Sunday, February 28, 2010

7th December 59

Hongkong Bank
Jesselton B.N. Borneo

Dear Mum, Dad and Alan,

To answer Dad's letter first. Ariston should be a good buy. I have now found out where the tip came and its issues of once per month have given some useful information. They try to give secondary equities which they consider to have a growth potential and I have ordered you three months issues as a Christmas present to see what you think of it. The manager received mail confirmation of C's the other day. The reason for buying slowly is that they are South African run and they may suffer a setback from the boycott of SA goods in UK. Thus a lowering in price should provide cheaper shares. However, these odd schemes are often of a temporary nature and a setback in my opinion is uncertain. Anyway, it is a growth share and the future should be good. I did not get any Ariston as until my insurance funds are released I am fully tied up in things that I wish to hold. I wonder too whether it will be a few months before the market recovers from the election excitement and maybe a few goods buys will appear between now and March. I seem to remember things dulling off once before like that. The Singapore market is still hight and I think waiting to go up further . I dont advise buying in London as with delayed delivery you may not see your scrip for months and through this may not see a dividend which is due to you. Yield is comparatively high on the best shares owing to the risk from political sources. However, both Singapore and Malayan budgets have just come out with the promise, for that is what it is worth, that things will not have any more tax in 1960. If you wish to invest it will be for the yield only as capital can suffer a quick decrease following rubber and tin and it can be 3 or 4 year wait till it recovers. In that time anything can happen. If you are interested I can let you know when there is a drop in F and N say to about 1.40 they are 1.63 now, and you can buy in my name. The "round purchase" is in 1000s and in these lots are most easily dealeable. Alternatively, you could purchase direct from Sassoons in Singapore mentioning my name. (For attention R.M. Nelson) but then dividends would be declared for tax. Thinking it over again I would advise that you stick to your own market with which you are most familiar.

Thank you very much for the needles, Margo will let you know if there is anything specific that she requires after Christmas. She has just said that she "must write", but we are both behind on our correspondence. Once the children are in bed it is an effort to start on something else when a chair and a book are so inviting. The chap from San Fran arrives on the 19th. Martin and Mary Curren are on leave in Hongkong at present and come back with them. Margo and I are planning on a leave about May June on a round trip by sea to Sandakan Tawau and back with maybe two of the children. Glad you have a visit to Wolverhampton. I have not sent anything this year as I see no reason to start an extra custom. We have a wide circle to deal with when the local children are considered plus friends in India Manila etc. Our social round is commencing too. Dinner out tomorrow, dinner with canasta and scrabble in Wednesday dinner in 22nd Sports club Childrens fancy dress 21st staff tea party 19th drinks party 19th Golf Club childrens party 20th Christmas lunch 25th drinks party 1st Jan. Margo, is thinking of sending our two as little Bo peep and one sheep, which might well do. Good show that Alan won a rally, they are hard work at times. I was navigator on a winning car in Penang once and know how much has to go into it. This is all for now it is too hot even to type and I am going to sit back for a spell before bed. I am sleeping and eating too well these days, with Margo's cooking, shall have to watch the waist line.

Love from us all,
Peter

24th November 1959

Written on HSBC Jesselton airmail letter

Dear Mum, Dad and Alan,

Many thanks for your letter and Dad's note on the end. I haven't anything special on Ariston and am not doing anything myself. I suppose there is no connection with the visits to be made by the Duke - the PM & Krushov? I have bought Fraser & Neave on the Singapore Market. There has been an issue of $ unit trust shares for the first time and the surplus cash to be invested should push the local equities up. Coupled with that 1960 should be a boom year for consumer goods in Malaya when the rubber bonuses are paid out on the estates. At least this has happened in the past. F& N are distributors & part owners of the local brewery and also make 90% of the soft drinks for the area. Yield after tax at my price should be about 7% though I shall no doubt have sold by the time the next dividend comes around. Thanks for sending the things off for the children. I understand about postage - if it is a lot and I am beginning to wonder whether cash presents would not be better in the long run. Yet another new shop has opened here and the things available have greatly improved over recent months. Though Margo can never find simple things like cotton or needles. The children's things are a little better but sell out quickly. Most things that came in last month have gone - it doesn't help either being so in advance of Christmas as one does not consider buying in Sept/Oct. You are right not to knit for the children. You can do that for us during the year preceding our leave! Did I tell you that the bank education insurance is better than I expected. I am now fully covered for 8 years for each child for a sum in excess of the present fees, so that there will be something over for holidays etc. The monthly payments are within my capabilities and in a few years I will not notice them. The scheme allows me to receive just over £1000 more than I pay in premiums which is better than anything I have met before! On top of this I can release my old policies and have all my past savings in cash and thus allow more freedom of manouver than heretofor. A very pleasing arrangement that appears to have solved all my problems. Mrs Aylett has received her photo of the girls so all is in order.

