The Wise Mochany of the best
INAPIER
JOHNSTONE'S!
SQUARE BOTTLE
WHISKY.
UNVARIED FOR VER
150 YEARS.
"
THE HONGKONG DAILY PRESS, WEDNESDAY, JULY 30′′¤, 1918.
THE CHINA MUTUAL.
INSURANCE CO., LTD.
CONSULTING-ACTUARY'S REPORT.
The following is the report of Mr. George King, F.L.A., F.FA, FA.S., the Consulting Actuary of the China. Mutual Life Insurance Co., Ltd, on the affairs of the Company:-
SHANGHAI. July 18th,
To the Directors,
WM. POWELL, M
LTD.
Trimphone 346.
HIGH-CLASS
The China Mutual Life Ins. Co., Ltd., GENTLEMEN'S OUTFITTERS
Shanghai,
Geutdessen : ---
(1)-Yon we good rough to invite me to visit the Head Ofice of the Com. pany in chai with a view to my making o
investigation into th formed position of the Company generally, and more particularly with a view to my superintending the closing of the Quinquennial Valuation which is
THE SAME TO-DAY AS INquired by the British Board of Trade
1745.
BEWARE OF IMITATIONS.
SOLE AGENTS IN HONG! ONG
LANE CRAWFORD & CO.,
and from ALL WINE MERCHANTS.
174
KEATINGS
A purely Vegetable
Sweetmeat
TAB
Sol in
foto by all Dr. gioie Keating's Worm Tablets forn sha most agreeable method of administering the only ceríain remedy for Ini. „dinal er Thread Worms, Perlently no e, mild, and especially adapted for children To be obtained of adi Drapenta, Proprium, TrH AS KBAX, N
London King.
APIOLINE
(CHAPOTEAUT)
LAT DIES
For functional troubles, day, pain and those irregularities peculiar to th-sex.
Prescribed by the highet! French M dicet authotties and superior, te Tany, ele. Drops and Pet. My royal CHAPITEAUT, 6, ras Vivienne, Paris. Suld by 'Chomists.
123-3
THE NEW FRENCH REMEDY. THERAP·ION No. 1-
CEM PINCHARGES, THED SEX WITHIA INAIDYTONA,
THERAPION No. 2
CLES BLOOD PARSON, BAT LTON, BETY ERHITIONS.
THERAPION No. 3
GUAYA CHUONIC WEANNESARS, DRAINS, JUST STOOR, &c.
HOLD IT LEADINU CUIKNISTA. PGICH IN SOLANT, RENE STARY MÜDDESS ESTæterGINAL FREE HOUR TO K. La Care Med. Dr. Hävkustork Br. HAMPSTAR, Lynos. 18 NEW CART (TAMANGRES) FORM OF
THERAPION
A CURE FOR YOU
EARY TO TAKE WAFE AND LASTING STRE
SEE THAT TRADE NAKED. WORKINGTON 14 ON BRÍŤ, DOVI, ATA ALFINED TO ALL GENREK PAKETA, INSIST ON HAVING THESPION,
ON SALE
AT THE
OFFICE.
[175
NEW AND UP-TO-DATE PLANS OF THE SKIANG
WEST RIVER.
PRICE ONE DOLLAR.
under the Assurance Companies Act 1909, and I have now the honour to
ubmit my Report
(2)I have to thank the Managers and other offers of the Company for the complete manner in which they have sub- mitted everything to rec. for their ready response to any request. I have made for information on the various points which arose, and for the great facilities which they have granted to me, I have had everything placed before me which would help me in coming to a just opinion regarding the position of the Company, and I have full confidence, therefore, that I am reporting from facts completely dis- closed.
(3.)-My enquiry naturally has divided itself into two sections, that relating to investments of the Company, and that relating to the estimate of liability under the assurance and other enstracts, and I now proved to deal with these in their order.
INVESTMENTS.
