4
(4
THE IMPROVED
'MACNOVA”
WATERPROOF
A waterproof which has stood th best of exceptional heary rain and proved, what we claim it to be a thoroughly reliable yet light weight watorproof.
The Macnora" is made to our own design of a specially woven clath al treated with a jatent proofing cess winch enables it to withstand the peculiarities of the climate
It is cut on free and easy, get antert liver, providing perfect ramkrb.
in wear, and every detail in the making has the chosent rutiny.
We confidently recommend the wiil "Machuva Water; ront, and replace any com which fails to give emplete and absolute satisfaction.
ALL SIZES IN STOCK..
$35.00
OTHER QUALITIES $21.00, £40.00, 845.00
Mackintosh
MEN'S WEAR SPECIALISTS
ALEXANDRA BUILDING.
& Co.Ltd
DES VOEUX ROAD
DAIRY FARM NEWS.
NOW AVAILABLE
THE HONG KONG DAILY PRESS, SATURDAY,
INSURANCE COMPANY MEETINGS.
MAY 21st, 1927.
Ohina Conditions.
It is needless for me to make long reference to the disturbed condi
UNION INSURANCE SOCIETY OF CANTON, LTD., AND tons existing in Chion, as these
CHINA FIRE INSURANCE CO., LTD.
INTERESTING REVIEW OF YEAR'S BUSINESS.
Interesting reviews of the business carried out during the year by the Union Insurance Society of Cantem. Limited, and the China Fire Insurance Company, Limited, were made at the annual meetings of these companies held at Union Building, the Head Offices of the Companies yesterday morning.
are well known to you all. Whilst the Society is not dependent on the business it dors in the China-field, it nevertheless has a good aevognt here, we naturally all hope that comitions in China will soon tight themselves and that the trade of the country will enter upon a new era of prosperity. The Society, 1 am piensed to tell you, is privileged by a continuance of loyal support from a Chinese clients. As re- gards the political situation, we| I wonki only say that we are indeed very sorry for the great suffering Tarning to the figures in the which the Chinese people are en Society's balance sheet you will during at the present time, and wo note that are sterling reserve now! envuestly hope that the state of stands at £,000 which includes unrest and civil war which is un the amount of £7,000 transferred | happily passing over the land may last year from the reinsurance fund. | soun he lifted, and that the counter After taking this transfer into may be allowed to enjoy the bless ings and safeguards of an calipha account you will notice that the re
At the meeting of the first mentioned Company somewhat lower underwriting profits wer departed. The effect of the exchange at the figures in the alance sheet were reterred to and also the restriction natomobile business with the United States of
At mis
UNION INSURANCE
SOCIETY.
insurance fund shows an appreciaened government. tion of some £21,000 over last year's figure.
Exchange Fluctuations. Exchange and investment fluctu tion account stands at 2570,125.3.5,
In keeping with the practier vi other of the leading insurance con
At the bath ordinary yearly meet ing of shareholders of the on
of CRET huisance Society Limited, Mr. T. t. Well presided; being supported by Mr. L. J.
Changes In Staff, Davies, Mr. 1. O. Russell, Mr. J. K. Bousfeld Directors), Mr. P.
During the year, Mr. II. C. Gray, . Lauter (General Manager). Mr. 11.
Inderwing suspense acenunt! wh has bad long service with the C. Gray (Sub-Manger), and the
compared with last year's figure Society and its affiliated Company, following shareholders: Messrs. shows an increase of nearly the British Traders' Inmance. Consi which may la considered satisfa Montague Ede, T. G. Wendi, G. 8.
pany, Laited, has been appointe=) {'. E. tory. Archbutt, John Bentley,
In the post of Sal-Manager. A | Meyer, W. J. . Whiley, R.
