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and from ALL WISE MERCHANTO
132
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THE HONGKONG DAILY PRESS, SATURDAY, MAY 18ra, 1918.
THE WAR.
(Oontinued from Page 5.)
Generali
LATEST CABLES. (THROUGH REVIEB'S AGENCY.]"
COAL PRODUCTION.
MILITARY TAKE STRONGEST MINERS
LONDON, May 16th. The Coal Controller addressed the Miners Federation (cabled yesterday). The many questions by the 136 delegates emphasised, that the military had taken the strongest misers.
The Controller submitted a scheme for the formation of Central Mining Mobility Bureau for the more productive utilisation of labour, but not a single delegate supported it, and the conferens collapsed.
BARLIER CABLES,
DUVAL SENTENCED TO DEATH.
PAR18, May 15th "In the Dipnet Ronge trial. Duval, the mang from encony sources, its sentenced manager, received linge
to death. P
Six other accused were sentenced to terms of imprisonment, ranging from two years to 10 years, or in default fines were imposed...
AFFAIRS IN RUSSIA RUSSIA'S REPLY TO GERMANY,
• PARIS, May 15th.
COMPANY MEETINGS.
THE CHINA BORNEO CO., LTD.
A Moscow telegram, replying to the The fifteenth ordinary yearly uceting German demand for the immediate sur render of the Russian Black Sen flect to of the China Borneo Co., Ltd., was held the Germans at Sebastopol, M. Tebit- yesterday morning at the office of the cherin says that the Russian Government Company, St. George's Building, Hong is prepared to consent to n return of the Fier to Sebastopol provided the limits of kong Mr. A. O Lang presided, and the Austro-Turco-German occupation, of | there were also present: The Hon. Sir Russia, also the frontier of Ukraine aud C. Paul Chile, CM.G, and Mr. A. Finland, are definitively specified, that hostilities on Russian territory im
Grifin
mediately cense, and that the Austro R L. Bridger, K. Sayee, S..
Turco-Gertaan forces completely evacuato Sebastopol...
THE BRITISH MINEFIELDS
NORTH SEA PRACTICALLY...
·CLOSED.
STATUS OF IRISH EXECUTIVE
LONDON, May 15th.
|
Mr. M. A Monticum, in "Reconding, congratulated the management on the im- "interest tem proved statement of accounts
The following figures will prove of
"The dividend of $250,000 paid in
May, 1913, cost
The notion was carried unanimously. The Hon. Sir Paul Chater, C.31.G,, || The the Hon. Mr. David Landule, and Messra. Scott Harston and C. S. Cubbig were re-elected diicctors, on the proposition of
the CHAIRMAN, seconded by Mr. "D. E. CLARNE
Mesars. C. B. Brown and A. R. Lowe were re-appointed auditors at a remu
(Consulting Committee), TE. Pearce, W. D. Kraferation of $100 cách,
The CHAIRMAN announced that dividend 1. Po (shareholders), W. G. Darby (Gan warrants could be had on application. eral Manager), und H. W. Kennett (Secretary).
CANTON INSURANCE OFFICE,
LIMITED.
Th
£23,958
patte, dividend paid in May,
17, cust
29,947
dividend to to-day, costs
be declared
37,500
taking in each case the rate of exchange
at which the figures are taken in the balance sheet
Gentlenjen, you will notice that in 1917 we lande on your behalf a contribution: to War Charities of $5,000, and when an appeal recently came round again the Office maile a donation of S10,000, which will be shown in 1918 account, and I have no doubt you will thoroughly approve
The CHAIRMAN said:-When addressing. you last year I pointed out that the difficulties of tonnage: then axisting would The 37th ordinary meeting of the of this I do not think there is anything. preclude the Company from enjoying any Canton Insurance Office, Ltd was holdelse in the accounts to which I need make degree of prosperity till conditions should become more normal. Since then the yesterday, at noon, at the allies of Alessis, necin reference. I trust you will question of obtaining freight has become Jardine, Matheson & Co. The Hon. approve of our rounding off the Sterling still more acute; our business with the United Kingdom has
now
from and our facilities for shipping on Mr. D. Landale presided over an attend- Reserve Fund at £200,000-this appro- ance which included Sir d'aul Chater, priation to Underwriting Suspense Borneo to China have been reduced lo :!0
Account is, of course, a necessity of the one-third of what they were during 1917 CM.G., the Hon Mr. R. Shellim, Mr.
