1939-09-26 — Page 10

PAGE 10-HONGKONG DAILY PRESS

FINANCE

FOREIGN MARKETS & QUOTATIONS

WAR RISKS TO PROPERTY: INDEMNIFYING. THE NATION

(To the Editor, “Hongkong Pally Press.")

Sir-The action of the Government in setting up a Comunittee ander Lord, Weir was received with reneral relief throughout the country... by thase who are deeply, concerned with the effect upon ballding that the absence of war risk insurance of fixed property must involve. The publication of a practical scheme by the Asso- ciation of British Chambers of Commerce marks an immense step forward.

MONEY AND

EXCHANGE

CLOSING QUOTATIONS SEPTEMBER „5," 1829

On London:

Telegraphic. Transtor. 13 13/16 Bank Bills, on demand1/s 15/18 Credits 4 months sight 1/3 3/8

On Shanghai:

On demand

On demand

On Singapore:-

On Japan:-

On demand

On India

Telegraphic Transfer. and demand

Un New York:-

130

52 1/2

Thly scheme has been pre- pared by a very competent Sommittee and is put forward for the consideration of all interests concerned, and the constructive criticizin on every. detall of their proposal,

NORMAL INSURANCE

Commodities RECLAMATION PROJECT FOR

And Prices

The Statist general index number| for July at 88.7 (1887-77-100), shows a decline of 2.1 per cent. from that of the preceding month; and of 3.6 per cent, from July last; year.

of

SZECHUEN REFUGEES

CHUNGKING, Sept. 24 (Central)-The reclamation of 160.- 000 acres of wasted but cultivative land in northern Swechten by 30,000 refugees is to be carried out within three months by order of Generalissimo Chiang Kai-shek

Details of the project are being mapped out by the newly- organized and reclamation bureau. The work is divided into periods. During the first · stage, which is to be completed within a month, 40,000 acres are to be reclaimed by 12.500 refugees. The remaining 60.000 acres are to be reclaimed by 17,500 refugees during the second stage. The land reclamation bureau, will be tenants

of the govern- has at its disposal $1.646,280 ment. to cover necessary expenses. All OTHER EXPENSES the state-owned reclaimed land is to be distributed at approxi- for necessary farniing implements; Other expenses include $61,400

TUESDAY, SEPTEMBER 26, 1939.

BANKS

HONGKONG & SHANGHAI THE CHARTERED BANK DE

BANKING CORPORATION

Authorised Capital... $50,000,000 sued & Fully Paid-Up $90,000,000 Leserve Funds:

Sterling"

INDIA, AUSTRALIA

AND CHINA

corporated by Royal Charter, 1851 £8,500,000 Reserve Fund

Paid-Up Capital

£3,000,000 ...£3,000,000

....£3,000,000

R.E. Currency Reserve $10,000,000 Reserve Liability of Pro- Reserve Liability of

prietors....... Proprietors

.$90,000,000

Head Office:-HONG KONG

Board of Directors: Hon. Mr. A. L. Shields, W. H. Lock, Esq...

Chairman.

Deputy Chairman,

J. K. Bousfield, Esq.. A. H. Compton, Esq., Hon. Mr. 8. H. Dodwell, D. F. Landale, Esq., G. Miskin, Esq.,

H. V. Wilkinson, Esq.

HEAD OFFICE: LONDON:

.38, Bishopsgate E... Sub-Agencies In London: 117/122, Leadenhall Street, E.Ö.a West End Branch: 14/16, Cockspur Street, S.W.1. Manchester Branch: 82, Mosley Street, Manchester, 2.

AGENCIES AND BRANCHES: ALOR STAR KAZRIN AMRITSAR HONG KONG RANGOON

BANGKOK

BATAVIA

ILOILO

BOMBAY ... CALCUTTA

1POR

KARACHI ILANG AGENCIES: EOE- CLAVE TRUST FAIRLIS PLACE CANTON

KUALA

MADHAS MANILA

PINANG

SAIGON.

