1939-03-25 — Page 11

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HONGKONG DAILY PRESS

Finance and Commerce

STERLING OPERATIONS

UNSATISFACTORY

Hongkong Fire Insurance Company's Lean Outturn Of Working For 1937

“THE OUTTURN OF THE COMPANY'S WORKING FOR THE YEAR 1937, WHICH SHOWS A CREDIT BALANCE OF $495,866, CAN ONLY BE DESCRIBED AS LEAN, reflecting us It does the unsatisfactory results of our operations in sterling during that year....... Belleve me when I say that insurance In these times has its full quota of difficulties, like everything else."

Presiding at the annua) general meeting of the Hong- kong Fire Insurance Company. Ltd., held in the Board Room of Messrs. Jardine, Matheson and Company yesterday, Mr. D. F. Landale, Chairmani of the Board of Directors, made the above remarks in the course of his speech.

(Shareholders):

"

CHAIRMAN'S SPEECH.

CHINESE POST OFFICES CARRY ON

FINANCE

BELGIAN GOLD® TO BE STORED

IN ENGLAND

LONDON, Mar. 24 (T/Ocean)- Belgian gold, worth many thou- 'sands of pounds, was brought to England on Wednesday in a plane of the Belgian Sabona line for storage in the Bank of England, according to the "Daily Express." It is reported that other cargoes

"Ceaseless Efforts Inof this nature are expected in the

Face Of Difficulties

CHUNGKING, Mar. 23 (Cen- tral)--Patiently and energeti- eally, the Chinese Post Office carries on its service in fade si all difficulties arising out, of, the war. Thanks to their cease- Jess efforts. in finding new routes and means to overcome the difficulties, postal com- munication has been main- tained.

According to a report by the Chi- better; as it is, the account dis-nese Post Office. 14,392 major and closes a fall in interest of nearly minor" establishments were runc- $70,000 as compared with that for toning at the end of December,

near; fature.

The "Dally Herald" also states that in addition to Belgian gold, Switzerland and Holland have decided to transfer the bulk of their gold reserves to England and New York. Gold reserve of the Belgian National Bank is esti- mated at £115,000,000, its supply of foreign exchange at £20.000,000,

TRADE MISSION

TO CHINA

the previous year. It would be 1938. They comprised 22 head Present Circumstances

the continuance of

the present;

agencies, and 2 kioska. Compared with the 1936 figure of 13,372, there was an increase of 1,030 establish- ments, mostly third class and sub-

1

Not Favourable

Mr. Cross added that the Board of Trade did not wish to discourage the interests concerned by sending mission, it is considered the pós-

sibilities of the trade were worth

CHECK TO U.S.

ECONOMY MOVE

WASHINGTON., Mar. 23 (Reu- ter)-Having rejected President Roosevelt's request to curtail farm benefit payments by thirty per cent. the House of Representà- tives Appropriations Committee approved of the Agriculture De- partment's Appropriation Billag- gregating $1,156,000,000 - nearly $250,000,000* over" "the Presiden- tial Budget recommendations..

premature yet to speculate as to offices, 27 first class offices, 672 the result of this account, but we second class offices... 1.441 third are hopeful that it will run of class offices, 224 sub-offices, 12.004

LONDON, Mar, 24 (Reuter)-The better than Its predecessor...

favourable for the despatch of a present. circumstances are pot SÄME DIVIDEND RECOMMENDED The surplus now to be dealt

British mission to Chungking to The usual dividend of $12 per with is $495,800, the balance of

consult with the Chinese Govern- share was recommended, however, account 1037, and we recommendices, In spite of the war.

ment as regards the best oppor- the Chairman remarking that the payment of $12 per

SLIGHT INCREASE share,

tunities for developing the trade in there was some hope of

However, a slight decreas in the textiles in West China, said Mr. better absorbing $480,000 and the appro-

priation of the balance of $15.866 kilometrage of mail lines is noticed Ronald-Cross Parliamentary Secre things ahead.