44.)-It will be understood that I have not bad the experienes myself to enable me to offer a useful opinion as to the value of the investments of the Company in mortenges ant other securities in China, and in other Eastern Countries. but I have enquired into the methods of valuation which have been adopted, and I har sadistied myself that they are soundi and thorough, and that implicit reliance may be pluger on the values as they appear in the Balance Sheet As to the securities quotes on the London Stock Exchange, they have properly been written to the mean values in the London market on the 31st March, 1913, the depreciation having been charged against the Investment Reserve Fund of TIs. 60,000, which appeared in the Balance Sheet for the 31st March, 1912. the amount so written off having been Tls. 53,431.59.
(.) In respect of the other securities, a sum of Tis. 20.000 has been set aside, which I am satisfied is sufficient, and that therefore the certificate appended to the Balance Sheet, that the assets are in the aggregate fully of the value stated, Jess the Investment Reserve Fund, is fully justified.
(6.)-In order to avoid as far as possible the difficulties to such a Company as the China Mutaal arising from the fluctuat ing rates of exchange as between gold fand silver currencies, the plan has been adonted of so making the investments that the gold and silver investments shall I approximately in proportion to the rsuective gold and silver liabilities. This plan will be carried out as far as practicable in the future; therefore flue tuntions of exchange ceas to be of much importaner, and do not disturb the financial position of the Company, and a special reserve to cover actuations in texchange is not required,
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E
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EXCLUSIVE DISTRIBUTERS:
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$11.00
SOLE AGENTS
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(EACH PAIK GUARANTEED.)
SOLE AGENTS
HONGKONG.
WM. POWELL, LTD. F
DINNEFORD'S
MONTSERRAT
Lime-Fruit Juice.
Brings to your lips the juice
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It is a drink that is always cooling and refreshing.
The children love it. Order a few bottles to-day.
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ISPONTANT COTICE.
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come, there is every reason to anticipat that there will be an excess of interest arid, which will be available to increase future bonuses.
For the business in Japan interest at only 4 per cent. has been assumed, in accordance with the quirements of the Japanese Insurance
Low.
(10)-Allowance for Expenses. The principal expenses incurred in conducting a progressive life assurance business arise in connection with the new policies placeo There are the medical (7.) The principles and methods to be on the books. adopted in the Valuation were settled fees and other initial expenses which have Tong in advance by the Actuary in con- to be defrayed out of the premiums sultation which it, and the work was weiv.d for the first year, and which carried out at the Heal Offer, and I not recur; and the commissions to agents found that it was practically complete are considerably higher on the premiums M arrival in Shurghni I have for the first yene than on renewals.
the results
new
The
RESULTS OF THE VALUATION.
were
(11)-On the 31st March, 1913, there in force 18,873 policies of the assurance, which, after deduction of yielded in premiums Tls. 2,409,056 per reassurances, natured Tls. 32,031,559, and anunt. There were also in forec 4 Annuities, under which the Company was; liable to pay Tls. 876 per annum. The modified act premiums taken into secount in the Valuation amounted to TIs. -1,668, 182-per-annum, so that the margin of premions thrown off and not valued amounted to Tls. 740,573 per annum. This
in, technically called "londing,” is a fund available for the extra mortality which is to be expected, and for future expenses and profits, amounts to 30 per cent. of the office annual premiums,
I
'SS. MOUTRIE & CO., LTD. 'S
TO LET
TO LET-AT ONCE.
For 3 Months or More.
WELL-FURNISHED 7-ROOMED A HOUSE, Upper Levels. Every convenience, including Electric Light, Telephone, etc.; 2 minutes from Tram Station.
Apply to-
"X. Y. 2.," Care of Daily Prosa" Offlon, Hongkong, 23rd July, 1913.
[9023
TABE
TO LET
TBE GROUND FLOOK of No. 6, DES VOUX ROAD CENTRAL, cousisting of a Strong Room and Outhouses suitable for Banking or Commercial Offices, ready for immediate occupation.
Apply to
DAVID SASSOON & Co. LTD. Hongkong, 4th July, 1913.
TO LET.
