THEATRE
COMPANY MEETINGS. UNION INSURANCE SOCIETY OF
CANTON, LTD.
THE HONGKONG DAILY PRESS, FRIDAY, MAY 24TH, 1918.
Our Telusurance Fund continuos to grow," and, in spite of the difficulties of exchange, our Exchange Fluctuation Account is main- tained with practically the same balance ns inst year. The value on this 31st December last has been taken for all our Investments and you will note with satisfaction a balance of over a million dollars in Investment. Fluctuation Account to provide for further depreciation.co
COMPANY REPORT.
STAR
TERRY CO., LTD.
The Directors report for the year ended 30th April, 1918, states :---
The nett canings of the boats, after. paying all working expenses, amounted to 399,001.97, as against $117,699.52 the previous year,
The amount at credit of profit and loss account (after paying for repairs, allow. ing for Directors and Auditors fees and
To pay a bonus of 10 cents per share from interest Recount
$56,000.00
4,000.00
4,000,00
8,000:00
3,776.03
The forty-fifth ordinary general meeting of the Union Insurance Society of Canton, Ltd., was held at noon, yesterday, at the Offices of the Company, Queen's Buildings.
Gentlemen, the hope expressed last year that the peace of the World would be The Hon. Mr. P. H. Holyoak, (chairman) presided, and there were present Messrs restored by this date has not been realised, but the determination of the Nation remains stoadbist and we have calm confidence in O. Lang, W. L. Pattendon, A. Forbes and J. A. Plummer (Directors), and C. H. P. Hay the ultimate result. China has turned her severance of diplomatic relationship with (Acting General Manager), the Hon. Mr. H.
Germany into an actual declaration of war, depreciation of share investments, placing E. Follock, K.C., Dr. J. H. Saunder the and it is to be hoped that she will realise the $4,384.95 to credit of accident fund, and cause of the disruption of hier internal affairs Rov. Father Robert, Messrs T. F. Hough, C.
including $6,085.79 brought forward, is C. Hickling, A. R. Lowe, E. Ormiston, J and deport, without further delay, the contributing $1,000 to War Charities),
enemies in her midst. adlan
In conclusion, gentlenen, it is evident that 875,775.63, which, with the approval of shareholders it is proposed to appro Ross Thompson, T. E Pevec, H. B. L. Dowbiggin, G. Grimble, A. E. Crapnell, P.my appeal last year was not made in vain,
and therefore reiterate the expression of priate as follows:-MA
To pay a dividend of $1.40 M. Hodgson, T. Arthur, C. Champkin, A. V.
per share from working not only continue your support but assist ar, H. M. H. Namazec, R. Dastur, J. Dope that you and other shareholders will
profits further in increasing the Society's business. Darby, G. S. Archbuti, E. R. Thomas, W. E.
Mr. Ross Trourson said :-Mr. Chairman and gentlemen, it is with vory great Clarke, J. MeDonald, R. Mansfield, Chan Sui
second the Kee, Lo Cheung Shin, Ho Leung and Hopleasure that I rise to
proposal that this very excellent statement: Kwong (Shareholders.)
of accounts which has been laid before us to day should be passed. I am under the impression that this statement marks a new record in the progress of the Company, That may not be apparent at first sight, but when the abnormal rate of exchange is borne in mind it is found on examination that the statement I have made is fully borne out-
1 In the opening of my spouch last year, and certainly I make the statement with the pointed out that never in the history of the utmost confidence that those present will be most heartily satisfied with it. The innova tion of showing the sterling equivalents as Society had exchange been such a feature as in the accounts then before you. The figures well as the dollar amount in the balance sheet is certainly, a. most admirable presented at that meeting had been convert one, for the Company's business bas
to: all countries of
many of them Hongkong ed at un exchange of 2/421, while those in reached
world and in the previous year were exchanged at 1/11 currency is very little understood. The The abnormal increase to 3/- at the end of balances as formerly stated did not give the information which was necessary in explana 1817 makes the accounts you are dealingtion of the position of the Company. I have with to-day of more than usual interest. As you are aware, most of our business is tran sacted in gold currencies and a large propor- tion of our funds is held in golt.
The CHAIRMAN said: regret that the late arrival of mails from distant parts of the world has necessitated the postponement of this nesting from the usual time we are accustomed to hold it.
In order that shareholders outside of Hongkong and China may appreciate more readily the magnitude of our operations your Directors have decided to show in their Jeports the sterling equivalent of the figures in local currency which it is their pleasure to place before you.
In dealing with the 1910 Accounts we have a divisible balance of nearly two and a half. million dollars, which, taking the exchange factor into consideration, compares very favourably with the previous year. Your Directors recurumond:-:
A font dividenti to slaveholders of $.0
per share.