Cheerio for now and love from us all,
Peter

Tuesday, February 23, 2010

12 November 1959

Typewritten on HSBC Jesselton airmail letter

Dear Dad, Mum and Alan,

Thank you for your letter, Dad, it was good of you to write so promptly. The takeover of Kapala by Kulim was in the financial on Saturday and I read about it in Tuesdays Singapore paper also. Actually have received the companies notice today but it is too late as I had sold. At 2/7 1/2d so was very pleased, although I suppose that it was not as good as the takeover. I could not work that out exactly as I could not obtain a quote for Kulim. Neither do I know what Kulim have moved to since. However, £28 net after paying buying and selling costs is good enough for me and will cover my retreads on the car and Christmas expenses. Have purchase standards at 11/1 1/2. I do not expect to see such a quick return but hope to see them at £1 one day. This again is only my idea but they gave themselves a very good report. A friend of mine has just bought Ariston Gold mines at 5/1. I know nothing about them and wondered why he was interested. Thank you for the birthday cards they have arrived in good time. Very pleased the photo has turned up. I was wondering what had happened as they have not yet sent me a bill. I also ordered for dorothy and one for Mrs Aylett so hope all is well with those also. If not you might query with Kings Croydon. but imagine all ok. Have seen Ho Choy and Ah Fong off today. They are on the ship to Hongkong for a months holiday. We have a temp, wash Amah and Margo will cope with the cooking. Unfortunate over Christmas but we will be pleased enough if they return promptly. They have to go back to renew their papers so there was no question of putting it off for a while. We have had a young girl staying with us for two days on the way to Lahad Datu. A chap in Calcutta wrote requesting that we put her up. Very pleasant and a change for us, but we did not see much of her. As her arrival put the eligible female population of Jesselton up by 33 1/3 per cent she was in demand by the Mess, who we had to dinner last night. By the way I also sold my one bank share at a profit, after which they have taken over British Bank of the Middle East. BBME Shareholders have made a goodly sum from that one. So now we have an interest in oil. I hope I never have to go to any of their branches, some are in the hottest places in the world and very sandy. They are the old bank of Iran I believe. We continue to get rain in very large amounts and have not played golf for some time. It becomes quite cold at night but depressing during the day. Rather restricting for the children also. However they are thriving, at least two are. Adrienne has had two weeks of screaming with teeth. She certainly lets us know she is uncomfortable. In between she gives us the usual large grin and is as hefty as ever so do not suppose much is wrong. She stills needs several to complete the set and we are waiting the day when it is all over. You would find Caroline thinner. All the surplus chubbiness has gone but she is well covered. Susan is following steadily in Carolines tracks and is no trouble. Eating and sleeping steadily without fuss and very interested in all that goes on around her. WE have an excellent photo of all three together for the Christmas cards (which have not arrived yet) excellent in so far as the pose, but the exposure is horrid and I cannot enlarge. However it will do if only because it is so good of the children. Getting them lined up for it was a performance that I would not go through very often and still stay sane . Will you do the usual for me for Ian's and Ian M's children this Christmas and let me know what it is. I have not sent Alans present yet but will settle all round when I know what all the items are. Your present is on the way delivery December. Hope it to your liking as they are the real thing and are not as innocent as they look.

22 Oct 1959

Written on HSBC Jesselton airmail letter.

Dear Mum Dad and Alan,

Many thanks for your letters. Was especially interested in Dad's notes on any rubber shares - I think they may pay something though would like to see their latest balance sheet etc. Will get on to the nearest branch in Malaya when I have time here. What a week on the Stock Exchange! banks over £58 - I wish I had more than 1. The Echtar of Reuter still thinks British Equities are cheap compared with USA-Europe so I suppose a financier would still go ahead and buy even at these high prices. But it would take some doing. I am glad to see you have done well out of recent events. I'd advise caution on rubber as have always felt rubber and tin to be very speculative and there are a large number of take-over bids going on. On the other hand Malaya seems very stable just now and the rubber price has not dropped very much despite the USA-UK stock pile sales. My paper just received gives $1.02 5/8 per lb spot which continues healthy. Shall sell my Kapala if I can get 2/6d or wait a dividend next year. There are some Preference shares in the way so shall see what happens.

