COMPANY MEETING, UNION INSURANCE CO, OF CANTON
The annual general meeting of the Union Insurance Co. of Canton
THE “HONQKONG DAILY – PRELS, -FRIDAY, MAY
SPORT
The production of these Sgures, "the 'in claims during this period of unparal magnitude of which we feel justly proud, would not have been possible but for the loyal enthusiasm of our staff. That Union spirit," so aptly alluded to by my predecessor in the chair, has enabled beitf in the Company's offers, Queen's them to meet cheerfully the enormous Buildings, yesterday, the Hon. Mr. S. H. strain consequent upon the increasingly The others present complex nature of our business and the Dodwell presiding. Were Messt W. L" Pattenden, A. depletion of our staff. We have voted Lang. J. A. Plummer, and R. Rows them a bonus of 13 per cent. to the Pro- Thomson (Directors). Mr. . . P. Hay vident Fund and a cash bonus vacying (Deputy General Manger), the Hen from a month's extra pay up to 25 per Mr. N. J. Stabb, Messrs, G. W. Barton, cent, based on the special circumstances P. M. Hodgson, E. Urmiston, C. C. Hick-brought about by the war and its effect I feel confident, clair. 8. M. Churn, W, M. Humphrows upon the various places where our en maak worries and anxieties, backed up stretch their opponents as much as they! ling, Ho Leung, Ho Kow Tong, W. Sin.
ploger are stationed. D. B. Murray Laung Yan Po, J. gentlemen, that this will have your un- Hanby, J. Arnold, W. R. Mansard, divided support.
Your directors feel that the Society has Cochrane, A. B. Apear, A. H. M. da Silva, H. M. 4 Nenie und R. A. Dastur..
The CHURMAN said:--Lientlemen, propose with your permission to follow usual procedure and take the Report as read. It has been in your hands for sufficient time to have cuabled you to studs it and I have no doubt your have found it interesting reading.
We are dealing with accounts for the years 1917 and 1918, and, although our capital now actually exists in gold, you will realise that, as the figures are made up as as the 31st December last when our capital stood in silver, the recommends tions of your Directors are necessarily made in respect of the silver shares.
TENNIS EXHIBITION. laled dieulty so large a sum as twenty million dollars and yet be in a stronger?
JAPANESE PLAYERS DEFEAT Snancial position than ever before re
HONGKONG PAIR flects the greatest credit upon the Direc
Yesterday's tennis match on the Hong, torate, Management and Staff. As the representative of another great institu- kong 0.0, ground between Mikami, and tournament at the Olympic games at tion, to which have the honour to be Nomura, who were unbeaten in the tennis long, and which also started its life in the Colony. I feel prisileged to any Manila, and N. E. Kent and J. S. that such figures as you have been accusJennings, the best couple in the Hongkong weather militated against a good display, tomed to receive for years past are not proved a disappointment. The so easily attained as shareholders are apt to think; they are the result of careful and, even allowing for the state of the and able management, accompanied by ground, the Hongkong pair did not were expected to do. The game was by the whole-hearted co-operation of a
sufficient, however, to establish the super loyal staff-without which assistance no
fority of the Japanese sad it is hoped concern can be really successful-and. I
arranged between the Japanese. pair am sure we all thoroughly endorse the that, if opportunity offers, a match Ns Sai Kwong nad Bong Po Seung- bad, during the perilous period of the Fund and cash bonus to the stam.
The Management of large and import Manila, Ng Bre Kwong beat Nomura, bat war, the benefit of the inng experience, mature judgment and ability of its genant concerns like this Socisty bear great was, in turn, beaten by Mikami, and, as eral manager, Mr. C. Montague Ede, and responsibilities as they are, so to speak, Wong Po Keung was unable to make the of its London underwriter, Mr. H. C.
Ctrustees, not only for the shareholders, Manis trip, a match between the Chinese Saunders, and it is only fitting that we but also for the prestige of British enter and the Japanese would demonstrate the should record our grateful thanks to these
Yesterday, the ground was very slippery, gentlemen for carrying on until its close. prise in their particular line. Needless real capabilities of both couples. It is but natural that, with the return to say, the Union Insurance Society of
provided amusement to the spectators by to normal conditions, they should express Canton worthily fulfils its duties in both and the Japanese, wearing rubber shoes, The various subscriptions to Charities frequently measuring their length gn the wish to retire, and, while I am happy these directions. to be able to say that the improvement
Japanese
carried all before them in Mr. Ede's health has assisted us to to which our Chairman has made refer ground, especially in the first set. in this set, which they won without Soft a further persuade him to continue at the beadence will, I know, meet with universal her approval, and I am sure we are only too
For this their opponents s game. pericitly of the Society's affairs for
Nomura was mainly responsible. He has which, com- period of years, we have not been able pleased to give the Directors to induce Mr. Saunders to reconsider his decision.
