Ы
FRIDAY, MAY 30, 1930.
“ ILÈ ~ CONSIDERED COMPETITION."
Continued from Page 1.)
cat in full.
THE
CHINA
Manus, seconded by Mr. A. D. Humphreys.
The Chairman intimate that dividend warrants were ready.
Those Present.
Supporting the Chairman were
MAIL.
SHADOWS BEFORE
IN CHINA MAIL
inter-the Hon. Mr. C. G. S. Mackie, COMING EVENTS ANNOUNCED
Messra. J. K. Bousfield. J. A. Plummer, D. O. Russell, J. F. Warren (Directors), and Mr. Paul! Lauder (General Manager).
stands at £235,469, 148, 8. und an, Striety and or of its Affliated Com- our Dividend casts us £270,000 tpanies which is not paying its would appear from the Balance Sheet that our interest is 34,530.- Es. 4. less than the Dividend pay able. These figures are affected by exchange and du
not show the position fully.
1
Social Functions. Tony Tea and Dinner Dances at Peninsula Hotel, 5 and 8.30 p.m. respectively.
NEW ADVERTISEMENTS.
BANK HOLIDAYS,
TN Accordance with Ordinance
IN 1812, The EXCHANGE
BANKS will be CLOSED for the transaction of PUBLIC BUSINESS on TUESDAY, the 3rd of June (The Birthday of His Majesty the King).
Hong Kong, 29th May, 1930,
You are all aware, Gentlemen, o the many dificulties with which the business of insurance has had to be faced during the last few years, Hon. Mr. W. F. L. Shenton and Shareholders present were the these difficulties being accentuated As you are aware the Society owna | by depressed conditions of trade, Messia. J. W. Alabaster, A. E. S, the majority of the shares in five I think you will agree that under
Alves, G. S. Archbett, J. D. Volunteer Headquarters. 8 p.m.
To-day H. K. V. D. C. dinner, Subsidiary Companies, viz., the all the circumstances the position the Butcher, B. M. C. da Cunha,
Entertainment British Traders' Insurance Com-Society finds itself in reflects credit. A. Croucher, H. B. L. pany, Limited. The China Fire In-upon the General Manager, Apents
Dowbiggin,
To-day- L. G. S. Dodwell, The Idle Rich."
Queen's Theatre, surance Company, Limited, the and Staff.
R. A. Dashur. F. M. Ellis, John
APARTMENTS VACANT. North China asurance Company.
Fleming. A. Ferguson, H. The Girl on the Barge."
To-day Star Theatre, Staff Changes. Limited, The Yangtze Insurance Since we last met Mr. E. W. C.
Gray, W.
F. Gardner, A. D.
"RESTAWHILE." - Cheung Chow, Today World Association Limited,
the de Gyulay has retired from his posi-Humphreya, Ho Kom-tong, 0.B.E.. "Tide of Empire", 5.10 and 9.20
Theatre, Home cooking. For further parti and Fur Baxters Insurance
culars apply to Mrs. R. A. Jaffray, Com tion of General Manager for Aus-H. Little, M. Manuk. Jumea Limited, pay,
None of these tralia and his resignation was ac- Park, P. H. Rolfe, V. R. V. "The Great Success" (Chi-No. 22, Cheung Chow. Companies at the present cepted by your
nese picture), 2.30 and 7.16 p.m. Ribeiro. 0. F. Ribeiro, L. E N. Board with regret. time are paying away
To-day Majestic Theatre: more than Mr. Gyulay was first engaged by the Ryan, C. Savard Remedios, F. W. their interest in Dividend' (except Society in 1907 and has
"The Patriot." given Stapleton, E. H. S. Summers, the "British Traders' " which on devoted and efficient service.
F. Soares, T. H. R. Shaw, the 1928 Account pays a small sure you will all join with me in A. R. Souza, Sum Pak-ming. amount of £576.-04.108, in excesa) wishing him a very happy retire-Alan Stevenson, and K. Stuart and in certan cases they are paying ment.