KERTIDAR

BOURĪBAKA

K. S. Morrison, Esq.,

Hon. Mr. T. E. Pearce,

SHANGHAI

SINO POZE

of

Sir Vandeleur M. Grayburn,

Chief Manager.

SITIAWAN

Branches:

CAWNPORE.

LUMPUE KTÖHING

TAIPING

TIESTEIN

two

CHINA EXPORTS

families. Thus 500 cottages of Amoy the former type and 2,000 cottages of the latter will be built.

$100,000 COST

CR

TONGKAM

Ipch

Bangkok

Johore

Penang Rangoon

COLOMBO

(Bhukot)

DEEPLY

MEDAN

lienho

Batavia

Kobe

Saigon

HAIPHONG

NEW YORK

Bombay

Kowloon

San

HAMBURG

Calcutta

Kuala

Francisco

Canton Chefoo Colombo wh Dairen Malacca the land Foochow

XANTOW Lumpur Shangbai

London Lyons

Singapore

Sourabaya

Sungai

Manila

Patani

Swatow

YOKOHAMA

The fall on last month relates principally to seasonal changes, concentrated on teh foodstuffs groups, but it also affects textile and sundry materials. while minerals, despite falling export "prices for coal and static conditiona in regard to iron and coal for domestic consumption, show h rising tendency as a result upward movements in the non- It is not surprising that there ferrous metais. All vegetable foods mately 17 acres to each refugee $48,800 for furniture; $351,350 for has been doubt in the mind of shared in the decline.

family of five persons.

domestic animals, horses, goats, the public as to whether war risk

The smallest redaction among

Used insurance of real property was foodstuffs

land owned by local mules and pigs: $81,200 for seeds was that practicable. The essence of normal animal food, pork and mutton prices to be fixed by a land evaluation of model villages.

affecting farmers will be bought at a price and $265,000 for the construction insurance business is the assess being specially sensitive to prevail-committee ment of risks in terms of pre-ing conditions Middling beef show-tributed among the refugees, who two types. The first type of

and similarly dis- The model villages will be miums and the averaging of those ed the only rise in the entire food| risks on the basis of those pre-category, bacon

cottage will sccommodate remaining un- miums by underwriters who are changed. Tea und coffee suffered 15 1/2 capable of taking the risk of the slight falls the main feature of appraisements proving correct the plantation foods group being a and clearly this could not be done reduction of seven points in regardi In this case by the insurance to sugar prices.

After the refugees have settled companies or underwriters.

Among textile materials,

down in their new colony, it wil Normally when a risk cannot be principal movement

CHUNGKING, Sept. 24. (Central) be six months before there appraised in terms of premium it substantial fall in" jute, continuing-China exported through the "Back be any produce from is said to be "incapable of in-the steady reaction from the high Door" goods valued at $411,460,000 During this period they will be Haiphong Muar

hence the statement level established in April of this in the first six months of 1939, supported by made, both in the Press and in year, which still. however, leaves showing an increase of $88,860,000 This will cost the land reclama-

the government. Hamburg (Johore) Tiontain Parliament, and often repeated. prices well above those prevailing over the corresponding period ta tion bureau $400,000. that real property is incapable of 2 year ago.

1938, according to the Ministry of No efforts insurance.

11 Price changes, as regards sundry Finance.

be spared to floilo make the refugee colony a model; It has now become manifest materials, were not substantial,

lone. These will include the de CURRENT ACCOUNTS. opened in on application. Mengtze near the Yunnan-French velopment of communication with LOCAL CURRENCY and FIXED DEPOSITS. that if the problem be approached the most important being reflected from the point of view of mutial in a fall of four points in the index Indo-China border assumes the the rest of the province, the in-received for one year of shorter undertakes Executor and Trustee insurance it capable of rela- for olive oil and a rise of three in leading role in export while Pakhot stallation of telephone services in periods in Local and other Cir business, and claims recovery of

that for leather. Slighter increases comes second as a centre of trade. the more important villages, and quoted on application.

terma which will be British Income Tax overpaid, on the establishment of health clinics!

