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TONG TIẾNG
THE HONG KONG DAILY PRESS, FRIDAY, MAY 24, 1929.
THE CANTON INSURANCE OFFICE, LTD.
BAD TIMES FOR MARINE UNDERWRITERS.
WORST CYCLE EXPERIENCED FOR MANY YEARS.
FINAL DIVIDEND FOR THE YEAR ANNOUNCED.
Mr. B. D. F. Beith, speaking as Chairman at the 48th ordinary meeting of shareholders in the Canton Insurance Omes, Ltd., hold yesterday in the Company's office, Padder Street, said that "with- cut any doubt whatever, the business of Marine Insurance is at present passing through one of the worst bycles that has been experienced within recent years."
As an example of the manner in which risks are being under- estimated to-day by Underwriters in the Marine Market, the Chair- man quoted an extract from a recent issos of the London: "Times." Supporting the Chairman were:-Messts, A. E. Compton, A. 8. Gubbay, H. Humphreys, T. E. Pearce, A. H. White (members of the donmlting Committee) and H. W. Moon (Acting Secretary).
REFERENCE TO THE CELTIC AND THE VESTRIS.
was
WAH YAN COLLEGE.
1928 REPORT PRESENTED.
DR. TSO PRESIDES AT ANNUAL GATHERING,
The Hon. Dr. S. W. Tso, O.B.E., LL.D., presided at the annual dis- tribution of prizes at Wah Yaz College yesterday. Presenting the 9th annual report of the College, the headmaster, Mr. Lim Hoy Lan 'said that during the year 1998, the highest number on the roil was 908, compared with 871 in 1927, while the average attendance was 768 (or 4 per cent.) as compared with 630 in 1927. The total number of meet- ings was 378, ie, 8 more than the previous year,
After the New Year Vacation 483 boys applied for 'Admission, bus lesi than Alty were admisted. Those who were refused admission were either too old or unft for the class into which they wished to be ad- mitted. At the end of the Summer Vacation" 429 boys sat for the en- trance examination, and only 37 passed the test..
There is a general tendency among Hong Kong boys," went on, the report, "to apply for admission into classes for which they are total
The Chairman (Mr. B. D. F. A considerable proportion of the Beith) said that the statement of Company's premium income accounts for the year 1927 showed derived from business written în a moderate degree of improvement the London market and, as he re- upon that of its immediate pregretted to say, that their experience decessor. Comparing the figures of it had been no more favourable with those of the 1926 account, the than that of most of their competi- surplus shown, of roughly $1,000,000, tors, after giving the matter care was some 878,000 more; the pre-ful consideration they had recently mium income was approximately taken steps which would effect a $330.000 higher, the less ratio was substantial reduction in their Lon-is unft. They little realise that slightly lower at 66.75 per cent. as don Account and would, it was even if they succeed, through excep- against 87.27 per cent.; the expense hoped, eliminate much of the busi- tionally good luck, in passing the ratio was 19.37 per cent, as com-
neas which had been found to be entrance test, they will derive very pared with 19.53 per cent. and the unprofitable, without impairing little benefit from the lessons which underwriting balance was 13.70 per the progress and the prosperity of they will not be able to cent, as against 13.10 per cent.
the Company.
follow. Parents and guardians will do well to check this evil practice, because speed in education is a great evil which does incalculable harm."
A Bad Cycle.
He regretted to say that, without any doubt whatever, the business of Marine Insurance was at present passing through one of the worst cycles that had been experienced within recent years. In all markets
competition remained most acute and, as a consequence, further con- cessions, in the way of fuller condi- tions and reductions in rates, were constantly being asked for and, in many cases, granted.. wrong in saying that the result of He did not think he would be this is that a large proportion of the risks incident to the world's trade overseas was now being ac cepted by Underwriters at rates of premium which, even with a normal out-tura, were barely sufficient to cover the regular claims for minor damage to which many classes of cargo were subject in the course cf transit, leaving no margin what ever for the exceptionally heavy claims which had to be met in the case of total losses or other casual- ties of a serious nature which must periodically occur.
This policy would be maintained until such time as results generally furnished ample evidence of a very in the London market. marked improvement in conditions
The Vestris and the Celtic.
The Staff,
||
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THE KAILAN MINING ADMINISTRATION DODWELL & CO., LTD., Agents, Hong Kong.
LIBEL ACTION SETTLED.
'SUNDAY EXPRESS" AND
FICTITIOUS INTERVIEW.
MUSSOLINI MENTIONED.
