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B.V.D. Cloth $7.50 per Suit
Aertex Cellular $17.50 per Suit
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AGENTS:
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No. 54, NATHAN ROAD, KOWLOON,
TEL. 57156.
WHITEAWAYS
"4711"
BATH SOAP
We have received an excess quantity of this well-known and exquisite Bath Soap, and in order to reduce our stock to normal we are offering it for a few days only at a Special Rate.
EAU DE COLOGNE OR LAVENDER.
SPECIAL
OFFER
PRICE:
75
cts.
TAB
DO NOT DELAY SEND IN YOUR ORDER AS THIS OFFER ONLY REMAINS OPEN TILL THE STOCK IS REDUCED TO NORMAL.
WHITEAWAY. LAIDLAW & CO., LTD.
HONG KONG DAILY PRESS, WEDNESDAY, MAY 20, 1931.
COMPARISON OF FIGURES DIFFICULT.
CANTON INSURANCE "OFFICE MEETING: CHAIRMAN
REVIEWS PAST YEAR'S WORKING.
EFFECTS OF LOW EXCHANGE: SOUND FINANCIAL
POSITION.
I have found it difficult to formulate any true comparison of present day figures with those of the past. With a company such as ours, holding considerable sums both in gold and silver, the position necessarily must vary from time to time but never to such an extent na to-day when we see the sterling value of the Hong Kong dollar brought into our accounts at 1/1," said the Hon. Mr. J. J. Paterson in the course of his speech at the fiftieth mceling of the Canton Insurance Office, Limited, which was held in the boardroom of Messrs. Jardine, Matheson & Co., Ltd., yor-' terday.
FE
'STRUCK A GOOD PATCH."
Mr. Paterson also made reference, judging by the way things are going,
Increase in Dollars.
to the very satisfactory financial we are of opinion that it should position of the company, mention be more than comparable with that ing that a good patch had been for 1920. struck in the last two years in murine insurance, Those support- An analysis for the balance sheet ing the Chairman were Mesars. Å, shows that while the total of our II. Compton, L. Dunbar, T. E
Besets as expressed in sterling has Pearce, A. H. White (Consulting fallen by some £15,000, as compared Committee) and F. C. Hall (Secre with that for the previous year, tary), Shareholders present includin Hong Kong dollars it shows an ed Messrs. P. 8. Cassidy, M. H. increase of over $8,500,000; these Lo, Ho Kom Tong, N. V. A. Chou-fluctuations, as already stated in cher, Ho Leung, T. N. Chau, J, H. the earlier part of my speech are Seth, K.
Stuart Smith, D. V. due entirely to exchange. The In- Stevenson and Lo Cheung Shui, vestiment and Exchange Fluctuation Accounts shows the very marked in crense of over $1,000,000, this re- sulting from the appreciation of
CHAIRMAN'S SPEECH."
1
|
ruling at the end of 1990 Reipaur ance Fund is up by some $1,340,000 and Underwriting Suspense Account by just over 2500,000.
UMPIRE'S AWARD
CRITICISED.
ALLEGATION OF LEGAL MISCONDUCT.
UNUSUAL MOTION IN THE SUPREME COURT.
At the Supreme Court yesterday the Chief Justico (Sir Joseph Kemp) heard a motion for the set- ting aside of an award made by Mr. A. L. Shields in his position: ́as umpire, when the arbitrators appointed by the two sides failed to agree. Mr. Eldon Potter, K.C., alleged legal misconduct" in that Mr. Shields had exceeded his jurisdiction by deciding a point which was never in dispute between the partics, and ho submitted that the award was wholly wrong.
The motion was made on Vehalf of the Hang Shun Company, coal merchants, of 31, Connaught Rond Central, by Mr. Eldon Potter toget. her with Mr. H, G, Sheldon, in- structed by Messrs. Wilkinson and Grist, Mr, F. C. Jenkin, instruct- ed by Mears. Deacons, appeared for S. Latif Husain, merchant, of Wyndham Street, the other party in the arbitration;
Mr. Potter referred to a con- tract between the parties dated May 4, 1020, for a supply of low volatile coal to be made by Husnin to Hang Shun. Certain terms of the contract were varied by letters which passed between the parties on June 1 and 7, 1929. A clause in
for arbitration in the case of any dispute.
A dispute did arise, Hang Shun claiming damages for alleged breach of contract, and the matter was submitted to arbitration, the Hon. Mr. C. G. Alabaster being nominated by Hang Shun, and Mr. S. P. Williamson by Husain. The arbitrators failed to agree, and Shields, who made an award in the papers wero submitted to Mr his position as umpire.
