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There is to be a grand reception at the palace in Peking of all the Foreign Ministers and ladies to-morrow. A large number of valuable presents have been made for the occasion.
The Coronation Festivities at Tieotsin passed off very successfully, Sir Ernest Satow having come down from Peking to be present,
The Viceroy has been suffering from ferar, but has not given up any of his public duties.
UNION INSURANCE SOCIETY OF
CANTON, LD.
ANNUAL MEETING.
The 29th ordinary meeting of the share- holders of the above Society was held on the th inst. at the Society's offices, 4, Queen's Buildings. Hon. C. S. Sharp (chairman) presided, and there were also present-llon. R. Shewan, Messrs. N. A. Siebs. G. H. Medhurst and G. Ballock (directors), W. J. Saunders (secretary), Hon. G. W. F. Playfair, W. G. Winterburn, Gershom Stewart, J. A. Jupp. W. H. Ray, G. Melchers, W. H. Wickham, C. M. G. Burnie, A. Finke, W. H. Potts, C. H. P. Hay, J. M. R. Souza, H. J. Carvalho, J. A. Carvalho, J. R. Michael, F. D. Goddard, and A. Forbes.
The SECRETARY having read the notice calling the meeting,
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The CHAIRMAN said-Gentlemen, the report has been in your possession for some weeks, and I will, with your permission, take il as read. The figures we are able to lay before you this year are we consider very satisfactory, but, in comparing this year's figures with those of last year, you must all understand that the increase all round is to a very large xtent duo to the fall in the gold value of the dollar Last year our gold assets and liabilities and expenses were converted into dollars at the exchange of 2s, while this year we have had to take Is. Sd. as the nearest round figure for this purpos. As regards this Society, it is on the whole to be regretted that the currney of the Colony does not maintain a steady ratio with the currencies of the countries in which we do the bulk of
our business. Not only in London but 111 Australia, in India. America and even in Japan our business is transacted in gold, with the result that, for the purpose of comparing one year with another, the pound sterling would be a far more suita le unit for our accounts than the dollar. The shares, however, are mostly held locally, and for the present at any rate it is considered more correct to keep to the local currency in spite of its drawbacks. However, whether stated in pounds or in dollars, the re ult of the working of the year 1901 in exceedingly good. There is a very satisfactory natural increase both in the premium receipts and in the profits, quite apart from the nominal increas due to exchange, and there is a balance of $8160,000 odd, of which it is estimated that not more than $416,000 odd will be required for outstanding liabilities and losses. This leaves $400,000 to
deal with, and we recommend that $100,000 of this be placed to Reserve Fund and the balance applied in payment of a dividend of $30 per share as compared with the dividend of 323 per share paid last year. It is important that share holders should recognise that a part of this in- crease of dividend is due to the fall in exchange The accounts for the year 1902 are satisfactory so far as they go. You will perhaps have noticed that the usual estimate of the position of the account as at the end of September has been omitted. Such an estimate must naturally be to શ large extent guesswork, and it is thought better to confine ourselves to actual figuree at this early stage of the account. I may, however, steto that there is nothing abnornal in the receipts or in the losses since the 30th June last. Turn-
ing now to the balance sheet, there is to be noticed an increase of some $33,000 in the amount invested in London and an increase of some $270,000 in our funds in the East. Be- sides these actual accretions due to larger earnings there is the great nominal accretion due to fall in exchange. There is only one more point that it occurs to me to mention. I would like to tell you that the directors have not been forgetting the staff in dealing with the very fine results of the years 1900 and 1901. The remuneration of the staff is, as you know, left to the directors, aud in the exercise of our discretions we thought it right at the end of
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THE HONGKONG WEEKLY PRESS AND | last year, when the result of the 1900 working; was more or less accurately to b1 calculated, to Fote a bonus t the Society's servants in the form of an addition of 15 per cent of a year's salary to the Provident Fund of each member. At the end of this year we shall, if our calculations | are not upset in the meantime, b, able to take a similar addition to each member's Prov dent Fund, and I feel sure that the shareholders will approve of our doing so. Before proposiog the adoption of the report and accounts, I shall be glad to learn if anybody would like to ask any questions.
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No questions were asked
The CHAIRMAN-There being no questions, I beg to propose the a'loption of the report aud accounts.
Hon. G. W. F. PLAYFAIR-I beg to second the motion. No words of mine are required to say anything about these reports and accounts. They speak for th mselves, as also does the satisfactory statement you, sir, bave just made from the chair I am exceedingly glal, however, to see that you have veel a certain amount to the employees' Benevolent Fund. No on can know better than the directors themselves, although they themselves are the legal figure heads, that it is the managers and the staff that are the real officers and engineers to guide the good ship Union" through many a stormy sea with credit and safety. (Applause.) There- fore I think that all the shareholders will be
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If you
only too glad to see that g od services faithfully rendered are adequate'y remunerated. I think that all shareholders should b ck up their boards-I do not say this body of shareholders and this board in particular-but all share- holders should back up their boards in ade- quately remunerating good services. look at the Government estimates for the forthcom ng year you will see there a very large increase in the salaries of the Civil servants. And these are not only paid at the rate of 3/- to the dollar but are entitled to a pension. The inference from that is that either the Civil servants re overpail or that the average commercial Ferrant is underpaid. (Applause.)
