1927-03-19 — Page 5

SATURDAY, MARCH

P. & 0.-British India Apcar and

Eastern & Australian Lines

(COMPANIES incorporated in ENGLAND)...

MAIL AND PASSENGER STEAMERS.

TAKING CARGO FOR

STRAITS, JAVA. BURMA, CEYLON, INDIA, PERSIAN GULF, WEST INDIES, MAURITIUS, EAST AND SOUTH AFRICA, AUSTRALASIA, INCLUDING NEW ZEALAND AND QUEENSLAND PORTS, AND RED SEA, EGYPT,

CONSTANTINOPLE, GREĘCE, LEVANTINĖ PORTS. EUROPE, &c.

(

"PENINSULAR & ORIENTAL FORTNIGHTLY DIRECT. ROYAL MAIL STEAMERS. (Under Contract with H.M. Government.)-

S. S.

Toma

Fram Hongkong About

11

16,504 19th March

Noon. nd "Apri

MONGOLIA

*MACEDONIA 1120

KRYBER

DEVANDA DELTA MALWA NELLORE

94 14th April

8,155 16th April 2,007 27th April 10,941 30th April 0.863 11th May 14th 7.023 25th. may 10.918 CRITE

9.85

Muy MAY May 8,00611th June 1.90902 25th June

NYANZA MOREK

KASHMIR

MANTUA

KALYAN

0.14 9th July

MACEDONIA 11,390 | 23rd July

Destination

Marseilles, London Marseilles & London Marseilles, London, Dunkirk, Antwerp,

Rotterdam & Hull Marselles, London,, Antwerp & Hull Singapore, Feng, Colombo & Bbay Marseilles and London Singapore, Penang. Colombo & B'bay Marees, London & Antwerp Sapore, Penang, Colombo & Bombay Marseilles & London. Marsellies and London Mrdles, London & Antwerp Marseilles, London & Antwerp Marseilles and London.

to

Frequent conection from Port Said For Passengers and Cargo Constantinople. Breaus. Smyrna and other Levant Ports by steamers of the

Khedival Male Steamship Co.

TAKADA JANUS

TILAWA

BRITISH INDIA-APCAR SAILINGS.

8,049 | 28th March - Singapore, Penang & Calcutta 4,824 10th April Singapore, Penang & Calcutta | 10,003 | 16th April | Singapore, Penang & Calcutta

たいです

REVIEW OF THE UNDER- WirTING: MARKET.

THE CHINA MAIL

MANY SHIPS LOST LAST YEAR

Marine underwriting is more than a businose for many of those who transact it. It is also an absorbing isterunt.. Its successful conduct demands a rare gpmbination of qualities, and the possession of those by British business men ac coulta largely for the leading post tion which Londch holds in the marine insurance markets of the world.

PERILS OF THE SEA. just a financing institution, follow- Montevideo and Buenos Aires, was "ing, blindly and less favourably, the reported abandoned; in a sinking- fortunes of the original offices. At condition north-east of Cane the same time; 10 enables the ort- Polinio,, and the British steamer, ginal companies to write very much "City of Naples valued at largör lines than would be accepted £10,000, went ashore off the Jap-| without such backing, and thus anese coast, while on the voyage there is loss business to go round from the Tese and Hamburg for, the market amor those under-like the "Alpe Maru," Yokohama.. writers who are propared to retain In July the French liner "Fontaine. the amounts that they write. So bleau," of 9,086 tons, was reported the marked cannot entirely deplore from DjiSouth to have been destroy. the demise of companies which led by fire on the voyage from Mar.. wished to make money out of maripelavillas for Yokohama. underwriting but were not prepared

Loss of Valuable Liners. to undertake the actual selection of risks. A reduction of the re-insur-of the year was the stranding at the One of the most serious casualties ance facilities may easily conduce Bahamas, on July 8, of the British to a healthier condition of affairs..

