PAGE 10-HONGKONG DAILY PRESS
FINANCE
FOREIGN MARKETS & QUOTATIONS
WAR RISKS TO PROPERTY: INDEMNIFYING. THE NATION
(To the Editor, “Hongkong Pally Press.")
Sir-The action of the Government in setting up a Comunittee ander Lord, Weir was received with reneral relief throughout the country... by thase who are deeply, concerned with the effect upon ballding that the absence of war risk insurance of fixed property must involve. The publication of a practical scheme by the Asso- ciation of British Chambers of Commerce marks an immense step forward.
MONEY AND
EXCHANGE
CLOSING QUOTATIONS SEPTEMBER „5," 1829
On London:
Telegraphic. Transtor. 13 13/16 Bank Bills, on demand1/s 15/18 Credits 4 months sight 1/3 3/8
On Shanghai:
On demand
On demand
On Singapore:-
On Japan:-
On demand
On India
Telegraphic Transfer. and demand
Un New York:-
130
52 1/2
Thly scheme has been pre- pared by a very competent Sommittee and is put forward for the consideration of all interests concerned, and the constructive criticizin on every. detall of their proposal,
NORMAL INSURANCE
Commodities RECLAMATION PROJECT FOR
And Prices
The Statist general index number| for July at 88.7 (1887-77-100), shows a decline of 2.1 per cent. from that of the preceding month; and of 3.6 per cent, from July last; year.
of
SZECHUEN REFUGEES
CHUNGKING, Sept. 24 (Central)-The reclamation of 160.- 000 acres of wasted but cultivative land in northern Swechten by 30,000 refugees is to be carried out within three months by order of Generalissimo Chiang Kai-shek
Details of the project are being mapped out by the newly- organized and reclamation bureau. The work is divided into periods. During the first · stage, which is to be completed within a month, 40,000 acres are to be reclaimed by 12.500 refugees. The remaining 60.000 acres are to be reclaimed by 17,500 refugees during the second stage. The land reclamation bureau, will be tenants
of the govern- has at its disposal $1.646,280 ment. to cover necessary expenses. All OTHER EXPENSES the state-owned reclaimed land is to be distributed at approxi- for necessary farniing implements; Other expenses include $61,400
TUESDAY, SEPTEMBER 26, 1939.
BANKS
HONGKONG & SHANGHAI THE CHARTERED BANK DE
BANKING CORPORATION
Authorised Capital... $50,000,000 sued & Fully Paid-Up $90,000,000 Leserve Funds:
Sterling"
INDIA, AUSTRALIA
AND CHINA
corporated by Royal Charter, 1851 £8,500,000 Reserve Fund
Paid-Up Capital
£3,000,000 ...£3,000,000
....£3,000,000
R.E. Currency Reserve $10,000,000 Reserve Liability of Pro- Reserve Liability of
prietors....... Proprietors
.$90,000,000
Head Office:-HONG KONG
Board of Directors: Hon. Mr. A. L. Shields, W. H. Lock, Esq...
Chairman.
Deputy Chairman,
J. K. Bousfield, Esq.. A. H. Compton, Esq., Hon. Mr. 8. H. Dodwell, D. F. Landale, Esq., G. Miskin, Esq.,
H. V. Wilkinson, Esq.
HEAD OFFICE: LONDON:
.38, Bishopsgate E... Sub-Agencies In London: 117/122, Leadenhall Street, E.Ö.a West End Branch: 14/16, Cockspur Street, S.W.1. Manchester Branch: 82, Mosley Street, Manchester, 2.
AGENCIES AND BRANCHES: ALOR STAR KAZRIN AMRITSAR HONG KONG RANGOON
BANGKOK
BATAVIA
ILOILO
BOMBAY ... CALCUTTA
1POR
KARACHI ILANG AGENCIES: EOE- CLAVE TRUST FAIRLIS PLACE CANTON
KUALA
MADHAS MANILA
PINANG
SAIGON.