Ao up to date Ears DEPOSIT any of the Agencies and Branches.

terms which may be ascertained at through which exports pass are and schools,

Box in various sizes To LET Tengyueh and Szemao in Yunnan.

BRANCH OFFICE

Hong Kong. 25th September, 1939.

R. A. DAMIDGE, The training of the refugees in Though

Manager. exports are on the improved methods of farming will

HONGKONG SAVINGS

182 1/2

Bank Bills, on dernand 24 5/8 Credits, 50 days" sight 46 1/2

Un Batavia-

Un demand

On Paris:-

----- 44 3/4

||

Bank Billa, on demand 1780

Credits 4 months' sight 1140

On Saigon

On demand

Un Manlia:-

On demand

On" Bangkok:-

surance";

31

107 1/2

48 1/4

On demand

150 1/4

Sterling Notes:-

Lively simple solution.

Bank Buying Rate

31/2

Bar Sliver per oz.

23 1/9

Market Report

The essence of mutual insurance is that the parties to it share one hider and palm oil. another's losses, and there is no reason why, the Government will set up the necessary ma-

FROM KOZA BROS.

W25

the

1

in nitrate and oilseeds were offset by

reverse movements affecting

SHOW. INCREASE

Other

Bouthwestern

ports

11

agricultural Improvement bureau, which will have a branch.co at the colony. while experts of imports $116.874,510,! the provincial cooperative com- mission will promote the organi-

chinery, the property owners of provisional certificates will bear Upward trend, foreign trade is be the task of the provincial Silver prices were unchanged the country should not be put in interest, and as both provisional

jyet unfavourable. over the week-end the quotations the position fully and effectively certificates and, bands will be back- remaining at 23.1/2 for both Ready to insure one another. Great as ed by a first charge on all build-of July this year was $79,884,949 China's exports for the month and Forward. There were no the total "damage may be, the ing property throughout the coun-and Silver advices to-day. The Ameri-spread and source of contribution try, they will represent a security registering an adverse balance of zation of cooperative societies.

her 13 immensely greater and the Continued on Back Page. $36,989,561.

can' Market was closed.

The London/New York cruss rate President of the Board of Trade; was quoted at 402. New York/ London was quoted at 399.5/8.

Quiet.

Market

Sterling

No business was reported." There

has stated in the House of Com- mons that the value of buildings alone is estimated to be about £10,000,000.000.

MUTUAL INSURANCE In appointing Lord Weir's Cum-

of Trade said:

were sellers at 1/9 September/mittee the President of the Board October, 1/2.31/32 November/ December and 1/215/16 January/ February, buyers at 1/3.1/32 Cash. 1/3 November and 1/2.31/32 pos- sibly January.

U.8, Dollars

A small transaction was report. ed at 25 per Spot. There were) sellers at 24.15/18, buyers at 25 for Bpot.

Shanghai Dollars 150 sellers for Spot.

Shanghai Market,

The market opened with sellers

the consideration of a scheme for We are perfectly prepared for

some form of mutual insurance which may provide at any rate some interim compensation for those whose premises are damaged in war and would be supplemented through the more general scheme of compensation which the Gov. einment has already announced.

My own view is that by adopt Ing. the principle of mutual in-

at 45/32 and closed with selfers Laurance Government contribution

at 47/32.

Afternoon Marker

Dull,

Starog The market closed with

..[

seliers at 1/3 Septécsber/October, 1/2.. 31/12 November/December

JAVA

and 1

CHINA

would be unnecessary, belleve that that is the view of the members of the committee who have prepared the present. scheme.. although they have, not unwisely. in view of the Government's pre-

Government cou-..

vious announcements, left the door open to 1/2.15/16 January/February, bay- tribution should, that be destred

and

at 1/31/18 Cash, 1/3 Novem-by property owners and by Parla-

ber and 1/2.31/82 February, pos-

sibly January..

U.S. Dollera

ment.

The committee's scheme is both clear and simple, Apart from an

Sellers at 15/18 for cash. Initial and perhaps nominal con-

buyers at 25.

+348.