Dastar, J. M. Gerdon. C. C. Black. J. K. Bousfield, J. .. Taggart, S. W. Stapleton, P S. Dinsdale, Bo Emu Tung, L. J. Davies, A. MeCur-ding year, which shows a dianinu Manager has considered that cer tion of 167,671.19. L. This is almost tain Head Office posts should be die, J. A. Worswick, H. C. B. Way entirely accounted for by the heavy established and you will notice front it. D. Bead, W. A. Hanuibal, W. Fdrep in the sterling equivalent of Garduer, A. N D. Consland, J. the dollar, our balance sheet totals the balance sheet that we have now fire manager. I think you will Owen Hughes, A. M. da Silva, being overted at the long Kouga inspector, a sub-manager and 21 Shanghai Banking Corporation's J. F. Wright, D. O. Russell, W.
To enable us to cope more effec Kitched, CM. G. Burnie, W. E closing T/T rate of exchange on agree that this policy is a wise one. the 31st December, 1926, which was Sith, 1. B. L. Dowleggin, J.
Is. 11d, as compared with s. 4. tually with our existing business on Ormiston, W. E. L. Shenton, J. W.
the previous year, and a heavy drop the Pacific Coast, where we already Alabaster,
A. A. Sommerfelt, Stevenson, E. W. G. de Gyulay, in our exchange und investment have an important marine and fire Exchange has had a was opened in the latter part of Siva, V. R. Y Ribeiro, F. N. inevitable.
material effect upon all the figures last year at San Francisco, Mr. A. Hibeiro,
W. Hughes being appointed Man- Ryan, M. Manuk, D. F.
more fully ager at that port. This gentleman. John Fleming, B. M. C. da Cunha, in the balance sheet and this fea
ture may perhaps he Sun Pak Ming, J. M. dos Remedios appreciated by noting the sterling who is doubtless well known to and A. E. S. Alves,
equivalent of our aliver reserve fund of $3,000,000, which this year stands at 1293,750 as against 54,687 100 last year showing a decrease in this (ine iters alone of no less than
60937.10.0.
as against £746,500.2.9 in the pre-panies of the world, your Genera'
DUNSTYLE CHEESE Austin, 1. Rutonjes fluctuation account was therefore connection, a branch of the Society
(Farm Made)
TEAVOURAND QUALITY UNRIVALLED
80 Cents per lb.
THE DAIRY FARM, ICE & COLD STORAGE CO., LTD.
By Appointment
D
GENERAL ACCIDENT, FIRE & LIFE
ASSURANCE CORPORATION, LTD. By Appointment
I'M NOT
INSURED
You will notice that our interest on investments is somewhat de
lined, this being partly due to galler interest earnings in the
CHAIRMAN'E SPEECH- Addressing the meeting, the CHAIRMAN said: In the absence of the Chairman I have been called upon to preside at this meeting, and before, dealing with the report and accounts, I would like to say how very pleased I am to have this opportunity of welcoming Mr. Gyulay, the Society's General Manuited States, and further these
accounts are materially affected ager for Australasia, who has a exchange. We hope, however, for rived from Sydney on a short visit
We have followed our usual ens to the Colony. Mr. Gyulay han one improvement in the future. rendered the Society faithful and
tom and taken our investments & valuabie service for a period of
the market rates ruling at the close nearly 20 years, and I am sure we are all glad to have him here amongst us.
I am further very pleased to see that Mr. C. M. G. Barnic, our Shanghai Manager, is also present.
Marine Insurance Business.
-to
the year. Our funds, gentlemen, are invested in first class securities widely distributed over our various The Society fields of operation. and its affiliated Companies has for example at date over one million
etering investor in British Cavery- ment and British Dominion Govern-
nent Securities.
year.
Automobile Insurance.
over
any of you here to-day, has had a long and varied insurance career and under his guidance I feel ee fident that the fortunes of this newly-established branch are well assured.
