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KING S
IT'S WALLY BEERY'S GRE.
PORT OF SEVEN SEAS
WALLACE BEERY
› Featuring FRANK MORGAN
MAUREEN O'SULLIVAN
Johor Want » Jesolo Ralph
At 2.30, 5.10, 7.15 & 9.30 P.M.
ALSO OUR GANG COMEDY “ÁRBOR `DAY”
TO-MORROW
United Artists
4 SHOWS
DAILY
2.30 - 20
720-9.30
THE CHINA MAIL, MARCH 24, 1989.
Insurance Has A Very Lean Year
ALTHOUGH INCOME FOR 1937 SHOWED AN INCREASE OVER 1936, LOSSES WERE CONSIDERABLY HEAVIER DUE TO UNSATISFACTORY OPERATIONS IN STERLING ACCOUNT AND THE TYPHOÓN, OF SEPTEMBER, 1937, SAID THE CHAIRMAN, MR. D. F. LANDALE, AT THE ANNUAL MEETING OF THE HONG KONG FIRE INSURANCE COM- PANY, LTD., HELD THIS MORNING AT JARDINE'S.
The Chairman said:-Before com-been for the satisfactory showing made mencing the business of this Meeting, by the Account for 1938, we should I wish to express the regret of the have been chary of recommending the General Managers and Consulting Com- continuance of the dividend at the fall mittee that Sir Robert Ho Tung is not figure of $12 but, with some hope of with us to-day. After many years, better things ahead, we feel that it during which the Company has had the would have been unfair to propose any benefit of his valued advice, he has felt cut until the position appeared to ren- that advancing age made it incumbent der it definitely necessary..
on him to retire from the Board. We It has been our constant wish, in wish to record our sincere thanks for past years, to confine the amount of Janet Gaynor-Douglas Fairbanks, Jr.-Paulette Goddard in all he has done and wish him long life our dividend to round-about the figure
"THE YOUNG IN HEART”
MAJESTIC
THEATRE
D
NATHAN ROAD KOWLOON
TEL 57222
MATINEES. 20. •3Dc • EVENINGS. 20. ·30c-5070,
TO-DAY AND TO-MORROW
Bigger THAN.“THE BIG HOUSE” Mightier THAN LITTLE CAESAR
Edward 9.
"
In the dramatic sensation of generation Edward G. Robinson gives a performance to take rank with the finert!
ROBINSON
1!
THE
LAST
GANGSTER
JAMES STEWART
GRANT WITHERS
HOSE STRADNER
DOUGLAS SCOTT LIONEL STANDER - SIDNEY BLACKMER
JOHN CARRADINE
JA GỒM PICTURE - SCREENPLAYRI
JOHN MAHIN-
SUNDAY, MONDAY, TUESDAY
and happiness in his well, earned re-jof income from Investments but this, tirement. I am pleased to say that thelin future, may not be possible and you Hon. M. K. Lo has accepted our invita-will appreciate that it might be some tion to fill the vacancy made by the years before we again reach that happy resignation of Sir Robert Ho Tung. state. We trust that trading profits. Another change in the personnel of will be somewhat more plentiful than the Consulting Committee that. I re- they have been for the last two years gret to advise, is the resignation of and so allow of the continuance of the Mr. Felix A. Joseph. Mr. Joseph is present dividend and further additions leaving for England early next month to Reserves. and to him also we tender our best thanks for past services, together with all good wishes for the future.
LEAN YEAR
:
It is the custom at this Meeting for the Chairman to comment on the posi- tion of the Company's Reserves and, consequently, I have to call your at
has and
The outturn of the Company's work- tention to the heavy inroad that ing for the year 1937, which we now been made into our Investment present to you and which shows a cre- Exchange Fluctuation Account by rea- dit balance of $495,866, can only be de-son of the fall invalue of our Shang- scribed as lean, reflecting as it does the hai Investments and also to the lower unsatisfactory results of our opera-·
Exchange at which we have been oblig tions in Sterling during that year. Our ed to take them into our Balance Sheet. Income, both from Sterling and Hong At the end of 1937 the rate was 106, 31st December Inst Kong and China Currencies, was up by whereas at the over $56,000 but unfortunately the year it had fallen to 180. toll of losses exceeded that for 1936 by!
