1
170
Court at Yokohama, und although we considered that we had been hardly dealt with in view of the Assured's intentions in the first instance we deemed it advisable not to appeal against the judgment. This loss is rightly debited to the Extra Reserve Fund as it was a liability pertaining to 1897 and would have gone to that year had the dec sion been given during 1898 instead of in April last. Turning now to the Working Account of 1899, it is with a much greater degree of pleasure that we meet you this year, the balance carried forward of 8223.763.03 being $103.273.83 in excess on this occasion, and with ordinary fortune we can look forward to providing for lean periods by re- plenishing the Extra Reserve Fund when all of our risks have run off. The year 1898 was an extremely bad one for Fire Insurance Companies the world over and 1899 promises to be even worse, but I am happy to say that so far suol is not the case with us. Our Premium Account shows a falling off of 14.813.16 but taking into consideration the closing of two unprofitable Agencies aud the restrictions placed on another. we have made up in a great measure in other directions for the loss of income derived from those sources, and at the same time we trust we have reduced the Company's chance of lusses by our action. Losses Account is fairly moderate and would have been more so had it not been for the serious fire in the Chop Yick Godowns on the 22nd December which cost us no less than $28,900. I might mention that our losses since the end of the year amouut to $30,365 of which the sum of $2,200 is on account of 1899 policies. The Company's Sur- veyors have, as usual, reported on the properties in Hongkong under Mortgage to us and I am happy to say that we are satisfied in each case with the security we hold I will now conclnle by moving "that the Director's Report and Statement of Accounts for the year 189 as presented be adopted." After this has been seconded I shall be pleased to answer any ques- tious that may be put relating to business before the meeting.
Mr. SLADE seconded.
Mr. MOIE-With regard to Charges Account, is it not much higher than last year-rent, salaries, etc.
The CHAIRM-The Charges Account is at least $2.725 less than the previous year.
Mr. MOIRAs we seem to be going down in- stead of going up, don't you think it is our business to try to econɑ nise? How much rent do we pay for this suite of offices? Rooms not quite so large as Mr. Tomlin's would be quite sufficient for the whole staff.
The CHAIRMAN-I think that is hardly a question to put to the Directors.
Mr. MOIR-You think it is not to the point? The CHAIRMAN—No.
Mr. MOIR-I suppose I can get the informa. tion if I want it?
The CHAIRMAN-Yes if you want it; if you apply to the Secretary.
Mr. Mors-I think the rent, salaries, etc., should be put down separately in the ac- counts.
The CHAIRMAN-This is the form adopted since the formation of the company,
Mr. Mo18-That is no reason why it should go on if we are not satisfied, and I am not satis. fied with it.
The CHAIRNAN-I note your objection Mr. MOIR-As we are feeling the competition very keenly, has it never suggested itself to the Directors to appoint their own representatives. at the principal ports? I see from the Com- mission Account that we paid $22,000 in agents' commissions
The CHAIRMAN-We should have more to pay that to special agents,
Mr. MOIR-Supposing you had your own representative in Shanghai?
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THE HONGKONG WEEKLY PRESS AND
The CHAIRMAN-I cannot say that it has. Mr. Mo.R-We find insurance companies souding people out from home to act for them.
The CHAINMAN-We are perfectly well aware of that.
[March 10, 1900.
the present value being considerably over $2,000. Under the circumstances the general managers have not thought it necessary to provide for any depreciation in this direction.
The accounts have been audited by Mr. W. H. Gaskell.
Mr. MotR-I should be glad if you could❘ give that matter your consideration. We have The business of the company continues to as Directors gentlemen who represent home increase, ad with our new Aerated Water Plant companies which are working in direct opposi-working we hope to add further to it. tion to us.
The CHAIRMAN-I do not think there is any opposition about it at all, because we are work- ing on a tariff.
Mr. Mota-I quite understand that; but there must be opposition.
The CHA RMAN-I do not think there is, we get as much business as we can carry.
Mr. MoIB-There are a large number of new buildings being put up; how has this fact affected our premia?
The CHIRMAN-The premis up to date shows an increase of over $2,000 in Hongkong.
Mr. MoIR-That is very satisfactory, but the point I want to get at is this :-We have a large number of Directors. and we look upon them as trying to bring business into the Com- pany, do we not?
The CHAIRMAN—Yes.
G. A. WATKINS, CHAN A FOOK,
General Managers.
HONGKONG,
As two lighters were being towed up from Quarry Bay on the 5 h inst, a coolie dropped overboard opposite North Point aud ras
drowned.
The Returns of Cases of Communicable Di- sease in the Colony for the week ending 3rd March show one case and one death from plague; one case of euteric fever; and two of Puerper- al, with one death.
At the Magistracy on the 6th inst. three or four pases of being in unlawful possession of arms came before Mr. Gompertz. and fines of $50 and $25 were imposed. In one case the arms seized
Mr. MOIR-In the event of someone co.ning-four musk-ts-were loaded. to your office to insure a building, would you advise him to come to the China Fire Insurance Company or would you take it in your own
office ?
The CHAIRMAN-I ha e done it before in- stead of taking it in my own office.