Smith. away rather less. If the full inter- est were paid away by these Con- panies the interest of the Society would be increased by approximate ly 20,000 am I therefore estimate
I am
Mr: Trevor Gould, the Assistant General Manager for Australasia, has been appointed to the post vacated by 3r. Gyulay and Mr. R. C. Langker has recently been
at December 31, 1929, the appointed that interest covered the Selety's Divi-] dead by all but about £15,000.
In view of the uncertainty, of ex- change it has been decided not to the Dividendla increase
of the
subsidiary. Companies,
Assistant General Manager in the place of Mr. Could. We all wish these gentlemen success In their new appoinments,
Seconder's Speech. Mr. A. H. Ferguson, in seconding the motion, said:~
Home, Malls, To-day--Outward for Europe via Marseilles (Suwa Maru), 6 p.m.
To-morrow-Inward from Ameri- Ica and ports and Europe vin Siberia (President Harrison); from Europe CHINA FIRE INSURANCE CO.
via Negapatam (Jeypore). A meeting of the China Fire
To-morrow-Outward for Europe Insurance Company, Limited, wasvin Marseilles (Khyber), 10.30 am. held immediately after the Union Insurance Company meeting.
The Chairman. in propusing the doption of the Repuri and Ac counts, said:
Land Sales,
lots of Crown land at Mong Kok June 2-At P.W.D. Offices, two Taul and Kennedy Road, respec-
Sports
tively, 3 p.m.
Gentlemen: The Report and Ac- counts were lasued on May 8. and, subject to your approval, I wills. follow the usual procedure and take them, as well as the Auditors' Report, as read,
The Werking Account for the year 1928 shows a balance of $548,094
You will realise that a large per Mr. Chairman, and Gentlemen:- centage of the silver investments It gives me great pleasure to showin in the Balance Sheet at second the Report and the Ac- £1,524,419.-29.-3d. are represented counts. We have been given ample by holdings in our subsidiary Com- time to examine the figures, and panies, "The China Fire" and "The it is mast gratifying to learn the Yangtze and although these Com-satisfactory financial position, not that a panica Capitals are in silver you only of the Society itself, but of ita will realise that they have con-affiliated Companies. siderable holdings in Gold securi- ties.
G8. Your Directors recommend final Dividend of $9
per Share and a Bonus Djeidend of
86 per Share on 20,000 Shares be
The balance at credit of the 1929 Working Account is $1,127,629.85.. Out of this balance your Directors: recommend the payment of an In- terim Dividend of $3 per Share, absorbing $10,000, and that the re- mainder be carried forward,
See Special Sports Diary on page
Miscellaneous.
To-day - Presentation to Mr. Ambulance Brigade, Hong Kong Ralphs by members of St. John Hotel, 6.15 p.m.
Hong
Tomorrow-Opening of Kong Flying Club's Premises, 4 p.m.
June 4-Ladies'
whist Drive,
RADIO
TO-DAY'S PROGRAMME.
will be
We have listened with great in-paid to Shareholders, absorbing Police Recreation Club, 3:30 p.m. terest to the very able speech from $300,000, and that the balance be Business Transneted.
the Chair. It cannot be expected carried forward to Underwriting Commenting now upon the bus with a trade depression existing all Suspense Account to close the Ac- ness transacted by the Society, the over the world that insurance busi-count for the year 1928. result of its Marine Underwriting ness should be immune or be total- during .the years 1928 andy unaffected thereby. 1929, considering the limes. It is however rather to be de. has not been unsatisfactory. al-plored in the period under review though after payment of our final hat a great deal of ill-considered Dividend for 1928 owing to the drop competition has in some branches In exchange the amount carried to of insurance at least, reduced pre- Underwriting Suspense Account is mia to a paint hardly commensur- less than in the preceding year. | ute with the risks involved. Never- Our Underwriting Suspense Ac-theless we are pleased to be given count however is in a strong post your assurance that tendencies are tion to meet third year's claims as apparent hat underwriters gener- these occur.
ally are more prone to watch the statistics of their business which
Profit Maintained.
A pleasing feature of our Report] is that we have been able to maintain
our profit of the 1920 Account as at December 31 1929 as compared with the 1928 Account at the end of the first year, the balance being £140,- 790.-18.-4d. this being an increase over the previous year notwith- standing the deercase in the Sterling value of the Dollar and the con- sequent decrease in the Sterling equivalent of our interest.