steamer "Port Kembla" while bound The strong instinet for the sea in

Firmer Tendency of Hell Rates, from Great Britain for New Zea- British people finds on outlet for From the point of view of the in-tand. The insurances on the hull practical expression in marine unsured, the strongly Individualistic were thought to amount to quite derwriting. All descriptiona of attitude of underwriters has its 2260,000, while the value of the ships and their cargoes come, memorita. Any concerted action time or other, before underwriters hard to secure, and the insuring $160,000. On July 30 the British acargo, was believed to be about for consideration-from the largest public possesses the guarantee that liner "Cawdor Castle" went ashore linor to the smallest motor-boat, only dire necessity would bring it in Concepcion Bay on the voyage The risks which need to be assumed about. The results of underwriting from Hamburg and London for are varied and always changing marine risks are slow in appearing, Mauritius. The vessel of 5,753'; and the complexities of the enter but there is no mistaking the effect tona, was understood to have been prise are part of its fascination. when they do assert themselves. In valued for insurance at "250,000 Some of them defy analysis and the middle of last year the most un-while the London market was also standardized treatment. The unfavourable results of underwriting known to be interested in her cargo, expected is always happening. ÁS

In September cyclonic weather falda to navigation are developed, the vessels in 1928 and 1924 were bo-

Pisk of disaster should steadily bad that underwriters, generally Florida was believed to have been coming apparent. They were 80 reported from the neighbourhood of giminish. Yet serious accidents were stirred at last into doing responsible for the loss of the Bri Continue to oceur. Thero something to bring about better tish steamers. "Eastway" "Loyali strandings and fires, and many conditions. Instead of accepting Citizen," and "Golden Cape," And forms of other accidenta. Last doets and single ships at the previ- the American ateamor"""Haleakala," year brought its full share, and ous rates, without attempting to dis-all of which became missing. when these occur they are apt cover what the results of the earlier Fires were particularly costly. days to be exceedingly costly underwriting had been as had pre-The most serious of these occur. owing to the great values represant-viously appeared often to be the rences was that which broke out at ed by ships and their cargoes. The case, the results were examined the end of November in the British improvements in navigation might when proposals for renewals were liner "Ayrshire," be thought to justify 缜 gen-submitted. In those cases in which while bound from Australia. for the erally lower level of rates the effect of underwriting had been United Kingdom with a valuable Most underwriters probably held obviously unremunerative, rather cargo. The vessel was abandoned, that they did 85. and utes higher rates were quoted. Ex-and as it was considered that she of premium Jast year would ception to such a course could hard-was a danger to navigation she was have been, or the whole, lower thanly be taken by anyone. For ship-sunk by a British warship, Other. in the years, immediately, preced-owners the higher rates came at a serious, Ares occurred in the Bri- ing the war. Yet the books of some time when conditions in the freight tish steamers "Kia Ora," "Rimu underwriters are known to show tharkets were improving, and so the taks," "Idomeneus," and "Arracan." claims amounting to fully those of increases could be better afforded. (each of the two or three years im-During the period of extreme de- imediately preceding 1914.

pression the shipping industry had

are

Marine insurance is still bearing the marks of the Great War, and it will continus long to do so. During the period of hostilities everything was abnorinal." The values of ships und their cargoes were then so high, the premium incomes were so large, and the British Navy and the Bri- itsh Mercantile Marine were so off clent that payment for the heavy losses which did! ocbur, were easily provided out of the muas

of 9,187 tona,

An International Conference. Good work was done by the Tech-

the advantage of marine insurance nical and Clauses Committee of the largely below cost. The latter Institute of London Underwriters part of the year found rates on and a number of changes in clauses ships distinctly firmer, yet the retending to the greater simplification Bults to be made known shortly will of the business were agreed. An reflect business written at the very important event was the annual low levels of rates.

meeting of the International Union

In cargo lasurance there has been of Marine Insurance, which was derwriting has the attraction of, sented at these gatherings for the no such recovery. This form of un-hold at Scheveningen in September. London, underwriters were repre as a rule, soom expiring. The long-| 01

premium income that was gathered. Great risks, of course, were incur red, but their assumption was, secured comparatively soon. Some-/the subjects discussed of particular i

duration, and profits, if these are pected that good results should be est voyages are now of a few weeks' rat time, and it is confidently ex to be earned at all, are generally secured from the meetings. One of

strain of assuming vast Habilities,

DOLLAR STEAMSHIP LINE AMERICAN MAIL LINE

(Admiral Oriental Lina)

JOINT TRANS-PACIFIC SERVICE

A Regular Weekly Sailing TO SAN FRANCISCO OR SEATTLE.