There were present at the meet- to Reinsurance Fund. Had it not for 1939 (513,039 kilos.) as 'tary to the Board of Trade, reply- ing. beside the Chairman, the been for the satisfactory showing pared with that of 1936 (517,290 Ing to Mr. Harold Sutcliffe (Con)

kilos.). following gentlemen:Hon. Mr. M. made by the account for 1938, we

This is due to difficulties in the House of Commons rester K. Lo. Hon. Mr. T E. Pearce, should, have been chary of re- arising from the war, as

some day. Messrs, C. B. Brown. A. H. Comp-commending the continuance of places right behind Japanese lines ton, PA. Joseph. and S. T. the dividend at the full figure or in the actual arenas of war are Williamson (Directors), Mr. F. C. $12 but, with some hope of better closed to all kinds of communica- Hall (Secretary} and Messrs. H. things ahead, we feel that it would tions, including postal services, a W. Dulley, D. Hung, M. H, Lo, D.have been unfair to propose any though the Chinese front lines al- V. Stearonson, H. J. Armstrong, Jcut until the position appeared to ways see the familiar green uni-exploring. H. Seth, S. H. Ross and J. Fleming render it definitely necessary, forms of the Chinese Field Posts

It has been our constant wish. Service Carriers

to In past years, confine the

At the end of 1938, the Chinese The Chairman said:--Gentle amount of our dividend to round postal administration had 9.829 men, before commencing the bus-about the figure of income from Chinese and 32 foreign members of investments buf this, in future. Its staff, and 17,290 postal workers: ness of this meeting, I wish to express the regret of the General may not be possible and you will of the 32 foreigners serving on the Managers and Consulting Comppreciate that it might be some Chinese Postal Administration, 13 mittee that Sir Robert Ho Turig years before we again reach that are British. 5 French, Russian. is not with us to-day. After many happy state. We trust that trad-3 Italian, 2 Japanese, 1 Danish,

ing profits will be somewhat more Swedish, 1 Swiss, 1 Indian, and 1 years, during which the Company plentiful than they have been for Latvian. has had the benefit of his valued the last two years and so allow of advice, he has felt that advancing age made it incumbent on him to retire from the Board. We wish to record our sincere thanks for all he has done and wish him

It is the custom at this Meeting Before the conclusion of the new long life and happiness in his well earned retirement. I am pleased for the Chairman to comment on to say that the Hon. Mr. M. K. Lethe position of the Company's Re-Comic German-Rumanian Trade has accepted our invitation to fill serves and, consequently, I have Agreement and before the incor- the vacancy made by the resigna. to call your attention to the heavy poration of the Sudetenland into the tion of Sir Robert Ho Tung.

inroad that has been

Reich and the creation of the pro- Another change in the person our Investment

Lectorate over Bohemia and Mora- nel of the Consulting Committee Fluctuation Account by reason of a German imports and exports that I regret to advise, is the re-the fall in value of our Shanghai foreign trade ist. Czechoslovakia signation of Mr. Felix A. Joseph Investments and also to the lower as from March 31. "Mr." Joseph is exchange at which we have been was second is regards Imports into

Rumania and third as regards ex leaving for England early next obliged to take them Into our month and to him also we tender Balance Sheet. At the end of 1937 ports our best thanks for past services. the rate was 106, whereas at Dec. During 1938 the economic terri- tory of the present Great German together with all good wishes for 31 last year it had fallen to 180. the future.

At the close of the year 1937. Relch supplieti 55 per cent. of Ru- The report and accounts having the reserve in question amounted maria's total imports and took 40 been in your hands for some days to $696,271 but after provision had per cent of the Rumanian exports. I now propose, with your permis-been made for these losses it stood ·Germany exported to Rumanía in ❘ sion, to follow the customary pro- reduced to the figure of $58.684. 1938 commodities to a value of cedure of taking them as read. - As your General Managers and 6359million Lel, Czechoslovakia Consulting Committee considered 2058 million Let, England 3455 mil- The outturn of the Company'ss last-named amount inade-lon Lel.

Of the Rumanian export in 1938, working for the year 1937, which anate, they have transferred the we now present to you and which sum of $500,000 from Reinsurance Germany took 5700 million Lel, Fund, so that the figure at credit England 2332, Czechoslovakia 2057 shows a credit balance of $495,888, can only be described as lean, reFluctuation Accoun-as at the end

Investment and

Exchange million Lel flecting as it does the unsatis of last year-stood at $558,684. factory results of our operations

As readjusted, our reserves are still in a very strong position and more than adequate for the busi-

TYPHOON EFFECT

in Sterling during that year.