KERTIDAR
BOURĪBAKA
K. S. Morrison, Esq.,
Hon. Mr. T. E. Pearce,
SHANGHAI
SINO POZE
of
Sir Vandeleur M. Grayburn,
Chief Manager.
SITIAWAN
Branches:
CAWNPORE.
LUMPUE KTÖHING
TAIPING
TIESTEIN
two
CHINA EXPORTS
families. Thus 500 cottages of Amoy the former type and 2,000 cottages of the latter will be built.
$100,000 COST
CR
TONGKAM
Ipch
Bangkok
Johore
Penang Rangoon
COLOMBO
(Bhukot)
DEEPLY
MEDAN
lienho
Batavia
Kobe
Saigon
HAIPHONG
NEW YORK
Bombay
Kowloon
San
HAMBURG
Calcutta
Kuala
Francisco
Canton Chefoo Colombo wh Dairen Malacca the land Foochow
XANTOW Lumpur Shangbai
London Lyons
Singapore
Sourabaya
Sungai
Manila
Patani
Swatow
YOKOHAMA
The fall on last month relates principally to seasonal changes, concentrated on teh foodstuffs groups, but it also affects textile and sundry materials. while minerals, despite falling export "prices for coal and static conditiona in regard to iron and coal for domestic consumption, show h rising tendency as a result upward movements in the non- It is not surprising that there ferrous metais. All vegetable foods mately 17 acres to each refugee $48,800 for furniture; $351,350 for has been doubt in the mind of shared in the decline.
family of five persons.
domestic animals, horses, goats, the public as to whether war risk
The smallest redaction among
Used insurance of real property was foodstuffs
land owned by local mules and pigs: $81,200 for seeds was that practicable. The essence of normal animal food, pork and mutton prices to be fixed by a land evaluation of model villages.
affecting farmers will be bought at a price and $265,000 for the construction insurance business is the assess being specially sensitive to prevail-committee ment of risks in terms of pre-ing conditions Middling beef show-tributed among the refugees, who two types. The first type of
and similarly dis- The model villages will be miums and the averaging of those ed the only rise in the entire food| risks on the basis of those pre-category, bacon
cottage will sccommodate remaining un- miums by underwriters who are changed. Tea und coffee suffered 15 1/2 capable of taking the risk of the slight falls the main feature of appraisements proving correct the plantation foods group being a and clearly this could not be done reduction of seven points in regardi In this case by the insurance to sugar prices.
After the refugees have settled companies or underwriters.
Among textile materials,
down in their new colony, it wil Normally when a risk cannot be principal movement
CHUNGKING, Sept. 24. (Central) be six months before there appraised in terms of premium it substantial fall in" jute, continuing-China exported through the "Back be any produce from is said to be "incapable of in-the steady reaction from the high Door" goods valued at $411,460,000 During this period they will be Haiphong Muar
hence the statement level established in April of this in the first six months of 1939, supported by made, both in the Press and in year, which still. however, leaves showing an increase of $88,860,000 This will cost the land reclama-
the government. Hamburg (Johore) Tiontain Parliament, and often repeated. prices well above those prevailing over the corresponding period ta tion bureau $400,000. that real property is incapable of 2 year ago.
1938, according to the Ministry of No efforts insurance.
11 Price changes, as regards sundry Finance.
be spared to floilo make the refugee colony a model; It has now become manifest materials, were not substantial,
lone. These will include the de CURRENT ACCOUNTS. opened in on application. Mengtze near the Yunnan-French velopment of communication with LOCAL CURRENCY and FIXED DEPOSITS. that if the problem be approached the most important being reflected from the point of view of mutial in a fall of four points in the index Indo-China border assumes the the rest of the province, the in-received for one year of shorter undertakes Executor and Trustee insurance it capable of rela- for olive oil and a rise of three in leading role in export while Pakhot stallation of telephone services in periods in Local and other Cir business, and claims recovery of
that for leather. Slighter increases comes second as a centre of trade. the more important villages, and quoted on application.
terma which will be British Income Tax overpaid, on the establishment of health clinics!