(850.
NE GODOWN, Duddell Street,
Suite of ROOMS, 16/28, Queen's Road Central, Top Floor.
Furnished, "KIRKENDOA," No. 113, THE PRAK til 30th September. Immediate possession.
#CRAIG RYRIE,” No. 4, The Peak, 6 ROOMS; Tennis and Croquet Lawns; Fine Situation,
MERION, No. 10, PRAX, Furnished or Unfurnished, 6 ROOMS Cheap rontal.
To Lot or For Sale. "GLENSHIEL," No. 124, Barker Eood. Fesk. 5 ROOMS.
For Sale-"LADBROOKE," No. 9, Con- duit Road. Fine View of Harbour, & Rooma 3 Bathrooms, Garden and Tennis Court. Accommodation for 30 Sarvants.
For Sale. HARTING and ROGATE" ca part of Kowloon Talsad Lot No. 1154. Apply to LINSTEAD & DAVIS,
3rd Floor, Alexandra Buildings Hongkong, 29th July, 1913,
TO LET.
NO. 153, PRAYA EAST, GODOWN.
"RANFURLY," No. 11, Conduit Road, Apply
64
THE HONGKONG LAND INVES”; –
MENT AND AGENCY Co., LTD.
165 Hongkong, 22nd July, 1913.
TO LET. (From 1st July, 1913.)
Saying that this loading is, a fund which NO. 2, MOUNTAIN VIEW, THE PEAK, applies solely to existing policies, and
not chargeable with the expenses of acquiring Bew business," the margin is ample, and from this source very consider able profits should sccrue in the future.
(12)-Including a reserve for claims liability amounts to Tls. 8,262,365.91. The which has accrued but which are payable by instalments, the total estimate of nuds to set against this estimate liability are as follows:-
TIs.
Assurance and Annuity Fund... 8.505,518.49 Annuities Fund (Certain Claims. payable by instalments) .......
TEM
9,465.55
8,514,084.04
tands above mentioned are kept distinct, In the balance sheet as issued the twe
but seeing that they both relate to liabili ties in respect of life assurance contracta in future they will be merged,
13.The funds of the Com- pany are thus And the liabilities
8,514,984.04 8.262,368.91
Apply
LINSTEAD & DAVIS. Hongkong, 10th June, 1923.
1780
TO LET,
M with every convenience. Humphreys TODERN THREE-ROOMED FLATS Buildings, Cornwall Avenue, Kowloon.
No. 2, MINDEN VILLAS, Mody Road, Kowloon, Five Rooms, Tennis Court.
FOUR-ROOMED HOUSES in Cameros Terrace, Granville Avenue and Salisbury Avenue, Kowloon. Cheap rentals.
SHOP with GODOWN attached, Nathan Road, Kowloon.
Apply to
HUMPHREYS ESTATE & FINANCE
Co., LTD., Alexandra Baildings. Hongkong, 24th July, 1913.