LONDON, May 16th, The groat British minefield operations froin to-day are likely to prove an insurmountable barrier to the enemy submarine activities in British waters TREASON TRIAL IN FRANCE. The new area covers 22,000 square miles, which is the most extensive ever laid, and
wegian coasts outlet to the ocean. The holders will not be dissatisfied with the Mr. HP. White (Consulting Committee) the hope that the very favourable pros. stretches from the Scottish and Norder these circumstances I trust shane, C. S. Gulbay, Mr. E. J Chapman, and business and I can only conclude with, Scottish side is patrolled and guarded net profil realized, which is some $3,400 the Hen. Mr. Ho Fock, Mosers, Pspects which the 1917 account offers may
be fulfillço.X more than for the preceding year. If Potts, G. W. Beswick, G. Grimble, I. P. most stringently.
The Admiralty have further notified I may ask your attention to the balanes Smith, E. V. D. Parr, E. M. Raymond, I buve assumed that you would permit- other new minefields, and are also closing sheet for a moment you will notice that GK. Baxton, Capt. Douglas, Home to take the report and accounts as the Pentland Firth The North Ben is we live again been obliged to unko very Leung, Lo Cheung Shiu, Chan Siu Kirend, and 1 now therefore formally pro
extensive provision for the adjustment of now practically closed.
Lo Man Hin; Chui Siu Nam, and L. N. pose: That the report and accounta our balances held in Borneo and London Leefe (secretary):
as presented, including the payment of to the high rate of exchange ruling here The AIRMAN said Gentlemen,- This a fins dividend in respect of the year at the end of the year.
the fourth
your 1916 of $7 per share, of an interin Since our last meeting we have had var General agents and Consulting Com dividend la respect of the year 1917 of In the House of Commons, Mr. fixed assets here and in Borneo revalued,mittee have had to report to you the $15 per share; the addition of £20,800 to Herbert Samuel asked-Is any changed in all cases the figures show such progres and experience of the Company the Sterling Reserve Fund; and of contemplated, in the status or functions considerable margin over those at which under war conditions. These conditions 336,30.63 to the Underwriting Suspenso of the Chief Secretary for Ireland they stand in our books that we have not create problems and dificulties in many Account be adopted and passed.“
considered it necessary on this occasion respects quite different from the cares that Mr. E. V. D. PARK in seconding, Mr. Bonar Law replied There is no
with the exception of plant account, change in the constitutional position,
which as subject to heavy wear and tentaturally are the ordinary path of said You have alluded to the difficul but in view of the present situation into apply our customary scale of depre to note what capacity the business has at the present time, and it is very evident marine insurance, and it is interesting tics which confront marine underwriting. Ireland the Viceroy will exercise to a
riation, considering it more advisable. In greater extent than has recently been view of the present uncertain conditions, shown for adapting itself to these strange that the losses which have betalien the customary the full responsibilities at tocarry forward a large su as undivided and twisted times. The reports of prac- Mercantile Marine during the peringk taching to big office proft, which we can deal with later on tically all Companies of all those I have covered by the accounts caused by the Replying to further questions, Mr. na may seem desirable in the Compan's bad an oppormity of perasing -disclose ruthless methods of a barbarous foo must Bonay Law said that the Viceroy and interests. I may neation, however, that a very substantial rise in the premium bave added enormously to the difficulties Chief Secretary, while not members of we have made z provision of $9,500 for income. This is not, of course, so of making underwriting estitontes, and sta the War Cabinet, would have the equiva coolics and contractors debts. Under obvious where the management does not is, therefore, I think, highly creditable to lent of Cabinet rank.
the system which obtains in Borneo, all undertake war risks, but where, as in
the management, and a matter which work of hauling of timber is done under our cure, war risky form an important, should cause them the liveliest satisfac- advances which are not secured, and and, as we think, necessary part of our tion, to terminate the work of such a though in the past we have never suffered activities, this enhancement in premium year with so good a result. any serious loss in this connection, we income becomes very marked. It is quite he figures for 1917 are very encourag consider it prudent to make some provi evident that these larger figures musting and the case with which the dividend sion against the possibility of any such throw upon the clerical assistance of the is maintained places the shares of the losses. I might add that the total amount Companies great demands, as well as Company in the forefront of stable and outstanding at the end of last year in adding to the cares of management and reliable investments. It is very satis this connection was approximately it is, I think, wonderful how these factory to see that the provision for deal- $17,000 I hope shareholders wili approve demands bave been replied to, bearing our recommendation in regard to the dividend; it is 1 per cent, higher than last in mind the national calls for man year, but, in our opinion the financial service which have been met and met go position warrants this small increase well
Shareholders will note with approval that the cash position of the Company bontinues to be quite sound, and that stocks and sundry debtors have been far the reduced during the year by over
EX-PREMIER'S EVIDENCE.
