312
THE HONGKONG WEEKLY PRESS AND
[October 12, 1901.
for congratulation that the premium receipts ( to vote on a resolution giving the Stewards show no diminution. Turning now to the about to be elected power to formulate a pro- balance sheet, there is a reduction compared gramme for the following year which should with last year of some $38,000 in the Exchange be binding on the Stewards elected next year Fluctuation Account, and a reduction of some (should it appear to be necessary). The words $59,000 in the Investment Fluctuation Account. in parenthesis suggest that there was a doubt The former is due to the fact that our Sterling in the Chairman's mind as to the necessity of balances have been carried out at the exchange formulating a programme for next year, but it of 28. to the dollar, aud is, therefore, a purely seems to me that the formulation of a programme nominal reduction. The decrease in the In- for next year's racing is of the greatest import- vestment Fluctuation Account is one to the ance possible. What encouragement is there for fall in the market value of our best Sterling a man to pay $400 for a griffin and only be able. securities, and it is very fortunate that we have to race him for one year? I think that races this fund to fall back upon for this purpose. should be fixed for this year's griffins for next The Reinsurance Fund and Underwriting year and possibly for the year after as well. Suspense Account both show satisfactory in Mr. Master made some very pertinent remarks creases, and I think all will admit that the as to the necessity of having an adequate set of position of the Society is altoge her a very rules, and it is a pity he was not elected on the sound ono.
Before proposing the adoption of Committee, as he is evidently desirous of the report I shall be glad to answer any ques- making the many necessary changes and of tious that you may wish to ask.
keeping up-to-date. In this all the members, except apparently the Chairman and the Com- mittee, were with him, as was shown by the unanimous support his suggestions received at the meeting. I say that the Chairman and the Committee apparently do not wish to keep up- to-date, as the Chairman speaking for himself (and I presume the Committee at Saturday's meeting) said that the Hongkong Jockey Club had hitherto had proper rules and regulations, and in support of that statement he said that the rules were in his hands and the regulations were printed on the front page of the programme. He seemed to think that this was a satisfactory state of affairs!!!
There were no questions, and the CHAIRMAN propose.i the adoption of the report.
to the fact that the company's business is better than it was a while back. It may not be out of place to mention here that Farnhams have also taken a big spurt, while business generally up north has been quite lively of late. Banks have been solid and steady the whole month through, sellers ruling the market and succeeding in establishing a substantial rise without having to part with many shares. The closing rate is $617 firm. Sugars have, without a doubt, taken the majority of operators by surprise, when all of a sudden a determined enquiry pushed the rate up from $135 to $15). As usually happens in this stock, our Shanghai friends had the lead of us in being first in the market. They managed to secure a fair num- ber of shares from this market, both cash and forward, on rather cheap terms, before it was realised here that there was something up. On dit, the company's profits so far have been phenomenal. Indos slackened a little when Shanghai threw a few lots on the market. This, however, they may have done as a blind, for they quickly faced about and began buying at rapidly advancing rates, which rose from $134 to $145, closing very firm. As the northern operators are the principal holders of theso shares, our market was very soon cleared of all available scrip. The Douglas report and state-holders. ment of accounts was published during the manth, but it does not appear to have giveu entire satisfaction, as shares were freely offer- ing since, $44.00 cum div. having been accepted: China Manilas appear at last to be coming into favour, being enquired after at $59. Lands changed hands in large quantities at advancing rates, from $190 to $194. Mining, after a long spell of inactivity, came in for a fair demand from Singapore. The stocks thus favoured were Raubs and Jelebus. The former has shown a good crushing, viz., 2200 oz., the biggest we have had in a long time. The rise was from $12 to $14, at which latter rate they close easy. Jelebus spurted from 841 to 861, but fell back to 854, closing weak.
ESA.
UNION INSURANCE SOCIETY OF CANTON, LTD.
The twenty-eighth ordinary annual meeting of shareholders in the above Company was held at noon on the 10th inst. in the Company's offices, Queen's Buildings. Mr. R. L. Richardson (Chairman) presided, and there were present Messrs. N. A. Siebs, C. S. Sharp, G. H. Med hurst, H. W. Slade (Directors), W. J. Saunders (Secretary), A. B. Rouse, C. H. P. Hay, C. M. G. Burnie, H. J. M. Carvalho, J. A. Carvalho, A. G. Morris, B. Byramjee, R. C. Wilcox, W. A. Cruickshank, W. R. Ray, and A. Finke. The notice convening the meeting having been read by the Secretary,
The CHAIRMAN said-Gentlemen, the report has been in your hands for nearly three weeks, and with your permission we will take it as read. The premium income for the year 1900 amounts to nearly three million dollars and exceeds the premium income for the year 1899 by more than $300,000. On the other hand, the losses are also some $300,000 more than they were in 1899. The percentage of underwriting profit is, therefore, not so good as last year, and it is satisfactory to note that, notwithstanding this we are able to recommend an increased dividend of $23 per share compared with $20 per share last year. This is mainly due to the increased interest account, which in its turn is due partly to the growth of our various reservo funds and partly to the increase in premium receipts. We propose to place $75,00 to Reserve Fund, which will raise this fund to the round sum of one million and a half of dollars, and to carry forward the balance, viz., $292,000, against outstanding losses and claims. This finishes with the year 1900. As regards the figures for the year 1901, they differ very little from the figures shown for the year 1900 in last year's report and are so far satisfactory. I would like to point out to shareholders that, as regards the first six months of 1901, there is no very large increase either in premium receipts or in interest as. compared with 1900, and that, therefore, they must not expect another step upwards of three dollars in the dividend next year. Considering the state of trade all over the world and especially in the East, I think it is a matter
Mr. MORRIS-I have much pleasure in seconding the adoption of the report and accounts, and I can only say I am not only satisfied and gratified myself, but am sure it must be the same with the whole body of share
The proposal was unanimously agreed to. Mr. FINKA proposed that Messrs. Sharp and Medhurst be re-elected to the Board of Directors.