663
satisfied myself that the principles and Therefor, in the case of a young Com- methods have been strictly plied by the pany like the China, Mutual, it is only staff, under the supervision of the proper that in the Valuation an alloware Actuary. Mr. Neill, and more recently should be made for initial expersES- also of the Assistant Actuary, Mr. Stork, would not be fair to existing policy who took up his appointment in Shanghai holders to make them bear the whele (only a short time ago. The work has been weight of the establishment and extension eficientas fired as to the accuracy of bonus for the bearfil of their successors. iciently performed with complete checks.of the Company, and to deprive them of
An allowance has therefore been made (6.)-Mortality Table. There is no taking a modified net premium, somewhat HONGKONG DAILY PRESS existing Table available, representing the higher than the yet premium shown by
mortality in China and other Eastern the Mortality Table, but this allowanc Countries, which could be used in the has been kept down to a low figure, and Valuation, and recourse hari therefore to in u ense does its capitalized valu he had to a standard, table, and after fexcred 2 per cent. of the sum assured. In careful consideration the
British the case of the policies issued in Japon Offices Table, technically known as the the actual net premiums of the Mortality 6m (5) was adopted, An investigation Table have been adopted. in compliance was made into the mortality experience with the requirements of the Japanese of the China Mutual itself, "and, as was Insurance Law, be he expected, the rate of mortality dis (10.)-Allowance for Expenses. closed considerably exceeds that prevail-principal expenses incurred in conducting ing amongst assured lives in Europe, but progressive life assurance business arike, it proved to be fully covered by the Coin-in connection with the new policies placed pany's premiums, which are higher than on the books. There are the medical fons those charged in Europe. The Valuation and other initial expenses which have to Table, therefore, has not a strict relation he defrayed out of the premiums received. to the mortality occurring amongst the for the first year, and which do not recur, lives assured in the Company, and is and the commissions to agents are coThe used. not to represent, the mortality | siderably higher on the premiums for the prevailing but to produce a sufficient arst your than or renewals. Therefore, in estimate of liability, and it has been found the case of a young Company like the that, eving that the business of the China Mutual, it is only proper that that the surplus brought forward from Company consists in great part of Endow- the Valuation an allowance should be went. Assurances payable at the end of made for initial expeners. It would not the previnis year anounted to Tis. fixed terms of years or at the previous be fair to existing policy holders to make 58,211.14, so that the surplus actually death of the lives assural, the estimate of them bear the whole weight of the estabaned in the financial year ending alst liability movided by the (in (5) Table is, ishin nt and extension of the Company, March 1915, was, with close approxima Lop the whole, slightly greater than if aand to deprive them of bonuses for the tiou, Thx, 194,370.69.
table accurately representing the real benefit of their successors. An allowance (15)-In dealing with this surplus; due mortality had been employed. Therefore has therefore been made by taking a regard must be had to the different classes the reserves required by employing this modified net premium, somewhat higher of policies. In the year from 1st April, Table are to a small extent greater than than the net premium shown by the 1913, to the 31st March. 1914, there will
Shows the dates of departure of the Mails of they would have been by ก table Mortality Table, but this allowance has mature policies assuring T 931,291.88. representing the true mortality, and the been kept down to a low figure, and in These policies entitle to bonus, and 1 Earope and America, and the dates of thei difference is on the right side, the liability no case does its capitalized value exceed think it will be safe to allot to them is expected arrival at their destinations, as well as of the Company being slightly overstated. per cent. of the sum assured. In the 103,500 out of the surplus disclosed, but the dates of return Mails.
(9.)-Rate of Interest. Interest at the case of the policies issued in Japan the do not think it would be wise to grant rate of 5 per cent. has been assumed in actual net premiums of the Mortality them more. This sum will provide 10 per the Valuation of the general business of Table have been adopted, in compliance cent on the Endowment Assurances and maturing which had the Company, and seeing that the invest with the requirements of the Japanese Endowments ments produce over 6 per cent, and are Insurance Law,
(Continued on Page 6) likely to do so for a number of years to
Giving all the Important Towns en ronto from CAFTON to WUCHOW.
Hongkong, 5th April, 1913.
FOR EUROPE AND AMERICA, INDIA, AUSTRALIA, G.,
and for PRIVATE RESIDENTS AT THE OUTecaTS, 'A Comprehensive and Complete Record of the NEWS OF THE FAR EAST is given in the
WEEKLY
HONGKONG
RESS,
PR
with which is incorporated
TES CHINA OVERLAND T.DE KEPORT. Subscription, paid i advanco, $12 por annam, l'ostage
$2 to any part of
the World.
valuation therefore discloses a surplus of.......
Tls.
252,615.13
(14.)-By, a close estimate it is calculated
TO LET.
CHOP, No. 12, Queen's Road Central.
OFFICES, Nos. 12 & 14, Queen's Rd. Central. No. 9, MOUNTAIN VIEW, Plak. No. 5, STEWART TERRACE, PEAK,
Apply to
M. J. D. STEPHENS. Hongkong, 17th July, 1913.
(722
ON SALE.
