1931-05-29 — Page 1

Library, Supreme Court

Buducu Manager.

Ride Safe

ON

DUNLOP

OSIXIO

The

SX China Mail

FREE WHEELING 12TH ADVANTAGE.

Free wheeling is the seasoned result

of a determined effort to present to Studebaker owners the utmost in motoring satisfaction. Bearing the stamp and seal of Studebaker, it comes to you with a 78-year-old background of manufacturing integrity.

HONG KONG & SHANGHAI HOTELS, LTD.

TO-DAY'S

DOLLAR

The

LINH

closing rate of the dollar on demand, to-day was 11d.

"Britain's Best."

Local Branch.

Pedder Bldg. Tel. 24554.

PRICE $3.00 Per Month.

(Incorporated in Hong Kong.)

UNION INSURANCE

SOCIETY

184

HONG KONG, FRIDAY, MAY 29, 1931.

No. 27,809

CIVIL

SERVANTS'

PAY CUT.

Retrenches.

TARIFF DOUBLED.

SUCCESS IN DIFFICULT YEAR

"SENSELESS COMPETITION"

OF

UNDERWRITERS.

FOR

UNITY

AN APPEAL

"Unprecedentedly difficult" conditions the world over during 1930, and the decline in local exchange, had been satisfactorily over come by the Union Insurance Society of Canton, said the Hon. Mr. C. G. S. Mackie, who took the chair at the annual meeting this morning.

MINERS' HOURS TO BE

REDUCED.

Austrian Government | Laying An "Economic

Blizzard."

SUGAR REFINING COMPANY.

The Progress of the Liquidation.

THIRD REPORT SUBMITTED.

VIOLENT STORMS IN ALTITUDE OF TEN

BRITAIN.

Landslides and Floods

in South Wales.

LOSS OF LIFE SMALL.

Rugby, Yesterday. Violent thunderstorms broke over

MILES REACHED.

Belgian Scientist Lands Safely on Glacier

WONDERFUL ACHIEVEMENT.

LABOUR CONFERENCE,

Vienna, Yesterday, Geneva, Yesterday,

A general meeting of the China Vienna, Yesterday.

The report is confirmed that A five per cent. cut in Civil A reduction of working hours in Sugar Refining Co., Ltd. (in volun. Servants' salaries, a doubling of order incidentally to hate the tereliquidation) was held in the the South of England last night and Professor Picard and his assist tend lay an Board room of Messrs. Jardins, the early hours to-day, causing con-ant, Kipfer, landed safely at the tariff on coffee, and an in-output and thus

the Western Countries and Wales.night, and are safe and well, crense on tea duty by a ratio of economic blizzard," will be the Matheson & Co., Ltd.. at noon to siderable damage, particularly in Gurgi Glacier, near Merano, last an altitude of five to eight, are among the pro- principal aim of the International day.

Mr. A. B. Stewart presided, be-Several buildings, wore struck by after reaching visions of the Government's re- Labour Conference, which opened!

Their scientific instruments trenchment scheme, submitted to-day. At least, it anticipates an Ing supported by Mr. J. Fleming lightning and in some cases fires re- 16,000 metres.

The most serf were undamaged. before the National Council to-International agreement limiting (quidator), and the following aulted, but no loss of life from this

the hours for coal miners-Reuter. shareholders were present: Mesars, cause is reported. day. Reuter.

R. Gordon, A. Murdoch. R. Eous damage was the result of floods.

Honoured by King. main etreets were impassable and

Brussels, Yesterday, F. C. Hall.

business premises flooded,

The King of the Belgiana has The storm caused great havoc in conferred on Professor Picard Several rivers burst the Order of Leopold and made South Wales.

YACHTS' JOURNEY TO NAGASAKI.

Shanghai Amateur Crews' Venture.

Macdougall, A. H. Chambers, and

In several towns and villages the

the low-lying districts of Pont-Kipper a Knight of the Order. newynydd, Monmouthshire, which were deserted during the night were by their occupants, who

accommodated temporarily

rate of exchange from 1/7% as at December 31, 1929, to 1/1 us Mr. Mackie deplored the intense competition in the marine in-at December 31, 1930.