▾
The combined result of our Fire and General business for the year 1929 was not unfavourable and left a fair profit after setting up all the necessary reserves,
|
Gold Investments.
Effect of Falling Dollar.
The following programme broadcast to-day from the Hong Kong Broadcasting Station Z.B.W. on 855 metres:-
6-7 pmChinese Programme. As was only to be anticipated, 7-9 p.m.-Programme of Colum- the Accounts before you are affect-bin. Records by courtesy of An- ed considerably by the fall in the derson Music Company:- Sterling value of the Dollar on
7p.m December 31 as compared with
"Pagliacci"-Selection
(Leoncavallo), December 31 the previous year.
we trust will tend to stop what you For example, you will notice that have termed haphazard underwrit- the total of the Assets of the Com- Ing, and enable Insurance Company is increased by over $2.000,- janies to obtain a more reasonable | 000 as compared with the pre- return for their services.
vious year.
The explanation of this large increase is that the When we turn to the large Gold Company has a preponderance of investments the Society possesses Gold Assets over Silver, the Dol- the Shareholders must wish to con-lar equivalent of which is, of vey their high · appreciation and course, considerably augmented. thanks to the General Manager and
Increased Balance. those working with him, for the The balance at the credit of the sound manner in which the invest- Working Account for 1029 is over ments of the Society and its affili- $160,000 more than the balance of ated Companies have been the 1928 Working Account at the selected. The depreciation in the corresponding,, period last year, value of London holdings at the which is a antisfactory increase end of 1929 is considerable but a notwithstanding the fact that it large portion of this amount will has also been affected by Exchange. have already been recouped in the quotations ruling to-day.
It is most gratifying to learn, Sir, that with regard to our favest- ments in the United States, amount
In view of the present uncertain conditions and difficulties of trade, the policy of your Directors in leaving the Dividend unaltered) will, I know, commend itself to
Society's Strong Position. Our business is well spread and world-wide and the Soclety is in a good position to reap the benefit of any improvement in general condi- lons. I am confident that, our or- ganisation throughout the world is well set up and controlled, and I haveing to over one million pounds you.
the value of these every confidence that the prosperity of the Society will reapond to im proved trading conditions.
Sterling,
I now move that the Directors stocka in spite of the debacle in the Report and Statement of Accounts New York Stock Exchange last Oc-as presented be adopted, and when tober, did not affect our position. this has been seconded I shall be Also that we do not own à aigle pleased to answer any questions security in the States that is not you may care to ask. paying its intercst in full.
New Queen's Hell Ligh: Orchestra, conducted by Percy Pitt.
7.08 p.m..
Funny Face A Few Drinks"
(Gershwin, Carter & Gershwin), "Funny Face-Tell the Dog"
(Gershwin, Carter & Gershwin),
Leslie Henson and Male Quartette with Novelty Orchestra.
•
7.16 p.m.- "Broadway" Selection
(Gottler, Mitchell & Conrad),
Regal Cinema Orchestra, conducted by Emanuel Starkey,
7.24 p.m.- "The Merchant of Venice"
(F. Russe),
Organ Solo by Quentin M. Maclean. 7.40 p.m.- "You Know What I Mean"
The Meanderings of Monty"
(Milton Hayes),
(Milton Hayes),
Monologue by Bilton Hayes 7.46 p.m. "Scene do Ballet"
(de Berlot, arr. W Sear), "Second Movement from 'Symphonie
Pathetique"
H. Squire Celeste Octet. 7.64. p.m. "Sunnyside Up," Selection
(de Sylva, Brown & Henderson),
Jack Payne and His B.B.C. Dance Orchestra.
The resolution was seconded by
8 p.m Mr. G. S. Archbutt, and carried un-"Ain't Misbehavin' '
(Waller, Brooks & Razat), "Tondeleye" (Hill & Gay),
Silver Drop Minimised. Through some of its affiliated animously. Companies being capitalised In The retiring Directors, Mesars. Hong Kong dollars, the Society per-J. A. Plummer and J. P. Warren, force shows large silver invest-were re-elected, as were the Au- ments in Its Balance Sheet but ditors, Messrs. Lowe, Bingham & these same Companies have their Matthews, and Messrs. Linstead funds largely invested in gold, and & Davis. this minimises the position of the
Those Present, low silver values.