PARIS, May 10th The concluding stage in the Bonner Honge trial of seven persons charged with defeatest propaganda was noteworthy for the appearance of ex-Premier Caillaux, who was called to answer one question. The President curtly allowed him five minutes, but M- Caillaus, who was faultlessly dressed and very cool, remained in the box forty minutes. He denied hs bad financially supported the newspaper Bonnet Rouge since the war and concluded by remarking that he had preserved documents which might be useful to the judicial nuthorities.
THE ROUMANIA PEACE,
THE RATIFICATION OF THE TREATY
Jassy, May 15th The official
the -announcement of signature of the peace Treaty mentions that, owing to the dissolution of Parlia ment, the Treaty will be submitted for ratification to the new Parliament, which assembles on June 17th
THE NEW COMMERCIAL
AGREEMENT.
AMSTERDAM, May 15th
The Germano-Romanian Commercial Agreement abolishes third party customs preferences, and provides for the con- struction of telegraph and telephonis systems, by which Roumania will be brought into closer touch with Berlin.
TERRIBLE CONDITIONS IN BOSNIA-HERZEGOVINA
INHABITANTS MASSACRED BY AUSTRIAN SOLDIERS
PASSPORTS IN IRELAND. LONDON, May 15th.
It was announced at an anti-conscrip tion, conference in Dublin that the Foreign Office had issued a passport to the Lord Mayor of Dublin to proceed to America
JAVA-AMERICA SHIPPING
RESUMED
THE HAGUE, May 15that The Governor-General of the Dutch East Indies reports that shipping to Ametica has been resumed. Export licences are now being issued for goods of which the export is prohibited.
GERMANS TO EVACUATE
AALAND ISLANDY,
STOCKHOLM, May 15th......”
Islands on May 23rd.".
Finnish troops are already replacing the German troops.
LINER WRECKED.
...
ing with the effect of exchange upon our igures has proved so adcounte in spito of the fluctuations having varied to an went that it was hardly possible to cou- template, and the wisdom which placed. the necessary tax upon former good years,, and which has created so substantial an Underwriting Suspense Account fills us. with confidence that our interests are in good hands. (Applause.)
Gentlemen, I also think a word of thanks is due to the staff, many members. of whom would, no doubt, in the present anxious time prefer to be at the front Eghting in the defence of our country. These gentlemen may rest assured that they are carrying on to the best of their ability the work of the Empire by re- maining at their posts until such time as they are notified by the proper suthoriz ties that their services are required in the lighting-line. (Applause)
It is hardly possible to over-estimate the additional, dangers which have arisen to confront our business. The unexampled demands, upon shipping have led to the removal of steamers from their regular ran, and their replacement by steamers regret to say that our general man frequently of vastly inferies types ager has intimated to us his desire to Accumulations also, of cargo occur at be relieved of his duties after the 30th transhipment centres, causing & conges of June next, and we have accepted his lion of liability which it is impossible to resignation. Mr. Darby has served the control, and the increase of the perils of Company well and faithfully for 29 genre, the seas and on the seas cannot be mea- and I cannot over estimate, the services sured. It is remarkable that these con- he has rendered during that period. Iditions should have been withstood so The Germans will evacuate the Aslundum pleased to say, however, that bis con- well-for our own successful experience nection with the Company will not by is, I am glad to say, not unique and entirely corely scored, as we have arranged that this branch of our national business the present at any rate, that he will-thig national asset of marine insurance retain liis sent on the Consulting Combus continued to prove so sound. mittes Mr. Darby's retirement will Indeed, in the realms of all the older do, in the heartiest manner the contribu
I support, as I am sure all shareholders involve certain changes in the management branches of insurance-fire, life, and tions which the Office has made to War of the Company, and to bring these into marine-British enterprise enjoys in the Charities, and I conclude with an expres effect it will probably be necessary to wealthy and long established undertak- Association, in regard to which share ings, whose names are almost household bulders will receive dus notice. With words everywhere u position that is these few remarks I now beg to propose
unequalled. the adoption of the report and accounts Another circumstances with which Companies like our own, established on as presented ́ Mr. W. D. Kraft, in seconding the & silver basis, nave had to contend is tuo mation,
congratulated the management rise in the price of exchange. This is on the result of the year's working, con- the second year we have had to place our sidering the tonnage situation He was figures before you with a drop in the sure that when the great war was over, value of gold profils of twenty-five per and things became normal, there woulent-fifty per cent. in two years We be ja: great advance in the prosperity of fortunately, some years ago realised that He expressed the regret since the Company obviously had in the of the hareholders at the departure of future to make its investments largely Mr. Darby, the general manager, who in gold-to increase its gold assefsourness
safeguard lay in creating gold Liabilities, be obtained on application. The motion was carried unanimously Sir C. P. Chater, CM.G., was re-elect and the wisdom of establishing a gold group in Bounin, with the object of pro. THE QUESTION OF INTERVENTION ed to the Consulting Committe, on the Ruthve Fund and verge opperatops Lathe
the creation of a new Crout-State
proposition of Mr. R.