Similarly the Exchange and In- surance field, and expressed the conviction that British under-

Fluctuation Account vestment writers should unite in maintaining a level of rates. Later, in the shows a diminution, and stands at with да compared meeting, Mr. V. M. Grayburn ako referred to "senseless competi- £453,751.9.3

£568.369.4.1, and here again the tion," in times of all-round stress and strain.

reduction in this Account amount- ing to £114,617.14.10 is primarily caused by exchange. The decline would have been heavier had it not been for the rise in the mared from Shanghai to. Nagasaki with particulars of what has been don their houses in the Clun Valley, on as the temperature inside the

It was difficult to speak us to prospects for the future, the Chairman added, but in the event of the long looked for trade revival the company would certainly benefit.

SAFE ARRIVAL.

The Chairman said:- The report of the Liquidators and relative accounts having been in your hands for the prescribed period, I propose, with your per mission, to take them. ng read Considerable progress has been made during the period under re Shanghai, To-day.

view in liquidating the Company's Last Saturday two Shanghai yachts, Nidaros and Chelidon, sail assets and liabilities and as full

A message from ket value of certain of our Sterl- amateur crews. ing inveatments.

Nagasaki this morning stated that Tarning to the figures of the the Chelidon had arrived at 8.15 Working Account, you will notice a.m. The Nidaros has not yet been that the balance of the 1929 Ac-sighted.-Reuter. count as at December 31, 1930, is compared with £155,644.14.6 £129,826.15.9 for the year 1928 at the end of a similar period. The 1929 Account should leave a fair The same intense competition prost, and the amount were increased, and in marine insurance still exists £47,644.14.6 which we are carry- hearty tribute paid to the work and in this connection I would ing to the Underwriting Suspense of the General Manager, Mr. Paul say it seems a great pity that Account will materially assist that Lauder, and his staff.

marine underwriters,

TRIBUTE TO MR. P. LAUDER

Directors' fees in the Union underwriters will have to pay out Insurance Society and the two on last year's hull account I am associated companies, the China afraid will be heavy. Fire Insurance Company and the British Traders' Insurance Com pany,

Flerce Competition.

whether Fund.

writing for the companies or in

Working Account.

of

as

CHAIRMAN'S SPEECH. an individual capacity, cannot

unite in maintaining a reason- The Working Account for the Mr. Mackie Baid:-Bafore com- nble level of rates. If British

year 1930 does not make quite such come to- menting upon the figures appear underwriters would

good showing, although the per- ing in the published balance gether in some simple and com-centage of Logses to. Premium In- sheet I would like with your per mon form of agreement a great mission to say a few words upon step forward would be made. Income written fa 41.94 per cont, as against 43.52 per cent, for this pre- the general trade conditions pre-face of all the difficulties of thevious year. The fall in the Pre- vailing last year, and as to how present situation it would surely mium Income has however had the these have affected the business be wise to call a halt to all forms effect of slightly increasing the transacted by the Society and its of unnecessary competition. In Commission and Charge ratios, affiliated companies. As you are fact the Marine Insurance mar- these being 12.01 per cent. and aware, the Society and the com-ket seems to require a little more 18.74 per cent. for the year panies associated with it are pri- of the "live and let live" policy against 10.95 per cent. and 17.64 marily interested in Marine and about it if it is in a reasonable per cent. for the previous year. Fire Insurance, but they transart time to place the business upon a The decline in our Premium In- also to a smaller extent certain sound basis.

come was of course inevitable, as general classes such as automo-

Fire Business,

owing to the heavy fall in the bile, accident, employers' liability With regard to fire business value of merchandise already re- and other allied types of insur- the year 1930 was a difficult one,ferred to by me, and also to the nec. All these classes have, of due to the general depression in restricted trading conditions there course, been affected by the dia- industry. As compared with the was less to insure and it was not turbed conditions prevailing. year 1929 a welcome diminullon possible to maintain sur figures.

The year 1930 will long be re- was shown in fire losses in the Our Fire and General business membered by business communi- United Kingdom, but this was ac- last year left us with a moderate ties the whole world over. Dur-companied by a contraction in profit after taking into account ing this period merchants have premium, due to the fall in outstanding losses and setting up had face unprecedented dif- values, and also to the curtail- all the necessary reserves. ficult conditions. There has bement of production. a heavy decline in the prices of In the United States of est Account for the year 1980 is nearly all commodities.

America the trade depression was £150,630.7.1 as against £177,586.2.5

Those

ruling for rubber and tin, jute and

the manufactured article, raw silk, and other important classes of merchandise bear do- quent testimony to this fact.