THE

"PRESIDENT LINERS"

T

TO SAN FRANCISCO VIA HONOLULU, SHANGHAI, KOBE & YOKOHAMA. "THE SUNSHINE BELT" PRESIDENT MADISON Tuesday, March 29th 6, a m. PRESIDENT JACKSON PRESIDENT MCKINLEY PRESIDENT LINCOLN..... PRESIDENT CLEVELAND

Tuesday, Apr. 12th

Tuesday, Apr. 28th Tuesday, May 10th Tuesday,

May 24th

Thereafter Fortnightly Sailings on Tuesdayn HONG KONG TO EUROPE

SPECIAL LOW RATES.

Via San Francisco or Seattle.. $120 £112

DIRECT CONNECTIONS WITH ALL ATLANTIC LINES

Choice of railway lines across United States and Canada, with liberal stop-ovir privileges for Sightseeing. Ask for information. Following are suggested itiner" Aries:-

Frond

Hongkong

From Connecting with Via

Sekalily N. York 1

Arriving

Mar

2.3. Patio

Gee. Washington Apr. 20

Mari

29 San Francisco

Homurti.

Apr. 90

Apr.

А

Sento

Levina

Apr, 200

Apr.

128a-3 Pranaimo

Aqui enia

May 11

Vit.

20 Seattlu

Gio Vanitington May 18

pr..

8 [8

Franola on

Ko..ublic

May 8

May

4

Hentilo

Aizu lande,

May 31

stayi

10 San Franc

Homerlat

Jun 13

May

Fento

Min-stunin

Jung 15

24an Franciua..

Magelan

June 21

June

1 Seattle

Berengaris

Juto.

7 Ban Francisco

bynuplo

TO SEATTLE AND

Jaro 20 July

Pmth:CBig Apr. 12brg-Smith: May (brig-8 bmpin May

brg-sharin May 17 eorg-'hij n May Phibune ling Jina 6 Cbrghum Jule tfbrg-Shubin Juno. 17 Path-Obrg Juna. 21 Obrg-Shape July Clerg-8 July

Obry Shmjan Jaty

VICTORIA VIA

SHANGHAI, KOBE & YOKOHAMA.

"THE FAST SHORT ROUTE!"

PRESIDENT PIERCE

PRESIDENT TAFT

PRESIDENT JEFFERSON PRESIDENT GRANT

Wednesday, Apr 8th, Wednesday, Apr. 20th. Wednesday, May 4th. Wednesday, May 18th.

Thereafter Fortnightly Sailings on Wednesdays.

the event, justified. Large proñts were earned, and, in spite of the times, after a series of losses in a interest to British underwriters PRESIDENT CLEVELAND Wednesday, Mar. 23rd 3 a.m. considerable share taken by taxa particular trade, the results are so was the Dangerous Drury Clause.

for , under- At the end of the year under- tion, there was substantial profit palpably expensive.

in many cases a very substantial writers that rates are slightly ad-writers were impressed with the ex- one left for underwriters. Sameez.ced. But the underwriter is tremely expensive character of

tmany of the casualties which oc usually optimistic, although were glad to be relieved of the might, perhaps, be better for his curred. The tendency of rates, 38 and withdrew from the market account if he were sometimes pes- Indicated was firmer as regards the EASTERN & AUSTRALIAN SAILINGS (South) They were succeeded by others, who simistic, and a heavy loss may have insurance of hulla, and, while it is had to learn by practical experience

the effect of encouraging him hoped that there may be, in future, compete for other. busi-Bome improvement in market con- that marine underwriting is normal"

ditions, these can hardly be ex- neos and 80 try to make Manila. Sandakan. Thursday Island.ly very far from being an easy bus up in premium income in pected to be shown fully in accounta

Townsville. Brisbane, Sydney, &ness' to transact.

relatively short time for his unfor at least two or three years. Melbourne,

satisfactory results in other routes. No one who has any acquaintance with the market can fail to be im pressed with its immense strength. Outstanding Shipping Casualties.

** ST. ALBANS, 4.500 1st April

ARAFURA

TANDA

ST. ALBANS

0.000 29th April 0.950 3rd June

4,500 1st July

ARAFURA 10.000 20th July

ל!

Call Kolambugan, but omita Sandakan. Regular monthly sailings fpm Hongkong to Japan and Hongkong to Australia,

The F. & A: S.S. Co., Ltd., steamers will also call at Shanghai. Iloilo, Cebu Kalambugan, Tawao. Timer. Darwin, or other ports on route as inducernent

offern.

