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May 15, 1905.]
THE CHINA MUTUAL LIFE, INSURANCE CO., LD.
We take the following report from the N.-C. Daily News:-The seventh annual meeting of this Company was held at Shanghai on May 8th, when the following shareholders were present: -Messrs. John Ford (Chairman), J. A. Watile (Managing Director), A. B. Ross, Lia Ziding, John P. Sung, and King Chun- kee, and Dr. Moore Graham (Medical Referee)
The Chairman-As our Report and Accounts have been in your hands for some time, I will, with your permission, take them as read. I would, however, like to point out the gratifying proof that the figures give of the Company's continued progress during th past year :-
Our Income has increased Tls. 295.013.00
Reserve
581,382.00 Assets
637,103.00
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Insurance in force has increased
Tis. 3,939,359.00 A our last meeting I expressed the hope that this meeting I might be able to refer to our Income and 'eserves as having reached the million taels mark. This I am pleased to be able to do. In both accounts we are well 0:1 our way to the two million mark, and at our next meeting I believe we will not be far off this figure. I am also pleased to be able to refer to our death rate, which again shows a reduced; rate over last year. For this we must thank our Medical Referee, Dr. Moore Graham, for the care displayed in selection of applications. I must again express our appreciation of the work done by our representatives in Shanghai, the outports, and wherever we are represented which has enabled us to place this Report before you. I have nothing further to say, but before moving the adoption of the Accounts will be pleased to answer any questions you may have to ask.
There being no questions, the Chairman pro. posed that the Report and Accounts as pre- sented be adopted.
Mr. J. A. Wattie, in rising to second the motion, said-It gives me much pleasure to refer to several items in this year's account as compared with last year. When au Insurance Company has a death rate of a little over 8 per 1,000 it is very low and ours is very little above this figure. Moreover, our expenses. taking the increase in our income into consideration, have been very much reduced. The medical fees, too, have deceased very much in proportion, the amount for the past year having been only Tis. 200 in excess of that of the preceding year, which considering the increase in the business has amounted to nearly Tls. 4,000,000, is very small. I have very little more to add, except that next year I expect to see the Tis. 2,000,000 mark reached, as up to the 7th of April we bad already done close upon Tls. 700,000 worth of new business (Applause).
The resolution was carried unanimously. The Chairman then proposed that a dividend of Tl. 1 per share, the same as last year, payable on the 1st of July and the 1st of January, 1906, should be declared.
Mr. King Chan-kee seconded, and the resolu- tion was carried nem, con.
The following resolutions were also carried
nem, con
Proposed by Mr. Mooser, seconded by Mr. Zia Ziding That Mr. A. R. Leake be
re-elected auditor.
Proposed by the Chairman, seconded by Mr. Ross.That Mr. Lee Yang-su be re-elected a director.
The Chairman-I have very much pleasure in moving a vote of thanks to the head-office staff, the district managers and agents of the Company for, without their efficiency, one business at the present day would not be what it is.
We have to depend upon them for a great deal of work and I have, therefore, very much pleasure in proposing this vote to them.
Mr. Wattie I have much pleasure in second- ing that. When a staff is able to collect over 1 ls. 3,000 a day for every working day in the year, besides looking after disbursements, must be a very good one. In any other business a staff double the size would be required. During April our income increased over 40 per cent. over the income of the corresponding period of last year. We have had a good staff
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CHINA OVERLAND TRADE REPORT.
from beginuing to end. I hope we shall continue to do so.
The Chairman then put the vote to the meeting and it was carried unanimously.
The Chai man-That concludes the business
of the meeting. Dividend warrants will be issued at the proper date. Before dispersing I have a few ren rks to make. I am sorry to inform you that Mr. Wastie has resigned from the Company, which doubtless many of you have already heard. When Mr. Wattie first told us at a meeting of Directors held over a year ago of his intention of resigning his position in the Company and go home, as he was at that time not enjoying the best of health, after much persuasion we prevailed on Mr. Wattie to reconsider his decision, which he did, but with the same result, which left us no alternative but to accept his resignation, which I can assure you we did with very nuch regret. Mr. Wattie. I am sorry to say, leaves us for his Canadian home in a few days. I have much pleasure in introducing to you Mr. A B. Ross, the gentleman whom your Directors have appointed to fill the position in the Company, vacated by Mr. Wattie's resignation. and we have every reason to believe, and taking into account Mr. Ross' previous experience in Life Insurance, that he will use his atmost endeavours to carry on the business of the Company and keep it up to the efficient standard in which Mr. Wattie leaves it (Ap- plause.) On behalf of this Company, the feeling of the Directors is, that they could not allow Mr. J. A. Wattie to sever his connection with this Company of which he was the Founder and the Managing Director for the seven years the Company has been in existence, without showing in some tangible manner our appreciation of his worth. The development of the Company is entirely due to his complete knowledge of Life Insurance in all its technicalities; coupled with his dogged per severance to make whatever he has taken in
hand for the Company a success, which can be borne out by referring to the Balance Sheet of the first year and comparing it with the Balance Sheet presented at this, the seventh annual meeting. This great increase of business has only been obtained by his devoting the whole of his energies to the fulfillment of the task which he took on hand when he founded this, the first local life insurance company in China, with his colleagues, Mr Lee Yung Su and other Chinese gentlemen. We have every reason to congratulate ourselves that the Company has been so carefully guided by such a powerful and skilful hand. Although powerful, I may say flexible as well as Mr. Wattie has at all times shown that forbearance and careful consi- deration in dealing with all details in connections relative to clients or applicants for insurance and others, which has gained for him the respect and confidence of foreigners and Chinese alike in business matters and in his social life as well. Those special qualities in Mr. Wattie, which he has used with such diplomatic skill, have placed the China Mutual Life Insurance Co., Ld.. in a position second to no life insurance company of the sɩme age doing business in the East or elswhere On behalf of the Company we, the Directors, request you Mr. Wattie, to accept their apprecia- tion of you, and of your services to the Company, in the form of a silver tea set of Japanese manufacture. Unfortunately the time required to make it is longer than we anticipated, which deprives us of the pleasure of handing it over to your good self before leaving for Home; however, as soon as it is complete it will be forwarded to you. On the salver will be engraved the following:
Presented to
J. A. WATTIE, Esquire, on his departure from China, by
THE CHINA MUTUAL LIFE INSURANCE Co., LD., Shanghai
of which he was Founder and Managing Director 1898-1905.