Shanghai Dažieru,

Shanging Marist

Sterling sellers at 4.16/64 Spot

Shanghai Exchange

Shanghai, Sept. 25-(Reuter).

Official T.T. Bater

London

New York

Japan

India

Parts

Hongkong

Spot

Sept.

Octi

Spot

Rept.

Oct.

Steilag

Sellers

tribution in peace, nothing will be payable by property owners unless and until there is a war, so that if there is no war the property for market, building trade, and finan- ces of the country will be fortied by the knowledge that all property ls insured, and at practically no cost...

LOSS OF RENT

If war breaks out then every Opening 0/3-3/4 owner of a house or other building 0-1/8

which is destroyed or damaged will receive a Provisional In- demnity Certificate for the value of his property or estimated 4-7/8 damage. It will not be possible for most properties to be rebuilt

1-1/2 20-7/8 1.73

Opening Closing 0/4-5/320/4-1/4 0/4-5/33 0/4-1/4 0/41/64 0/4-13/04 U.S. Dollars

36-30/32 37-3/32 6-29/327-3/32 6-73/33 6-15/10 Market: Quiet but steady

· Merchant Rate

Sterling, 0/4-3/18.

US Dollars, 18-15/15,

"Silver Duty Rate The Central Bank of China's rate on London at 10 am, to-day was 1/2-1/24, unchanged froth yes- torday,

The Equalisation rate was 24

per cant:

or repaired during war, but this certificate will carry interest in Heu of loss of rent, which will enable interest to be kid mortgages, if any.

DA

As soon as possible after the end of the war the total sum payable in compensation can be assessed and compared with the total insured value of all property, and the rate of contribution from all owners can be fixed and the liability of each assessed.

After the war those who have received Provisional Indemnity Certificates will receive War Risk Indemnity Bonds for the amount of their Provisional Certificates, less their contribution, towards total losses, The bonds, like the

THE PERFECT HOLIDAY CONSIGNEES' NOTICES

PARADISE CRUISE TO BALI & JAVA Roundtrip in 30 days

by 1st class JOJ.L

H$455.-

SAILINGS

To BALI & JAVA via Manila:- Every Three Weeks

To BATAVIA DIRECT: Every Three Weeks To AMOY & SHANGH1E~

SERVICES CONTRACTUELS DES,

MESSAGERIES MARTTIMES

CONSIGNEE NOTICE.

8.5.ATROS II* **A/89.

BRINGING CARGO FROM MARSEILLEB via SAIGON, etc.

CONSIGNES are arreby informed that their goods with the exception of Opiam, Trosaare and Valuables are being landed & stored into the Godowns of the Hong Kong Howloon Wharf Godown Co, Ltd Kowon, whence delivery may be obtained immediately.

Weekly & Fortnightly Alternate after landing.

For particulars apply:- JAVA-CHINA-JAPAN LIJN N.V

Bankow Mukden Tokyo Harbin New York Tsingtao Hongker Peiping Yokohama

rencies on

BANK

.

PRIPING

(Peking)

FOREIGN EXCHANGE and General Banking Business transacted,,...

CURRENT ACCOUNTS opened and FIXED DEPOSIT received for Che Year or shorter perïoda in Local or Other Currencies at rates which will be quoted on application."

SAVINGS ACCOUwts also opened in Local Currency and Starling with interest alwed at rates obtainabia

The Bank's Head Office in London

THE CHASE BANK

16, QUEEN'S ROAD, CENTRAL

HEAD OFFICE:

18, Pr STRZET, American Bank offering com- NEW YORK. plete Foreign Banking Service in the principal Markets of the world. Interest Rates on Application.

The Business of the above Bank is conducted by the HONGKONG SHANGHAI BANKING COR- PORATION. Bules may be obtain-An ed on application.

For the HONGKONG & SHANGHAI BANKING CORPORATION.

7. M. GRAYBURN,

Chief Manager. Hong Kong, 25th Feb., 1939..

