FEELING
THE PINCH
CANTON INSURANCE OFFICE
THE HONGKONG TELEGRAPH FRIDAY, MAY 25, 1934.
DRAMATIC TURN IN
business, reduced values, and the consequent Intensifed competition for what remains.
PARLOUS CONDITION,
1
I think I can rightly say that never in the world's history has shipping (on which Murino Insurance
region of eighteen lakhs. The in-
FIRM
dividual reserves call for no comment REQUEST FOR
by me, as any changes are merely due to the different rato of Exchange) at which they are shown, the two exceptions being the Reinsurance: Fund and Underwriting Suspense
INTERPRETER
Account which reflect the substantial CAUSES
ÁBLE TO KEEP UP largely dependent for its existence) this time last year.
DIVIDEND
and ni
CONSTERNATION
NEARLY BRINGS CASE TO END
ACCUSED AGREES 'TO DO WITHOUT
FRAUD TRIAL
dimcult to obtain rollable informa- tlon, but ovidently thero la much disorder and unrest.
"Naturally, although this Mis- afon is not a trade. delogation. much was said about trade, par touring China and Japan on ticularly in Japan. I explained
WAR TALK or the ss. Kitano Mart, in that the palley of Australia was
DEPLORED
HON. J. G. LATHAM INTERVIEWED
GOODWILL TOUR RESULTS
"I am satisfied that there is
the course of an exclusive inter-substantially that of Japan. Just view with the Hongkong Tele÷jna Japan in the first instance Fgraph.
tected her own industries and thou considered tho interests of other The vessel arrived at daybreak people, so Australia in the Arat and Mr. Lathum and other mem-place protects her own Intercats bers of the Mission left on the and then considers the interests 8.25 a.m. train for Canton, where of other people. In the case of he is being entertained to-day. Australia, however, after Aus- He returns to Hongkong early tralian industries and before for- to-morrow morning and salls for eign countries, we put British Australia via the Philippines.
Industrica.
SPECIAL ARRANGEMENTS. "I explained that Australia was
ACTIVE INTEREST.
Mr. Latham said that sincs prepared to make special arrange
appropriations made to them about been in such a parlous condition as it, The surplus, to be dealt with in Is to-day, when the British shipping $1,185,284.09, out of which has been Industry is applying for temporary paid an interim Dividend of $18 per Stale assistance; it was recently hare. We now recommend the pay- "While the results of the stated by the Chairman, at the annual ment of a final dividend of $7.40 which Office's operations are still quite meeting of a well-known shipping with an exchange Bonus of $1 (mak satisfactory, it is difficult to see Company, that any further prolonging an equivalent of $12.00 h all on ation of the present conditions would the new sub-divided shares) will ab far ahead and we, like everyone mean the virtual ruin of the Mercantile forb $600,000, we further recommend else, are feeling the pinch that Marine.
Incalculable toss the addition of $239,001.26 to Rain-! has resulted from the world-to the nation as a whole and, thinsurance Funds and the transfer of
a great deal of sensational ex-enving Hongkong he had visited, ments with the countries which being so, it would be unwise for us to the balance, amounting to $340,329.74, wide trade depression. which be unduly optimistic as to the future. to Underwriting Suspense Account to
Aggeration with respect to the with other members of the Mis- treated with her and accordingly affecta us in the form of dearth Much depends on the return of pro close 1032 and previous years. The
war-like designs of the various sion, Shanghat, Nanking, Peking negotiations for trade agreements of business, reduced values, and sperity, to Europe and America, of balance of $1,740,174.98 at credit of
A dramatic turn was given to countries. If each country could Japan," he said, "members of the Government of Australia
and Japan. "In both China and were In progress between tho the consequent intensified com- which Intely there have been. more 1988 Account, allows of the payment the frill of Lizarraga, one and be reasonably sure it would not party were guests of the Govern- consular representatives of Japan. hopeful signs; in the meantime, wo of an Interim Dividend of $3.00 for Levitsky this morning when an be attacked by another, there ments and were treated in a most China and the Netherland East petition for what remains,"
must exercise patience and endeavour that year on the new sub-divided unexpected application by the would be very little heard of generous Thus said Mr. W. J. Keswick when to effect all reasonable economics in shares.
