THE HONGKONG WEEKLY PRESS AND
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(April 18, 1907.
Insurance Co. —controlled by us both companies { dividend can be increased. 22,929 of our_shares will gratly honeft in every way, and [ ¦ ses now held by the Union Insurance Society think we may
look forward to era of ❘ of Canton, Limited, who also in terms of our agreement with them take charge of the under- writing management. The arrangement under which the China Traders' got one third of the j-iat business is, we consider, a very be oficial one for the holders of the remaining shares in the Company, whose interests, we think, have been fully provided for. Unless anyone has any questions to ask I will propose that the Report and Account be adopted.
continued and Aven increasing prosperity. In conclusion, Gentlemen, I would like to say that I am especially pleased, as I am sure you all are, to notice the Directors' decision to pre- sent our Staff with a bonas. They more than deserve our thanks, and I am only sorry that we cannot express our kindly feelings towards them more adequately than by offering this small taken of our gratitude and esteem. Gentlemen, I have much pleasure in seconding the adoption of the report and secount for 1906, as presented.
The motion was carried nem, con.
Mr. HUMPHREYS proposed, and Mr. NEWALL seconded the re-election of Mesare. Q. H. Medhurst and A G. Wood to the Board of Directors. Carried.
China Traders' Insurance Company, I hope it is clear to you all how this profit comes about, In payment for each 10 China Traders' shares worth $900 we have given out one new Union share standing in our books at $100 paid up | and a cash certificate worth $244, and this leaves us a book profit of $556 which is the | premium we receive on each new Union shares Issued. We obtained 22,800 China Traders' shares on this basis, issuing 2,280 Union shares. We also bought 113 further China Traders' shares for cash.
We placed on the market at the end of the year the remaining 120 Union shares at $750 | per share equal to a premium of $650 per si are. After placing to the same account the dividends paid and received for the year 19:5; and obarging it with 5 per cent, interest for 19 6 on the new Investment, we had left $1,230,588-14 which we dealt with as shown in the report, transferring $1,000,000 to the ilver Reserve Fund and $23,688.14 to the Investment Fluctuation Account. This gives us some margin for reducing the value of the new Investment at any future time if it should be found necessary.
Without the assistanon of this accretion the Investment Fluctuation Ac- count would have been on the wrong side, owing to the depreciation of Consuls and other Invest- ments during the twelve months. I think I have already dealt sufficiently with the balance
The forty-first ordinary me ting of share. sheet and accounts but there is one item in the holders of this Company was held at the balance sheet which perhaps requires explana: Company's Offees, Qn-en's Buildings. tions namely the debit of $529,78 - for estimated
the 13th April. There were present Mr liability under Cash Certificates. This is the
A G. Wood (Chairman), Messrs. A. Haupt, A. balance of the intrinsic value of the respective. Raymond, E Goetz, ('. R. Leoamann, and shares on the 31st December 19:5 after deducting from the value of the China Traders' shares purchased the value of the new nion shares issued in part payment for them. The intrinsic values have been accurately taken out on the basis of settlements to the 31st December 19 6
and a duly andited stat mont has been issued to holders of Cash Certificate, together with a notice from the Society offering to redeem the certificates now instead of waiting for the result or further settlements. Before proposing the adoption of the report and accounts I shall be glad to supple say further information you may wish for.
No question proposed the ad as presented.
ag asked, the CHAIRMAN ion of the report and account
It cannot
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Mr. LAW, in seconding the motion, said:--- Gentlemen,In rising to second the adoption of the report and accounts for 1905 as presented, I take the opportunity of thanking and congratulating our Chairman on his very able, exhaustive and informing speech in further explanation of the Accounts. Ule has been good enough to enter into such a careful analysis of them that there is little or nothing further to either say or ask. but be a source of great satisfaction and pride to us all to be interested in such a widely managed and prosperous Co., as the Union Insurance Society of Canton, and I am sure, that I am but feebly voicing your feelings. Gentlemen, when I say that our very sincere thanks are gratefully offered to our Directors, to our gifted and highly esteemed Secretary, Mr. Faunders, to our splendid staff here and elsewhere, and lastly to our Agents scattered all over the world, for the conspicuous ability they have ever exhibited in the management of our affairs. Gentlemen, it is not the privilege of shareholders in many companies to be invited to meet their Directors year after year and to be presented with figures showing ever increasing prosperity. This is, however, our fortunate position, and it is made still more agreeable and satisfactory by the knowledge that, while we have been regularly receiving enhanced dividends, our Beserves have also, at the same time, been slowly but surely mounting up until now we are in the proud position of seeing our financial position second to none in the Marine Insurance world. I congratulate our Directors and the management on the eminently successful result of their policy, and I would urge them to continue in the path they have followed so consistently year after year--that policy, Gentlemen, is summed up in four words: Reserves first, Dividends afterwards. I would further congratulate the Directors and man gement on the highly - successful issue of their negotiations for the absorption of the China Traders' Marine
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On the motion of Mr. HUMPHREYS, seconded by Mr. Newall, Merrer. W. H Potts and A. R. Lowe were re-appointed auditors.
The CHAIRMAN-That is all the business of the meeting, Gentlemen, Dirideal warrants will be ready on Monday morning.