Glad you enjoyed the trip to Harry's - it is giving you a new part of England to view. Was amused to read that they are selling their boat and buying a sailing boat for racing - it is what I suggested when Harry was at H. Bay - and he thought it a waste of time! Mike Figg is leaving to takeover SIBU and the Leach's are coming here from San Francisco - what a change. He is a little more senior than M Figg and will suit me as he will hold the S. Accts job - one that I could do in my spare time and I shall not feel that the desk allowance is being wasted. I had my eye on it but it was not to be. They are married and our house should by rights go to them. I am hoping the number of children will determine that we do not have to move. Still short in the office till next week but all goes well. We had a fine Chinese dinner last night and are entertaining guests this evening. Golf match tomorrow but I havent had any practice.

Lots of Love from Margo Peter Caroline Adrienne & Susan xxxxx

Wednesday, February 10, 2010

8th October 1959

Handwritten on HSBC Jesselton airmail letter.


Dear Mum Dad and Alan,

Many thanks for your two letters and the photographs. Am still very busy so excuse this hasty writing. I have ordered the Baby Walker @ 38/- from Bakers. They will give me a discount as well as free of P Tax. To be free of PT I have to order it anyway. It seems just the thing and not too elaborate and I am sure Adrienne will be overjoyed at receiving it. Am now clear about Margaret's new home. In fact they have turned it down for similar reasons to our criticisms made when we saw the sight and plans - though I do not think we mentioned them at the time. We have not done anything exciting recently owing to the weather but the last two days have been hot and dry and I think our dry season is coming in. The children are fine and Caroline is still thrilled with school and has alternate passions for older boys and girls who disdain to converse with the "baby" of the school. Adrienne continues to blossom through being "king of the castle" in the mornings.

Love for now
Peter

3rd October 1959

Typewritten on HSBC Jesselton airmail paper

Dear Mum, Dad and Alan,

Sorry that this is a bit late, but for a change I have been busy. A week ago John Stewart had a bad accident with his car and broke a thigh. He is on the mend now, but to be one short over the end of the month/quarter left the rest of us in the office rushing around. Luckily his replacement for leave arrives at the end of the month so that it is only for a short spell. I cannot remember when I last wrote, but the inspectors have left now. They appeared pleased with the order of things and having seen my correspondence with agencies before they arrived, plus the details of the Brunei changeover they did not really inspect books very throughly. Also the trip had been a long one and I supposed them to be weary. The bank has brought out a sort of "save and hire purchase" scheme for education, in conjunction with an insurance company. It is very good, with the insurance agents commission coming to the member of the staff and cheap interest rates on the overall loan that fluctuates with premium and fees being paid out before policies mature. I have applied and hope they take over my policies and then give full cover for my requirements. It will be very steep going at first but much easier going than wold have been the case. The object is to be all paid up in eighteen years and I have a faint idea that with so many of the staff in a similar position to myself and when the bank sees the figures involved there may be a little "written off" in years to come. My own proposal is pretty involved. That should be the case of each one that goes in, everyone will now presumably having different ideas and I would not like the job of sorting it all out. However, whilst the bank are not giving anything away, it is a step in the right direction and our little problems are obviously looked in to in head office. I now take the daughter of the local policeman to school along with Caroline. She is a little older and is a non stop chatterer. C. of course copies like mad and I am lucky if I can get a word in edgeways at my own table. Am horrified at the thought of the other two doing the same thing, but I guess my fate is sealed. We still have it very wet and have not been able to play golf for a long time. The ball disappears under the ground at every shot it is so muddy. The dry season should start soon . Have at last made a purchase of shares. They are not quoted often and would like you to mention prices last seen in each of your letters. "2/- ordinaries in Kapala Rubber". I don't know anything about them, but if they have rubber they must make a profit in the next two years and a small rise will suit me as I paid 1/11 1/4d. Dealers in Malaya are having a heck of a job finding spot rubber and those who should know consider that demand will be ahead of supply for some little time to come.

