December 23, 1935.]
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kilometres to the bank of the Yellow River. Here there is no linding or platform, but passengers get off on the embankment and have their luggage conveyed by barrow to the river's bank. The crossing is made in an open boat and takes one and a-half or two hours under favourable conditions-any number of hours if conditions are unfavourable. From the south bank of the river to the nearest station there is a walk of about three miles. A train loves this 8 ation-Yaugtsehsien-at noon, so there is little time to spare, as it is soarc ly possible to reach the station before 11.30 a.m. The train from this point to Chên. chou is also a construction train with very poor second-class accommodation. Chenchou istory, reached at 0.45 and a good train leaves that place at 1.30 p.m., reaching Chumation at 7.45 p.m. Here there are semi-foreign inus. On the fourth day! Chumation is left at 7.05 a.m., and the journey is completed a Hankow at 6.15 p.m. Trains do not run at all at night. There are no buffet cars or refreshment rooms, Chinese food can be procured at all the stations. Bedding and foreign food must be taken. The second-class carriages are not oushion d, and the first-class carriages are merely cushioned with American leather. Both are fairly well warmed. A knowledge of French or Chinese is almost essential as the conductors speak little or no English. The Yellow River bridge is not likely to be opens for traffic until the middle of January.
CHINA TRADERS INSURANCE CO.
our
The 39th ordinary meeting of the share-pany's shares for one of the Society's shares. holders of the China Traders Insurance Com pany, Ltd., was held at the Company's Office, Queen's Buildings, on the 16th December. Mr. A. Haupt, chairman of directors, presided and there were also present Messrs. E. Goetz, A. R. Linton, C. R. Lenzman (directors). W. Parlane, Ho Fook, G. Orange, G. D. Champ aux, J. R. Michael, F. P. Helt, O. A. De Cruz, with the secretary, Mr. James Whittall,
447
seconded, the re-election of Messrs. 'l'. Arnold Mr. HETT proposed, and Mc. Parlang
and H. U. Jeffries as auditors. This was carried unanimously.
business.
The CHAIRMAN-Gentlemen, that is all the I thank you for your attendance. Dividend warrants will be ready on Monday morning on application.
UNION INSURANCE SOCIETY OF CANTON, LTD.
An extraordinary general meeting of the held at the office on December 20th, Mr. H. W." Union Insurance Society of Canton, Ltd., Was Slade presided, and there were also present: Messrs. A. G. Wood, N. A. Siebs, A Forbes. G. H. Medhurst (directors), A. G. Morris, W Beavis, A. B. Rouse, E J. Grist, J. R Michael, Saunders (secretary), F. P. Hett, C. E. H.
C. M. G. Burnie, H. J. M. Carvalho, J. A, Carvalho, A V. Apcar, H. M. Nemaz e 8. Han- Gershom Stewart, and Captain F. D. Goddard. cock, W. Melchers, F. W. Warre, the Hon. Mr..
meeting and the motion for authorising an The Secretary read the notice calling the increase of capital.
CHINA OVERLAND TRADE REPORT. corresponding decrease in our normal claim settlement is not so apparent. In all the circum- stances I think we may congratulate ourselves that we are able to maintain our dividend and bonus on last year's basis-as your Direc- tion think we quite safely can do-to know that although the amount left to be carried to sus- pense appears small, yet with that addition we still have a suspense fand more than ample to meet our known outstanding liabilities; and that if we are only moderately fortunate in our a'timate recoveries in respect of war risks, the hormer position of our liquid reserves is likely to be completely reinstated. The accounts themselves are otherwise, I think, self-explana- Messrs. Palmer & Turner hare as usual reported on the properties under mortgage to the company, and their valuations show ample margins of security. I take this opportunity of referring to a matter in which you wil| naturally be interested. In response to circular of the 19th October last, the votes of our shareholders on the recent offer made to them by the Union Insurance Society of Can- ton, Ld., have, as returned, proved sufficiently satisfactory to the Society for them to claim fulfilment of the undertaking entered into by our assenting sharebollers, and, subject only The CHAIRMAN said Gentlemen, the issue to their shareholders now giving their sanc- tion to the necessary increase of capital, the
of this new capital is required to enable us to arrangement will be duly completed. In the of the Chios Traders' Insurance Company who carry out our contract with those shareholders mean tims it has been agreed between us on have accepted or shall accept the offer made to approx mate estimates made, that the ratio for them by the Society on the 25th August last. the exchange of shares on the intrinsic values of We offered to issue new shares and allot them | as at the 31st December next, shall be fired at the exchange for their present shares on the basis the shares of the respective companies to be taken to the shareholders of that Company in
figure based upon approximate estimates for convenient round figure" of ten of the Com-of intrinsic values, taking a convenient round No provision has been made for the Society to receive back any balance in cash in the event of value in cash when the intrinsic values could this exchange of shares, and paying the balance
been too much in favour of the China Traders' requirement have been complied with and a of the approximate estimates proving to have be properly ascertained. All other legal shareholders, and it was necessary, therefore, sufficient majority of the China Traders' share- that there should be left a margin of safety in holders have already accepted favour of the Society. In addition, however, It only remains for us to piss this resolution. our offer. to the exchange of scrip, certificates will be As you are well aware it is difficult to forecast The Secretary having read the notice calling ing shareholders, entitling them or their as-
issued by the Society to the Company's assent- the actual intrinsic value of the shares of a the meeting,
Marine Insurance Company with any great The CHAIRMAN said :-Gentlemon-Before signees to any cash balince that may eventually accuracy. submitting my remarks on the business speci-