CHINA TRADERS' INSURANCE COMPANY.
on
F. Ormiston (Directors), Mr. W. J. Saunders (acting Se-retary). Messrs. D). W. Murray, H. C Gra, H. J. M. Carra'ho, B. M. Canha, V. E. Remedios, J. A Carrelho, A、 E. 8. Also, E. C. Lane, and D. 1. Murray.
The SECRETARY laving read the notice call. ing the meeting, the CHAIRMAN
:- Gentlemen, I will, with your permission, take the report as read The report and accounts are presented to you flifs year in the same form as Those of the Union Insurance Society of Canton, Liasited. In view of the close connection batween the two companies it has been neces- sary for ns to adopt their system of secoun's. The chief alterations so far as we are concerned
that
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There were no questions, and the Chain- MAN proposed the adoption of the report and sceonata as presented. Mr. Saunders #cond- ed, and the motion was carried.
Mr. SAUNDERS proposed the re-election of Memes, E. Ormsby and C. R. Lensmann to the Directorate. Mr. LANE 96oɔnded, and share- holders agreed.
Messrs. H. U. Jeffries and A. R. Lowe were | reappointed auditors on the motion of Mr.
Saunders, seconded by Mr. LANE.
are, that we have transferred the lithilities to the dabit sid• of the balance sheet And The assala to the credit sida the assets are classified somewhat differently, and that we now show in Sterling our maiu Sterling assets and liabilities instead of showing only the dollar quiralents. I am sorry the working account for the eight months ending 31st December 1905 has not producd a better result. The dividend of $3 per share for the eight months is equal to $4.50 per annum which is the same as in previous years, and the KAM» bonus was paid to contributors as in previous years. After contributing $11,695 towards the compensation to staff, the account laves a bilance of $41,312 to bi transferred to Underwriting Suspense Account, against 861,000 transferred to this account last year, so that the roenlt may be said to be almost exactly proportionate to the result of the twelve months ending 30th April 1905. The remainder of the compensation to staff has been met by a transfer of $150,000 from the Reserve Fand which, we hope, meets your views.
The Working As ount for 1906 shows & Vary satisfactory balance. Apart from the Inte est and Transfer Fees each of the items is precisely one half of the corresponding item in the Working Account of the Union Insurance Socisty of Canton, Ltd. The reason of this is that under our agreement with the Union the joint underwriting business is pooled by the two Companies in the proportion of two thirds and one third. We recommend an interim dividend of $3 per share and a bonus of 20 per cent, to contributors. The remainder of the balance will be carried forward and, judging from the previous results of the Union's Underwriting | Account compared with the pros at figures, there should be enough left at this time next year to pay a final dividend of $1,50 per share and to replace most of the amount which has been taken from Reserve Fund. For some years to come, shareholders must not expect a higher dividend than $4.50 per share as the Reserve Fund and Reinerrance Fund require to be added to o
The CRAIRMAN: That concludes the busi- news of the meeting, gentlemen, I thank you for your attendance. Dividend warrants will bə sent out on Monday.
LUZON SUGAR REFINING CO.
An extraordinary general meeting of share. holders in the unson Sagar Refining Company. Limited, to confirm resolutions sanctioning a change in the articles of association was held the 13th April at the offices of the Company. 'The Hon. Mr. W. J. Gresson presided, and there were also prosent Mewes. A. G. Wood, H. P. White (directors), H. N. Mody, S. Michael. (' H Rome, R. Miller, E. J Moses, J. C. Peter, A. P. Soares, E. B Kadoorie, 8. Q. * owall, J. 9. Perry and J. Barton (Secretars),
The notice convening the meeting haring been read. Mr. MILLER moved the confirmation of the first resolution sanctioning the altura. tions in the articles of the association. Mr. NEWALL seconded, and the resolution, WAA carried.
The second resolution sa to the date was carried on the motion of Mr. Peter, seconded by Mr. MODY.
The CHAIRMAN—1 am much obliged for your at'endance, gentlemen.
CHINA SUGAR REFINING CO.
An extraordinary meeting of the China Sugar Refining Company, Ltd., for the purpose of confirming the two resolutions passed at a. previous special meeting, was held at the offices of the Company on the 13th April. Hoo. Mr. W. J. Gresson
presided and there ware also present :-Sir Paal Chater, Meduru
A. (director), W.
Crufok. F Maitland shank, (). H. Balloch, A. Rodger, F. Smith, J. T. V. Vornon, A. C. More, T. 8. Forrest, Ho Fook, Chan Lap Chee, Lo Cheung Bui, Ho Wing. Ho Tang Fing,
The notice convening the meeting having ben read, Mr. Balloch moved the first resola-
tion, approving of certain alterations in the articles of Asociation.
Mr. SMYTH# seconded, and the resolution was agreed to.
The second resolutión fixing the date when the articles should some into foros was passed on the motion of Mr. Varnos, seconded by Mr. FORREST.
The CHAIRMAN—Thank attendance, Gentlemen.
you for
your
CAMPBELL MOORE AND CO.,
LD.
The report of the board of Directors to the twenty first ordinary_meeting of shareholdere be held at the Company's office, No. 29, Queen's Road Central, on Monday, renda n follows: —
to
Gentlemen, The Directors big to lay Wifore you the accounts for the 12 months ending 31st December, 1936. They regret that the Credit balance only amounts to $658,34, which with your approval they propose to carry for. ward to the current year's account. This small profit is caused by falling off both in sales and for services. The last three months working the 'shows a slight improvement and it is to be