A
Page
INTIMATIONS
BOWERN & CO..
No 8, Muszu ROAD,
SHANGHAL ·
COMPANY MEETING
THE ·HONGKONG DAILY PRESS. FRIDAY, MAY 1173, 1923.
THE CANTON INSURANCE OFFICE.
LIMITED.
COMPANY REPORT
CHARTERED BANK OF INDIA. AUSTRALIA AND CHINA.
BANKING POSITION IN THE
.11 FAR EAST
The forty-sevent ordinary general meet-THE ing of the Canton Insurance Office, Limited, was held yesterday at noon at Members British Clamber of Commate the offices of Messrs. Jardine, Matheson
The sixty-niuth, ordinary general meet-
items in our balance-sheet under the heul.. ing of current and other accounts a 225,788,193, 4d, and bills discounted and loans at £17,458,245. 17, 7., whilst the the latter, in addition, reflects
taken pleasing liquidation which has place in the derelict Eastern advances. Our cash in hand and at bankers at £4,515,901. 18s. kl. is down £9,135,082 15. 5. on inst year's total, but our holdings including Treasury
(Shanghai). Mr. T W. BOWERN, Follow of and Co., Ltd., ME.. D. G. M. Bernarding of the shareholders of the Chartered of bills of exchangly been meteised The Institute of Chartered Shipbrokers, Incorpresiding. There were also present: Sir
porated by iyul Charter, London.
Straeuer Au■NTS AND SHIPBROEKEN. For the Purchase, Sale and Charter of Yosvets of any Tonnage, Passenger and or Cargo, Now
Robert Ho Tung, Mr. A. H. Compton, Mr. A. S. Gubbay, Mr. H. P. White and Mr. Houry Humphreys (members of the
Bill, have Bank of India, Australia and thina was held in April 4th on the bank's premises, 3, Bishopsgate, E.C., Sir Montague^c. The Turer the chairman) providing.
and/or Old, with delivery Chins at Very Low Consulting Committee), Mr. F. C. Hallchiet manager (Mr. W. E. Presta) 18.043,106. 8 7. are within £5.048, 158.
Prices.
SALVAGE OPERATORS, MARINE SURVEYORA
Member Shanghai Sharu-Brokern* Anweis
tion;.
SOLE AGENTS FOR CHINA 1--- GREEN'S PATENT ANCHORA. SAMUEL WARSEN & Co, Lt. (Shefeld), High-Class Steel Manufacturers (Tank Brand), ma Catalogues and Price-Lists on application
Boyd, Ho Leung, b. E. Els, J. M. Alves, A. b. btewart and W. E. L. Shenton.
The CHAIRMAN said: -Goutleman,The report and accounts having now been your hands for some days, I props, with your permission, to follow the usual custom of taking them as read,
from £16,422,953 10s. 1o. to 217,002,445, whilst our holdings of Government and other securities now stand at £12,150.013. 17s, againnt £9,432,798, 83, 81, on Decem?- ber 31st, 1991. Our fixed deposita, at
21. of our 1921 figures. With the excep ton of our bank premises account, which shows an increase of £159,858, 148. Id., due mainly to cost of our new Shanghai and Java premises, the other items in our balance-sbert do not call for comment.
TRUSTED DIPARTMENT,
For
(Secretary) and the following share read the notice convening the meeting.
The CHAIRMAN said: Gentlemen, the holders:-Messrs. J. Arnold, G. 17.
figures in our statement of accounts AUCTION KERS, Coat MERCHANTS,
Barton, D. V. Steavenson, G. H. Pierey, reflect fairly accurately the trend of FREIGHT BROKERS, METAL MERCHANTS
N..V. A. Croucher, II. Soth, A. S. Ellis, business during the past year at the Machinery For Sale, New and Old in First-
Chau Stu-ki, Chui Sui-nam, Lo Cheung-various points in the East and Far East, Class Coudition.
covered by the operations of this institu tion. At no single point have we witnessed IMPORTERS AND EXFORTERS, SHARK-BROKER, Lo Man-him, Ho Shi-kit, C. C.