In presenting you with this testimonial of our high appreciation of your sterling qualities, our earnest wish is, that you and your amiable wife may long be spared to enjoy the use of it. We wish you God speed.
Mr. Wattie-I thank you very much, Mr. Chairman, for your kind remarks. I quite agree with what you have mid about the
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Company being second to none in the East or elsewhere. When you consider our Reserve, which at the end of the first year was Tls. 7,898 and now, six years later, amounts to Tis. 1.380,553, I do not think any one con- nected with the Company in any way can find any fault with it. Had these figures shown a sudden increase in one year it would not have been so good, but the increase has been steady and gradual and I believe it will continue. I wish to thank the directors of the Company for the assistance they have given me in the past. If they had not done so readily, the profits would not have been so large. I wish particularly to thank the Chairman and Mr. Lee Yung-su and the staff for the wonderful work they have done. The latt r have done the work-I have got the praise. It is always the genral who gets praise but the soldiers do the work, Thank you very much for the tea set, which I shall always keep in a promi- nent position. (Loud applause.)
Dr. Moore Graham then read the following from a beautifully illuminated address, signed by the directors and staff.
To
JAMES A. WATTIE, Esq., Managing Director, The China Mutual Life Insurance Company, Limited,
Shanghai.
Sir,-On the eve of your departure from Shanghai, with the intention of residing permanently at Home, we take the opportunity of offering you this expres ion of our sincere appreciation and esteem.
The great Institution, of which you are the Founder and with which we have been proud to be associated under your able direction, owes its unparalleled development and success to your energy, ability, and unfailing curtesy; while the kind forbearance, which you have always
shown to one and all of us in our humble efforts to do our little part, has engendered a feeling of personal friendship and loyalty which time will never extinguish.
While your departure from our midst causes us unfeigned regret we, at the same time, congratulate you on attaining your well-earned rest;
and we trust you and your amiable consort will be spared to enjoy many years of happiness and peace in the Homeland to which you are both so ardently
devoted.
In wishing you a hearty farewell, we desire you to kindly accept from us-the Directors, Officials, Staff and Agents the accompanying token of our devoted good-will. Good-bye,
We are, Sir,
Your obedient servants, (Signed by Directors, Officials, Staff and Agents.) Dr. Moore Graham then handed Mr. Wattie an exquisite solid silver cigar box, saying:-0¤ behalf of the directors and staff I hand you a small cigar box, which I hope will be useful to you.
Mr. Wattie, who was visibly affected, was unable to reply, but all present understood what he desired to express.
at
Seventh Annual Report, presented at the aunual meeting of the Company, held Shanghai, on 8th May.
Your Directors have much pleasure in submit- ting for your consideration and approval the Annual Report and Statement of Accounts for the Seventh Year ending 31st March, 1905.
In doing this your Directors are again able to congratulate the Share and Polioy-holders on the gratifying progress for the year, large gains having been made in Income, Assets, and Insurance in force, while our death rate has been reduced.
New Business.-The new applications re- ceived for the year amounted to Tls. 7,058,332, an increase over last year of Tls. 954,719.50 for which Policies for Tls. 6,420,048. F8 were issuəd, and Tla. 638,283 85 postponed or declined.
The total insurance in force on S1st March, 1905, amounted to TIs. 15,199,276:78.
Income.-The total income for the year amounted to Tis. 1,198,778.52, a gain over previous year of Tls. 295,012.54.
Interest :-The income from Interest and on Loans amounted to Tls. Commission 80,340.61, an increase during the year of Tia. 40,056.49.
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