second that time are
in failed hopelessly.
balance sheet before you
OBITUARY..
Losbos, May 13th. The Agram newspaper Glue 57-oboda draws & terrible picture of the distress in
LONDON, May 25th, Bosnia Herzegovina, which is worse even than in Galicia or the Bukovina Whole The 7,000 ton Nelson liner Highland districts have been depopulated and have Scott has been wrecked off Rio do been devastated ag by typhoon,Janeiro, Numerous inhabitants who had been deported died in internmout camps, and those remaining were massacred by the Austrian soldiers or died of starvation. The deaths exceeded, the births. by 5,000 in 1915, and by 11 in 1910, the mortality not including those who have
The death is announced of the Duke fallen on the battlefield. The whole of the live-stock has been destroyed and of Northumberland. consumed by the army. It is impossible to cultivate the ground owing to the absence
DUKE OF NORTHUMBERLAND.
LONDON, May 15th.
make some alterations in the Articles of
of oxen. At attempt by the Vienna BRITISH LABOUR AND JAPAN had served the Company so well, authorities to sow discord among the Jugo-Slavs by forming a new political
COUNTRIES ARRAYED AGAINST GERMANY.
LONDON, May 15th
IN SIBERIA
The conference of Labour Party agents, organisers and prospective Parliamentary candidates to consider plans for the forth- coming electoral campaign concluded at Central Hall on March 20th. Mr. A Henderson presided, and, referring to
ed by Mr. W. DARBY acted audi. A further echo of the war is the
Mr. C. B. Brown was
sion of congratulation to the General Agents and Consulting Committee on the result they have achieved. (Applause.)
The motion was carried unanimously.. The Hon. Sir Paul Chater, C.M.G.,, Sir Robert Ho Tung, the Hon Mr. E. Shellim, Measts. E. J Chapman, H. P White and C. B. Gubhay, were re- elected to the Consulting Committee, on the proposition of Capi. DOUGLAS, second- ed by Mr. P. C. POTTS,
Morers. H. P. Smith and A. R. Love were re-appointed auditors at a re... muneration of 8500 each
The CHAIRMAN That is all the busi- gentlemen. Dividend warrants can
COMPANY REPORT.
BRITISH TRADERS INSURANCE.
CO., LTD
tor at a remuneration of $250 shrinkage in the value of accurities. We The CHAIRMAN That is all the business, have had again to write down “values gentlemen Dividend warrants are now which on 31st December, 1916, had already ready and may be had on application. been heavily written down, and my own view is that that necessity will probably
The Directors report for the year again appear. Five per cent is a very ended December 31st last states -
1916 Account After payment of the escurities, compared, any way, with pre-bonus of 20 per cent to Contributors
a question, Mr. Balfour showed that span's intervention, said in PEAK TRAMWAYS COMPANY, LTD. fino rate of interest to get for frst-class interim dividend of $8 per share and the
Rica, Peru, Uruguay and Ecuador.