a great spurt in business, no indication
I have to remind you that at the close that real revival in trade, which we are of this meeting an extraordinary, general hoping for so keenly as the solution. meeting will be held to pass cortan re many of our diEculties social, commercial salutions, copies of which have already and political. On the other hand, inter
been circulated. The effect is to create national trade has not been entirely dend,
Trustee Department in this bank. and we might reasonably say has shown some time past, to meet the cometiques an improvement on the position of 1921.
of our constituents, we have had a special We can say, for instance, that the effect department to dent with the payment of of the terrific stump in the prices of income tax and the recoveries of income rommodities is gradually working itself tax. Many of our friends who have been out; that the top-heavy load of uusell or our constituents in the East have suggestedl rejected goodly in India, China and the that we should als have a Trusted East generally has been very appreciaby Department; and after consideration, the this reasonable lightened, though at heavy east, and that board decided to meet we are rays of encouraging sunshine in
request. We have every hope that it will place of the depressing dark clouds which bo successful. In conclusion, desire on encircled our horizon and obscured our behalf of the board to congratulate Mr. vision some twelve months ago. All that Preston, as Chief Manager of this Bank, is to the god. A spirit, rightful on the very satisfactory position disclosed spirit, of caution prevails at the present our report, We tender our thanks to time and should be encouraged. Operators him, to, Mn, Bruce, Mr. Miller, must work cautiously and absolutely
managers abroad, and to the entire staff refrain from overloading Eastern markets for the excellent work they have put in 24with unrequired goods. We have no, fear and for the manner in which they have for the future. Once peace is assured conducted our business both at home and (we cannot believe that the present chaos abroad in these most difficult times. will be allowed to continue indefinitely), and the purchasing power of the consumer fina brez restored we can reasonably expect an active trade between East and West,
(Enquires Welcomed
CABLE ADDRESS: BOWERY, Shanghai.
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178
year.
from
to
the
It affords me great pleasure to be again in a position to present to you such a very satisfactory report, especially as there has been little or no improvement in the condition of marine insurance affairs since we met here about this time last Trade onthurs stagnant and though there is somewhat less pressure
competition, owing elimination of many of the smaller and war-born Companies, there is still insufficient business to go round and the task of maintaining premium income at its customary level is most exacting.
It will be seen from the accounts that although the premium income for the year 1991 was some $600,000 less than for the
After preceding year, the result, months working is over $300,000 better. This is due to the reduction in the loss ratio from approximately 73 per cent. 83 per cont, and an increase of $30,000 in the revenue from investments,
Working account for the year 1922, after twelve mouth' working, shows t decrease in premium income of $190,000. The balance of $2,332,475.41 carried for ward is, however, $13,000 greater than that for the year 1921 at the same perial, and we think we may undraty forward to the successful out turn of this nemnt also.
Our naset, as expressed in sterling stand at a lower figure than a year agi
wing to the fall in the rate of exchange from 2/7 to 2/23, the rate ruling on the 31st December last. On the other hand, as expressed in local curreary, they show the very substantial increase of uver $1.100,000, our reserves have maintained their healthy condition and, with the ndilition of the appropriations which I shall propose later 011, should fully satisfy constituente with re- gard to the security that the Company offers. I wish again this year to make special reference to the invest [ment and exchange fluctuation, account which has now risen to the figure of |$1,083,360,03. Although this Sum
altogether exceptional, your General Agents and Consulting Committee have derne it a visalle to retain it intact natif it can be seen whether the Very material rises which have recently taken Place in both gold and silver critics are to be maintained.
the
The CHAIRMAN then moved: That tho port now presented, together with the balance-sheet and profit and less account, be approved and adopted." I will ask Lord George Hamilton to seconul it.
The Rt. Hon. Loil Georce HAMILTON. C.C.S.I., seconded the resolution, which was carried unanimously.
The CHAIRMAN then moved That & dividend at the rate of 13 per cent, par annum for the half-year ended December 31st last, together with bonus of 6s. 3d. per share, both free of income tax, be now declared, payable on an after the 11th instant." The Rt. Hon. Lord GEORGE HAMILTON seconded, and the resolution was carried unanimously.