Addressing the shareholders, the both our gold and silver invest- the contract also made provision Chairman, said:-I would preface | incats as compared with values the few remarks that I am about to make by stating that. I have found it difficult to formulate any true comparism of present-day figures with those of, the past. The surplus to be dealt with is With a Company sneh, as ours, 21,398,058.95, out of which has been holding, considerable bus both inpaid an interim dividend of $18 gold and silver, the position neces- per share. We now recommend the sarily must vary from time to time | payment of a final dividend at the hat never to such an extent as to increased figure of 8 and of an day when we see the sterling value exchange bonus of $10, making 800 of the Hong Kong dollar brought per share in all, which will absorb into our accounts at 1/11, the open addition of 820,000 to sterling re-. 2600,000; we further recommend the ing rate of the day on the 31st serve, of $100,000 to Reinsurance December last.
Fund and the transfer of the As the result of the low ex Underwriting Suspense Account to balance, amounting to $33,342.00, to 'change' the total dollars as shown closo 1920 and previous years. The in our balance sheet, has reached balance of 82,541,244.00, at credit the sun of $18,328,095.93. an in-of 1930 Account, allows of the pay crease of close on $9,000,000 as com-
ment of 18 for that year.
Mr. Potter said that in finding pared with the previous year; eleven
that the only contract in existence years ago the reverse position arose
at any time between the parties was that of May 4, 1920, for a sup- owing to high exchange and the In making these recommendny of low volatile con), Mr. sterling strowing reached the unpre-tious, your General Agents and Con- Shields had found something which sedented figure of £1,709,046 38. Dd.sulting Committee have felt that it Before leaving this question of ex- is only reasonable that shareholders he said, not a matter before the was beyond comprehension. It was, change, it will probably interest should participate in the very con umpire, it was not a matter shareholders to know £1,002,388.10.3 siderable accretion of interest that dispute, and was, therefore entire- as shown in the balance sheet now
has resulted from the Company'sly outside Mr. Shield's jurisdic before you, over four-fifths, is actual gold securities, owing to the pretion. The finding wont to the is in gold, mainly in the form of sent low exchange; they do not whole root of the matter. Every gilt-edged securities.
consider it advisable, however, to thing else hung on it, and the sub increase the definitive dividend be mission was that the award must yond a figure that could be main tained with comfort out of interest
A
Dividend and Bogus,
Viewing the position from strictly silver standpoint, it is with considerable pleasure that your General Agents and Consulting Committen are able to present to jou such a satisfactory account as that, for the year 1929, tre balance of which, viz. 81,308,058.95, com onres most favourably with any of its predecessors. Not only does such balance allow of our recom. mending an increase in the dividend but also of an exchange bonus of 810 per share and substantial ap propriations to fixed Reserves, both gold and silver.
Shareholders Beneat
"Legal Misconduct." Counsel, explained that it was this award which was being attack- d. It was alleged, mainly, that misconduct, as he had gone outside Mr. Shields had committed legal his jurisdiction, while there were also errors of law appearing on the face of the award.
be set aside..
in
After remarking that an umpire alone, oven should exchange return
had no right to decide that which to a level of 24, hence the sugges
was not in dispute and had_never They trust that shareholders will tion of no Exchange" bónus.
come to arbitration, Mr. Potter take full cognizance of the note apo greater powers than an arbitra. made the point that an umpire had. pearing in the report wherein; it is stated that the continuance of this
Bonus," in the whole or in part, will depend entirely on the future fluctuations of exchange.
It is proposed to raise the Auditors' fees from $1,000 to $1,230 for each firm and you will, I hope, confirm this when the proposal for the re-election of auditors comes be fore the meet.
for.
Question of Jurisdiction.
On the question of jurisdiction, Mr. Potter submitted it was clear from the authoritica that his Lord- ship was entitled to ascertain for himself from the avidence what the Having matters, in dispute word. ascertained that, if the umpire The premium for the year now
decided a matter which was not in under review is nearly $750,000 in
I do not think there is anything dispute and which was not sopar. excess of that for the year 1928; further that calls for special refer-able from the case, as in the pre- enco but I shall be pleased to an- the figure of loss standa at 03.51 per cent., the expense ratio at 24.07 wer, to the best of ray ability, any per cent, as compared with 20.80 questions arising out of the Ac per cent, and the balance of Under wish to put, after the accounts which shareholders may writing at 12.42 per cent, as against themselves have been duly second- 7.24 per cent. You will notice that. I now propose the following
from $311,723.80 to $700,746.70.
