1909-07-10 — Page 9

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By Royal Warrant so HM, sha King.

LEA & PERRINS' SAUCE

is the original and genuine "Worcestershire," and is the ideal sauce for use with all kinds of meat dishes, fish, soup,

game, cheese or salads.

WORCESTER

the beautiful and historic city in the West of England where this sauce has always been made, and whence it continues to be exported in ever-increasing quantities to all parts of the world.

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If to drink THE BEST

and the BEST is

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(2000222

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The Whiskies of which "Premier” is composed are of the very oldest, selected from the best Distilleries in Scotland, and put together with all the knowledge which 50 years" experience can acquire,

OBTAINABLE THROUGH ALL FIRST-CLASS WINE MERCHANTS.

Wright & Greig, Ltd., Dallas Dhu Distillery, Forres, Elginshire.

Head Office: 6+ Waterloo Street, Glasgow.

By Appointment

to H.M. the King.

BOVRIL

is ALL beef prime beef in a readily digestible form.

That is why BOVRIL is so invigorating a beverage 30 strengthening a food, why Cooks find it so useful, why Doctors and Nurses recommend it, why the sensible housewife will have nothing in place of it.

BOVRIL IS ALL BEEF,

SAINT-RAPHAEL

TONIC, RESTORATIVE, DIGESTIVE WINE Vozy palatable.

Known throughout the world and prescribed in all ease of Anemia, Debility and Convalescence, to y~-~~~¶myn, chlidren and the aged Invaluable in hot climates."

DOSE: One Wine-glass after the two principal meals,

Fach bottle of genuine VIN SAINT-RAPHAËL bears, in addition

to the registered trade-mark:

(1) The WARRANTY STAMP of the Union DER FABRICANTE.

(3) A METAL BEAL advertising OKEITHAS.

19 a MELISSA and MINT cordial

CLETEAS which surpasses all others by its

paraty and faultless preparation. To be taken on a lump of sugar. COMPAGNIR du VIN SAINT-RAPHAEL. Valance (Drome-Franče). AGENTS,CALDBECK, MACGREGOR & Co., HONGBONG.

70-1

THE HONGKONG DAILY PRESS, SATURDAY, JULY 10rn, 1909.1

FASHIONS AND FANCIES,

· THE REVOLUTION IN: COLOUR.

THE ASSURANCE COMPANIES..

BILL.

of others

hore." If there are any such assets their amount la no small compared with the liabilities as to bo negligible.

foreign company would know exactly what security they would lave, a know’edge which it is quits impossible for the average man to obtain under the present conditions or nular those suggested in the now Bill,

FI·AL SUGGESTIONS.

If it be thought dosirable that British offices doing business abroad should be put on the mamo footing as foreign companies doing busi- nese in the United Kingilom, it will be necessary to provide that anch offices should also ralne their british business se arately and maintain assots here equal to their liabilities. In this connection it must be pointed out that rote 1, page 27, and note 3, page 31, of the Bill require amordant. They appear to have been drawn up with reference solely to the cass of British ofBoos loing business abroad, and with- out any relation to the fact that the forms are to be applicable also to foreign, offices doing In conclusion, it may be noticed, as being of business in the United Kingdo special interest at the present time, that if the conditions which have been suggestel were imposed on foreign companies etter e

be forthcoming as would render practicable s in regard to them and their business here would

schema for taring them, and would so place.

with their British.com-

[From the Times Financial Supplement.]

(3) His rights as a policy-holder are protected Looking round on the pretty summer frocks It is not tob much to say that the introduc. to a certain extent by British law, but if he obtained judgment against the company it would of this season, one is struck by the great change tion in the House of Lords of a Government be useless so long as the company had no domi- in the matter of colour that has taken place Hill to consolidate and amend and extend to cile or assets here, unless he was prepared to daring the heat for years. The paleet shades other companies carrying on asurance or take steps in foreign Courts to enforce the alone frere at one time admissible for day-goivas, insurance business the law relating to life as judgment. Moreover, there is nothing at pre.! and even a too vivid relief of brightness was

sursue companies" is an event of the highest looked upon sakcance. All that is changed now. importance in the social and economic history sent to prevent a foreign company leaving We wear spricot-colour for shopping and think of this country. It will be convenient at the Great Britain and taking all its assots with it.