Ao up to date Ears DEPOSIT any of the Agencies and Branches.
terms which may be ascertained at through which exports pass are and schools,
Box in various sizes To LET Tengyueh and Szemao in Yunnan.
BRANCH OFFICE
Hong Kong. 25th September, 1939.
R. A. DAMIDGE, The training of the refugees in Though
Manager. exports are on the improved methods of farming will
HONGKONG SAVINGS
182 1/2
Bank Bills, on dernand 24 5/8 Credits, 50 days" sight 46 1/2
Un Batavia-
Un demand
On Paris:-
----- 44 3/4
||
Bank Billa, on demand 1780
Credits 4 months' sight 1140
On Saigon
On demand
Un Manlia:-
On demand
On" Bangkok:-
surance";
31
107 1/2
48 1/4
On demand
150 1/4
Sterling Notes:-
Lively simple solution.
Bank Buying Rate
31/2
Bar Sliver per oz.
23 1/9
Market Report
The essence of mutual insurance is that the parties to it share one hider and palm oil. another's losses, and there is no reason why, the Government will set up the necessary ma-
FROM KOZA BROS.
W25
the
1
in nitrate and oilseeds were offset by
reverse movements affecting
SHOW. INCREASE
Other
Bouthwestern
ports
11
agricultural Improvement bureau, which will have a branch.co at the colony. while experts of imports $116.874,510,! the provincial cooperative com- mission will promote the organi-
chinery, the property owners of provisional certificates will bear Upward trend, foreign trade is be the task of the provincial Silver prices were unchanged the country should not be put in interest, and as both provisional
jyet unfavourable. over the week-end the quotations the position fully and effectively certificates and, bands will be back- remaining at 23.1/2 for both Ready to insure one another. Great as ed by a first charge on all build-of July this year was $79,884,949 China's exports for the month and Forward. There were no the total "damage may be, the ing property throughout the coun-and Silver advices to-day. The Ameri-spread and source of contribution try, they will represent a security registering an adverse balance of zation of cooperative societies.
her 13 immensely greater and the Continued on Back Page. $36,989,561.
can' Market was closed.
The London/New York cruss rate President of the Board of Trade; was quoted at 402. New York/ London was quoted at 399.5/8.
Quiet.
Market
Sterling
No business was reported." There
has stated in the House of Com- mons that the value of buildings alone is estimated to be about £10,000,000.000.
MUTUAL INSURANCE In appointing Lord Weir's Cum-
of Trade said:
were sellers at 1/9 September/mittee the President of the Board October, 1/2.31/32 November/ December and 1/215/16 January/ February, buyers at 1/3.1/32 Cash. 1/3 November and 1/2.31/32 pos- sibly January.
U.8, Dollars
A small transaction was report. ed at 25 per Spot. There were) sellers at 24.15/18, buyers at 25 for Bpot.
Shanghai Dollars 150 sellers for Spot.
Shanghai Market,
The market opened with sellers
the consideration of a scheme for We are perfectly prepared for
some form of mutual insurance which may provide at any rate some interim compensation for those whose premises are damaged in war and would be supplemented through the more general scheme of compensation which the Gov. einment has already announced.
My own view is that by adopt Ing. the principle of mutual in-
at 45/32 and closed with selfers Laurance Government contribution
at 47/32.
Afternoon Marker
Dull,
Starog The market closed with
..[
seliers at 1/3 Septécsber/October, 1/2.. 31/12 November/December
JAVA
and 1
CHINA
would be unnecessary, belleve that that is the view of the members of the committee who have prepared the present. scheme.. although they have, not unwisely. in view of the Government's pre-
Government cou-..
vious announcements, left the door open to 1/2.15/16 January/February, bay- tribution should, that be destred
and
at 1/31/18 Cash, 1/3 Novem-by property owners and by Parla-
ber and 1/2.31/82 February, pos-
sibly January..
U.S. Dollera
ment.
The committee's scheme is both clear and simple, Apart from an
Sellers at 15/18 for cash. Initial and perhaps nominal con-
buyers at 25.
+348.