To mark our high appreciation tre hand in such matters.
We now come, gentlemen, to the part tremendously hard service,
addition, his of Mr. B. C. Saunders' long and valuable the ways he Society casts, saide ing right across the court, is very decep
smashing at the sarvices extending over a period of silver and enters the field of gold; and
net was flashy in the extreme. Mikami, aver, did player, measure to the Society's success.
Com is indeed a gratifying nugury for the not him to a seat on the London
man, who trusts you at our last annual meeting when the
In the meantime we desire to continued prosperity of the Company, doubtedly resterday, but he is un gold equivalents were shown for the mittee. first time, you will no doubt have directed record our appreciation of Mr. Saunders. The formerly much-despised dollar has much to a splendid forearm drive from your attention especially to that cur expressed willingness to postpone his reserved the holders well, as it is now the base-line, and a powerful valley from and Kent fared badly. There were no rency, the more so, perhaps, as in partirement until such a date as will give being exchanged for over as pence whereas the vicinity of the service-line. Jennings us ample time to consider the appoint a few years ago many of u would next report, our figures will be presented.
ment of his successor. Your general doubtless have been pleased to convert long rallies, the pace set by the Japanese,
being evidently too hot for them. in gold alone.
manager, is now on his way to London our holdings into sterling at about half regardless of style (of which they have In the second set the Hongkong pair improved perceptibly And,
the ligation, a young Fest assured that value. Although we are forsaking
began Japanese
to be
triflo that, when the appointment is finally decid- the currency of the Colony, I trust this
careful in their efforts ed upon, your interests in that important will never lead to a transference of the centre will be in fully capable and ex-control of the Society elsewhere, as I am more.
convinced that the great success of this not to slip, play was much more even, perienced hands.
During the year the Board have can- Society, and many other local concerns, Kent won the first game, and Nomura, Armed the appointment of Mr. C. Me mond being in the Each, where Eastern qualised. Then hervice in the match.
Mrment Hongkong
won three games in succession, thanks to as deputy manager. 320,000.00 Hay was in charge here at the outbreak questions and necessities are well under good work at the net by both Rent and of war, and at that critical time and stood and can be readily handled by those Jennings, especially the latter. At this while in charge upon other occasions since on the spot
stage the Japanese equalised by fast play, during which were seen the only two or 800,202.75 be has conducted the affairs of the Society
three long rallies in the match. Jennings with a coolness and ability fully justify-
accurate service gave his partner and him ing the confidener your Board repose in
the lead again, but the Japanese were playing too well to be stopped, and they won the next two games, and thereby the
by 6-0, 7-5. set, by 7-5, and the match
cause for great congratulation in having | payment of the bonus to the Provident the doubies champions of the A
As you are aware, our business transacted very largely in gold, and in comparing the figures with which we are
now dealing with those placed before Jears, which have contributed in no to enter it emblazoned with such reserven} who: in said to be the better
At this meeting we are dealing with doilar balances. On 1917 areount we have $3,313,045.08, which your Directors re- commend be appropriated as follows:-- A fibal dividend to sharehold-
ers of 0 per share on 16,000 shares.
A bonus dividend to share holders of $90 per share on 16,000 shares
An addition to the reinsur- ance, fund of £150,000 at exchange 3/4-7/18
An addition to the building reserve - fund of. £30,000 at exchange 3/4-7/18 Te equalisation of dividend Eund, £50.000 at exchange 3/4-7/18............................
To be carried forward to underwriting suspense ac- count to close the account for the year 1917
3220,000.00
176,059.53 him,
We
to making a personal
in-
Hongkong may well be proud of its Companies in general and the Union in particular, which has attained such a great position and become one of the It is not usual to make any detailed leading Insurance Companies of the reference to the future at 'our annual | world."
"It is a pleasure to learn that we are 290.754.35 general meetings, and many opinions are
hold as to the prospects of the business not to lose our General Manager ^ycê of insurance in the years before us, but His tactful guidance and mature indg think it is generally admitted that, ment will be more than ever desirable in as a result of the successful emergence the next few years. The shareholders from the wat oL.Great Britain and ber
for the ability with which be has managed Allic, vast openings will soon present owe Mr. Ede a great debt of gratituchs themselves, and the areas accessible
dionlty-there can have been no mor throughout the world offer many inviting the Society in times of exceptional difficult business than that of Marine
1.310,578.41 $3,315,643.90 I feel confident all shareholders will
prospects...