Mr. BYRAMJEE seconded, and the proposal was agreed to.
On the motion of Mr. RAY, seconded by Mr. WILCOX, Messrs. T. H. Cox and W. Hatton' Potts were re-elected auditors.
CHAIRMAN That is all the business, gentle. men. Thank you for your attendance. Dividend warrants will be ready to-morrow.
SPORTING and othER NOTES.
I hear some talk of a regatta, but have not heard yet if the V.R.C. and Rowing Club are holding it together or whether it is to be run by the V.R.C. alone. Last year's regatta was a fiasco, and it is a pity the two Clubs do not run it together this year and thus get more interest taken in the event and more enthusiasm shown, as in old days. The V.R C. cannot run the regatta alone, as most of the older rowing members (the backbone of rowing) have left them and joined the new Club. The fact of the matter is that there is not room for two rowing Clubs in the Colony, and before the V.R.C. start their new building it is to be hoped that all those interested in rowing will join forces and that the Club over the way will cease to exist, as from what I learn it is not a very popular institution or at any rate is not made much use of by the older members who formed it.
:
At the cricket match on Saturday no new member came off except Radcliffe, and he certainly deserves his place in any Hongkong XI that can be put on the field. Of the old members Burnie, who is one of our best cricketers, showed decidedly the best form un either side, and if he likes to give up golf for a bit and practice cricket he should be in the first half dozen chosen for the interport matches.
The griffins are a very fair lot, and at least fifty should come to the post, but with so many animals of one class it will be a difficult matter to arrange races for them. As regards races for last year's griffins there are not enough in the Colony now to make a decent race, and we might just as well have au open race each day for all horses, limiting, the height if necessary. There is a great deal of nonseuse talked about the longest purse winning an open race, but any man who has had any experience of racing knows that the horse which costs most seldom wins and that usually it is the fittest horse which wins oftener than any other, however much he cost. Open one race a day at any rate, and let those members who own or care 10 buy a hack that can race a bit have their share of the fun.
On the 7th inst. the General Annual Meet- ing of the Jockey Club was held. The Chair- man in his opening remarks, which were chiefly confined to the report of the Club and accounts, told the meeting that they would be asked later
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Our senior member and leading light in the Council does not apparently desire to keep up with the times in sporting matters, and like a good many more in Hongkong he is inclined to go on the principle that what has served for a quarter of a century will continue to do for us. Ι am, I confess, surprised that a man who has given birth to such large and progressive schemes as the Praya Reclamation and the project for moving the Naval Yard should not fall into the reform line when applied to sport, Surely Mr. Chater has not through long re- sidence on the fringe of the Middle Kingdom become infected with the celestial hatred of change! The past has been glorions, they urge, let us therefore perpetuate the past. Now I humbly submit that we cannot stand still in sport any more than in commerce, and so I say that we should continue to urge an up- to-date programme and regulations.
VETERAN.
ANNUAL GENERAL MEETING OF THE HONGKONG JOCKEY CLUB. On Saturday, the 5th inst. the annual general meeting of the Hongkong Jockey Club was held in the City Hall, when the Hon. C. P. Chater, C.M.G., presided over a gathering of over forty gentlemen. Amongst those present were Sir Thomas Jackson, Hon. J. J. Bell Irving, Mr. Max Grote, Mr. D. Gillies, Mr. E. W. Rutter (Stewards), Mr. T. J. Hough (Clerk of Course), Hon. T. H. Whitehead, Hon. J. Thurburn, Colonel Collard, Major Gwynne, and Messrs. A. Babington, H. P. White, H. Humphreys, G. C. C. Master, G. K. H. Bratton, R. K. Leigh, A. G. Morris, G. T. Veitch, R. Shewan, G. L. Tomlin, J. Goosmann, A. Haupt, A. H. Rennie, W. A. Cruickshank, C. C. Cohen, R. A. Gubbay. M. Northcote, W. Farmer, A. G. Stokes, J. Orange, J. Macgregor Forbes, A. R. Ezekiel, D. Sassoon, I. P. Madar, Hancock, and G. P. Lammert.
After the notice convening the meeting had been read,
The
CHAIRMAN said-Gentlemen,--You have heard the report just read by the Clerk of the Course, which, together with the Honorary Treasurer's accounts, were circulated some days ago. As mentioned in the report, the Stewards have great pleasure in a rain record- ing a successful financial year, inasmuch as having started with a debit balance of $10,850.58, they are able to present accounts showing a debit balance of only $4,217.81, which means in brief that the Club is $6,632.77 better off than it was last year. In this con- nection, I would draw your attention to the
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