---
the action for damages for libel A settlement was announced of which was brought by Mr. Walter McLennan Citrine, or 83, Kingsway, day Express, Limited, London Ex Wembley, Middlesex, against Sun- press Newspaper. Limited, and Mr. Sunday Express, in respect of un James Douglas, the editor of the article which appeared in that news- paper on January 13, 1929.
Sir Henry Slesser, K.C. (with him Mr. Arthur Henderson), in an nouncing the settlement, said that |
"You have,, wasted your own time, gentlemen; I don't know whose money.
"Your visit here to-day only emphasizes the incompetence and lack of vision of the Socialist Party.
I am Mussöliai,'
"There was a dramatic pause. A bell rang, and the door opened. Good-day, gentlemen!' and two great Socialist lenders made. rather undignified: exit from the Palazzo Chigi."
a
Counsel said that in 2 later edition of the Sunday Express the the same form, except that the defendants repeated the article in heading was "Mussolini whips two English Socialiste." You have the audacity to come here"; and a photograph of the plaintiff was re- produced.
"A. Complete Fabrication," Those statements, continued Sir
the plaintiff was a person of very Henry Slesser, reflected very seri- In 1948 there were more changes considerable importance in the in- ously on the plaintiff. As a matter in the staff than in former years, dustrial world. He was the general of fact the whole story from begin- Working Account for the year because of several additions, ressecretary of the General Council of ning to end was a complete fabrica 1928, after twelve months' working, fers, and resigna jus audi. the Trades Union Congress and pre- tion. The writer's powers of fiction showed a fall in premium income tions included five past, pupils, sident of the International Federa- might be considerable, but there of approximately $440,000 and the Messrs. Cheng Chiu Fan. Feng Shu tion of Trade Unions, which was was no truth whatever in the article, balance of $1,837,818.68 carried for- Sang, Ng Wai Yin, Wong, Chow composed of practically all the and when the defendants discovered ward was less by 8687,133,03 than Siu, and Wong Yuk Shu. The first trade unions in this country. Fer that to be the case they very pro- that for the year 1927 at the same four joined the staff in January and
a considerable time, in association perly and fairly stated an and apolo partly to the policy of curtailment ning of the year Mr. Wong Ping called the Turner-Melchett period. These decreases were due the fast in December. As the begin with his colleagues, he had been gized in the following terms:→→ and also to exceptionally heavy "Tu, B.A., was transferred from the
engaged in negotiating what had losses throughout the year, the tota! Kowloon Branch, but he subsequent proposals for conciliation and peace of these as at December 31, 1928, ly left to start on a business career. in industry. exceeding that for 1997, after the Messrs. Lam Choi Chiu, B.A., L same period of one year, by Moo To and Wong Seit Lam joined $209,6-03:89.
in February; Mr. G. R. Chelvam in June; Mr. 6. H. Yeung, B.Sc., D.1.C., in September; and Mr. Jerome Lau in December.
The year 1928 had undoubtedly indicted a number of unusually severe total losses upon Under writers generally, including those of the liners Vestris
and Celtic," the latter being by far the largest vessel that had been lost since the War. This Account had yet another twelve months to run. however, and judging from the way things had been going from the end To give an example of the manner of last year to date, the Company in which risks were continually were hopeful that, despite its in- being under-estimated now-a-days auspicious commencement, it may by Underwriters in the Marine Market, he quoted the following ex- tract from a recent issue of the London Timer, commenting on this subject:-
Eisks Under-estimated.
"An incident is now being much discussed in the London insurance market which
,, some
ments.
Assets Lower Than Last Year." An analysis of the Balance Sheet think sheds light on the very un- showed that the Assets as expressed satisfactory conditions which have both in Sterling and in Hong Kong long ruled in marine business. It Dollars stood at a lower figure than appears that a number of risks a year ago, the item for involved in a forthcoming exhibi- Balances accounting for this re tion in this country were care duction, largely as result of the fully considered by fire under- Company's change of policy in writers representing the Insurance London. The Investment and Companies and the market at Exchange Fluctuation Account Lloyd's. After thorough examina- showed an increase of $108,327.37; tion of the special circumstances which was due to the improvement a number of rates were deter- in the market values of both the mined upon, and one of these Company's gold and silver invest- rates was quoted to' cover the transport of certain treasures from London to the exhibition, while displayed there, and during their return to London. It was then learned by fire underwriters both among the Companies and at Lloyd's, to their great sur- prise, that the risk had been written by marine underwriters at one-third of the agreed rate.