Silver Debacle,

You will notice that the Inter-

we anti-

Shanghai, Later.

The yacht Nidaros arrived at Nagasaki at 12.30.—Reuter.

BRITISH MISSIONARY SAFE.

Two American Women Decline To Leave.

A British Naval Wireless message released for publica tlon to-day atates that Miss MacDonald, British subject, was evacuated from Kaichek on Wednesday.

two American lupes de cluso leave.

The Cantonese garrison has returned to Kaichek and the situation here is much improv-

ed.

All is quiet at Holhow.

An official British Naval wireless message published by Us on Wednesday stated:- The situation at Hoihow and Klungchow remains quiet, but conditions are not yet normal. H.M.S. Somme will remain at Hothow for the moment.

Anxiety exists for the safety of one British and two American lady missionaries at Kafchek, which is reported to be surrounded by Communists. Arrangements are being made to bring these ladies to Hoi- how.

ANY RISKS.

No Danger Felt.

Berlin, Yesterday. Professor Picard and Kipfer, in interviewed, said that the only the local cinema. In some discomfort of the flight was the

to It was necessary cases

They use lack of fresh water.

boats to rescue people trapped in never felt themselves in danger, gondola was 40 degrees centi- are given in the report, there is the borders of Wales. little for me to add.

grade, l'eople Homeless.

In the stratosphere the outside I might mention that the re-

The heaviest damage was done at temperature was 55 degrees nuneration of the Liquidators but not get been paid and will havs Abergavenny, where many people centigrade below freezing point. to be met out of the assets still are homeless and landslides of con-They remained purposely aloft at siderable proportions are reported. night time in order to avoid land. to be realised.

some ing on the mountains in darkness, Local rail services were in

Road transport but the threat of a storm and the cases dislocated. suffered over wide areas and night fact of the balloon losing height motor-coach services from London forced them to land on to the West of England were glacier. suspended.

After the adoption of the repart and accounts has been proposed and seconded, I shall be pleased to answer to the best of my ability any questions which share holders may wish to ask.

Proposed by Mr. F. C. Hall and seconded by Mr. A. Murdoch, and carried unanimously.

Report of Liquidators. The report by the Liquidators was as under:—

the

were

Camps of units of Ter All their instruments ritorial Army. undergoing training safe, and soldiers were now dis- near Weymouth and at Minehead mantling the balloon, which was

undamaged. and Monmouth were flooded out.

Houses Struck.

Brussels, Yesterday, Professor Picard telephoned

In London Bome houses were to his anxious wife from Ober- The Liquidators beg to submit struck by lightning, but the damage gurg) and said that the balloon Two cargo Air Liners had reached about 16,000 metres, their Third Report, advising the was slight. Shareholders of the progress of made forced landings during the where it remained till sunset. One was the Imperial The manhole over the glacier the liquidation of the Company storm. during the year ended April 30, Airways "City of Melbourne," which was not opened till ten minutes- 1931; in accordance with the Ordin- was bound for Paris with newe. before landing, and the oxygen WHE satisfactory Croydon, and came apparatus ence they also present a summary papers from

Early Cables.

Munich, Yesterday. Professor Picard and

to be safe, on Kipfer are reported

Dr.

of their Receipts and Payments down near Luton. The under-carri throughout. during that year and in addition age was damaged but the airmen The second wes were uninjured. submit a similar summary cover ing the period since commence- the French Air Union machine," ment of the liquidation on May. Ib, which, encountering the storm 1928, up to April 30, 1931. the journey from Lympne to Paris, and to have ascended Buccessfully returned and, skirting the storm, to a height of ten miles, as they landed at Amersham, in Bucking planned. hamshire.-British Wireless Ser-

Property.