A bonus dividend to shareholders of 910 per share,
20000.
An addition to the Reinsurance Fund of An addition to Building Reserve of £19,000.
the
the
To write off Ice House Street
Pier
To write off boats To carry forward
875,775-63
Hon. Mr. David Landale has joined the Board in place of Hon. Mr. C, E. Anton, of Association, Mr. C. 8. Gubbay retires, resigned. In accordance with the Articles but, being eligible, offers himself for reclection
CRIMINAL SESSIONS.
EFORE HIS HONOUR THE CHIEF JUSTICE
(SIR WILLIAM REES-DAVIES, K.0)].
ROBBERY WITH VIOLENCE Yuen Kau was indicted for robbery with violence at Waterfall Bay, on the night of March 21st
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THE MILITARY POSITION.
THE ALLIED RESERVES. Frem time to time statements have been circulated to the effect that Austrian and Bulgarian troops are co-operating with the German on the Western front. No doubt they are part of the German plan of propaganda, because it has been noticed that similor statements have
when the Germans were about to make an been isstted on almost every occasion offensive move on a big scale. Beyond the fact that there is a certain amount
1814 ESTABLES 1914
100 YEARS.
JOHN
HADDON
AND CO.
Export and Import Agents
For ONE HUNDRED YEARS in the CITY OF LONDON we have acted as Buying and Selling Agents for Traders,Storekeepers, Growers of Colonial Produce. Are you requiring the services of London Agents to promote your interests? We shall be pleased to enter into correspond- ence with a view to arranging terms to mutual advantage.
of
CASH
recently returned to the Colony, after an absence of 20 years and when I got this balance sheet two days ago I turned back to the old balance sheet of 1898-and the com
I was able to make between the two parison bore most striking testimony to the strength of the progressive (development of this
during these twenty years, I noticed The following jury were empanelled Sorts not income had increased about too to try the case-cars. B. L. Sin, P. per cent, and the proportion of losses had F. du Prata, P. L. Knight, F. Hunter, increased by approximately the same figure, P. M. Remedies, J. P. Corveth, and W. it is known to be not very considerable in spite of lower rates of premium and steadily G. Browell
of Austrian artillery on the Western increasing competition. I thing that these
The Crown Solicitor, who prosecuted, front, to troops of the Dual Monarchy results bear excellent testimony to the ability, of our underwriting staff. I noticed that said that on the night in question a ran our reserve funds and other figures had and his wife were sleeping in a fishing have appeared there, and Bulgarian increased by something like the same per junk, which was anchored in Waterfall troops are entirely absent. The best test cantage, but that the working charges had Bay, when another boat came alongside of the strength of the Austrian artillery increased only 200 per cent. That shows
of the men, who were armed with knives, that the business is not only being carried in which were seated several men. For now reinforcing the Germans is the num on on progressive lines but also on properly clambered on to the fishing jurk and im ber of Austrian shells fired, and a close
extending economical lines. This Løver värious years,lly marked mediately commenced an attack on the examination. f the fuses of shells. master, who had been awakened by the during the tenure of other of our present sound, and seriously stabbed him several coming over" has disclosed that the General Manager. He has built so well from the foundations laid before him by his times. The men then turned their atten“ number of Austrian guns which have predecessors that he has been not only able tion to the woman, who had been attract been in action is only small. The fact to carry on the development at the same ed to the tone by the sounds of a To be carried forward 81,156,192.14.
ratio bat, has increased it, and I think that struggle, and stabbed her in several that on the prst day of the battle some we are under a debt of gratitude to him for places, causing very grievous wounds, a German Jacger regiments from the While an increase in the dividend could have been made, I feel sure all shareholders his very successful efforts in this direction a result of which she had to be sent to Salonika front were engaged probably recommendations. The Society, see, has supported the Hospital. The mon then proceeded to led to the rumour that Bulgarians were wili
thesa endorse
movement which is now so widely spread of ransack the boat, and carried away a assisting the German troops,
r Times are abnormal, the future is full of uncertainties, and your Society holds assisting in providing funds for national box, containing clothing and $20 in notes.