Again, it may be well to explain how the nothing of rose-pink for an afternoon stroll outset to consider the circumstances which have

position of a foreign company doing business in these not in cottons and minstins, but in much brought the Bill into existence. For some this country differs from that of a British seriously soignée materials na cloth and cash years past the minds of actuaries and mere. A bright cherry-red wrap attracta no responsible for the management of British life company..

The foreign company is amenable to attention in Piccadilly, although some years offices have been turned towards a revision of the British law only so far as its operations hors age it would have been thought rather striking Life Assurance Companies Acts of 1870, and are concerned. Its position and constitution for even an opera-cloak.

1872. The contemplated revision was one of detail only, since the vigorous growth and may be completely stored by domestic legislo Side by side with this bold adoption of bright healthy condition of British life assurance made tion (eg, the American Armstrong Law and presaat Canadian Inanrance Bill), or it thay It evident that the principles on which the Apta were based were sound and stable. Nothing of give pref-rential rights to special classes of importance was done, however, until the scandals policyholders (see House of Lords Committee's attacking to the administration of the three Report, p. 12, Q. 123 ef seq.) and that apparent large American offices doing business in this to any extent, without the policy-holders liere country called attention to the position of having any right or chance to protest, or even British policy-holders in these and other foreign without their knowing anything about it.

Tus foreign company, if a mutual society, thou on an injustice of the present position contributes practically nothing to the Exchequer petitors. The companies. The insecurity of this position tane to a lovely and mysterious, colour. The then beau- recently emphasized by the sudden and to all intents and purposes is exempt from has been pointed out, and the point is oue which tremendous revival in ostrich feathers se at departure from London of

mericas assessment office, the Mutual Baserve payment of income-tax, inasmuch as it pays only cannot be overlooked in a bill which aims at trimmings, together with the various new way Fund, taking with it all its remaining assets, on the profits on its non-profit business, less placing "foreign companies which do business expenses, and on any interest which it may in this country in the same position as the of dyeing them, lave also helped towards the very admirable effect of modern clothes, and learing its unfortunate policy-holders to receive from assets hore. If it is a proprietary British companies with which they cour poto," A gathering of well-dressed-women is undorbt. | prosecute their claims, for what they were company, it pays income-tax on the profits of its

How to BE BEAUTIFUL, Keep your com-

THE NEW SHADES,

tones for ordinary wear we have all the new shades which have made of dress so much more artistic a staly recently. The many nameless shades between copper and rose, green and blue, purple and brown; have added enormously to the picturesque vaine of our clothes; and then there came the dyed shantung and tossore, whose texture transmutes the most entinary

edly a beautiful spectacle at this time, unless they are bound up in ultra-Directoire frocks, which spoil their grace when they more.

OUTLINES OF THE DAY.

Sleeves get tighter and tighter, shontlers plainer and narrower, skirts shorter and skim pier, costs longer sud straighter, so far as smart tailor-madus are concerned. Collars are no more, and hats are of an enormon length from front to back-an extraordinary silhouette altogether, ratter shapeless - except in unexpected places, There some monstrous curve or turn catches the eye and takes the breath. The very long sleeves have had such an effect on gloves that the cld-fashioned four-button length are hardly sold at all, and we are coming rapidly back to the two and one button lengths, such as a past generation was guilty of wearing with short

leoves.

SHOES AND STOCKINGS,

bad

the notorions

the

British business.

Her

worth, la America,

Following on these events the House of Lords business here, and it would be interesting to in 1906 appointed a elest Committee to in know how those protits are determined in the plexion, Mrs. Ellen's Crime Charmante. Lait quire and report what steps should be taken, absence of a separate ctuarial valuation of the Charmant and Special Skin Tonic and Fondre

Charmant will enable you to do it. by deposit of funds or otherwise, to provide

The advantage thus obtained by a foreiga Specialities for the Skin are the study of a adequate security for British policy-holders in