IMPORTS OF GOLD INTO INDIA. Indin, for instance, with the advantage of a low exchange and the bountiful crops after two favourable S.W. monsoons has surplus stocks of wheat, seeds, barley. rice, cotton and other commodities, aval able for expert as soon as the Western market, can take the goods. In regard to exports imta Indin it is worth noting that in the year 1022 shipments of raw cutton to Japan totalled about 253,000 tons, valued at Rs. 20,28,33,914. During the same period Shanghai took about
bales
with 60,000
compared yon,
The CHAIRMAN proposed, and Sir Jous 500/600,000 bales some ten years ago, JORDAN seconded, the re-election of the illustrating the unpleasant fact for Indian retiring directors (Sir Alffred Dent mills that the cotton mills in North ChinaK.C.M.G., Mr. Thomas Cuthbertson, and have increased with marked rapidity, and Mr. James Maxwell Grant Prahit), that there are to-day about 2,000,000 active which was sceonleil mad enrried - 31 1 = spindles now at work. Further, in con-mously. nection with the trade of ludia it is On the motion of Mr. R. F. BANKS, interesting to note that the imports of
secondled by Mr. H. B. HENLEY, the gu'd into India were: 1920, £12.03-1.00 neditors (Mr. D. C. Wilson, F.C.A., and 1921, £7,201,504; 1922, £19,078,961 Exports: Mr. H. C. K. Stileman, F.C.A.) were 11/20, 45,053,980; 1921, 220,242,221; 1022
unanimously remppuinted. £40,365. Silver imports: 1920, £3,401,608; 1921, £11,220,315; 1922, £12,108,645, Silver exports: 1920, £2,417,937: 1921, £1,080,238; 1022, £1,723,005. The imports of geld for the first quarter this year have also been unusually heavy to meet the requirements of marriage ceremonies, and, perhaps, for
purposes.
The surplus to be dealt with is hurts of gold and silver in January, the business during the year under review.
$1,303,078.16, out of which has been paid a interim dividend of $18 per share.. We now recommend the payment of a final dividend of $22, the addition of £25,000 to sterling reserve fund, of $125,000 to Te-insurance fund, and the carrying of the balance of 2804,070.00 to underwriting suspens account to close the year 1021 The balance of $2,352,375.41 at credit of 1992 adcount allows of the payment of the usual interim dividend of $18 for that
year.
From the foregoing you will under- stand that it is proposed to increase the dividend to..a total of $40 for the year 1921, as against $35 paid in respect of 1019 and 1020. It has come to my know edge that, the fact that we do not pay away all our income from investments has been criticized and it may not be out of pines for me to make a few remarks on the subject.
1023, were Rs 61.053,559 (£4,110.230), and in February, 1923, Rs. 108,500,000 (£7,203,333).
3.
Mr. TOMPKINS, in proposing a vote of thanks to the staff, said the shareholders were great y indebted to all concerned for the able way in which the affairs of the bank had been conducted during a most strenuous year. They were all aware of the difficulties encountered in carrying ou
Fox his part he would like to express his gratification and thanks to the board generally. He would also like to mention under the staff abroad, who worked
limatic conditions net so favourable na over here. With regard to their chief manager, all that he could say was that be was universally known and respected amongst the bank managers in London.
Mr. HENLEY Beconded, and the resolution was carried unanimously.
Mr. PRESTON, in reply, said it had been the staff's endeavour to be the means of Presenting to the shareholders what they had told them were satisfactory figures; they hoped, providing trade conditions during the sext year were no worse, to repeat them.
INDIA'S FINANCIAL POSITION. As regards India's financial position, Too much stress should not be laid on the budget deficit, due mainly to abnormal demands and abnormal conditions. ladin is a country of immense resources and wondertul recuperative powers. Provid. ed retrenchments are effected, the political agitation is reasonably restrained, and normal conditions prevail in Europe and America, 1 can see no reason why India should not be, ere long, in a very satis factory financial position. China has also products available for export to Western markets, but unhappily she is still greatly handicapped by internal unrest, and one almost despairs of seeing a really firm civil Government which could control the Following the ordinary general meeting | cartons elements of misrule and dis an extraordinary general meeting was held turbance, & constant source of danger to for the purpose of considering and, if the masses of humble traders who yearn thought fit, passing, pursuant to Clasim to be let alone and given a chatto of 53 of the Company's Deel of Settlement, peaceful life.