Just-named almost caused the the threats and apprehensions tour. I had the opportunity of
manner. During the Indies, presiding at the annual meeting of working.
1 was also able to announce the Canton Insurance Office, Ltd., in
discharge of the jury and the of war which are the stock-in-meeting a large number of the that the Government wore engaged We are fortunate in no much thati the Board Room of Messrs. Jardine, our reserves are so high, in propor-i Matheson & Co., Ltd. this morning.
At the risk of being considered ordering of a fresh trial.
trade of so many people," said leading people in both countries, in selecting trade representatives tion to the volume of our operations;
Accused The chairman was supported by that they call for but little beyond monotonous, I would again call the attention of shareholders to the note
"I had a discussion with
L. Dunbar, F. A. Joseph, T. Peare", with a very handsome return in the 4. R. Taggart and S. T. Williamson shape of intereat which during recent (Consulting Committee). The follow yenrs, has done more than cover the ing shareholders
present:Annual Dividend and Bonus.
were
EXCHANGE BONUS.
Beyond again voicing our apprecin-
tion of the very satisfactory manner
And
tences.
are Jose Lizarraga the Hon. Mr. J. G. Latham, portant problems with responsible
and I was able to discuss im for Enstorn countries.
Canton
TWO CHARGES UNPROVED.
ber of addresses casting.
I am
other countries.
and
Mr.
Mesars. D. E. Clark, A. 1. Compton, demand for stability; they provide us that appears in the report with re-/ (836), of Manila. Wong Sau-mo leader of the Australian Good-mbers of the Governments. I Hirota, Japanese Minister for gard to the continuance with the (29, of Shanghai, and Nicholas will Mission which returned in also had the opportunity, particu- Foreign Affairs, In the course of
Exchange Bonus,
Levitsky, u Russian, (34),
the Colony this morning after larly in Japan, of making a num- which the question of diplomatic
(Continued on Next Column.) The basis of the charges is a
and of broad-representation of Australia In Moxarx. W. F. Simmons, 110 Kom-tong. This position has not quite held, in which our London Underwriting conspiracy to defraud persons by
Japan was raised. I explained that A. . Stewart, J. Fleming, J. Dhowever, in respect of last year (as is being conducted, I do not think pretending that they were curry- Danby, J. It. H. Hence, the will be seen from the Accounts) owing there is anything further that calls ing on a genuine business known that on February 3, he went to
"I found that in both China and very few questions of a really diplomatic character arose as be- H. C. Macunnar, J. F. Grose, J: 1. to the fall in the earnings on gilt for special attention by me but after a Standard Products Company, St. George's Building to check Japan there is a very genuine and tween Australia and foreign Seth, M. I. Lo, W. L. Mackenzie, edged at Home; nevertheless our the resolution, which I am now about There are twelve other charges of over Lovitsky's passport. Levitsky active interest in the objective of countries, and that British repte-
and A1, W.
assets are intact and feeling as we to propose, has been duly seconded, obtaining credit and goods by said it was in do that in years to come, rates of I shall be pleased to answer, to the fraud and
Kowloon and hohe Mission, namely the mainten- CHAIRMAN'S SPEECH.
interest will swing back in our direc-best
money by false pre- would bring it over. However, ance of development and further entatives had always been will
Ing of my ability, any questions
and ready to handle those that when witness returned two days development of friendship among dių arlag. I further pointed out Addressing shareholders, the Chair-thon, we have no present qualms with which shareholders may wish to nsk.
that if later, Wong told him that Levitsky the countries of the East. I now propose the following re- man said: The statement of accounts regard to the continuation of the
the appointment of to get his satisfied that there is a great den Minister was made to the country, present rate of dividend and bonus solution:That
When the Court resumed this had gone to the Report for the year 1932, which we now One factor that might upset our Accounts, as presented, including the morning, Mr. Fraser sald Levitsky passport visned.
of sensational exaggeration with present to you, is almost identical with that for the previous twelve calculations in this direction would be payment of a final dividend in respect has expressed a wish for an in-
respect to the war-like designs of cations would be raised with exchange material rise in sterling exchange of the year 1932 of $7.40, together tenpreter.