Shanghai Dažieru,
Shanging Marist
Sterling sellers at 4.16/64 Spot
Shanghai Exchange
Shanghai, Sept. 25-(Reuter).
Official T.T. Bater
London
New York
Japan
India
Parts
Hongkong
Spot
Sept.
Octi
Spot
Rept.
Oct.
Steilag
Sellers
tribution in peace, nothing will be payable by property owners unless and until there is a war, so that if there is no war the property for market, building trade, and finan- ces of the country will be fortied by the knowledge that all property ls insured, and at practically no cost...
LOSS OF RENT
If war breaks out then every Opening 0/3-3/4 owner of a house or other building 0-1/8
which is destroyed or damaged will receive a Provisional In- demnity Certificate for the value of his property or estimated 4-7/8 damage. It will not be possible for most properties to be rebuilt
1-1/2 20-7/8 1.73
Opening Closing 0/4-5/320/4-1/4 0/4-5/33 0/4-1/4 0/41/64 0/4-13/04 U.S. Dollars
36-30/32 37-3/32 6-29/327-3/32 6-73/33 6-15/10 Market: Quiet but steady
· Merchant Rate
Sterling, 0/4-3/18.
US Dollars, 18-15/15,
"Silver Duty Rate The Central Bank of China's rate on London at 10 am, to-day was 1/2-1/24, unchanged froth yes- torday,
The Equalisation rate was 24
per cant:
or repaired during war, but this certificate will carry interest in Heu of loss of rent, which will enable interest to be kid mortgages, if any.
DA
As soon as possible after the end of the war the total sum payable in compensation can be assessed and compared with the total insured value of all property, and the rate of contribution from all owners can be fixed and the liability of each assessed.
After the war those who have received Provisional Indemnity Certificates will receive War Risk Indemnity Bonds for the amount of their Provisional Certificates, less their contribution, towards total losses, The bonds, like the
THE PERFECT HOLIDAY CONSIGNEES' NOTICES
PARADISE CRUISE TO BALI & JAVA Roundtrip in 30 days
by 1st class JOJ.L
H$455.-
SAILINGS
To BALI & JAVA via Manila:- Every Three Weeks
To BATAVIA DIRECT: Every Three Weeks To AMOY & SHANGH1E~
SERVICES CONTRACTUELS DES,
MESSAGERIES MARTTIMES
CONSIGNEE NOTICE.
8.5.ATROS II* **A/89.
BRINGING CARGO FROM MARSEILLEB via SAIGON, etc.
CONSIGNES are arreby informed that their goods with the exception of Opiam, Trosaare and Valuables are being landed & stored into the Godowns of the Hong Kong Howloon Wharf Godown Co, Ltd Kowon, whence delivery may be obtained immediately.
Weekly & Fortnightly Alternate after landing.
For particulars apply:- JAVA-CHINA-JAPAN LIJN N.V
Bankow Mukden Tokyo Harbin New York Tsingtao Hongker Peiping Yokohama
rencies on
BANK
.
PRIPING
(Peking)
FOREIGN EXCHANGE and General Banking Business transacted,,...
CURRENT ACCOUNTS opened and FIXED DEPOSIT received for Che Year or shorter perïoda in Local or Other Currencies at rates which will be quoted on application."
SAVINGS ACCOUwts also opened in Local Currency and Starling with interest alwed at rates obtainabia
The Bank's Head Office in London
THE CHASE BANK
16, QUEEN'S ROAD, CENTRAL
HEAD OFFICE:
18, Pr STRZET, American Bank offering com- NEW YORK. plete Foreign Banking Service in the principal Markets of the world. Interest Rates on Application.
The Business of the above Bank is conducted by the HONGKONG SHANGHAI BANKING COR- PORATION. Bules may be obtain-An ed on application.
For the HONGKONG & SHANGHAI BANKING CORPORATION.
7. M. GRAYBURN,
Chief Manager. Hong Kong, 25th Feb., 1939..