As The complainant's son, who was
question in which, naturally, the proud record of having at least purposes, and with no tean hand.
understand, our investment in war securities ether host, bearing cries for help, basters public is greatly interested at the present- maintained its dividend for the last 26
and one now amounts to something like years. The policy of our predecessors
is also ed to the Police Station to inform the tune is that of the Allied reserves. There half millions sterling. The Society are
Police. He returned with them, but has been much talk of late about what building up reserves enables us today
undertaking the Secretary and afford our constituents facilities which we
work of the Hongkong and South China found that the men had disappeared. A is called the Allied mass of manœuvre, feel it our duty to undertake, and we are incurring risks which in normal times there War Savings Association, and in connection small boat was found drifting, and it and as people are apt to become a littlo be no lifficulty in guarding against, with that the large sum of something like was taken in charge. A few days later, confused over strategical terms, it may Allied troops, which had been assembled of our competitors present their 1,500,000 dollars las already passed through the owner of the boat was traced to well be tant the picture presented to Maryders minds is that of a great,
their funds, or even lers, but your
of the men who committed the robbery; in one area, marching together to the Directors feel that, in addition to paying in
Several articles of cthing were recovered
impression of what is happening, or, for dividend the whole of the interest earned
and two Chinese swords were found battlefeld. That is an entirely erroneous the Society can safely distribute part of us
Evidence was then given by several the matter of that, is inndy to hates
The term mass of nianœuvre writing profit. We congratulate our
the suggesterl bonus to them, Iam fully cer shareholders in gold countries
His Lordship, in summing up, said from the Napoleonic wars. It was a hazxisome increse in the sterling equivalent tain that you will all heartily concur, and "I of the dividend, and others upon the have no hesitation in
has very witnesses for the prosecution that the by Napoleon to a general reserve which remitting their dividends thoroughly in the Tupporting him there was corroboration amongst all the rather grandiloquent description applied opportunity home at the present high rate of exchange fully reviewed the statement of accounts and prisoner took part in the robbery. The he manoeuvred under his personal direc Turning to 1917, you will notice a marked I do not think that it is necessary to say only doubtful point was in connection lion and flung battle at the decisive time increase in our net premium receipts. The anything further. With these few remarks with the assault. The complainant stated and place. But conditions have altered sterling equivalent in round figures of £1, I will now merely say that I have great that prisoner was the person who com entirely since then.
The fact is that a mass of manoeuvre 5500 for 1917 compares with 1021,000 pleasure in seconding the Chairman's promitted the assault, but his wife said she
could not swear to it. The prisoner, on for an army of 2,000,000 or 3,000,000 men and 1902,000 for the first year's working of posal. 1936 und 1916, respectively.
the other hand, denied all knowledge of on a 500-mile front would number the robbery and said he was charged out hundreds of thousands of men. lf such Gentlemen, I think we have cause for
of spite. If there was any doubt, the a force were collected in one place it thankfulness that in the fourth year of this
benefit of it must be given to the prisoner, would be the most tumbrons body to move unexampled war, which is taxing the
The jury returned a unanimous verdict that could be imagined; indeed, it could resources of the nation to the utmost, the business of the Society should still be main
of guilty of the robbery, and "Not only be moved if you had an ideal number of reads all going in the same direction. tained in so great & condition of efficiency and
Cuilty of wounding and cutting. prosperity. If the net premium of our affiliated Companies, the British Traders End "China Fire," be added to that of the Socisty the total net premium for 1917. mounts to $2,500,000. A very large pro portion of this is due to artificial and transitory effects produced by the war itself. The Society's Fire Department shows satisfactory growth, but, in comparison with our marine operations, its figures are in- significant. At this stage we cannot make more than a passing reference to 1917 but it is safiafactory to note that, although the German super-submarine frightfulness was advertised to commence in the early part of 1917, our loss ratio for the first twelve months' working of the year is less by one per cent than that experienced in 1916 for the same period. Out of the balance of. $8,379,584.87 we recommend the payment of an interim dividend of $30 per share and a bonus of 20 per cent. to contributors of business on bonus terms.
میں
the
Gentlemen, the wonderful resulte we are
our staff.
gratified in being able to place before you could not have been obtained without the loyal and wholehearted co-operation of seqcent upon the clarostor of our business and the depletion of the with beat unployed spily described as the Union spirit" which, I am glad to say, prevails amongst our staff throughout the World. We have voted tham a bonus of 15 per cent to the Provident
The enormous strain com
cheerfully met what has
free of cost for the Association and forms an important contribution, I consider, towards the result on the part of this Society (he good work carried on by the staff and
Messrs. W. L. Pattenden and A. Forbes were re-elected to the Board of Directors, on the proposition of the Hon. Mr. H. B. POLLOCK, K. C., seconded by Mr. C. CHAMPKIN
Messrs. A. R. Lowe and C. B. Brown were re-elected Auditors, at a remuneration of $1,000 each, on the proposition of Mr. T. F.
witnesses.
HOOH, seconded by Air. E. URMISTON The prisoner was sentenced to ten years So, in this war, instead of the body of
The CRAIEMAN-That is all the business gentlemen. Thank you for your attendance Dividend warrants are now ready and can be had on application.