KOWLOON CRICKET
CLUB.
KAI-TACK
.. FOLLIES
WILL PRESENT SONGS, SKETCHES
AND
MUSICAL NOVELTIES
ON
SATURDAY NIGHT. Admission $1; Servicemen, 50 Cts.
"Naval March" (Specially arranged)
(Tempo 120),
Regimental Band of HI.M. Grenadier Guards. 8.24 p.m.-- "Little Grey Church on the Hill"
(Longatae),
"Jun Keepin'" "on".
(Carter & Phillips),
Raymond Newell and Chorus with Orchestra,
8.30 p.m.--
(a) Waltz in A Flat" (Brahms); (b) "Spring Song" (Mondelssohn), "Liebestrauru No...3" (Llart),
Pianoforte Solo by Wm. Murdoch. 8.38 p.m.— "Another Ki" (Schertzinger), "You Went Away Once Too Often"
(Horatio Nicholls),
Charlie Kunz, and His Chez Henri Club Band.
8.14 p.m.
"The Meistersingers"-Selection
(Wagner),
The Regimental Band of H.M. Grenadier Guards.
8.52 p.m. "Hungarian Rhapsody No. 2"
(Liszt-Wood),
Sir Henry J. Wood, conducting the New Queen's Hall Orchestra.
9 p.m.-Studio Concert.
9 p.m
1. Andante Cantabile (Op. 11),
0.10 p.m
Tachaikowsky,
The Orchestra.
2. Soprano Solos:
a) Who is Sylvia......Schubert.
b) Waltz Song from
"Tom Jones
........German. Mrs. Snowden Jones.
9.20 p.m.-
3. Quartette for Two Violine,
'Cello & Plano.
a) Preludio .George Saint George.
b) Gigue...George Saint Georgo,
Members of the Orheestra.
D.m
4. Contralto Solos:
b) Dream O'Day Jill
9.28
a) Homing
(Tom Jones)
9.38 p.m.
...Del Riege.
.derman,
....Eglaz,
Madame Alice Hamilton..
5. Chanson de Matin......
The Orchestra.
INTERVAL (News Bulletin).
9.48 p.m
6. Soprano Belon:
a) Down in the Forest,
Landon Ronald.
b) Blackbirds' Song Cyril Scott.
c) Fairy Plpers. Herbert Brewer.
Mrs. Snowden Jones.
10 p.m.
Layton and Johnstone. 1. A Forest Melody,
American Ducttists,
with Piano.
Investments. Turaing now to our Investments it will be of interest to Shareholders to know that the market value of the investments held by the Society and Its Affiliated Companies on December 31 last, issued in Great Britain and comprising British Government and other first class Sterling Securities, amounted approximately to £940,000. This figure shows a depreciation of about £48,000 as compared with the prices ruling on December 31 1928, As you are aware, prices of first class securities in the London We note the resignation of Mr. Mr. J. Owen Hughes (Chairman), Market for various reasons were low E. W. G. de Gyulay, the General the Hon. Mr. C. G. S. Mackie, at the close of the year. There has, Manager for Australasia, who has Messrs. J. K. Bousfield, J. A. however, been A good recovery given the Society 23 years efficient Plummer, D. O. Russell, J. P."B'Posin" (Razat & Dennikar), since that date.
service. I feel sure we all join our Warren (Directors), and Mr. Paul Chairman in wishing for his happy Lauder (General Manager). retirement and at the same time Shareholders present were we hope for Mr. Trevor Gould the Messrs. J. W. Alabaster, G. S. same success his predecessor had Archbutt, A. E. S. Alves. John in that field of our operations. Bentley, N. VI A. Croucher, |B. M. C. da Cunha, ' F. M. Ellis,
American Holdings. The Society and its Affilated Com panies have investments in the United States of America totalling a little over one million Sterling these being made up of Government' Securities, Railroad Bonds, a limit- ed number of Debentures In high class Public Utility Companies and
Able Management."
in a few Industrial undertakinga. holders will concur that we are
Those present, were the Hon.
