His organization is a due to the rise in exchange from, bollow sheli, gaudily painted out- 1/11/d on the 31st December, de
1926, to 2/d. at the end of last
year..
M
דזי,
"The account for the year 1928,
To one who has not seen Peking for some years the most notable ¿m- which we are now present to you, though showing an appreciable inton Account,This account shows out into inconsequence. The out- Investment and Exebange Fuetua-pression is that of a low fading provement on that for, 1825, does not an increase of $177,028.87 which re-
ward trappings of a national compare too favourably with others salt is due to the improvement in capital still maintained until the of its predecessors since 1816. The the market values of both our Tao Kun period though even then
gold and silver investments. premium income, is some $310,000
more than that for 1925, the lose ratio is lower at 67.27 per cent 88 ngainst, 09.99 per cent, the cx pense ratio is 19.83 per cent. as against 20.18 per cent, and the underwriting balance 13.10 per cent as compared with 9.84 per cent.
British Financial Stability,
I am unable to give you any better news with regard to the conditions prevailing on the London Market which, it is possible, are rather worse than ever. It is obvious from the further disastrous reports of many of the leading Marice In- surance Companies, now being pub- lished, that the breaking point must be near and some sort of reaction shortly take place. That Companies have been willing to carry on for ap long, under existing circumstances, is a matter for, wonder while the fact, that they have been able to do so, is a very striking tribute to the financial stability of British In- surance Companies as a whole.
Local Conditions.
|
London Office Disaster.
Our London Offee at No. 22, Cornhill, WAS involved in the collapse of the 7th August last year and many important records were buried under the debris. Thanks, however, to the energy of our staff, matters have cow been righted and the fact that we are able to hold our annual meeting at the same time as last year is ample evidence of the good work they put in. We are much indebted to our friends The Unio Insurance Society of Canton, Ltd., for the assistance they afforded us at the time of the collapse; they provided us with tem- we have just vacated to occupy our purary office accommodation which cffees in Lloyd's" new building.
there was no inuer substance, arc now tarnished and tattered. There are still Legations in Peking, but they alone give it the character of a national capital. And since this city has never been more than a symbol of national, grandeur and has lived thereby, the poverty of the population reflects the change. There are a few paved streets, but the shops that line them are bed raggled. Between. the passing of a onco numerous court and hectic taxation, a population' which oner lived on a numerous and extraga- gant court is feeling thẹ” pinch Business is bad everywhere in China; it is staguant here."
Despondent Moods. appens to be a mood of depression, Everywhere to China now there
even despondency. In Shanghai and Nanking there is the inevitable settling down after a long period of effervescence.
· Final Payment Of $22. The surplus to be dealt with is $1,008,202.75 out of which has been paid an interim dividend of $18 per
Here in Peking, however, there share. We now recommend a final has not been the stimulation of payment of the same as last hopes, even hopes destined to be year, the addition of $100,000 to dashed. There was an air of de-.
the writer left. reinsurance fund, and the transfer pression when of the balance, amounting
to There is an air of depression now. It $508,202.75, to underwriting suspense differs now only in that it is more account to close the year 1928. The acute. Perhaps stagnation is à balance of 89,804,081.89 at credit of better word than depression. In 1927 account allows of the payment Shanghai there is vitality; here of the usual interim dividend of $18 there is rione. One need not have for that year.
too fond illusions about National- ism and the Kuomintang to per- ceive that difference. It is possible at least to set up the hypothesis that Nanking, given a free hand may bring about some fundamental change in China's status. not possible by the furthest stretch of charity to have any expectations from Peking, pa Peking is now." It is now at it was in the days of the Anfu Club. There is no reason to believe that it will not be ten years | from now as it is pow.
The local position remains un- altered and it is quite impossible Auditora Fees Increased. to foresee any prospect of better things ahead; the continued inter- Owing to the very considerable necine warfare has greatly reduced increase that has taken place during the purchasing power of this vast the past few years in the work of country and until a lasting peace is auditing the accounts of the Com- restored, allowing Chinese in the pany, it is proposed to raise the interior to go about their lawful auditors' fees. from $750 to $1,000, avocations without let or hindrance, for each firm, and you will, I hope, no betterment of the present state confirm this when the proposal for of affairs as regards commerce is to the re-election of auditors comes be looked for. The fall of 12 per before the meeting.
Not Yet In Smoothar Waters.