MAIL TABLES
FOR 1913,
***
30 Centis.
25
+
Mounted on Card On Paper
On Sale at the Hongkrog Daily Fres Chilce.
Hongkong 10th January, 1913.
629.1
NOTICES TO CONSIGNEES
NOTICE TO CONSIGNEES.
THE P. & O. S. N. Co.'s Stenuior
"NANKIN,"
Arrived Hongkong on 23rd July, 1913, From ANTWERP, LONDON, MALTA, PORT SAID, SUEZ AND STRAITS.
Consignees of Cargo by the above-named vessel are hereby informed that their goods are being landed and placed AT THEIR RISK in the Hongkong and Kowloon Wharf and Gudown Company's Godowns et Kowloon, where each Consignment will be sorted out Mark by Mark landed. and delivery can be obtained as the Goods are
Optional Goods will be lauded here unless instructions are given to the contrary within 6 hours.
Goods not cleared within 8 days including date of arrival will be subject to zent
No Fire Insurance will be effected by me in any case whatever.
Damaged packages must be loft in the Godowns for examination by the Consignees and the Company's surveyors, Messrs. GODDARD and DOUGLAS, at 10 AM, on MONDAYS and All Claims must be prosented THURSDAYS.
within ten days of the steamer's arrival hore, after which date they cannot be recognised. No Claims will be admitted after the Goods have left the Godowns.
E. A. HEWETT,
Superintendent. Hongkong, 23rd July, 1913.
(1
"SHIRE" LINE OF STEAMERS, LTD.
NOTICE TO CONSIGNEES.
FROM EUROPE, COLOMBO AND
STRAITS.
THE Steamship
THE
"DEN OF RUTHVEN," having arrived from the above Ports, Consignees of Cargo by her aro hereby informed that all Goods are being landed at their risk into the hazardous and for extra hazardous Godowns of the Hongkong and Kowloon Whorf and Godown Co., Ltd., whonos and/or from the wharves delivery may be obtained,
Goods not cloared by the 4th Aug. at 6 P.M. will be subject to rent.
All broken, chafed and damaged packages aze to be loft is the Godowns, where they will be examined the 4th Aug. at 9.30 AM. Claims against the Steamer must be presented within 10 days of arrival, otherwise they will net bo recognized,
No Fire Insurance will be effected by us in any case whatever.
Bills of Lading will he eviuntorsigned by
JANDINE, MATHESON & Co., Læo.,
A gents. Hongkong, 28th Julz, 1913.
FROM
NOTICE TO CONSIGNEES,
[49
8.3. "MANCHURIA,” SAN FRANCISCO VIA JAPAN
PORTS AND MANILA.
THE above-mentioned Vessel having arrived,
to send in their Dills of Lading for counter- Consignees of Carge are hereby notified signature and tato immediate elivery of Cargo frora alongside Cargo impeding discharge will branded immediately at. Consignees' risk and expenso,
Cargo remaining, undelivered TUESDAY, 29th inst, el “5 "EN., will he landed at Consignees risk and expuso.
Cargo remaining undelivered MONDAY, 4th Anz., at Nouy, will, in addition to lending obarges, he subject to storage charges.
No Fire Insurance whatever will be effected. All chafed and otherwisy damaged Cargo will bé examined at the above Company's Godown Saturday, 2nd Aug., at 10 AM.
No Cain will be entertained malens 1 coom- panied by shot delivery nota or list of excop- | tious taken at the time of delivery to Cousigaees and signed for and ou behalf of the Pacifio Mail 8.9. Co.
All Claims must be illed on or before 28th August, otherwise they will not be recognized.
0. H. BITTER,
Acting Agent. Hongkong, 28th July, 1913.
PRINTING
(32
Nothing areates such a good impression is business sa the use of First Class Printing, The difference in cost between good and bad
printing and material is generally m
THE HONGKON DAILY FEE S
PRINTING WORKS
turn out the Best Friating at Reasonable Price