(453 life insurance companies which have their mutual society is enormous, while the foreign lifetime. A, S. Watson & Co. Ltd. Bele Agents. chief office ontside the United Kingdom, bat propriotary office is also very highly favourril as compared with its British rival, which is which carry on business in this country." A consulerable number of witnesses, some export taxed not on profits but on interest, and there- and some otherwise, were examined, and fore pays about twice as much as a foreign although the main object of the inquiry was office of Nimilar size and standing. Moreover, kept in view, it ultimately became be some in 1906 Parliament sanctioned the extension to extent su inquiry into the general working policy-helders in certain foreign companies of of the Act of 1870. Oller orests occurring the privilege of dedacting from their income. about the same time made it desirable tossed to tax premiums of life assurance not include within the scope of the Bill all exceeding in amount one-sixth of the income. forms of assurance, and the result is the At least one foreign office had up till then pail Bill now is print. The terms of the reference this tax itself, and was in this manner paying a to the Lorin Committee have already been sus of nearly £20,000 per annum. This sam, quoted, and it will be convenient he e to which was some set off to other privileges on-

voluntarily gave up. reproduce the following part of the Com-joyed at the expense of home offices, Parliament mitte's report ***

of

England is the Home Good Tailoring→→

London the Fashion Centre of the World..

AN IMPORTANT SAVING Can be efected if you order your clothes from London

JOHN J. M. BULT,

Cash Tailor,

The very wide shoe-laces of last year are

Bouring the facts in mind, and remembering with a still but only in black, brown, and

(1) The Committee find that there is an

business for attendő. self-colours-not in the extraordinary stripes

has a Special Department in and checks in which they made their Brat almoet naanimous opinion amongst the leading also the expression of opinion of the Lords 140, Fenchurch St., London, Eng.,. appearance The gentle hints of enterprising British actuaries and life insurance managers Committee that foreign companies doing busi-

same personal attention is girm which has buit up the bottom Instead of the top of the lacing, are compeules which do business in this country to in the same position as the British companies his reputamon bome, le gustanters the best shoe-shops, which display these laces tied at against compelling foreign life insurance Boss here "should be placed as far as possible ing to the requirements of those abroad, where the

quality cloth the best styles also. to consider how far the Bill as drafted effecte not adopted by any important people. The deposit funds us a security for their British with which they compete," It is now necessary custom is, to begin with, anbecoming to the policy-holders.

(2) The principal objections raised by the this object, and if it does not do so, what foot. Coloured shoes and stockings are being witnesses to making it compulsory on foreign i ninondments are 18 aired in order to carry out worn to a greater extent than during ANY YOST: CDmpanies to deposit in this country funds the opinion of the Lords' Committen.

for some time past, either to match or contrast with the

the petticoat the latter case they match (beyond the sum of £20,000 under the 1 ite

Fawx and champague-skades are to the fore, also resids, paler tones of green and grey, Saxe blue, and old rose. The stock ings should be quite plain, of the Guest lisle thread. Suede shoes are very fashionable. They are delightfully comfortable, and most becoming at first, but a little apt to stretch. Buckles are correct, but not the Langtry tab. The shoe ends at the buckle,

FASHIONABLE HATS, A

Insurance Companies Act of 1870, to which reference will be made in a subsequent paragraph) for the special benefit of their British policy-holdern beem to be :--

(5) That such a system would be contrary to the principles with regard to insurance companies which have hitherto prevailed la Great Britain.

THE QUESTION OF DEPOSIT. The memorandum attached to the Bill quotes the opinion of the Lords Committee, and adds assurance companies, whether registered within in this respect the ill provides that all life or without the United Kingdom, shall doposit and keep deposited a sum of £20,00, and make returns in the prescribed forme to the Board of Trade. A careful perusal of the Committee's Raport makes it clear that the Committee did not intend that a compulsory deposit should be made by existing British companies, but that foreign companies should make and main- tain the deposit of £20,000, not with the idea were adopted, it would undoubtedly lead to that such a saw was an adequate security for reprisals on the part of foreign Governments their liabilities here but merely as offerding

(iv.) That if any such deposit of funds were guarantee to British policy-holders "of being made compulsory on foreign life insurance able always to proceed if necessary against companies, it might lead the public to suppose such companies in the Courts of this country.

This a privilege no doubt, but the measure that the solvency of such companies was guerite value depends on a comparison of the amount anteed by the British Government.:

(i) That it would violate the principle that the whole of the funds of an insurance Company should be available for the claims of all policy holders alike.