In conclusion, Mr, Chairman, în John Fleming, F. H. Farne, and formally seconding the Reports and H. C. Gray. Accounts I feet aura the Share-
BRITISH TRADERS INSURANCE. The excellence of our Securities under an obligation to our General The Hon. Mr. J. Owen Hughes, in that country la borna out by the Manager, ably supported as he has chairman of the Company, in pro- fact that the debacle which occurred boen by his Staff here, and in all posing the adoption of the Report last year on the New York Stock parts of the world, for the good and Accounts, at the meeting this Exchange did not affect cur position, results achieved and I have much morning, said: our Stocks showing at the end of pleasure in heartily wishing the Gentlemen: The Report and Ac- the year an appreciation on their Society continued prosperity. I counts were lasued on May 9, which purchase price and farther we have have much pleasure in seconding will have given you time to study not a single Security in that Coun- the Report and Accounts the figures. I propose, there try which is not paying its Interest The motion was then put to the fore, to follow the usual prac
meeting, and carried unanimously. tice and take them, as well as the
Auditors, Report, as read.
in full. The Society's Investments
are very carefully locked after by Other Business, The Working Account for the your United States Managers, Upon the proposal of Mr. year 1928 after payment of an Iri Messrs. Marsh & McLennan, Inc. H B., L. Dowbiggin, seconded by terim Dividend of 5 Shillings per Paying Securities. Mr. LE N, Ryan, the retiring sbare and n Bonus af 20 per cent.
It will further interest you to Directors, Mesare, J. A. Plummer to Contributora, passed at the last and J. P. Warren, were re-elect Annual Meeting, shows a balance pinder of £46.799, 12, 6, and your Directors
know that with the expection of some small holding in certain
valued in
securities purchased prior to the
Great War and which dre
our Books at 4,123,940 we have not a Security on the Books of the
8.06 p.m.- "Little Pal
(de Sylva, Brown, Henderson & Jolson), "I'm In Seventh Heaven" (de Sylva,
Brown, Henderson & Jolson),
Organ Solo by Terance Carey, 8.12 p.m "Come on Baby'
(Gottler, Clare & Pinkard),
Trix Sisters, Comediennes, with Orchestra. 8.18. p.m. "Military March" (Specially arrang-
ed) (Tempo 120),
Montague Phillipa. The Orchestra. 10.07 p.
8. Contralto Solos:
a) Sincerity.......Emilio Clark.
b) Bird Songs at Eventide,
Eric Coates. c) Penseful England...Gorman.
Madame Alice Hamilton. 10.18 p.
9) Bourrce......Edward German b) Gigue. Edward German.
The Orchestra.
Orchestral Conductor: Frederick Mason, A.R.G.0., L.T.C.L..
10.30 p.m. (Approx)-Close
Down,
DAIRY FARM NEWS,
SPECIAL WEEK-END DISPLAY
HOME GROWN TOMATOES
20 cents per lb.
The auditors Messrs. Lowe, recommend that a final Dividend of The Dairy Farm Ice & Cold Storage Co, Ltd.
instead & Davis were re-elect Shares be paid to Shareholders, ab Bingham & Matthews and Messrs. 4 Shillings per Share on 30,000
upon the proposal of Mr. M. (Continued on Page D.).
Man
ROBERT BURNS
An Historic Record by
Amongst Men
THE PRIME MINISTER
The Right Hon. J·RAMSAY
́MACDONALD,M,A
Columbia
Record No. 9779.
MAN
AMONGST MEN.”
Anderson
Music C. La
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Sole Distributora:—
THE HONG KONG SPORTING ARMS & AMMUNITION STORE.
5-6, Beaconsfield Arcade.
Donations and Subscriptions must now
be sent to the Hon. Treasurer, Mrs. H. E. Goldsmith, 525, The Peak.
HONG KONG BENEVOLENT SOCIETY
REFLEX CAMERAS with 4.5-3.5 & 2,5 lenses KODAKS LOCAL VIEWS - LANTERN SLIDES. ALWAYS IN STOCK.
EXTRA SPECIAL ATTENTION GIVEN TO DEVELOPING
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PHOTO SUPPLIES.
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Telephone No. 22170.
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Sole Agenta:
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Hong