AMSTERDAM, May 16th
We cannot but regard with grave | akust
a plausible case can be made out for mill
Board recommends that this sum be ap- propriated as follows A final dividend to shareholders of $8 per share on 24,000 shares An addition to the Reinsurance Fund of £20,000 at Exchange
In the House of Commons, replying to
altogether 19 counties had declared war [against " Germany unes August, 1914, anxiety the prospect of Japanese inter. The ordinary annual general meeting war days but it has a very depressing passed at the last annual meeting, and against Germoglave broken off vention in Siberia: Whatever argument of the Peak Trazanya Company L effect upon three and a half per cents the transfer of 8191,000 to the credit of [soguiend or constitutical Dis. Nicaragus, Hayti, San Domingo, Costa this adventure-and I do not deny that kong Hotel Mr Heary Humphreys either now, or on the declaration of remains a balance of 2872,170.47. The A warranted ours for all diplomatic relations:--Balívia, Honduras, may be put forward in justification of was held yesterday at noon at the Hong and fours, and I personally cannot see Investment Fluctuation Account, there
Paul Chater, C.M C, the Hon. Mr. D. pence, the slightest prospect of a revival tary action-I am profoundly convinced Biesired, and there were also present KARL TO VISIT TURK AND at Japan's intervention will seriously Landale, and Mr. C. B. Gubbay (Direc in the price of such securities. We have,
compromise the
Allies unless steps are at tors), and Messrs. M. & Northcote, D. as you will acte, a fund of over £25,000 BULGAR RUYERS,
once taken to make it clear, first, that E. Clarke, W. Morley, J. A. Tarrant, to provide for further depreciation, and the majority of the Russin people approve and J... Wong (shurebolders), and C. So we ourselves can, I think, face this and welcome such intervention secondly
possible demand with equanimity Rapp (Secretary) that it has been undertaken with the full The CHAIRMAN, in moving the adoption Gentlemen, I have briefly alluded to sanction of all the Allies, including in of the report and accounts, said:The some of the dangers and difficulties con particular, the United States and China accounts before you are an improvement fronting our business at the present time and, thirdly, that an unequivocal pledge on the last two years, notwithstanding and the moral which I draw, and which of disinterestedness is given by Japan, the increased prices we have had to pay I think must also be obvious to you, in and publicly endorsed whole of for nearly everything. The item which the necessity, so long as war: lasts and the Allied Governments,
once for many figured in the accounts these difficulties exist of conserving our more, the United States. This shouta be under the heading of mortgage R accompanied by a frank declaration that 80 has now disappeared, the mortgage this which prevents your Consulting B. position and adding to our funds. It is Japanes troops will be withdrawn from having been paid off in October last. The Committee from feeling justified in ad- Siberia and every claim on Russia item on the debit side of profit and loss vocating an increase in the dividend renounced, when the immediate danger account depreciation on investments
Palom in the Bock und all Kidney Disorders. Free from mercury, Forty your" Bas eam Bold by "all" Chagisit sod Storaksepam throughout {{the world.
A message from Vienia states that Emperor Karl is shortly proceeding to Boha and Constantinople
20,000 DOCTORS
are recommending
PLASMON
Because
"Plasmon” is of ¡NESTIMABLE VALUE as a food for all classes of workers." —Dr. Virchow, Berlin,
off Leasehold Property
To
write of Account
To be carried forward to Under- writing Suspense Account to close the account for the year 1018.
$144,000.00
133,233.33
40,000.00
551,81214
8872.175.47
1917 Account-Tho Bulance of Work-
of German occupation is over. On these represents the amount we have had to which perfil examination of thing Account on the 31st December, 1917, conditions, and on no others, could we write off to bring our investments down balance shat might tempt one to do, and, was 33,077,307.67. The Board recom look with Layour on the intervention of to market prices. In this connection also, it must not be forgotten that the mends that an interim dividend of $0 Japan in the affairs of Russia,
The American Express Company of Queen's Road, Hongkong, advise as that they have received limited supply of Messrs Montgomery, Ward & Co.'s catalogue, which they will be glad to issue to those applying for them.
the
may mention that market prices on 30th maintenance of the dividend at the level per share be paid to shareholders, April were in all cases ex & recent dividend, of the last two years constitutes an in-absorbing 8144,000, and that a bonus of aid the loss is to some extent counter creased tax on the profits of a Company 20 per cent be paid to contributors, balanced by the unusually large amount such as this, which earns so large a por-absorbing about $125,000, and that on the credit side of profit and low under tion of its income in countries having a remainder be carried forward the heading of interest and dividends gold standard Shareholders in Hong- received I trust that the donation to Long abould appreciate this, whilst share War Charities of 2,000 will meet with boldorg in Europe have, of course ben your spproval, as also the proposed dis- Ated very largely. tribution of profits.
Directors. In accordance with Clause of the Articles of Association Mr. W. L Pattenden and Mr. A. Forbes retire, but offer themselves for re-election.