Mr. A. FORBES moved the re-election of the Hou. R. Shewan and Mr. N. A. Siebs to the board of directors.
Mr. GERSHOM STEWART seconded, and the motion was unanimously adopted.
Mr. F. D. GODDARD moved the re-election of the auditors, Messrs. J. H. Cox and W. Huttou Potts.
Mr. A. FINKE seconded, and the motion was unanimusly adop ed.
The CHIRMAN said-Gentlemen, 1 have now to bring before you our proposal for the increase of the Society's paid-up capital. It is very usual in judging of the standing of a company to look first at the amount of the paid-up capital, whilst a large balance in exchange fluctuation account or other reserves does not convey the same idea of security. Such large proportion of our business is now done in gold that we think it very necessary to make up our paid-up capital to an account which, when carried out into pounds at the current rate of exchange, will show a respectable figure to our contributors in gold using countries. The effect, as far as the shareholders are concerned, will be that the uncalled liability under their shares will be re- duced from $200 to $150 per share. The directors have under the Articles of Association power to make a call. They have also power to declare an interim dividend if circumstances will permit. A precisely similar operation was carried out in the year 1895, when the sum of $20,000 was transferred to capital account with, as far as we know, the unani- mous approval of the shareholders, and we do not anticipate any objection on the part of the shareholders to our repeating the operation. As, however, the amount to be dealt with is of some magnitude, we have decided not to put through the transfer until the 31st December next, so as to give distant shareholders the op- portunity, if they object to the proposal, of exercising their right to have an extraordinary general meeting called to discuss the matter. The exchange fluctuatio : account now amoun*8,
yon will
from the balance-sheet, to 8935,828. This accretion arises from the periodical revaluation of the excess of gold assets over gold liabilities at lower rates of exchange for the dollar. When we take away
as
see
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[October 11, 1902.
$500,000 we shal! have left $435,838, which the directors consider an ample sum to keep as a provision against the effect of a possible rise in the value of the dollar in the future. It is im. posible to say exactly at what figure for the dollar this balance of $435,828 would disappear, without defining exactly which of our liabilities are in gold and which are in silver, but I may say that the reinsurance fund and underwriting suspense account are treated as gold liabilities. The larger part of the balance of the 1902 working account is also in gold. It is suffi cient to state that exchange can risa t› 2s. 6d. or higher without this baline being exhausted, A fall in exchange would under prarent cir- cumstances still further add to the fund. There is uo motion before the meeting on this occasion, and I merely have to ask on to signify your approval of the step which i is proposed to take. Before calling for a show of hands will give those pres-nt the opportunity of making any remarks they may wish.
On a show of hands being taken, the CHAIRYAN declared the proposal to be carti d unanimously.
The CHAIRMAN-Gentlemen, that is all the business before the meeting. Dividend warran's will be sent out to-morrow.
YACHTING IN HONGKONG.
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The first breath of the north-east monsoon has come as a welcome reminder that the yachting season proper is close at hand. year or two ago during the sweltering heat of summer, leasure craft vere rarely to be seen afloat, bui since the acquisition of the New Territories a comfortable shallow-draught type of cruiser. suited to local conditions, has been evolved and several of these useful craft have been in commission during last summer. They are of an interesting type these craisers unlike anything to be seen in Lome waters and' with their long, low, but beamy hulls, sharp bows, big rudders and Chinese sails are strongly Hakka bo t, formerly reminiscent of the " common but now rare in these waters. But though the paltry breezes and blistering heat and glaro of a summer's day may be endured in such craft as these,. the owners of the smaller cruisers and the racing twenty-fours are compelled to limit their sport to the duration of the north-east monsoon, During the next few weeks A King's yard, where most of the yachts have summered, will be at its busiest as boat after boat is fitted out. Soon after the beginning of November the season will be in full swing, and the long series of races organised by the Royal Hong- kong Yacht Club will start. Yachting has always been a favourite sport in Hongkong, but since the foundation of the Yacht Club it has flourished as it never did before, and there are now on the Club's register more yachts than have ever before lee owned in Hougkong in any one year. The total tonnage may not be as great as in the old days when big cutters used to race here, but it cannot be far short for of cruisers of twelve up to twenty-fours tons there are six, of smaller craft-mainly intended for cruising-four, and of twenty-four ft, raters, old and new, fifteen and two building. This large fleet of twenty-fours is divided into three classes: the first class consisting of the newest and best boats; the second, or handicap, class of boats which formerly aced in the fir t class but which have been outbuilt and cannot compete on equal terms with the newer boats; and the one design class consisting of four boats all built t the same lines. In the course of the six months' season there are held under the auspices of the Yacht Club (welve "Club" races for each of the three classes and at least as many other races, usually handicaps, for prizes presented by various donors.
For the "Club racea p izes are not given for each race, but the winner scores too, the second four, the third one point, and at the end of the season two substantial prizes are given by the Club to the winner of the two highest aggregate in each class. The Yacht Club, which can boast of being the premier Royal Clab in the Colony, is a vigorous organisation consisting of about one hundred members, keen yachtsmen most of them, for paid skippers are unknown and members sail and man their boats themselves. The Club is at present somewhat handicapped
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