I now propose the following re- solution
(+
cent in the Customs Revenue for I do not think there is anything 1027 provides a striking example of further that calls for special com the effect of these disorders upen ment, but I shall be pleased to the trade of China as a whole.
answer, to the best of my ability, any questions arising out of the I regret my inability to strike a accounts which thareholders may more optimistic note with regard to wish to put, after the adoption of Marine Insurance but I cannot see the report and accounts has been that we are yet inte smoother duly seconded male waters; as encouraging feature of the situation, however, is the con tinued traditional resourcefulness of the Chinese in adapting themselves to circumstances" and maintaining their trade, as far as humanly pos sible, under the most chaotic, con ditions. It proof of this is needed, ample evidence is furnished by the statistics of exports from the Yang. taze River throughout the disturb ances that have existed in that area for the last 18 months. Neverthe less there can bé no question:bat that our present cautious policy must be maintained until the horizon is clearer,
It in
Feking The Hegation. One may or not like what Nan- king stands for, but it stands for something. Peking does not. An avowedly and consciously conserva tive regime, one which was anti- principle determined to cling to old republican, anti-modern and on Chinese institutions, could make a good case for itself. It would have But no something to stand on. such position can be attributed to Peking No policy of any kind can be attributed to Peking. The regime of Chang Tao Lin is not e government in that sense.
That the report and accounts, as presented, including the pay ment of a final dividend in res pect of the year 1928 of 22 per share, and an interim dividend in
From the foreign point of view, respect of the year 3827 of $18 per share; an addition of $100,000 however, there is little essential to reinsurance fund
difference between Feking and and of
Peking may be less 8408,202.75 to underwriting sas- Shanghai. pense account, be adopted and vociferous about its nationalism- passed"
meaning by nationalism a desire for equality before international OTHER BUSINESS.
law but if there were to be a After the adoption of the ce sudden and sweeping Northern counts had been seconded by Mr. triumph which gave Peking mas The Accounts.
Ho Leung, Mr. 1. H. Taggart pro-
tery over the whole country Turning again to the accounts, posed the re-election of Sir Robert nationalism in that sense would not you will see that the balance at Ho Tung, Messi A. H. Compton, pass. There is no evidence that the credit of working account for 1927 is L. Dunbar, A. 8, Gubbay, H. Hum- now Peking regime would not also areas for immediate revision of the 82,504,091.80 as against 82,331,200.04, phreys, T. E. Pearce, HP. White ar. increase of slightly over $150,000; and the Chairmans to be the Con treaties, even if its language ere different. Internally China goes on it must be borne in mind, however, sulting Committee for the ensuing that this account has yet a further year: Mr. ES. Greenhill second pretty much as it did before. 14 months to run and, though this edu
There are other names and other faces, new phrases have won general
increase is satisfactory, it is quite On the proposal of Mr. A. H M currency, new practices have been impossible to make any forecast adn Silyn and seconded by Mr. Lo adopted here, and there. But 10 to what the ultimate result will be.
Man Hin, Messrs. Lowe, Bingham essentials the China of 1828 is the Our asacts as expressed in sterling & Matthews and Messre, Percy Chins of 1918. It has changed and dollars show increases of up- Smith, Beth & Fleming were' re- more, for the foreigner than for proximately 200,000 and $175,000, elected to be the auditors of the Chiness. But for the foreigner respectively,
Company at a year renumeration of that fact is all-important-Japan {$1,009 cách
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(Continued on next Columa),
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Hong Kong Weekly Press
PUBLISHED TO-DAY
THE HONG KONG WEEKLY PRESS PUBLISHED TO-DAY GIVES THE COURSE, DURING THE LAST WEEK, OF THE DOUBLE CRISIS IN NORTE CHINA THE CLASH BETWEEN THE JAPANESE AND THE NATIONALISTS AT TSINAN, AND THE RAPID AP- PROACH OF THE SOUTHERNERS TO
PEKING.
It is impossible to over-estimate the importance" of these two events. The situation is complicated but the WEEKLY PRESS. presents it in concise and complete form.
:
Our Chinese Correspondent in Canton explains the reaction of the capital of Southern China to the events in the North, Many indignation meetings have been held and messages of protest despatched. But the Government has kept the disorderly elements sternly in hand and such boycott of Japanese goods as exista is of a private and unofficial nature.
In Hong Kong interest has been created by the criticisms of Dr. Koch, a member of the Sanitary Board, of the Colony's Health Services. The Sanitary Board debate is reported at length and the subject is dealt with in a leading article.
A very large number of people at Home are interested in the Far Eastern situation and the WEEKLY PRESS is their best key to the let
e intricacies of the rapidly changing situation. Send it to your friends !
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