RANADIAN
RAZWAY
6 DAYS
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Hong Empress Kong
of
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Honolulu
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Russia May 13
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May 19 May 21 June 1 June 3 June 10 June 16 June 18
THE CHINA MAIL, MAY 6, 1938.
CANTON INSURANCE OFFICE REPORT
Local Currency, as quoted on the 31st December last.
The surplus to be dealt with is $972,- 385.41 out of which has been paid- an Interim Dividend of $5 per share. We now recommend a final payment of $8 per share, making in all $13 per share, which will absorb $650,000, and the transfer of the balance of $822,385.41 to Underwriting Suspense 'Account, to close 1986 and previous years. The balance of $2,363,965.87 at credit of
Abnormally, heavy losses dur-1987 Account allows of the payment of an interim dividend of $5 per share for ing 1936 were announced by the that year, leaving an amount of $2,- Hon Mr. J. J. Paterson, chair-113,965.87 to be carried forward. man, at the annual meeting of I do not propose to inflict on you a shareholders of the Canton In-lengthy dissertation on the shortcom surance Office held at noon to-day.ings of Marine Insurance, about which so much has been written, suffice it to The Chairman said: The Statement say that the year 1936 was most un- of Accounts for the year 1936, which satisfactory, more particularly with re- where we now present to you, is definitely gard to London Underwriting lean when compared with that for the hopes engendered by results from 1935 and, in view of what looker to be 1929 onwards though definitely wan- an excellent carry forward at this ing in 1933/1935-crashed very badly.
for this were, most The main reasons time last year, the outturn is
Premium Income | doubtedly excessive competition, the disappointing to us. exceeded that for 1935 by just on high cost of repairs and the unusually $294,000, Expenses fell from 29.28 per bad weather that was experienced in May 30 cent. to 28.93 per cent, but these satis-Europe during the Winter of 1936/- We are glad.to be able to in- June 15 factory features were entirely nullifted 1937.
that our London by the rise in the percentage of Losses form you, however, June 27 from 55.80 per cent. to 64.64 per cent. friends are now more optimistic as to leaving an Underwriting surplus of what lies ahead, owing to drastic but 6.48 per cent. as against 14.92 per changes that have been made in rates cent. for 1935.
and conditions.
Van-
conver Victoria Arrive
17 Days HONG KONG to VANCOUVER By DIRECT EXPRESS ROUTE FROM YOKOHAMA 18 DAYS VIA HONOLULU, PARADISE OF THE PACIFIC
*
un-
The balance at credit of Working
Present were:-Hon. Mr. J. J. Pater- Account 1937, as at the 31st December
son, (Chairman); Mr. D. E. Clark, Mr. in- last, stands at $2,363,965.87 an crease of $151,933.95 on that for 1936 A. H. Compton, Mr. T. E. Pearce, Mr. J. H. Taggart, (Directors), Mr. F. C.. at the same stage. With a vivid re- Hall (Secretary), and the following collection of how sadly 1936 let
us
Air-conditioned equipment on C.P.R. Trans-Continental Trains. Frequent Canadian Pacific Atlantic sailings to European ports.ant, granted no repetition of the 1936
TO MANILA
Empress of Russia on Thursday, May 5th.
MIDNIGHT
Canadian Pacific
Union Building
SPANS THE WORLD
Telephone
20752
down in this respect, we refrain from Shareholders: H. W. Dulley, Ho Kom making any prophecy as to the final Tong, O.B.E., Lo Cheung Ip, M. H. Lo, Ho Shai Cheung, D. Hung, J. Flem- outturn but judging by our statistics
ing, C. B. Brown, S. Hampden Ross, A R. Fullerton (Attorney for J. E. and... debacle, we feel that it should give no r. A. Joseph), and Hon. Mr. M. K. Lo. cause for complaint.
ASSETS DOWN · --
2
Mr. Ho Kom-tong seconded the adop- tion of the Report and Accounts. Car- ried unanimously.
OTHER BUSINESS
A review of the Balance Sheet will show that the total of Assets is down by $366,095.84 and £22,690. 6. 4,. as expressed in Hong Kong Currency and Sir Robert Ho Tung, Messrs. D. E. Sterling. The Reinsurance Fund is Clark, A. H. Compton, Felix A. Joseph, up by $201,824.00 and £12,508. 17. 8T. E. Pearce, J. H. Taggart, and S. T. respectively, the. Underwriting Sus-Williamson were re-elected to the Con- pense Account by $9,463.02 and £586.sulting Committee, on the proposal of 10. 2, while the Investment and Ex- Mr. C. B. Brown, seconded by Mr. J. change Fluctuation Account reveals de- Fleming.
creases of $483,484.95 and £29,962 17. Messrs. Lowe, Bingham and Mat- 11; these last being due to the fall in tews and Messrs. Percy Smith, Seth: prices. of securities, both Sterling and and Fleming were reappointed auditors.
BUY YOUR BEACH REQUISITES
AT WHITEAWAY'S
The Li-Lo Airbed
The Li-Lo Boat
$21.00 Each.
G. FALCONER & CO (HONG KONG LTD.) WATCHMAKERS & JEWELLERS,
DIAMOND MERCHANTS,
UNION BUILDING (opposite G.P.O.)
Agents for: ADMIRALTY CHARTS,
ROSS' BINOCULARS and TELESCOPES, KELVIN'S NAUTICAL INSTRUMENTS,
ENGLISH SILVERWARE Direct from Manufacturers,
High Class English Jewellery.
The Li-Lo Indeflator:
Deckchairs
Camp Beds
Beach Umbrellas
17.50 Each.
2.75 Each.
4.95 Each.
6.50 Each.
$15.50 & $29.50 Each.
1ST FLOOR
WHITEAWAY, LAIDLAW & CO., LTD.
INDO-CHINA. M. C. A.
STEAM NAVIGATION COMPANY LTD.
To SHANGHAI, via
To SINGAPORE, PENANG
and CALCUTTA
SWATOW, CHEFOO and "Kumsang" 9th May 9 a.m.
TIENTSIN
#Chang On" 6th May 2 p.m. "Chaksang" 8th May 2 p.m. "Taksang" 11th May 5 p.m. "Kwaisang" 18th May 2p.m. "Leesang" 15th May 2p.m.
.
To SANDAKAN
P
"Hinsang" 12th May 9 a.m.
Tai Soun Hong"
25th May 10 a.m.
"Kutsang". "Suisang"
14th May 2 p.m.
21st May 2 p.m.
To KOBE and OSAKA
"Islami" "Hosang"
12th May 9 a.m. 18th May 9 a.m.
JARDINE MATHESON& Co.,Lt TELEPHONE KOZIL · GENERAL MANAGERS
303II
Amateur Dramatic Club
will present.
BUSMAN'S HONEYMOON
on
May 19th., 20th., 21st.,. at 9 p.m.
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