CHINA FIRE INSURANCE
The forty-ninth ordinary general meeting of the China, Fire Insurance Co., Ltd., was
held yesterday at 1230 pm at the offices Hon. Mr. P. L. Holyoak (Chairman) presided
hard labour and fifteen strokes with the troops in reserve, which is called the "' cat,
15
The amount carried forward to Underwrit LTD,ing Suspense derount is a provision neces
sary to meet claims on marine business accepted in 1918, payment for which will not he made antal this or following years.
Turning to 1017 account, you will notice this soon of our und win tre Union Insurance Society of Canton, Ltd, is and there were also present: Messrs. W. Lagain illustrated by a much higher premium Pattenden, A. O, Lang, J. A. Plummer, and income than in former days, and while it is A. Forbes (Directors), C. H. P. Hay (Acting yet premature to forest the final results General Manager), Messrs. A Lowe, for last year I feel confident that when we Thomas A. Mansfield, G. Archbute, meet next year the divisible balance will H. Farne, P. M. Hodgson, U. B. Bird, V.R.Ncompare very favourably with its pre Ribeiro, B. M. Cunha, V. R. Benedios, A. A decessors.
Turning to the Balance sheet, you will Alves, a. E. S. Alves, J. C. d'Almeida, and
notice that our Reinsurance Fund has M. A. R. Souza (shareholders),
The CHAIRMAN said: You will notice that appreciated by close upon three lakls of dollare, and that there is a substantial sum sterling exchange has been taken at 3/-, tha to the crudit of Exchange and Investment rate ruling on the 31st December last, and it Fluctuation Accounts to meet the vagines is perhaps anneessary for me to point out of silver and any further writing down of that had the conversion been effected at 25 the Company's investments, which now 470.-the exchange adopted in the acccunts appear in our hooks at the market prices placed before you last year we should have ruling on the S1st December last, had a much larger balance available for dis- I will now move that the Directors tribution. As it is, I feel confident that you report and statement of accounts as will agree that the figures placed before you ented be adopted. “ are very satisfactory
to motion,
اوره
"mass of manoeuvre, being all assembled in one place, it is distributed at. con- venient railway centres," where it can be entrained and moved rapidly to the desired point. Obviously, with a 500-mile front, there could be no question of marching by road, for the troops would never get to their destination in time to be of any use; and if you attempted to move hundreds of thousands of men by way of one railway station the day would be lost and won while you were still busy about the work: It is necessary to have the maximum number of entrain- ing stations and the maximum number of railway lines.
There is very naturally a certain amount of impatience in the public mind to know when the Allied reservca, of which a great deal has been heard, are going to appear on the battlefeld. People ask what they are going to do and why we are not counter-attacking o But when you are dealing with hundre patience. They cannot be moved to the right place with the couple at tarps Napoleon could move the of manœuvre. But whilst it is true that, of
of thousands of men you must have
Mr. G. S. ARCHBUTT Seconded the that usually constituted his mãos of
Fund and a month's extra pay, and feet Fluctuation Account, referred to last year, Messrs. W.. L. Pattenden and A Allied reserves are not likely to appear. confident of your undivided support.
Daring the year, as in the past, varying the balance to be dealt with under 1016 were re-elected Directors, on the proposition immediately on the battlefield, it should
account amounts to $417,000, which your of Mr. P. follows
sunis huve been subscribed to such charities Directors recommend be dealt with as R. TEMAS seconded by Afr. not be imagined that a considerable
as your Directors felt the Society aliquld support, which action will doubtless macet with your approval.
Turning to the Balance-sheet you will notice that our Subscribed capital has been increased owing to the issue during the year of 443 more shares in exchange for "Chinh, Fire shares:
Dividend of 97 and Eonus of $2 per whare,
To add to Reinsurance Fund £20,000 - To carry forward to Underwriting Sur- pense Account, 8104,035.08. (Continued at foot of next Column)
M. HODGSON,
number are not already available. As a Messz, A. K. Love and C. B. Brown were matter of fact, the French have strongly re-elected Auditors at a remuneration of reinforced their armies and they are now 500 Cach on the proposition of Mr. W. R.responsible for the defence of about que- MANSFIELD, seconded by Mr. R. M. Qd half the present battle front. This fact shows that they have been able to get n dividend portion of their reserves up in good time, The CHATEMAN announced tha warrants were now ready and could be had and others are still arriving.-Derly
Telegraph on application.
BANK CREDITS ABRANGED, ADVANCED AGAINST SHIPMENTS.
JOHN
HADDON
AND CO.
Colonial Merchants and Produce Agents,
SALISBURY SQUARE, LONDON, EC.
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