be ascertained to be due to them, together with ally before the meeting, I desire to refer to the simple interest at the rate of 5 per cent. per loss, by death, since we last met, of a very olded to make transferable by endorsement in
These certificates, which it is intend and valued servant of this company-our late secretary, Mr. W. H. Ray-whose decease 00- curred on the 2nd August last. Mr. Ray lived but only a short span after his enforced retire. ment, and I am sure that you will desire to join with your directors in again formally ex- pressing our deep sense of the loss of one who served us so well and so faithfully for so many years. The report and statement of accounts which we to-day present for your adoption- and which, with your permission, I will take as read-do not, I am sorry to say, realise our hopes of a year ago, but our chairman, on a recent occasion of our meeting together, fore- shadowed this, and you will, therefore, have been somewhat prepared for this expression of disappointment. As then intimated, however, the results of the past year's working are primarily due to the quite exceptional ex. periences caused by the Russo-Japanese war, now happily at an end, and through which we, in common with most other marine insurance companies, have temporarily suffered. It is true that the abnormal increases in both our premium income and loss settlements are due to the acceptance of war risks, and it might be inferred, therefore, that that particular class of business had not dealt kindly with us. In the sense that it has not been very satisfactory. that is so, but I am glad to be able to say that if we succeed in recovering the substantial refunds in respect of payments made, which we hope to recover on such risks as the Knight Commander, Hipsing, St. Kilda, and various others, our ventures in this particular direction will not, so far as the year's operations under review are concerned, result in any material loss, and it is even quite possible that our war risk business, covering the whole period of the war, may yet result in a profit. It is more to our general and ordinary business that we must look for the falling off, for whilst on the one hand the disorganisation of trade owing to the war is accountable for a substantial decrease in our normal takings, I am sorry to say a
annum.
order to make them readily saleabl, are to be December, 1908, by which time it is conceded redeemable as soon as practicable after the 31st
that the accounts of the respective companies as to the 31st December next will have run off, difficulty be estimated. For the purpose of or if not, any outstanding liabilities can without ascertaining the final intrinsic value, it has also respective companies as at the 31st December been agreed that the total net assets of the nert shall be valued at the rates of exchange of that date, and that all subsequent payments nade, and recoveries received, in respect of 1905 and previous years, shall be reckoned at thus estimated is in each case to be considered current rates of exchange. The balance as the final intrinsic value. We understand that it is the intention of the Society to repeat its former offer, not only to thos of our share- holders who have so far not replied, but also to ment has been previously entered into aud those who have declinel. A further agree. will, in due course, be ralified, in respect of a working arrangement between the two com. panies, which we hope and believe will prove the constituents, of both companies. I think to be beneficial to the shareholders, and also to
I have now dealt with all pints calling for comment, but before formally moving the glad to give, so far as I can, any further in adoption of the report and accounts, I shall be
formation that may be desired.
The CHAIRMAN-There being no questions asked, I beg to propose that the report and stalement of accounts as presented be adopted.
Mr. ORANGE seconded, and the motion was carried nem con.
On the proposition of Mr. PARLANE, seconded by Mr. Ho Fook, the appointment of Messrs.
A. R. Linton and C. R. Lenzmin as directors was confirmed.
Messra, Lenzman and Haupt, the retiring directors, were re-elected on the motion of Mr. CHAMPEAUX, seconded by Mr. MICHAEL.
No one can tell whether the Vessels afloat are going to arrive or not, or what claims are coming in in respect of known and
convenient round figure unknown casualties, and therefore in fixing a on approximate estimates we have had to allow a margin for error. The nearest convenient figure "which can be taken for our purpose is one to ten, that
one Union share for ten China Traders shares, with the bilance in osh when finally ascertained. This will explain why wo are 2400 China Traders' shares in all, and are taking power to issue 2,400 shares. There
though all of the China Traders' shareholders have not so far accepted our offer we wish to give all of them the opportunity of doing so, even those who have at first declined it. A circular will shortly be issued to the China Traders' shareholders renewing our offer for tion goes on reply up to the 31st March next. The resolu- to mention a contract or memorandum in writing made or to be made pursuant to the said offer and to be filed with the Registrar of Conipanies.” In order to comply with the Ordinances, when shares are terms they are issued has to be filed with the not issued for cash, a contract showing on what
Registrar of Companies. In our case the contract will consist of the forms of assent received from the individual shareholders of the China Traders' Insuranos Company, endorsed with particulars of the allotment made in each case. The resolution finally gives the Board power to dispose, in such
Society, of any balance of shares which may be left over after dealing with all of the assenting shareholders of the China Traders' Insuranos Company. This.balance will we think be a small number of shares. In any case it will be some time before we know how many shares
over, and there is no intention of disposing of them just at present, resolution as read by the Secretary. With these remarks I beg to propose the
manner as it shall think most beneficial to the
are
Mr. MORRIS seconded and the resolution was caried unanimously.
There will be a confirmatory meeting on the The CHAIRMAN-That is all the business.
4th January at 11.30,