"Needless to say, the action of the latter has evolved very severe criticism, and it is remarked that the present incident may not be in the managers of marine de partments either restricting their activities risks directly asso-
In the Duce's "Bez. Council read the article, from which the following are extracts:- MUSSOLINI WHIPS MB. CITRINE" "T.U.C. CHIEF FAILS TO SAVE ITALY."
*AUDACITY," "
the London Express Newspaper, We, the Sunday Express, Ltd., Lid, and James Douglas, being res- pectively the publishers, printers, and editor of the newspaper.known apologise to Mr. Walter McLennan as the Sunday Exprets, desire to Citrine for the publication of the articles headed Mussolini Whips. Mr. Citrine and Mussolini Whips. Two English Socialists,' which were published in the issues of the Sunday Erpres dated January 13, 1029.
1
After the Summer Vacation Mr. Lam Choi Chiu was transferred to the Hong Kong Branch, and early
"The Sunday Express is able to in December Miss M. D.' 'White and disclose to day an amazing and, Mesare S. H. Yeung and Lo Moo amusing story of how Mr. "Walter Mr. Citrine has publicly denied To foliowed him. At the end of M. Citrine, accretary of the Trades that he has ever met Signor Musso- November Mrs. A. E. Matthews and Union Congress, and Mr. J. Sassen- lini and we have been informed by Messrs. Lo Sek Tean and G. R. bach, secretary of the International, the Italian Foreign Office that no Chelvam sent in their resignation, Federation of Trade Unions, were such interview ever took place and and they left at the end of the severely whipped by Mussolini, we are satisfied that the whole of yet show a moderately satisfactory Mr. Lo Pui Sang were transferred his den in Rome.
year when Mr. Ng Tsun Fan and after they had bearded the lion in the circumstances of the alleged outturn when it had finally run from Kowloom.
interview Aro entirely without off, taking into consideration the
These two Socialiste secretly foundation. present unfavourable conditions of
The Kowloon Branch.
planned what they thought was to "In these circumstances we de- be a dramatic coup-the persuading sire to apologise to Mr. Citrine and marine insurance business.
The branch school at Mongkok of Mussolini to allow Italy to join to express our sincere regret that was opened by Mr. A. E. Wood, the International Federation but the articles in question should have Director of Education. In March, their plans went astray, and there, been published, and we have mide 1999, there were 374 boys on the roll, is likely to be an unexpected sequel. a payment into Court by way of but acting on the advice of Mr. They were to go to Rome, win over amends, which sum Mr. Citrine has Wood, the number was gradually assolini and return in triumph, agreed to accept on this apology reduced to about 300 for greater hailed as the saviours of the world being made in open Court." Agency efficiency.
The boarding depart trade union movement, for, aport Sir Henry Slesser said that the meat was cnlarged during the year from Russia, Italy is the only defendants were prepared to pay to accommodate more boys whose nation outside the federation. substantial damages £500-for that parents were insistent in their de inand for admission and would act
The Lone Figure.
very serious libel and the plaintiff, the year there were 37 boarders. take any refusal. At the end of "The two went to Rome, and having his character and reputation asked for an audience with the completely cleared, did not wish to fasciculation and Senior Local they were ushered through the the defendants, said that he repeat- Of the boys who sat for the Duce. It was readily granted, and continue with the case.
Mr. Maurice Healy, on behalf of Examination BCYT
passed the spacious and, ornate chambers of Matriculation, one with honours; the Palace of Silence the Palazzo ed most frankly and fully the Reinsurance Fund was up by and nine were awarded Senior Chigi-to the room where Signor apology and he must now apologise $115,361.23 Suspense Account was down by obtained seven distinctions.
whilet Underwriting Local Certificates. Altogether they Mussolini sits and rules.
for the additional publicity of all The Messrs. Citrine and Sassenbach 8140.219.20.
College presented $5 candidates for found themselves in a large room the Junior Local Examination and rich in furniture, and at the end the plaintiff. In fairness to both The surplus to be dealt with was 43 passed, obtaining among them 26 was a solitary figure seated at a parties he ought to any that in journalism, as in his profession, $1,060,668.10, out of which had been distinctions. Fung Kwok Wa, the desk-Mussolini.
"What actually happened at that they had to depend on a high stand paid an Interim Dividend of 818 champion athlete, was one of those
Who per share. The Directors now re-
passed with distinctions. interview will probably never be ard of honour. Journalista were en- Prior to the distribution of prizes, told, but the fact remains that these! titled to rely on that standard and commended the payment of a Final Dividend of $22 per share and the musical items were presented by St two great Socialist leaders found it was because of that that the de- transfer of the balance, amounting Louis Band, Master Cheung Fei themselves somewhat tongue-tied fendants published the story.