EXCHANGE RESERVE just over two lakhs of Hong Kong dol- lars; this heavy increase was due to our Sterling Account to the extent of 271 but after provision had been made for these losses it stood reduced to $150,000, while the balance was very largely the result of the Typhoon that the figure of $58,684. As your Gen- and Consulting Com- visited Hong Kong on the night of the eral Managers
mittee considered this last-named 1st/2nd September 1937.
the At the close of the year 1937, Reserve in question amounted to $696,-
A comparison of ratios, as between amount inadequate, they have transfer- the year under review and its imme-red the sum of $500,000 from. Reinsur- diate predecessor, is as follows:--Losses ance Fund, so that the figure at credit 61.74% as against 63.27%, Charges of Investment and Exchange Fluctua
of last 37.67% and 39.34%, leaving a balance tion Account-as at the end of .59% as against that of 7.39% for year-stood at $558,084,
As readjusted, our Reserves are stil 1936 at the same stage. The rates of Sterling Exchange taken were identi-in a very strong position and cal at 1/2%, so that this factor does than adequate for the business we un- dertake; granted more favourable cou- not enter.
Exchange between Shanghai and ditions, our first care will be to reha- Hong Kong remained steady until after bilitate the Reinsurance Fund to some- the 31st December 1937 with the result thing like its previous position,
I trust you will approve the usual that Income from Investments for that year shows a slight increase of $649 grant of a bonus to Members of the Staff of 15% on their salaries; that over that for 1936.
more
The balance at credit of Working Ae-the outturn has been thin is no fault count 1938 is $762,452, an increase of of theirs and they have worked well approximately $46,000 on that for the during the past twelve months.
·REASONABLE OPTIMISM year 1937 at the same period and the I do not think it would be helpful
third best we have had. Had it not
for me to say much with regard to been for the fall in Shanghai, Exchange,| the position would have been even bet-business "conditions in so far as they relate to Insurance; that they have Ter; as it is, the Account discloses a fall in Interest of nearly $70,000 as been poor is obvious from the result of compared with that for the previous 1937 we now place before you and that year. It would be premature yet to there is justification for a reasonable speculate as to the result of this Ac-degree of optimism for the future is count but we are. hopeful that it will shown by the carry forward for. 1938. run off better than its predecessor. Things change very quickly in these days and although the measure by DIVIDEND UNCHANGED
The surplus now to be deal, with is which we could previously gauge pos- --$495,806, the balance of Account 1937,sible results some way ahead no long- and we recommend the payment of $12 er applies, I am inclined to be hope- per share absorbing $480,000 and the ful. One adverse factor, that I would appropriation of the balance of $15,- particularly stress, is the loss that we
(Continues on Page 20) 866 to Reinsurance Fund, Had it not
The Screen's Newest Laugh Trio in a Mad Merry Comedy !
JANET GAYNOR
Robt, MONTGOMERY
FRANCHOT TONE
Three
LOVES HAS NANCY"
DAILY
AT
2-30
520
720
HANKOW ROAD KOWLOON
TO-NIGHT'S DINNER
Chicken a la Raine
Baked Fish & Brawn Sauce 3. Grilled Beef Steak & Tomato
4. Macaroni a la Italienne
5. Roast Chicken
6. Stewed Plums
7.- Cheese & Biscuit
18. „Tea or Coffee,
Price 90 cts.
ST. FRANCIS HOTEL
QUEMUS ROAD, CENTRAL.
STARE
• TO-DAY ONLY
57795
CLIVE BROOK DIANA WYNYARD
HORRO
in
"CAVALCADE"
A 20th Century Fox Picture-
William Powell "BARONESS
Annabella THE BUTLER”