There is unlimited choice in hats just now; no one need trouble about the shape of the brimas (Bi.) That if any regulations of this kind unless it is very moderate and simple. Then it will indeed be out of fashion. To get a smart new shape, take any large straw hat, mit en it and there you are. Then add all the trich feathers in the house, and if possible a jet buckle about. air inches square, and the result will be sheer Paris. It does pot matter where the brina goes up and down, so long as it does not stay of one mind too long; but those who prefer fint brima may have them, so long as they are very fat, and at least three inches wider at one side than the other. A really dull hat may be ent livened by being worn over one eye. These things sound improbable, but they are true.

" SUKSHADES OF THE SEASON. Sunshades are affering a slight oclipse by. the fact that to do any work other than is sc. complished by the spreading brim of a smart hat, they would have to be about the size of army tents. However, those that are carried are remarkably pretty, in dyed and printed shantung, exquisitely blended chenés, er per fectly plain grosgrain with a plain borders shade darker. A few tiny sun-shades of the Early Vistorian pattern are seen, mostly in will flowered with small rosebuds, or other designs of the correct period. Their handles are made to fold, and often have little jewelled watches set in the end. Pink quartz is used very much, the Queen so often carrying hers with a handle of this aloudy rook thiskly studded with rabies. Opal matrix is also in demand, the prejudice against this stone, owing to its alleged un Inokiness, having to a great extent died out. Plain crystal is always a favourite also.

WEATHER BOAS AGAIN.

THE RAGE FOR BEADS,

(v.) That any such deposit might seem to imply a statutory basis of valuation, the ten denty of which, it has been pointed out, would be likely to weaken rather than to strengthen

POSGIVES.

(i.) That any suck deposit of camarition would appear to give an unfair advantage to British abjects holding policies in a foreign limited company, whilst under such State supervision it is doubtful whether the policy holders would be as well protooted as they are by the control through publicity and freedom, which exists with regard to tritish companies.

(3) In view, therefore, of the evidence which they have heard the ommittee do not consider that, to the internets of British policy-holders, it is desirable to compel foreign companies to deposit fuads in this country.

of

of the company's liabilities in this country with the amount of the deposit. It is quite con

eivable that one of the large companies might find it worthwhile to abandon, a sam no sumil compared with its liabilition £20,000 and to retire from this country, leaving the unfortunate policy-holders to scramble for the deposit, or to parane the departed company Again, in the event of a into its own country,

principle complete or partial insolvency, if the enunciated in paragraph 2 (il.) of the Com- mittee's Report were anything but theoretical, the total assets of the foreign company should be liable for all claims alike. But since those assets are engaged to an nakoown extent to meet the preferential claims of policy-holders in other countries, policy-bollers here would and in any event would be placed at a gravo certainly receive less than 20 in the pound, disadvantage as compared with other policy. holders in the same company.

ASSETS AND LIABILITIES. It is clear, therefore (1) That any deposit by a foreign company, to be of practical value, must be proportionate to the amount of the company's liabilities here; (2) that the only deposit which will plane policy holders in s foreign company in a position of compipte security, or of security of least as good as that of other policy-holders in the mme company. is a deposit equal to the total amount of the company's liabilities in this country; (3) that policy-holders here should have a first and con- inuing charge on the funds deposited.

It may be stated here that the Committee were certainly mistaken in supposing that "actuaries and life insurance managers" in this country were almost unanimously opposed to the proposal that foreign companies amid deposit funds as a security for British policy-holders. It is not surprising that the ommittee fell inte error on the poiut, since most of these actuaries or managers examined by the Committee expressed opinious against the proposal, but ti did so, and were entitled The tulle raffle has brought in its wake our to do so, with one possible exception, only as old friend the feather bos, in which Paris is individuals, and not as representing these bodies at present revelling. In that city the bos is with which at the time they happened to be