Marine Insurance.
counte
sent proceedings, then ho had He exceeded his jurisdiction.. was guilty of legal misconduct.and the award must be set aside, other
wise they would have the absurdity and the injustice of an umpire be ing able to decide a point which was never in the minds of the par- tics at all. ་་
.:
resolution:-"That the Report and Accounts as presented, including the payment of à final dividend in I have little to say with regard respect of the year 1990 of $32, to-
Enters of Law. to Marine Insurance, generally; gether with
Dealing with errors of law, Mr. exchange bonus of ite fortune are so closely inter $10 per share and an interim divi- Potter said that on the face of the. woven with those of industry and dend in respect of the year: 1930 award Mr. Shields found the only commerce as a whole that they of $18 per share; an addition of contract was of May 4, 1029, and necessarily must stand or fall to £20,000 to Sterling Reserve, of Immediately went on to note that gether, and who can say which it is $100,000 to Reinsurance Fund and of Hang Shun wrote asking for high to be in these days of slump and $332,342,60 to Underwriting Sus-volatile coal, to which Husain world wide depression? We have struck a good patch over the last Penso Account, be adopted and
passed," two years and, though we are do
The report was seconded by Mr. jng everything possible to ensure Lo Cheung Shiu, and unanimously a continuance of such satisfactory adopted. results; it must not be gathered therefrom that "Marine Insur- ance in in any better shape than the several factors to which it looks for its very existence of these, in particular, I would, mention ship ping.
Turning to the Working Account for the year 1930, after twelve months, wo find: a 'balance carried forward of $2,841,244.00 which sum is over aix and a quarter Jakha better than that, for the year 1020, at lite same age. It is curly yer to say much with regard to the ultimate outturn of this account but,
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THE KAILAN MINING ADMINISTRATION DODWELL & CO, LTD.. Agents, Hong Kong
PAMELA.
13, Queen's Road
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Ano barson
No
Reasonable
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DAY and EVENING
WEAR. MILLINERY
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REMOVAL SALE
have a 2/ value
New Shop to be Opened Soon in
GLOUCESTER BUILDING, PEDDER STREET,
YANGTSZE RIVER TRADE.
DISCUSSIONS BY SHIPPING COMPANIES.
ro
IKOWLOON BOY'S SUCCESS.
WINS PEACE MEMORIAL SCHOLARSHIP. '
Maater A/H. S. Skinn, Form VI., Central Britiske School, who sat for the Peace Memorial Scholarship last December, has been awarded this Scholarship.
It is of the value of £450 a year for three years and tenable at
agreed, with certain reservations Thus, the umpire had, himself, dia closed another contract. There was, counsel said, a manifest mistake in law and the position was inex- plicable...
In the afternoon Mr. Patter con- Mr. Ho Kom Tong proposed, and tinued his, argument and went on Mr. J. H. Seth seconded, the re- to quote authorities in support. He election of Sir Robert Ho Tung, submitted that the umpire had he'd Messrs. 4. H. Compton, L Dubbar, that Husain was ontitled to cancel Henry Humphreya, T. E Penres the balance of the contract, fail and A, H, White to the Consulting ing a prompt reply from Hang
We have been authoritatively in Committes, this being 'carried. Shun This was Dot so and, tho
formed that preliminary discussion On the proposition of Mr. K award was therefore wholly wrong.
between the companies named have Stuart Smith, seconded by Mr. HoAt the close of Mr. Potter's no-
taken place. The matter under Leung, Messrs. Lowe, Binghain & dress, Mr. Jenkin asked his Lord- Matthews, and Mesars, Percy Smith, ship to be allowed an adjournment consideration was, however, attire Site & Fitming, were re-appointed for personal reasons. His Lord.ly limited to questions relating to auditors at an increased remunera ship accordingly adjourned further the Yangtze River trade. Before tion, from $1,000 to 81,950 each, ̈ ̈ bearing until 2.30 p.m. to-morrow, (Continued at fool of next column.)minary stage.
Reports have been current eently of an agreement between six Far Eastern Shipping companies, two British, one Japanese and three Chinese, namely Messrs, Butterfield University, no restraint being and Swire and Messrs. Jardine, laced on the prizemn as to the Matheson & Co. (British); Nisshin country in which he may desire to Kisen Kaisha (Japanese); and prosecute bis studies., China Mercants' Steam Navigation Company, Ningpo- Shao Haing the war, there was an agreement SteamNavigation Company and San, Peh Stoam Navigation Com-between the leading companies in pany (Chinose), with regard to co- the yangtsze shipping world with operation and standardization of freight rates.
"
regard to charges and pooling of froight. The agreement lapsed dur ing the war, but in view of the competition at present in progress. it was considered desirable that the possibility of coming to some sort of agreement should be explored. It is hoped that success will be achieved but at present the negotia tious have only reached a pront