As indicated in their last report a proposed lay-out of the East Pohl Property was prepared i came the large area owned there had to be sold piecemeal. Offers were asked for individual lots but, when enquiries did not lead to and business, the liquidators concen. trated on an offer made for the whole property. After long nego tiatione during which the price first offered was substantially in- creased, the property was sold in September last realising $2;828,800,

accompanied by an increase in for the preceding year. The figure FRANCE NOT TAKING which represents an over-all price losa experience.

is affected by exchange and at the In Canada there was a general end of the second year falling off in premium, and al- cipate if exchange then ruling is though the amount of losses in-not much under 1/1 that the in- curred does not appear to have terest for the year 1980 will ap- been much in excess of the pre-proximate to that shown in the vious year, the decline in pre-Working Account for the year mium income will have the effect 1929. -

For the information of share- of increasing the loss ratio.

would say that the companies subsidiary

Here in Hong Kong and China we have had also a collapse in the sterling value of the dollar following the heavy fall in the price of silver. Our fluctuating In Australia the political and holders I

sterling exchanges have certain

exchange position has added to Society's

M. Briand Opposes Austro-German Unity.

ALLIANCE WITH ITALY.

Paris, Yesterday.

of about $5.75 per square foot,

The Public Works Department had previously advised the liquida- tors that the 287,000 square feet available for building in their pro- posed lay-out would require to be considerably decreased before de- velopment and the liquidators trust the shareholders will en- dorse their acceptance of an offer The Chamber voted its con-equivalent to approximately $9 per: the general difficultica of busi- have in certain instances increas-

none of fidence in the Government by 318 square foot for the probable area Had the ness. Important individual fires ed their dividends, but appear to have been fewer. these companies are paying away votes to 261 at the conclusion of available for building.

property been sold in small lots Fire business in China con- more than the interest earned in the debate on foreign affairs.

It seemed to the liquidators inevit- Effectively Spoked. tinues to be subject to intense dividend, although they are dis-

M. Briand declared, "the wheel able that certain undesirable lots competition, and notwithstand-tributing nearly that amount.

Australasian Interests.

Austro-German unity has would have been left on their The heavy fall in market prices ing the rise in the value of pro-

As you are aware the Society been effectively spoked" French hands for an indefinite period. of necessity means less value, perty as calculated in silver, the

The Company's properties on Morrison Hill Road were also sold, and in consequence less insur- sterling equivalent of the pre- and its affiliated companies have and Itallan relations are evolving ance, and underwriters will havel premium received is somewhat considerable inerezte in Austra towards complete agreement.

In two lots, during the month of Isaía, where they transact a valu Reuter.

December realising $133,732.87, diminished premium with which diminished.

which the liquidators considered a Changing conditions in China able business. to pay their claim. This means

ly added to the Society's perplexi- ties. In this respect, however, it is not singular, for in varying de grees many other business under- takings bave been similarly affected.

fire.

The depreciation

of

*

BY US. TREASURY.

Ascribed to Decrease in Income Tax.

LONG-TERM LOAN."

United States deficit of

locality.

.

The liquidators were also suc-

vice.

[See earller cable on Page 11.]

MORE RAIN.

To-day's

weather report from the Royal Observatory · states:

northern The

depression continues to move eastward towards Hokkaido,

The depression to the N.W. of Hanoi has deepened slight- ly.

Local forecast:-South or variable winds, moderate; gen- erally overcast; rain.

Rainfall

Rainfall for 24 hours end. ed at 10 a.m. to-day 0.54 inch. Total since January 1-22.69. Inches against an average of 22.84 inches-excess 0.34-inch.

Temperature.

The temporature at certain specified centres this morning at é o'clock wall-m

Hong Kong Масло

Pratas Island Fochow

Amoy

Mánila Chefoo Shanghai

79

79

79

75

80

79

65

GB

Berne, Yesterday. The Swiss Avlation Bureau has received a telephone message that the balloon with Professor Picard and his assistant has come down on a glacier in the Oetz Alps.. Vienna, Yesterday. Professor Picard and Dr. for some time Kipfer's fate was uncertain, owing to the inacces- sibility of the spot on the great Gurgl glacier, near Pirch (Aus- trian Tyrol)

descended.

where

the balloon

uncon-

It is reported, however, that the rescue party found them acious. Relief seroplanes are fly- ing to the scene.

Berlin, Yesterday. Daylight has brought no nows of the balloonist Professor Picard and his companion, Doctor Kipfer, na prac- and it is now regarded tically certain that disaster has overtaken them.

- One theory is that the cold night air may have forced the bal- loon down and caused it to Traal Another In the Austrian Tyrol. view, held by many scientists, ie that the airmen in their scaled gondola met death by suffocation, of the possibly through failure oxygen apparatus. The fact that no reply has been received and no rocket signals fired from the ground when the balloon - was, sighted near Innsbruck last night tends to confirm this theory. Gendarmes who then tried to fol- low the balloon on motor-cycles lost sight of it in the darkness,

cessful in selling the Swatow land the Company's Assets have row and a light aeroplane which took of the Company, but, as difficulty been realised.

war experienced in obtaining the Chinese Authorities" consent to

March.