If these ob igations were enforced on foreign worn so long that it fells almost to the hems of officially connooted, Tadoed, the Life Ofices organisation comprising the skirt, and is very fat and round in all its Association, a business length, particularly, of course, round the throat sl the important British life offices, now Dompanies, British policy-holders would then Thess boas are hot and net very becoming, but definitely recommends (1) that the deposits of be in a position equal to that of the most they are smart, so of course every women wears foreign companies should be specifically charged favoured class of policy-holders in the same them. The shorter ones are finished with long for the benefit of British policy holders, (2) that company. But in order to place them on the chenille ends or tails of colomed fringes, such companies shall appoint an attorney to same footing as policy-holders in British com The bon is often white, but it may also be made accept service of process against them, and (3) parice twa further conditions are necessary in the most unlikely colours to match any gown. shall undertake, presumably as a condition of 4) That the company should undertake that doing business hers, that their British contracts its British contracts should be governed by Parisis also gone mad on head necklaces and should be governed by British law. Recoin-Britial law, and (5) that it should appoint and ropes. They are made of every conceivablo mendations similar to (2) and (3) weremade by the maintain an agent or attorney here to accopt kind of bead, some of them very costly and Council of the Institute of Actuaries in 1907, service of any process against it. It should be rare, and brought from remote parts of the and although that body did not recommend added that these obligations, to be of fell effect, that the deposits of foreign companies in would have to be made conditions of the com world, where they are probably the currenvy of the realm, and the sole dower of native brides, this country should be held for the benefit pany's doing or continuing to do business in this

THE PRACTICE ABROAD, Some of the old Venetian beads are really of British-policy-holders, it is evident that in country.

rom the absence of deposits so held conditions (2)

It must be remembered that all these condi beautiful. Others of clouded glass come from

tions have been found practicable and desirabl Florence, and are to be had in exquisito and (3) are of little value. colourings and with various cheeny finishes.

in France, Germany, and other foreign countries, Long ropes of heavy ent jet cabochons, with clattering tassels at the end, are remarkably

and in differing degrees of severity in Canada and other dominions. It may be presumed that the only arguments which can be adduced against becoming finishes to some gowns. They are porn quite loose, not looped or fastened in any

(1) The policy holder is a natire company and very aurately summarized, in paragraph

the proposals are those which are summarized, way, their weight keeping them in place. has the security of all the funds of the company, Such trinkets AS this are always dear

nales part of those funds is hypothecated abroad of the Lords' Committee's report. These arga- to the heart of the fashionable woman,

under local laws for the benefit of local policy-ments are generally founded on hypotheses, but modes do not change whom the

any case they are of such extraordinary quickly enough, so that she is obliged to while holders.

(2) So much at least of his company's liabili-weakness that it does not seem necessary to away the time between the changes with such siddle-faddles. As to beads and sequins in ties as is attributable to policies on native lives, answer them. It is to be noted that the Com-

responsibility for them. evening-dress there is a greater rage for them such as his own, is represented by assets in this mittee, carefully dissociated itself from any then ever. Almost painfully dazzling is a gold-country

(3) His rights as a policy-holder are protected beads, and coloured gown wrought with sequins,

all in gold, the whole dress being covered by British law, and he can pursue those rights with it. There is a wonderful stall at the While iu British Courts. City where the newest sequins are to be seen in all their glory. Some of them are half-an-inch in length and proportionately strong in tint There is a salmon-colour hat almost takes the breath away, and there is a so-called emerald funds are hypothecated abroad for the benefit of local policy-holders, but the funds of the that would "kill" the true stone quite dead. Another sequin is called grass-green, but if any foreign companies doing business here are much more largely engaged in this manner than these meadow were to don such a tint the cows would decline to enter it, and would certainly retreat in of British companiet as a whole. much confusion-X. and Z. in the Globe.

for

DEYTISH AND FOREIGN OFFICES. ·

It may be asked bor the position of a policy holder in a British company differs from that of a policy-holder in a foreign company doing business in this country.

On the other hand-

(1) The policy-holder in a foreign company a8 British company, has the security of all the funds of the company, except so far no those

(2) Practically none of the company's liabili. ties in this country are represented by aceste

in

2

If these proposals were adopted the British exactly as a separate business, anu it woult business of a foreign company would be treated necessarily be valued separately. In order that reasonable freedom of action should be left to the company, it would be permitted to value its British business on any basis permitted by ita own constitution and its local laws, and to deposit against the liabilities so ascertained any securities in which it was similarly allowed to invest. In this way the advantages claimed, and rightly claimed, for the British system of freedom and publicity would be maintained; aul British citizens who took out policies in a

A

PRICES e as follows: Fro is Cual and Vest from 63/- Dua (5-d

15/

Norfolk and Kaletess

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