There are very few places of importones where you will not find a representative of the Bociety or of its affiliated satisfactory,
panics, and the organization we have
endorse these recommendations,
Turning to 1918, you will notice that the premium income is greater than that of the previous year, which is antidot
the effect of the increased restrictions on experts and imports and the falling of the rates for war risk to a nominal figure upon the cessation of hostilities. A con- gestion of values in individual steamers continued, and the increased employment of interior vessels brought new complica tions; frequently calling for material re- dactions in our retained lines. The per- centage of losses on the first year's work. ing shows a gratifying decrease, and we have no reason to believe that the anal
what
اذ
a
PRESENTATION TO A CHINESE WAR-WORKER.
DILIGENCE IN KNITTING S
SUCKS. GOVERNMENT'S RECOGNITION OF
in the Council
Fletcher, the Hon. Mr. E. R.. Hallifax, and a few ladies, the Olucer Administer ing the Government (Hon Mr. Claud Severa), presented a gold wrist-watch to Ng Kwan Chak in token of the Govern- ment's appreciation of bis diligence in knitting articles for the troops-
the presence at throbes, yesterday, in
17
Insurance during recent years, though perhaps I may be permitted to say that Exchange Banking probably ran it very up should cable us to take full clow T Pial sure I am voicing your advantage of the opportunities which will opinion when I say we are extremely be offering. It does not necessarily fal fortunate in having such a capable man low, however, that a prosperous condins Mr. Hay to fill Mr. Ede's place. and We learn, with much regret, of the tion of trade generally will react bene that he commands our entire confidence. Scially on the business of marine insur have seen the years
retirement of our London Underwriter. ance. The past few formation of many new companies, and Mr. HC Baunders, who has been nain making the presentation H.E. said we have to be prepared not only for Asociated with the Society for so many reduced premium income due to what years and whose ability has been respon practically a ness but for keen competition from new sible in no small measure for the success attained by the Society. I am sure we other insurance companies comers and
have all endorse the remarks of the Chairman who, although long-established, lately increased their activities to the of appreciation of Mr. Baunders long mering side of the business. The demand service and welcome the news that he has for marine insurance facilities should, been offered a seat on the London Cam nevertheless, be large enough for all to raittees trade in friendly rivalry without having recourse to a wild and senseless scramble for premium at unremunerative rates Whatever the future may bring, the wide spread nature, of our business forms a safeguard against isolated disasters,, and a continued consolidation of our position As in the past we have subscribed vary- ing sums to such charities as your Direc-enables us to face their possibility with tors felt you would wish them to anpport, increased equanimity, which action, I have no doubt, has your approval.
Out of the balance of 26,239,299.94, we
pattura will compare unfavourably with "the preceding year.
The figures for fire and other classes of insurance now transacted by the Society are, of course, included, but this branch of our business is in its childhood. Its development is proceeding upon satis factory lines and your management feel justined in awaiting with confidence its gradual growth, to robust maturity.
The resolution was carried unant momaly.
The appointment of Mr. B. Ross Thomson to the Board of Directors was confirmed, ca the proposition of Mr. P. M. HORGAON, seconded by Mr. D. B
that he had had the pleasure of meating Ng Kwan Chak on a previous occasion, and Ending out what he had done. It was felt that his self-denying work in giving up his spare time to knitting socks and various other articles for His Majesty's troops, who were engaged in fighting on behalf of all of them, was so remarkable that it would be only right to recognise it. Ng Ewan Chak had knitted 193 pairs of socks, many helmets, and other garments not counted, which had been forwarded to the troops through the Union Church Working Party. He had also prepared hundreds of small articles for sale on Heather Day and St. George's. MURDAY.
Mera A, Lang and J. A. Plummer Day for the last four years. He had re were re-elected Directors, on the proposi-ceived numerous, letters of thanks from On the 12th April last you were notified tion of Mr. E. ORMISTON, seconded by the troops. The small presentation made to him was a token of appreciation from of the proposals made by the director
Messrs. A. R. Lowe and C. Bernard the Government of Hongkong of the Society and accepted provisionally Mr G. W. BARTON-
The watch For the inseription. "Presented Hongkong in appreciation of his dilig ence in knitting articles for His Majesty's Troops, 220d May, 1919"
JL
dividend of $30 per share and a bonussurance Company, Limited, for fusion runeration of $1,000, on the proposition to Ng Kwan Chak by the Government of i ecommend the payment of an interim Dy the directors of the North China 19 Brown were re-elected auditors. at, & Te
The
ཐ་་་
CHINA FIRE INSURANCE Co..
LIMITED.
the
Ng Kwan Chak, who has been in the employ of Mrs Milroy for the past 10 years, and was taught knitting by ber, bowed his thanks, and the small gather- ing, dispersed.
of interests of the two companies.
to be Tollowed Mr. HUMPHREYS. seconded by Mr. of. 20 per cent to contributors of busi details of the
provisional agreement SINCLAIR. in submitting
the ness on bonus terms,
The CRALEMAN announced that dividend The fusrease in our premium come entered into for the confirmation of abare
warrants were ready and could be obtain during recent years has been due largely holders are still under consideration, and
risk business, the hazardous we expect to be able to issue a further ed on application at the Offices. The to war nature of which has been emphasised to circular at an early, date.