Creditors' Claims.

ATTENDS ROYAL MILITARY TOURNAMENT.

also that the ratio of expense to and also in India have no doubt in the Sterling value of our invest HUGE DEFICIT SHOWN history price for land in that premium income of many com-accentuated the difficulties which ments in Australia and New Zea- panies will show some increase,

the trade of the world has had land as at the end of last year A Hard Year,

to race during the past year. Idue to the rate of exchange exist

off in an endeavour to ascertain The past year has certainly not am sure it is the earnest wish of ing between those countries and been an easy one for the marine us all that both these great London has been taken Into ac

the fate of the airmen was aimi- underwriter, Although there countries will soon be in a post-count in the figures before you.

The iquidators utilised the prolarly forced to return-Reuter. You will notice that we are pro-

the transfer to the purchasers, ceeds from the sale of the variou have not been many heavy total tion to settle down to a long era

payment was not received until properties, first in meeting the De KING AT OLYMPIA. losses during the period, the of peace and of trade prosperity posing to pass from the Reinsur- With these few remarks upon ance Fund to the Sterling Reserve usual crop of heavy claims have

benture holders' claim and second- Washington, Yesterday. Of all the properties owned ly in paying off Partially Secured occurred, particularly those caus- the general conditions I would Fund $100,000. As regards the ed by that ever recurring hazard, ask you now to turn to the Beinsurance Fund I would explain

viz.: about 18,000 square feet, claims only soms $6,000 now re figures in the Society's published that the Society has in the past over a billion dollars, is shown in only a comparatively small area, and Ordinary Creditors, of whose You will have all read in the balance sheet. The report and built it up from profits, and the the Treasury partly building land and partly main outstanding: It will be cb-

Today "Press of the very difficult times accounts having been issued on greater part of it consiste of free. The figures issued to-day is road on LL. 749, 781, and 782 served $113,956.18 was paid durWEARS ADMIRAL'S UNIFORM through which British shipping May 6 will have given you time Reserve. Owing to the shrinkage ascribed to the decrease in infronting on Yee Wo Street pear in the year under review in set- passed et year, and which it to examine the figures, and I pro- in the Sterling equivalent of the come tax, owing to trade depres Causeway Bay remains to be realltlement of claims in respect of still continues to experience pose to follow the usual custom Silver Reserve Fund it has been slon

ed, but the offers so far received Ex-Employees' Pensions; the liqut H.M. the King, in the uniform of You will understand that bad and take them as well as the thought advisable to transfer theIt is understood that the Trea have not been considered satisfac dators fixed exchange whenever an Admiral of the Fleet, accom they knew funds would be avall panied by the Queen, was sesorded trade for our ships, as a rale auditors report as read, we amount mentioned to the Sterling sury are contemplating an early

able for that purpose, but even an enthusiastic reception at the incans had trade for the Marine The sterling equivalent of the Beserve in order to strengthen the issue of a large, long-term loan

Debtors" Accounts. Insurance companies, for these silver reserve fund of $8,000,000 sterling total of the twe funds. to meet the deficit and obviate the

Up country, accounts, and stocks with the comparatively favourable opening performance to-day of the ships carry the cargo that is in- 18 2162,500 as compared with It gives me much pleasure to be need of an increase of taxation, sured. Further great amunt £248,750 at the same date of the able to advise you that the Society which is likely to be detringen have been quidated wadreyer pos-rate obtained, settlement of these Annual Royal Military Tournament

siderably more loss to the Com- vice.porn of the connage of the world did previous yea The decline in heat recently appointed Mesars, tal to Bepublican chances in the bible bat, a further $10,000 ay 1 Sterling Claims resulted in con- at Olympia British Wireless Bar

[Bee earlier cable on Page 8.1 ear has been lying idle, the sterling value is, of course, W. J. Roberts & Company, Inc., of 1932 election, Reuters Amer mately be collected,

(Continued on, Page 6.)-

can Bervice.

With the foregoing exceptions all pany than was first anticipated. ing up returna which due to the drop in the sterling

tory:

Rugby, Yesterday..