The P. & D. Royal Mail stenmere. to London via Suez Canal.

"

The P.&O. Branch Service of steamers to London via the Cape. The New Zealand Shipping Corapany's steamers for Southampton Landon via Panama Canal

SAILINGS TO SHANGHAI & JAPAN

to

2

1

EASTERN FORTS' HEALTH.

Size of the Market. New companies were formed, Old companies which had no previous experience of this highly specializ ed form of insurance began to ex- periment with it. Values of ships

The health bulletin of Eastern and merchandise fell sharply, and, At the beginning of the year there in an effort to secure a share of the were several losses in the North ports for the week ended March 18 much reduced business that was Atlantic. In January the reads:- British available, rates were cut. The mar Frequent connections from Australia with the following:-

steamer "Antinoe" was Plague: 2 cases ut Bombay, 3 at The Union S.S. Company', steamers to the United Kingdom via New ket became far larger than was jus-abandoned while bound from New Colombo,

tified by the volume of the inaur York for Queenstown with a cargo Zealand, Vancouver, San Francisco, etc.

Cholera: 41 cases at Calcutta, .1 anes, and during the last two or of wheat valued at £80,000. In the at Rangoon, 19 at Bangkok.

steamer three years the process of reduction same month the British

Small-pox: 52 cases at Bombay, by the withdrawal of companies "Laristan" was lost in the Atlan- 288 at Calcutta, 30 at Rangoon, a and which had lost large funds has been tic, and the Norwegian steamer at Tuticorin.. 8 at Bangkok, I at

steadily proceeding. There were "Johanne Dybwad" was abandoned Saigon, at Vladivostok. Fimportant eliminations last year. on a voyage from Swam for the Some of those which have lost United States with coal, but was most were offices which concentrat afterwards towed into Falmouth. "ed on, or confined their attention to, Later the year there was anxiety

Pakkai-A surcharge of 20 pèr re-insurance. It seemed a simple for the safety of a number of ves- thing to follow the lead of big com-els crossing the ocean in the op- the local station of the Chinese eent. on telegrams, has been made panies and take a share automatical-posite direction with coal.. ly of much of the insurance origin- In March the British steamer Telegraphe Administration, the rea- Pally written. But it happened that Paparoa," of 7,737 tons, was des son as given being that the extra when rates were falling the com- troyed by fire on the voyage from fees are needed to defray the ex- mission which the original com- Great Britain for Australia, and in pense of repairing the lines.Our panies required from the offices ac- February the Dutch steamer A own correspondent. cepting lines was, sufficient to raise kaid" and the German steamer the rate on their own reduced "Apis" were lost on the voyage from liabilities, and so they might be just the Continent for the United States. able to make a profit while the re- In June the Japanese steamer "Alps insurance, offices registered loss, Maru," valued at $73,000, grounded: The case of the company which in the Scheldt while bound from specializes in re-insurance cannot, Continental ports for Yokohama indeed, arouse great enthusiasm and broke amidships. In the latter among the ordinary public. Its part of the year other vessels struck management is exercising no in the wreck and were damaged. In dividual judgment once its trenties" the same month the Italian steamer, have been arranged. It becomes "Eliopoll," bound from Genoa for

DEVANHA

TILAWA

TEESTA

JANUS

LAHORE "MALWA

DELTA ARAPURA JEYPORE NELLORE KHIVA NYANZA

MOREA TANDA

21

8,155 20th March Shanghai, Moji and Kobe

4.p.m.

10,000

22nd March Kobe

4.206 24th March "Moji & Kobe

14824 (20th March

| 5.252

10.880

8.007

27th March 1st April 1st April

2000 th April 7.648 1th April

6,853 15th April

Shanghai, Moji, Kobe & Osaka Shanghai Moll & Kobe

Shanghai, Maji & Kobe Shanghai, Moji & Kobe

Ma. Kobe. Osaka. & Yokohama Shanghai, Moli and Kobu Shanghai, Mall and

and Kobo 9.13515th April Shanghai, Mali and Kebe

7.023 29th April

Shanghai. Moji & Kobe

10,953 29th. Abril Shanghai, Mojl & Kobe,

0969 8th- MayMoji. Kobe, Osaka and Yokohama

All dates are approximate and subiect to alferation without notices WIRELESS TELEGRAPHY FITTED ON ALL STEAMERS.

