Current Events in Many Quarters The London Chamber of Commerce is endeavouring. to bring about the institution of a test action with a view to determining whether or not a mutual insurance association, acting on behalf of a shipowner, may refuse to accept liability for short delivery of 29 cases of goods, say, out of a total consignment of 200 cases. The main portion of the bill of lading in controversy contains printed clauses setting out the conditions under which the shipowners are to be responsible for incorrect delivery and the limit of their liability for incorrect delivery. The bill, however, contains a rubber-stamp clause reading: ''Not responsible for shortage, but all on board to be delivered."
The insurance association, on behalf of the shipowner, claims protection under this rubber-stamp clause and intimates that it is prepared to. join issue with the merchants on the legality of same. (It has, however, offered to pay half the claim without prejudice). The merchants are advised that the bill of lading is a clean receipt for 200 cases and that the consignees are entitled to expect delivery of 200 cases, and that if the rubber-stamp clause: is upheld it would enable a shipowner to comply with the terms of the bill of lading if only one package out of 200 were delivered.
It is learned by the U. S. Consulate at Sydney that the Minister for Mines of New South Wales has made an offer of £10,000 as a re-wand to the first producer of 100,000 gallons of petroleum within the State. The claimant for the reward must submit duly attested records that the requi quantity was produced exclusively within New South Wales. A previous reward of £1,000 was offered for 500,000 gallons, but since the production of fuel oil would be such a tremendous asset to the State and give such an impetus to manufacturing and shipping, the Government decided to offer more liberal inducements. It is: hoped the present reward will be sufficient incentive to prospectors to thoroughly test any area in the State thought likely to prove oil bearing.
A scheme for a dry dock is Rangoon is at present under considera-ition. At present the nearest dry dock is 2t Calcutta, nearly 1,000 miles away. The difficulty in Rangoon, it is said, has been to find a site with a sufficiently solid founda. tion. One or two such sites have now been located. Tenders are to be invited for the construction of an up-to-date dry dock as soon as the Port Trust can spare the necessary funds.
The exports of jute yarn from the Snited Kingdom during December last amounted to 3,971,000 Ib. (value £226,773), a substantial gain over the 2,851,700 Ib. (value £146,- 144) exported in December of 1919 and 918,200 Ib. in excess of the exports (namely 3,052,800 Ib., value £61,758) in December, 1913. Of jute piece goods 6,356,600 square yards were exported, but because of a change in the export unit in 1920 comparison with earlier years, when the quantities were expressed in linear yards, is not practicable. The December values were £270,788 in 1920, £572,647 in 1919, and £260,035 in 1913, the last two sums including the month's exports of jute carpets and rugs. Of jute sacks and bags 104,530 dozen (value £90,694) were exported in December, compared with 539,401 dozen (£478,307) in December, 1919, and 456,255 dozen (£120,231) in 1913.
During the year 1920, 2,035,839 tons of coal arrived through the port of Dunkirk, France. England supplied 1,266,356 tons, the United States 649,947 tons, and Germany 119,536 tons. The heaviest importation from America, 215,001 tons, took place during the month of November, undoubtedly due to the British miners' strike of that period. During December, American coal was quoted as low as $12.60 per ton c.i.f.
Writing on February 95, the Guaranty Trust Ca. of New York reported:—The improvement la trade and industry continues, with some evidences of the interaction of recuperative forces. Middle-
West wholesale and retail business is gaining conservatively, better prices for wheat, corn, and oats being responsible for larger sales of textiles and related commodities at ithe trade centre. While the buying is of the small-lot variety and indicative of the feeling that prices have not yet reached bottom levels, it is sufficient to encourage eastern manufacturers. In New England, shoe, cotton textile, woollen, and worsted mills are gradually re-spending to the renewed demand for their products. Reopenings and extension of working days are accompanied by wage reductions and elimination of bonus payments, these in turn being offset by readjustments in the workers' favour. Decreases in unemployment at the industrial centres are exerting a stabilizing influence.
The Anglo and London Paris National Bank in their letter of March 1 say:—While the funds available for permanent foreign investment are but a small part of the amount desired by foreign and domestic borrowers who could give security, Last year was a high record for American investments totalling, so far as they are on record in New York, for railroad and industrial securities $3,106,930,500, of which it is estimated about 30 per cent. was for refunding. Less than one-seventh of this amount was for railroads.
Industrial and commercial profits were good until well into 1920 and the resulting potential investment fund large.
Ir was never to be expected that the closing of the lottery shops in the French Concession would put an end to the sale of lottery tickets. The business has much too lucrative. Most of the ticket mer-j chants who have been able to raise fairly substantial rents have reopened at the Old and New North Gates of the Chinese city. Many others, finding themselves adrift, have set up in business as itinerant "lottery ticket brokers," and are doing business in both Settlements, tea houses and wine shops being their favourite haunts. The Street Unions on this side are said to be discussing ways and means of checking the business.
Text read from the printed page and cleaned; old type leaves the occasional error.