BANK OF EAST ASIA, LIMITED
Authorised Capital......$10,000,000.00 Paid-Up Capital......... Reserve and Undivided
Profits
5,598,800.00
2,833,832.01
Head Offices-HONG KONG No. 10 Des Voeux Road, Central,
Board of Directors:
Bir Shopson Chow, Chairman Li Koom Chun, Kaz. Li Lab Bang, Reg
K. Krok 4.
Wong Chu Ban, Beq, Wong Im Tong, Esq. Kan Ting Pa, kaq. Chan Ching Bhak, Zaq. Fang Ping Wah Lag. Kan Tong Po, Raq., Chint Manager. Li T Fong, Esq., Manager.
Amby
All claims must be sent in to me on ar before the and Oct, 1939, or Baby
նե
Onsite they will not be recognised.
Haiphong Damaged Package will be examined w by the Compaya Surveyor, Kesara, Honolulu
HONGKONG—AMOX-SWATOW-CANTON Goddard de Douglas is the presence of
Macao Agent
IL NOLABCO DA SILVA.
MODERY
LIJN EXPRESS SERVICE
MAERSK
BRSK
INES
ERVICE
LINE
the Consignes 10.00 m. on Thurs- [day" the wi Bept 1939, AND
Losakenési "mus have a Boven Officer in attendance when say datishe } gronde“ nao étamined by the Company's ↑ Surreyors.
No Fire inorace will be effected by Fourth by me whatever t
R. OHL
Axent.
Hong Kong, 8th Sept., 1990.
[727
Branches and Agencies :~
Kowloos Penang
London
Macila
Singapor Hangoon Bourabaya
Saigon
Melbourne un tran. Sydney
New York: Seattle
Paris
Paping
Shanghai
SAFE DEPOSIT BOXES
This Bank is entirely owned by THE CHARE NATIONAL BANK, NEW YORK, with sources of OVE 1.8.$3,000,000,000.
D. M. BIGGAR,
Second Vins Pres
BANK OF CHINA
Specially "Chartered by THE NATIONAL GOVERNMENT. OF CHINA AS AN INTERNATIONAL EXCHANGE
BANK...
PAID-UP CAPITAL $40,000,000.00 (BRANCHES ALL OVER CHINA) Owing to our numerous Branober in China and connections in the principal Commercial Centres of the World, we are able to extend to our Clients special facilities for Domestic and Foreign Banking and Exchange.
Head Office:SHANGHAI Hong Kong Branch: QUEEN'S ROAD, C. South China Offices:
KONGMOON TOISHAN "KINGCHOW
Every description of Banking and Exchange business transacted. Loans granted on approved securities. CANTON Current Accounts opened in Locs SWATOW Currency and Fixed Deposits re SHIUCHOW ceived for one year or shorter periods in Local and Foreign Curand other Public Funds of the We also handle the issue of Bonds
Chinees Government both at Home and Abroad.
SHOU J. CHEN,
Moneger
tancies on
terms which will be quoted on application.
SAFE DEPOSIT Boxes To Lar.
KAN TONG PO.
Chief Manager.
Fortnightly Express Sallings DO-CHINA
KEELUNG, SHANGHAI #G JAPAN
LOS ANGELES, PANAMA, NEW YORK, BOSTON, PHILADELPHIA, BALTIMORE,
NORFOLK & SAVANNAH
Through Bs/L are issued to Central and South America, Gulf and Caribbean Sea Forts and West African Ports.
EXCELLENT ACCOMMODATION FOR PASSENGEFS
AT MODERATE BATTƐ.
For Freight and Passage please apply
JEBSEN & CO.
Canton Shameen, BC Agenta. Hong Kong Fedder Building,
Tel 10916
Tel. 31205
STEAM NAVIGATION COMPANY LTD.
Operating Services for Cargo and Passengers
TO
SWATOW, SHANGHAI, THINGTAU, CHEFOO
and TIENTAIN
KOBR and OSAKA
SINGAPORE, PENANG and CALCUTTA
SANDAKAN HAIPHONG
For further particulais
please apply to-
EPHONE ZOJIL GENEI
P
Page 10Page 11