Our Income, both from Sterling and Hongkong and China Currencies, was up by over $56,000, but unfortunately the toll of Losses exceeded that for 1936 by just over two lakhs of Hongkong dollars: this heavy increase was due to our sterling account to the extent of $150,000, while the "balance /was very largely the result 'of the typhoon that visited Hong- kong on the night of Sept. 1-2, 1937.

الو

dividend and further additions RUMANIAN TRADE

to reserves.

of

COMPANY'S RESERVES

made into and Exchange

FIGURES

BERLIN, Mar. 24 (T/Ocean)

stood first on the Rumanian

This is a severe check to the so-cated economy movement the Congress and will raise the of definite posibility that the Pre- sident may ask Congress to pro- vide the additional revenue.

The excess over the budget has been caused by the inclusion of $250,000,000 for parity

paymenta conservation payments.

and $15,000,000 increase for soll

WEST CANADIAN INDUSTRY

That trade generally in Western Canada has remained at a com- paratively steady level is worthy of note, There remains a large amount of grain yet to be shipped, com- pared with this period last year. The problems of marketing grain, packing house products, livestock, fruit, oil, coal and other primary products are engaging the attention

of both public and private bodies with consideration being given the developing of" more and better means of distribution,

Production from established mines continues to show satis- factory increases and while some exploration work is being carried

ANGLO-SOVIET TRADE TALKS TO BEGIN LONDON, Mar. 24 BWS)-The nese we undertake granted more secretary for the Department of favourable conditions, our arst Overseas Trade Mr. R. 6. Hudson

on in several felda there remains care will be to rehabilitate the arrived

a vast ares still open to discovery. 173 MOSCOW yesterday Reinsurance Fund to something morning from Warsaw to

The construction industry is like its previous position.

trade talks with the Russian Gov-in building activity. Some com

looking forward to an improvement

ernment,

begin

I trust you will approve the usual grant of a bonus to members of the staff of 15% où their salaries; that the outturn been thin is no fault of theirs but every dollar we earn is reduced and they have worked well during by 75 per cent. when transferred the past twelve months.

"INCLINED TO BE HOPEJUL“

has

"OTHER BUSINESS-

into Hongkong currency. Belleve me when I say that, insurance in A comparison of ratios, as be I do not think it would be these times has its full quota of tween the year under review and helpful for me to say much with difficulties, like everything else. its immediate predecessor, is as regard to business conditions in After the resolution, that I am follows:-Losses 61.74% as against so far as they relate to insurance; now about to propose, has been $3.27%; Charges 37.67% and that they have been poor is obduly seconded, I shall be pleased 39.34%, leaving a balance of 50% vious from the result of 1937 we to answer to the best of my ability as against that of 7.39% for 1936 now place before you and that any questions which shareholders at the same stage. The rates of there is justification for a reason-may wish to ask. Sterling Exchange. taken were able degree of optimism for the

Mr. D. V. Steavenson seconded Identical at 1/21, so that this future is shown by the carry for the proposal, which was carried factor does not enter into things.ward for 1938 Things change

unanimously. Exchange between Shanghat and very quickly in these days and Hongkong remained steady until although the measure by which On the proposal of Mr. Beth, after December 31, 1937, with the we could previously gauge possible seconded by Mr. Armstrong, the result that income from invest results some way ahead no longer Hon, Mr. M. K. Lo, the Hon. Mr. ments for that year shows a slight applies, I am inclined to be hope T. E Pearce and Messrs. C, B. increase of $649 over that for ful.

Brown, A, H. Compton, J. H. Tag- 1936.