The war has created an additional bond meeting then terminated. an exceptional degree. You will be able to gain some idea of the magnitude and of union between the Society and its con- aariety of our operations when I tell you stituents, which, we feel, will not lightly that we have paid out in actual cash over be severed, and wa cor dently look for
The annual, general meeting of
You will notice that the dividend wa twenty million dollars on war riskward to an even
You are aware, gentlemen, that the claims alone, and I think it will be agreed support already for increase in the that for a Company which has had the Society compares not unfavourably with me Fire Insurance Co. Ltd. was recommend is almost equal to our in it enables us to add to our Reserves and courage to do its duty to its constituents the largest institutions of its kind in the held yesterday, in the Company's Offices, terest, which is satisfactory; seeing that and it war risk at the critical times world, sad it must be a source of pride the Hon. Mr. S. E. Dodwell presiding increase the value of our association with
and satisfaction to you, as it is to us, we have just passed through, when a refusal would have spread dismay in to feel that this enormous machine has The others present were: Messrs. W. L. the Union Insurance Society of Canton. shipping and merchant circles, ho re-been built up from this small, though all Pattenden. A O Lang, and JA The wisdom of this association is again important, outpost of the British Em Plummer (Directors), Mr. C. H. P. Hay illustrated by the increase in our pre ward can be too great."
Turning to the Balance sheet, it will pire and has been controlled from here (Deputy Bub-Manager), Messrs. D. B.mium for 1918 by over $400,000, and the perhaps not be out of place to note the ever since the Island became a British Murray, W. R Mansfield. J. Cochrane, percentage of loases on this year's account The success of that control P. M. Hodgson, C. B. Bird, B. M. C. do shows a commendable reduction. There fact that our capital is stated for the last possession. time in the currency of this Colony. Dur is. I think, well illustrated by the figures Cunha. F. L. dos Remedios. A. R. 8. are, of course, may more claims to come Reserve Fund remains as before, except which have periodically come before you. Alves, V. R. V. Rebeiro, M. AR de in, but your Directors fool confident that I now beg to propose the adoption of Sousa, and W. Gardner (shareholders). the final out turn of the year will he in
report and accounts circulated
The CHAIRMAN said:-Gentlemen, every way satisfactory. BIG A rate of exchange at which it is converted.be pleased to answer to the best of my have first to deal with the 1917 account The report and statement of accounta were adopted on the proposition of the Last year the Balance sheet revealed the ability any questions abareholders may
ChatRMAN, seconded by Mr. MURHAT, strongest and most satisfactory, financing desire to ask. position it has been our pleasure to place The Hon. Mr N. J. STAR: Me
Mesars. A. D. Long and 3. A Plummer before you, and the figures now submitted Chairman and gentlemen-It is with
were re-elected Directors on the proposi der share on 20.000 shares. $180.000.00 ton of Mr. MANSFIELD, seconded to Mr. zahowapprition: mýnn stronger and more rory great pleasure that I. rise to second
satisfactory than last year. The increase the adoption of the report and accounts To add to reinenranes, fund
BIRD $130.000-130.000.00 Messrs. A. R. Lowe and; C. B. Brown inttouf reinsurance fund is particularly It scarcely seems necessary for me to add gratifying as it enables us to meet with anything to the very full and interesting To write off furniture count 1,428.00 wars re-elected Auditors, on the proposi confident Ang untoward circumstancen statement of the Chairman as the figures To carry forward to undertation of Mr. Honosos, seconded by Mr. connected with our business and, combined speak so eloquently for themselves, but writing suspense account 11.175.17 B. M. Ú. da Cusuk da with similar Funds of the Companie Lam sure that every shareholder must with which we are affiliated, forms" be amazed at the record this Society has tower of strength to protect the valuable achieved during these last four years of world-wide upheaval. To hare paid away business, we have built up.
that the gold reserve shows a lower the when this has been seconded I shall
equivalent in silver owing to the bigher
in respect of which we have an available balance of $452.600.13 which your Dirse tork recommend he dealt with as follows: Dividend of $7 and beans of 39
The CHAIRMAN stated that dividend $452,000,25 Warrants were ready and would be bad on application at the oilee. The meeting then terminated.
(Continued at foot of next column.).
-1919.
LANE, CRAWFORD & CO.
AT LAST
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WATER POLO RALLS
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Episode 4-The Phantom's Trail.
BOOKING "AT ANDERSON'S.
(141
MACARONI, VERMICELLI, NOODLES.
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Office:-31, OLD GILMAN STREET TOL No. 1999, Manufactory:-19/23, ARGYLE STREET, Mongkok, Tel. No. Kzsa,
Hongkong, March 3rd, 1919.
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