*Passenger for Rangoon must defray their own Fotel expenses at Singapore while awaiting the on-carrying steamer,

All Cabins are fitted with Electric Fans free of charge." Steamers on London and Australian Lines are fitted with Laundries. Parcels monauring not more than 24 ft. x 2 ft. x 1 ft. will be received

at the Company's Office up to Noon on the day previous to sailing.

For further Information, Passage Fraights, Handbooks, etc., apply to:- MACKINNON, MACKENZIE & CO.

P. & O. Building, Connaught Rd. C., HONGKONG.

Agents.

BOSTON, NEW YORK & BALTIMORI 11 JOINT SERVICE OF THE BLUE "FUNNEL" LINE. (OCEAN'S.S. CO., LTD. & CHINA MUTUAL S.N: CO. LTD.

AND F

AMERICAN & MANCHURIAN LINE

(ELLERMAN & BUCKNALI. S... CO., ALIDA SAILINGS FROM HONG KONG.

8.8. “ÄTRÉUS":

8.S. "TEUCER”

Via Buer Conal

Via Suez Canal

S.S. "CITY OF DUNKIRK”” Via Buen Cana

5.S. "'EUSALUB”

SS CITY OF DERBY”

Vie Suez Canal

28th March...

8th April esad, April

8th May, 22hdi, May,

Steamers proceed via Suez Canal of Panama Canal et Owners! Option

- 8gbjcec to change without notice an

Foreight and particulets 3ply to

BUTTERFIELD & SWIRE THE BANK LINE, LTD- Hong Kon Hong Kong & Canton: JARDINE, MATHESON & CO. LTD. Cantón.

A WEEK'S PAPERS IN ONE.

‘THE OVERLAND CHINA MAIL.”

The most important development during the week in the struggle in China is the Nationalist split. The full story of the struggle for supremacy between the Moderates and the Extremists is tersely told. The value of this to the resident. at Home is considerably enhanced by copious footnotes about the leading figures in the split.

The latest movements of the troops in the Colony are also detailed at length.

week sue furtheringre: furnishes reliable informa tion of the latest happenings on the Yangtze, the problems there, of course. being inseparable from the struggle in Chins as a whole, as well as exercising an important bearing on the relations between Great Britain and China.

READY TO-DAY.

Homeward Mail closes, on Saturday at 10.30 am:

SINGLE COFY

TO EUROPE AND NEW YORK. VIA MANILA, STRAITS, COLOMBO SUEZ

PORT SAID-ALEXANDRIA-NAPLES

——GENOA—MÄRSEILLES,

Thence to BOSTON and NEW YORK.

.Tuesday, Mat. 29th 6.00 á.m..

PRESIDENT HAYES

PRESIDENT POLK

PRESIDENT ADAMS

PRESIDENT GARFIELD PRESIDENT HARRISON

Tuesday,

Apr. 12th

8.00 ..

.Tuesday,

Apr. 28th

8.00 am.

„Tuesday,

May 10th

Tuesday,

May 24th 6.00 a.m.

Thereafter Fortnightly Sailings on Tuesdays.

TO MANILA.

PRESIDENT MADISON

PRESIDENT HAYES

PRESIDENT PIERCË

PRESIDENT JACKSON PRESIDENT POLK

8:00a.m.

Mar. 21st

8.00 p.m..

Mar. 29th Mar. 29th April 4th

6.00 6.00 p.m.

1. April 12th

For Passenger and Freight Rates apply to

5.00 p.m.

3.00 a.m.

ROBERT DOLLAR CO.

GENERAL AGENTS.

Hong Kong and Shanghat Bank Building. Cround Floor Telephones Central 2477, 2478 & 795.

THE HONGKONG & WHAMPOA DOCK CO., LTD.

TELEGRAPHIC ADDRESS: “ MANIFESTO” HONGKONG.

Codes Used: A1, A.B.C. Fifth Edition; Engineering: First and Second Edition;

Western Union and Watkins.

DOCK OWNERS, SHIP BUILDERS, MARINE AND LAND ENGINEERS BOILER

MAKERS, IRON AND BRASS FOUNDERS, FORGE MASTELL, ELECTRICIANS.

T. S. S. SIANG WO

River Ster

Lid

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