Sergt. Mottram Kave formal the various countries, if each reference to quite a number of months, except that culeviated at 1/5%, as against 1/3, but there appear to be as many argu-with an exchange bonus of $2 per
evidence relating to the search of country could be reasonably ́sure and an interin. dividend in
"These proceedings have gone premises occupied by accused, it would not be attacked by an- SOME DIFFICULTIES. nnd, consequently, the showing inents against, as in favour of, that are
respect of the year 1933 of $3.60 per un on the assumption that he un- This concluded the case for the other there would be very Httle local currency is proportionately recoming to pass.
"Australia would also have to duced; as disclosed in Sterling the
share; an addition of $239,901.25" to derstood English," 1933 ACCOUNT.
added Mr. Crown.
heard of the threats and appre-conalder the charaetor of her xarplus to ho dealt with is £4,000 less }
Reinsurance Fund and of $346,323.74 Fraser.
hensions of war which are the representation in London, and if than 1931, while in local currency the Working Account for the year 1933, Underwriting Suspense Account,
stock-In-trade of so many people. we appointed a Ministor to Tokyo difference amounts to over $231,000, after 12 months, suffers from a com- be adopted and passed"
His Lordship:-It goes further The resolution was carried on being than that it means that at the Comparisona of income and losses, parison with 1932, at the same period,
Ilis Lordship said he was not While that uncertainty prevails, we would have to consider whe for the years 1931 and 1932, show by reason of the rise of 2d. in Exsecunded by Mr. Ho Kom-tong.
before the antisfied that the evidence on two however, each country feels that ther we should not have to appoint protracted hearing that while the farmor, for 1032, was change. As viewed in sterling, there
Ministers to Paris, Washington, Police Magistrate, the accused of the charges preferred against it must be on guard. $284,000 less, than for the previousl difference of but £6,000, which
strong enough to
Rome and Peking and possibly yeur, Losses also were lower by somefcannot be reckoned as material, when Mr, J., R. lance proposed and was unaware of what was going Levitsky was
justify their standing, and ou Mr.
other places, way to nullify the fall in Income.present-day conditions of trade are Mr. . Danby seconded the ro-election on.
Fraser concurring. nis Lordship "Greater knowledge and more "Mr. Hirota expressed himself The loss ratio is 54.43% against considered. In ллу evert, the of Sir Robert Ho Tung, Mesars, D, E,
Mr. Fraser:Yes, if it were a
contact between theas being satisfied that although 53.21%; expense ratio 31.01, as com- Account has yet a further twelve Clark, A. H. Compton, L. Dunbar, T.
the leadera of each country would, Japan had desired the appoint- pared with 27.8841, and the under-months to run and judging by the E
verdist of "Not Guilty" on Pearce, J. H. Taggart, F. A genuine application, but he has instructed the jury to retim a intimats
following counts:- That Levitsky believe, help in a real degree to meat of an Australian Minister writing surplus 14.639 as against way things have been going, since the Joseph and 8. T. Williamson to the cross-examined in English. 18.91
motion
oltained Ovaltine end of last year, we are hopeful of Consulting Committee, the
by means of modify this position. In both to Tokyo, with the corresponding While the results of the Office's again being able to appear before you being duly carried,
fraud other than false pretences;China and Japan there is a con-appointment of a Japanese in Messrs. Lowe, Bingham and Mat-i operations are still quite satisfactory, with a satisfactory outturn.