Wednesday, February 3, 2010

16.9.59

Typewritten on HSBC Jesselton airmail

Dear Mum, Dad and Alan,

Many thanks for your letter, am not too sure about Adriennes toy myself. Could you see if it is in the local shops so that I can have a proper description for a purchase. As for Christmas, Margo and I would like a Karry cool, sip, which keeps things hot or cold for picnics, about £1.10. Something like a tea set for Caroline, small pull along toy for Adrienne and a plastic cup for Susan. I have sent a batch of photos to Dorothy and Donald and enclose a set for you. They are a bit out of focus this time but the group has been enlarged many times to where it is now. Howard King of Croydon should be sending you a framed picture and I hope it is OK as it is difficult to explain in writing what I wanted done. That is the one of Susan and Adrienne which I think is good enough to preserve. Margaret's new house sounds fine though I have not yet found out why the change was made from the other place that we went to see. Caroline continues well at school and there is a noticeable improvement in Adrienne now that she receives personal attention in the mornings and can be taken shopping. Her speech is coming on too. We had a trip out to an island off shore at the weekend with a few other people. C came too. It was the first time that I had seen coral in the way that is depicted in the undersea films. Whole forests of it in clear water of many colours, with a greater variety of small fish than I had in the Calcutta aquarium. We lunched off legs of chicken with tinned beer and though it a very fine outing indeed. The inspectors arrive next week. Poor chaps they have visited seven offices non stop in Borneo and imagine they will be pretty weary when they come to us. We will have them for five days and do not anticipate anything other than routine checks. Susan is now 18 llbs and seems older than her six months. She can turn over both ways and is generally active. Her looks continue to favour Caroline but with a distinct difference.

Cheerio for now and love from us all,

26th August 1959

Typewritten on HSBC Jesselton airmail letter.

Dear Mum, Dad,and Alan,

Many thanks for your letters I am sorry that mine was a bit late but I expect it was the photos. Adriennes hair did look grand in the pictures but in fact was seldom so picturesque in practice. Very thin and straggly. But it has been cut now, short but with waves and she looks much more presentable. Since Caroline has been at school she (Editor's note - I think he is referring to Ady here) has been better behaved and is talking a lot more, ahead of C at relative ages in this respect. C has a wonderful time at school by all accounts and seems to like it all. It is early yet to judge but they seem pleased with her. Very self possessed and no fuss, which I suppose with some of them there they are thankful for. As birthday is not until 13.11.59 but it is good for you to suggest a tricycle for her. We have talked it over and decided that the one we have is enough as A can use it in the mornings and we do not wish to have C on a bigger one whilst we are on a hill. A likes to rush things about and we would like it to be obviously hers without C butting in. The problems one has with children. However, we have seen a Triang toy that will suit and if I describe the basic requirements you might find it. A metal cart on four wheels tough enough not to crumble under A's hand. Big enough so she does not have to bend over too much. Then she can push it about empty or full. Now if there is purchase tax on it, I could order it from here and save a bit and you could pay when I get the invoice. You will be pleased to know that C's iron is now an important part of her life. To see her iron a pair of panties is a remarkable sight and she makes it look a duplicate in every action of the Amah's. The film is not such a good one and I hope it is only my fault and not the cameras. There seemed to be a lot of light in the wrong places. My still camera is causing trouble too but I hope to fix that in time with a bit of string. They rust so easily and fungus is difficult to get off the lens. Ghurkas are not employed by the British in India. They are hired in Nepal and have been fighting for the last ten years in Malaya where they have distinguished themselves as well as they ever did in their past history. They are illiterate country peasants until they come into our hands and then develop into what must be the most adaptable fighter in the world today. If you look at the map and draw a 2000 mile radius circle from North Borneo you will probably come to the same conclusions that I have , when you consider that a main base in Singapore and Hongkong is not of very much value. The Kota Belud area is now only being kept down. The thing around my neck was probably a handkerchief for the sun. The christening went very well with Susan good as gold. 24 adults and 6 or 7 children came and 7 stayed for dinner and the last one left at 11.30. Gordon Bray stood in for Donald and made an appropriate toast then everything as informal with people relaxing, it was quite a hot day. The archdeacon came up but could not stay too long as he had evensong. His wife is teaching at Caroline's school and brought her boy and girl who are a little older than C. I have not got my BMC or my Swan Brewery shares as the price rose too high for my limit the latter are at 12/3 1/2 and I first saw them at 10/6. Both items are I think still good buys but I am not risking buying at the top of the market. Perhaps there will be a lull when I shall be able to get in. I do not like the Austins peoples car models. I would prefer the old model T Ford to that shape and I think the people in the export markets will too. Still we shall see. Reuters finance seem to think there is still a lot of leeway for the London Market in an upward direction. Love M. P. CAS.