One adverse factor, that I would gart and 8. T. Williamson, retiring The balance at credit, of Work-particularly stress, is the loss that Consulting Committed, were re- ing Account, 1938, is #782,452, an we are suffering from the closing elected. ? Increase of approximately $48,000 of various China ports; previously. Mesurs, Love, Bingham – and on that for the year 1937 at the places such as Hankov, and Can- Måtthews, and Messrs. Percy same period and the third best weton were sources of satisfactory Smith, Beth and Fleming were re- have had. Had it not been for Income but now they are merely elected anditors, proposed. by Mr. the fall in Shanghai Exchange, an expense, In Shanghai, we are M. H. Lo and seconded by Mr. the position would have been even holding our own very well indeed. Dulles,

munities enjoyed, during the past year, an Increase in building permits and also in value of buildings erected. "

In manufacturing, wholesale and retail, there is little change with the opening of spring should come renewed appetus to trade and the outlook is promising y

The tourist industry is looking forward to one of the best years in its history, Tourist bureaus and other bodies are making extensive preparations for the reception and handling of visitors in order that |"all who come to their cities and rural districts may enjoy the attractions

which they have to offer.

BROKERS' LOANS New York: Mar. 23 (Reuter); Loan on securities to brokers in New York:

Week-ended

16/3/39 $715,000,000.-

Week-ended #23/3/39

$844,000,000

LONDON GOLD

London, Mar. 23 (Renter). Bar Gold, Fine per os. 148/15) Dollar Parity, 1/26. premium.

SATURDAY, MARCH 25, 1939.-PAGE 11|

GREEN ISLAND CEMENT

CO., LTD.

Sole Selling Agents in Hong Kong and South China for

THE ASSOCIATED PORTLAND CEMENT MANUFACTURERS' PRODUCTS,

11

'COLORCRETE," SNOWCRETE,"

"STIPPLECRETE"..

&

"IMPERMO" Waterproofing Compound.

HEAD OFFICE

TELEPHONE 21463.

· EXCHANGE BLDG.

HỒNG KONG.

KIRIN

The

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Tel. 20790.

40, Johnston Road, Hong Kong.

STYLE COMFORT-

JAEGER

Ladies and gentlemen, let us in- troduce Jaeger's latest knitwear range--most reasonable in price! There are Ladies Jumpers, Car- digans and Swim Suits, in charm- ug new fashions. Men's Pullovers, Cardigans and Swim Suits for leisure hours. A particular virtue of Jaeger is, of course, the famoLE wool that keeps you cool in hot weather and snug in cold. Ladies (let us whisper it) you look even

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JARGER HEKSEL EM

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FIRST-CLASS

STORY

LAMMERTS' AUCTIONS{

PUBLIC AUCTION.

THE Undersigned have received instructions from the Omeist Receiver. Supreme Court

"to sell by

PUBLIC AUCTION

On

TUESDAY, the 28th MARCH, 1939

Commencing at 11 am,

At No. 58 Belchers Street

THE STOCK-IN-TRADE,

FURNITURE AND

FIXTURES

of the Kwong Kam Loong Chan, in bankruptcy

to be sold in One Lot

(The Stock consists of Teak Logs and Teak Planks, etc.)

Inspection orders may be had from the Undersigned.

On VIEW from SATURDAY, the 25th MARCH. 1939

Terms: As Customery,

LAMMERT BROS.,

AUCTIONEERS.

|PUBLIC AUCTION.

THEstractions

¡HE Undersigned have received

to well by

PUBLIC AUCTION

WEDNESDAY, the 29th MARCH,

.1939

Commencing at 16.30 a.m.

At No. 11A, Carnarvon Road, Kowloon. (Top floor).

A`QUANTITY OF VALUABLE HOUSEHOLD FURNITURE

One Radio Gramophone

and

One Electric Refrigerator "Gibson"

On VIEW from TUESDAY, the 28th, MARCH, 1939.

Terms: Cash on Delivery.

LAMMERT BROS.,

AUCTIONEERS..

PUBLIC AUCTION.

HE Undersigned have received

instructions

To SL Br

...

PUBLIC AUCTION

· OX.

FRIDAY, the 1st MARCH, 1939

Commencing at 5.15 p.m.

At their Sales Room, No. 2 Con- naught Road. Central, (Room No." 206, 2nd Floor);

A VALUABLE COLLECTION OF PORTAGE STAMPS

On VIEW. from THURSDAY, the 30th, MARCH, 1939)

Cash on Delivery

PAMMERT DROS AUCTIONTERA.