Tak, and the College choir. ta $886,588.10, to Underwriting College students contributed
His Lordship It was Two The Duce was wearing a lounge
a pure fabrication? a suit and a soft collar, and that may without effect, if it should result Surpense Account to close 1997 and Mandarin Dialogue, the College have had something to do with it
Mr. Healy: Yes. He (counsel) previous years.
Scouts gave "Ten Little Nigger
Nevertheless, for 20 minutes made the most complete apology for 91,837,818.86 at credit of 1928 Ac
Boys," and count allowed the payment of the
a party of College Mr. Sassenbach explained to the the wrong done to the plaintiff. I usual. Interim Dividend of 818 for students were responsible for music. Dictator how the workers of Italy order for payment out to the plain-
His Lordship There will be a that
would benefit if he would only per-1 The Chairman then proposed the following resolution:
The following were donors of mit the trade, unions of Italy to tiff's solicitors of the amount paid prizes: Sir Shou Son Chow, Join the international movement. into Court by the defondants.
Mr. Citrine was even more elo- That the Report and Accounts, Messrs. Sum Pak Micg, Li Ping
Sir Henry Slesser: And a com- with those quoted by the depart presented, including the pay Ko Leong Hoe, Wing Nam, Sincere quent. He spoke for 45 minutes plete indemnity as to costa ?
His Lordship said he could not ments accustomed to deal with ment of a Final Dividend in Co., Ltd., and the Commercial while the Duce remained strangely
Press,
order that. respect of the year 1827 of 822 per
silent them.!!
Mr. Healy said that that "would. It was obvious, be-went-on, that respect of the year 1923 of $18 per Thursday's " Around The Schools" arguments, he rose and said, 'Gen-
share and an Interim Dividend inerther details of the report and And then, when the strange be done.
cominents will appear--in-next deputation and exhausted all its such a state of affairs could not share and the addition of continue indefinitely, but, unfor- 2086,868.10 to Underwriting Bus-
tlemen, I will tell you a story.” tunately, no signs were yet to be pense Account be adopted and
For exactly an hour and “40 discerned of any practical steps passed."
minutes. Mussolini painted a pic- Messrs. Lowe Bingham and Mattare of his career; painted pictures being taken, to bring about that all The resolution having been round improvement to which all seconded by Mr. D.. U. Stevenson thes, and Percy Smith, Seth and of Russia and Italy: painted pic those concerned in the business had was unanimously adopted.
Fleming, were reelected auditors No bem anxiously looking forward for questions were asked.
on the proposal of Mr. John he was still hammering at the anvil tures of how, as a blacksmith's son, Arnold seconded by Mr. Lo Man of the world. the past few yearı.......
ciated with overses commerce or
endeavouring, when they write risks entirely confined to the land, to ascertain that their ideas of rates are not in strong conflict
Unprentable Business.
.........
year.
Final Dividend.
The Balance of
Other Businces.
■ drill.
Those Present.
the details given in Court that day. He was there to do full justice to
*
TODAY'S WIRELESS
PROGRAMME. BROADCAST-BY-ZB.W
350 METRES.
"And this is how he finished Sir Robert Ho Tung, Hears. A.
1.48. p.m.--Weather_report." To those who might be in the H. Compton, L. Dunbar, A S
"I am the dictator of 50,000,000 The following shareholders were Italians My word is low. I am Chinese music (Oriental records 8.30 to 6.30 p.m.-Programme of habit of observing the accounts of Gubbay, Henry Humphreys, T. E. present: Messrs. Ho Kom Tong, LoBrime Minister of this country. I supplied by The Sincere Co.). the leading British Insurance Com-Pearce and & H. White were re Man Hin, D. U. Stevenson, am Minister of five of the Govern panies, as published in the home elected members of the consulting Arnold (representing the H.K. and ment departments; and you have pot
148 p.m.-Evening weather re papers it would have been evident committee on the proposal of Mr. Macao Steamboat Co.), C. Bernard the audacity to come here and ask pm Evening programme, thes the marine mnderwriting 1.C. Bernard. Brown.seconded by Brown, Green Ho Leung, me to delegate the rale of my work (Victor and H.M.V records sup
sults of 1927 and last year had Ho Kom Tong, O.B.E.. generally been most unsatisfactory. (Continued at foot of next column) representing 680 shares.
A. H. Rumjahn and J. H. Beth, people to Eandful of political plied by Messrs, S. Moutris Co.).
fanatics in Amsterdam 1
10.30 p.m.--Close" down.