His Lordship:-There is no that Levitsky obtained a weighing siderable amount of apprehension. Canberra, it was not necessary to it is difficult to see far ahend and, we, An analysis of the balance sheet thews and Messrs. Perey Smith, Seth like everyone else, are feeling the shows that the total of assets, an ex- and Fleming, were re-elected auditers question of his having an inter-machine and safe by ninnur of The internal position in China make such appointments at the: pinch that has resulted from the pressed in sterling has increased by for the ensuing year on the motion preter ut this stage. If indeed he fraud other than false pretencca. appears, however, to be improving present time: the appointment understand, then this The hearing on other charges is definitely in certain districts. As of a Trade Commissioner would world-wide trade depression, which 448,000 while in Hongkong dollars of Mr. W. F. Simmons seconded by does not
trial is a nullity.
proceeding.
to some of the provinces it is probably meet all requirements.” affects us in the form of dearth of there is a fall of something in the Mr. A, B, Stewart.
Hi Lordship then spoke to Levitsky, who said he did not! imply that he did not understand the proceedings. He only desired an interpreter while, he himself WOS being cross-examined.
OTHER BUSINESS.
WE SUSPENDED ADVERTISING
FOR A FEW DAYS
IN ORDER TO ALLOW OUR STAFF TIME TO REGAIN THEIR BREATH
AFTER THE GREAT RUSH BUT
WE'RE OFF AGAIN!
WE CLOSE OUR STORE
FOR EVER AT THE END OF THE MONTH
POSITIVELY UNHEARD-OF PRICES!
READY-MADE SILK GARMENTS from $2
KASHMIR CREPE, double widTH .80 PER YARD
DO SINGLE DO WASHING SPUN CREPE WHITE MELANGE CREPE
70
.
A
50
50
PLAIN GEORGETTE
50
WHITE WASHING SILK
3 YDS for $1.00
COME AND SEE FOR YOURSELVES
KASHMIR SILK STORE
OPPOSITE QUEEN'S THEATRE
-CLOSING POSITIVELY——
TRIAL A NULLITY?
His Lordship:-it is either a question of going on with the trial as we are or discharging the jury and putting the prisoners back to the next Sessions.
Lizarraga: The
position
ik
this, my Lord he is well aware of the proceedings but requires an interpreter when he goes into the witness box.
THE ALTERNATIVES.
Ifis Lordship-I have already said I cannot do that, because if well aware of a prisoner is not questions put to him. I must assume that he is not well aware of English. This trial has been conducted by Europeans, and the English is colloquial and idloma- itic. accused presses
application, there is no alternative to another trial. If grant his application for un interpreter far cross-examination, there a per: fect ground for appeal, and if I refuse, that might also constitute a ground. An appent would menu fl further considerable expendt. fure of time and money, and would mean gelling a Judge from Shanghal. I will adjourn the Court, for 15 minutes to allow aceused to consider the position.
After an adjournment, Levitsky anaouneed that he was prepared to go on without an interpreter.
Sergt. Ellis, of Central Police Station, Bajd - he searched Lizarraga and Wong at
Central where they were brought by In- specter Murphy. He found $1,335 and two train tickets for Canton on Wong and $225 on Lizarraga. At the Empress Hotel, accuseds trunks were packed and there was a wireless set stated by Lizarraga to belong to the third accused,
AL 20, Connaught Road, a search revealed about 70 small boxes, half of which were empty and half filled with straw. He also went: to St. George's Building and 25, Hankow Rond. On February 12, witness went to Canton and re- turned with Levitsky, who, when charged; sald:-"I did not con- Apire; I was employed by the firm."
NOT SURE.
Cross-examined by Lizarraga, witness sald he was not absolutely sure who opened the safe, but he witness gave the keys to Lizarraga and then saw the safe was open.
agreed Re-examined, witness that prisoners had necesa to tho Company's papers and books while in prison.
Lee, Sergt. D. Glasoonaff stated
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