A vote of thanks to the Chairman concluded the meeting.
Our practice is not singular. It is the same as that of many well-known Home Companies, who in some cases distribute in dividend an ever smaller proportion of revenue from investments than we do. It must be remembered that, should an
dated March 20th, 1854, a net of resolu- As regards the position of special tions applying for and obtaining & sup- exc.ptionally heavy Insa be incurred, no cessitating the sale of investments, a fall
Eastern commodities, we must congratu-plemental Royal Charter for the company, in jutendst would result. This in tura late our friends, engaged in the tea dated April 15th, 1922. might result in a reduced dividend if the industry, on the most satisfactory posi
The resolutiong were all carried unani- Company were too liberal in its return do
tion in which they and themselves. The shareholders. It is entirely owing to our demand for ten of high grades and mousy. conservative policy and the building up of consumption of tes has increased more reserves, that the Company has been than we could have expected, and has, ww enabled to expand and attain the minently imagine, exceeded the most sanguine Batisfactory position it and I trust that shareholders will apprord bave also benefited by a marked improve.
occupies to-day, expectations. The Straita and F.M.S. HONGKONG SHARE MARKET, the policy that is followed.
dent in rubber and tin, though it must I cannot think of anything further that be remembered that in the case of rubber calla for special reference, but I shall be the improvement is in a measure due to pleased to answer to the host of my restricted output, and before a ability, any questions arising out of the substantial and steady rise in the price accounts
unts which shareholders may wish to of rubber can be looked for, there must
read
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I
woonded. I now propose the that article, following resolution: That the Boport
PRESENT POSITION SATISFACTORY. and Accounts as pressated; including the
Looking all round we ought to be payment of a final dividend in respect of satisfied with the position generally in the year 1921 of 822 per share, and an interim, dividend in respect of the year view of the prevailing world-wide state 1928
of $10 per share; the addition of political unsettlement and unrest. £25,000 to sterling rosaryo fund, of is cornestly to be hoped that the precont 1125,000 to re-insurance fund and of position of affairs in Central Europe may not be allowed to continue to the great $604,079.00 to underwriting suspense detriment of civilisation, and that in amount be adopted and
The adoption of the report and England all classes will recognise thas accounts was reconded by Mr. Lo CHENG- strikes must be averted, that hearty co- SHIV and carried unanimously.
operation must exist between employer On the motion of Mfr. J.
and employed, and that increased output ARNOLD, seconded by Mr. D. V. STEVENSOS the and increased' exports are essential if we following were re-elected to the Consulting wish to maintain the credit of this country Committee: The Hon. Sir Paul Chater figures of our balance sheet, although our in the world of finance. Turning to the C.M.G.. Sir Robert Ho Tung, Messrs
total figures for 1322, £50, 153,372. 155. 108., E. J. Chapman, A. H. Compton, A. B. Chubbar, H. Humphreys, T. E. Perco show a reduction as against the £01,757,780. and H. P. White.
18. 6d. for the same period in 1921, the decrease is more apparent than real, as. our Indian figures this year have been brought into our accounts as a la 40. rupee, instead of 18. 8d., in 1921. This more particularly applies to the
with whlok le incorporated "Taz Catia Ovirland Trade Export." Mesars. H. Perey Smith, F.C.A. and A. R. Te, F.C.A.. were reelected Babeoription, paid to adrados, 119.P/militars for the ensuing year on the saam. fooleding Portes do my part of
motion of Mr. CHAU SIV-X, seconded by the world, Bl.
Mr. H. Sera..
CLOSING QUOTATIONS.
Mir icth, 1923. Hongkong and Shanghai
Banks
Canton Insurancès. Union Insurances...
Chios Sugars... Langkats (Combined) Kowloon Wharves` .......... Whampoa Docks Shanghai DockLE ........................ Hongkong Landa.... Hongkong Hotels ............ Hamphreys Estates Ewo Cotton Mills Shanghai Cottons Cemento....... Hongkong Ropes.. Dairy Farms..... Hongkong Electries China Lights Hongkong Trama
1,060.
F,*$ b. x}.
236 b
..246.
32,313 b
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