BANK OF EAST ASIA, LIMITED

Authorised Capital......$10,000,000.00 Paid-Up Capital......... Reserve and Undivided

Profits

5,598,800.00

2,833,832.01

Head Offices-HONG KONG No. 10 Des Voeux Road, Central,

Board of Directors:

Bir Shopson Chow, Chairman Li Koom Chun, Kaz. Li Lab Bang, Reg

K. Krok 4.

Wong Chu Ban, Beq, Wong Im Tong, Esq. Kan Ting Pa, kaq. Chan Ching Bhak, Zaq. Fang Ping Wah Lag. Kan Tong Po, Raq., Chint Manager. Li T Fong, Esq., Manager.

Amby

All claims must be sent in to me on ar before the and Oct, 1939, or Baby

նե

Onsite they will not be recognised.

Haiphong Damaged Package will be examined w by the Compaya Surveyor, Kesara, Honolulu

HONGKONG—AMOX-SWATOW-CANTON Goddard de Douglas is the presence of

Macao Agent

IL NOLABCO DA SILVA.

MODERY

LIJN EXPRESS SERVICE

MAERSK

BRSK

INES

ERVICE

LINE

the Consignes 10.00 m. on Thurs- [day" the wi Bept 1939, AND

Losakenési "mus have a Boven Officer in attendance when say datishe } gronde“ nao étamined by the Company's ↑ Surreyors.

No Fire inorace will be effected by Fourth by me whatever t

R. OHL

Axent.

Hong Kong, 8th Sept., 1990.

[727

Branches and Agencies :~

Kowloos Penang

London

Macila

Singapor Hangoon Bourabaya

Saigon

Melbourne un tran. Sydney

New York: Seattle

Paris

Paping

Shanghai

SAFE DEPOSIT BOXES

This Bank is entirely owned by THE CHARE NATIONAL BANK, NEW YORK, with sources of OVE 1.8.$3,000,000,000.

D. M. BIGGAR,

Second Vins Pres

BANK OF CHINA

Specially "Chartered by THE NATIONAL GOVERNMENT. OF CHINA AS AN INTERNATIONAL EXCHANGE

BANK...

PAID-UP CAPITAL $40,000,000.00 (BRANCHES ALL OVER CHINA) Owing to our numerous Branober in China and connections in the principal Commercial Centres of the World, we are able to extend to our Clients special facilities for Domestic and Foreign Banking and Exchange.

Head Office:SHANGHAI Hong Kong Branch: QUEEN'S ROAD, C. South China Offices:

KONGMOON TOISHAN "KINGCHOW

Every description of Banking and Exchange business transacted. Loans granted on approved securities. CANTON Current Accounts opened in Locs SWATOW Currency and Fixed Deposits re SHIUCHOW ceived for one year or shorter periods in Local and Foreign Curand other Public Funds of the We also handle the issue of Bonds

Chinees Government both at Home and Abroad.

SHOU J. CHEN,

Moneger

tancies on

terms which will be quoted on application.

SAFE DEPOSIT Boxes To Lar.

KAN TONG PO.

Chief Manager.

Fortnightly Express Sallings DO-CHINA

KEELUNG, SHANGHAI #G JAPAN

LOS ANGELES, PANAMA, NEW YORK, BOSTON, PHILADELPHIA, BALTIMORE,

NORFOLK & SAVANNAH

Through Bs/L are issued to Central and South America, Gulf and Caribbean Sea Forts and West African Ports.

EXCELLENT ACCOMMODATION FOR PASSENGEFS

AT MODERATE BATTƐ.

For Freight and Passage please apply

JEBSEN & CO.

Canton Shameen, BC Agenta. Hong Kong Fedder Building,

Tel 10916

Tel. 31205

STEAM NAVIGATION COMPANY LTD.

Operating Services for Cargo and Passengers

TO

SWATOW, SHANGHAI, THINGTAU, CHEFOO

and TIENTAIN

KOBR and OSAKA

SINGAPORE, PENANG and CALCUTTA

SANDAKAN HAIPHONG

For further particulais

please apply to-

EPHONE ZOJIL GENEI

P

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