Mr. MOIR-There is one more point. Has it never suggested itself to you that being on this Board of Directors and the representative of a home company is not quite in accord with the ordinary routine of business.
The CHAIRMAN-No.
Mr. MOIR-Is it not consid red detrimental to the interests of the company?
The CHAIRMAN-No, I do not think it is, The motion was then carried.
On the motion of Mr. VEITCH, seconded by Mr. REID, the appointment of Messrs. Goetz, Wood, Shellim and Moses as Directors Was carried
Messrs. Haapt and MoConachie were reelect- ed Directors, ou the motion of Mr. GEORG, seconded by Mr. PALMER.
Messrs. J. H. Cox and W. Hatton Potts were re-elected Auditors, on the motion of Mr. VEITCH, seconded by Mr. MOIR.
The CHAIRMAN-Gentlemen, that is all the business before the meeting. I am much ob. liged for your attendance. I have to announce that dividend warrants will be posted to-morrow morning.
WATKINS, LIMITED.
The following is the report for presentation to the shareholders at the first ordinary gen- eral meeting, to be held at the offices of the company, at noon, on Saturday, the 17th March, 1900.
Gentlemen,-We have now the pleasure to lay before you a statement of the Company's business and balance sheet for the year end ing 31st December, 1899.
The net profits of the Company for the year, after playing all charges, and providing for bad and doubtful salaries, wages, preliminary expenses, debts, amount to
..$15,022,43
A-
Arrangements have been made by the P. and Q. Company for the P. and 1. Special Train de Luxe to run from Marseilles to London in connection with the steamers Parramatta and Massilia, leaving Hongkong on the 31st March and 14th April respectively, direct for Mar- seilles.
Mr. Henry Dallas's theatrical company, which is bringing out The Geisha, A Runaway Girl and selections from The Babes in the Wood, The Sorrows of Satan, and His Excellency the Governor, was expected to gira its opening per- formance at Singapore on or about March 2nd: The
company has been very successful at Cal- entta. Mr. Dallas will arrive in Hongkong on the 21st of this month, and the opening per- formance will be The Geisha,
We regret to announce that Mr. B. W. Mor. rell, Manager of the South British Insurance Company, died at 7 o'clock a.m., on the 0th inst.
afternoon, with a Volunteer Funeral, in the after eleven days' illness. He was buried in the
Happy Valley Cemetery. Mr. Morrell, who had only been out in the colony for about eighteen months, was only 25 years of age and was a gauner in the A. Machine Gun Co., H. K. V.
There were many wreaths and the firing party was taken from the deceased'. company.
Mrs Archibald Little left on the 4th inst. for Swatow. We understand from her that King. Lieu-Shan, though a warm supporter of the Anti-footbinding movement, is not a subscriber to her Tien Tau Hai or Natural Feet Society, which has now 21 branches in Chirs, and of which Miss Blake has now consented to he
Honorary Secretary. The annual subscription to this society, we may mention, is one dollar; life membership ten dollars, for European and Chinese alike. The Natural Feet Society to which King Lion-Shan belongs is, another cor- respondent tells us, a different one from that of which Mrs. Little is so strong a supporter.
At the Magistracy on the 3rd inst. Lang Man Sang, a broker, residing at No. 26. Li Yuen Street, was charged that be “unlawfully did have is his possession more than three pieces of false or counterfeit coin resembling or apparently intended to resemble or pass for the Queen's current silver coin of this Colony, to wit, divers false or counterfeit silver twenty-cent and ten- cent pieces, well knowing the same to be false
which we propose to deal with as follows:-
To pay a dividend of eight per cent. per share for the year, or eighty cents per share, which will absorb ...$ 8,000.00 or counterfeit, and with intent to atter or pass
To carry forward to new Profit and Loss account
7,022.43
$15,022.13
the same, contrary to Ordinauce 10 of 1865, on the 2nd inst." The prisoner, for whom Mr. The CHAIRMAN-It would probably cost us
Mounsey appeared, pleaded not guilty. It sp. more than it does now. We are perfectly satis-
pears that a cook in the employ of the prisoner filed with our agents in Shanghai.
The profits on the working of the company in complained to Iuspector McLennau at the West MR MOIR-I do not refer particularly to
terms of the agreement for the sale of the busi-Point Police Station that bis master had paid ness to the company accrued from the 1st Jan. bim his wages in counterfeit money, and that Shanghai; but don't you think it would be to the advantage of the company to have theirceived until August last, and consequently was
nary, 1899, although the capital was not re- there was plenty more bad money in a lockfast box in his master's room. Chief Detective In- own agents at the principal port ?
spector Hanson was informed of the report made by the cook, and he entered the house in Li Yaen street under a search warrant. The money was found in the box as described.
The crae
The CHAIRMAN-It would very much in- crease our expenses, and I do not think we should get much more business.
Mr. MoIB-Has it ever been discussed by the Board?
not employed in the business until the latter part of the year under review; we hope there- fore that the result of the working of the busi. ness will be considered satisfactory.
It will be observed that the furniture and fittings stand at $911.09—a very low figure—
was adjourned autil Friday, bail (3500) being allowed.
I