In conclusion I would like to tell you that our General Manager, Mr. Paul Lauder, is shortly leaving for home on a richly deserved holiday and a sure I am speaking for all shareholders in wishing him a very pleasant holiday away from the! worries and enres of business, and that he may return with renewed health and energy.
Mr. W. E. Smith who has had the
WE WANT
THE NEW
YOU
TO HEAR
ORTHOPHONIC
VICTROLA
COME IN S. Moutrie & Co., Ltd.
Um-m-m!
ST. LAMOI PILSENER BEER
The Hot Weather Drink.
H. RUTTONJEE & SONS.
J RAL
Tel. C. 190.
Lubricoats SOCONY MOTOR OIL
confident there will be many years' experience in Soriety's service will act for Mr general approval of the proposal Lauder during his absence.
that bonus of 15 per cent. be paid on the salaries of those mem- bers of the staff bolding provident fund agreements,
I now propose the adoption of the report and accounts and when this has her seconded I shall be glad to answer to the best of my ability any questions you may wish to ask.
SECONDER'S SPEECH.
tively.
respec
1 would like to congratulate Mr. H. C. Gray upon his appointment
as Sub-Manager.
Other Business.
>
[4.P.B.)
The balance at credit of the 1920 You will account is 8754,808.42. have noticed the total assets of the Company stand at over 89,480,000, a considerable increase over last
year.
This is mainly accounted for by The Working Account.
the drop in exchange which last Continuing, the CRAISMAN said
year was taken at 28. 1d. and this The working account for the year
During the past year there has
Mr. Gray-haa bad a wide ex-year at Is. 1d, the consequent 1623 after payment of an interim beca a further curtailment in that
Sending. Mr. J. Owen BuchEsperience in the service of the effect so far as this Company is dividend of 245. per share and part of the Society's business trans. bonus to contributors of business acted in the United States which we sud-It gives me much pleasure Society, and I feel sure he will concerned is to increase the dollar shows that the balance available have found unprofitable.
! refer
to second the proposal made by the carry out the duties of his new equivalent of all sterling figures.
This is effectively illustrated by distribution 2013 for,
particularly to the automobile ar Chairman, that the report and office with credit.
Shareholders will also be glad to a comparison of the amount of the fund which while 6208.05.15.4, and your Divgefors count to which refereree was made recommend that this balance should be my predecessor in the cluir last counts as presented he adopted.
In doing so I feel sure that know that Mr. A. W. Hughes has extra reserve he appropriated as falows
During the year 1981, we rein express the opinion of shareholders successfully established himself as standing on our banks at the same. A final dividrod of 168. per share
ed by $1,121,270.00 as was operations cannot be considered Francisen, and wu wish him every C100,000 and $100,000 is represent and a bonus dividend of s. persired a portion of this account and that the result of the Society's our Pacific Coast Manager at San actual figure as last year, namely. against share on 135,000 shares he paid to in 1925, further reinsurance
I am sure we all join with the 8945,814.08 in last year's Balance shareholders, absorbing £111,750, effected, whilst during the year other than eminently satisfactory, sukcess.
The fact that the Company and that the annce he carried for under review, the Society reinsured wearing in mind the advere trad- ward to underwriting suspense ac- the whole of its outstanding liability ing conditions obtaining the world Chairman in wishing our General Sheet,
the or more, and insurance business pleasant holiday and we hope he transacts business in both sterling combined with the count to close the account for the on this account and ceased to trans-over, during the past two years Maunger, Mr. Paul Lauder, a
will return thoroughly refreshed to and dollars. act automobile business in year 1025,
At first sight-the drop under the continue for many years the in question of exchange, makes a com- The balance of the working ae-United States other than to a very generally has been no exception.
heading of Exchange and Invest valuable service he has rendered the parison of individual figures dif-
Society.
ficult, and no particular comment count for the year 1926 amounts to limited extent on the Pacific Coast.
ment Fluctuation Account seems £418,285.11.10, and your Board re-
The report and accounts were appears to be called for. cominend that an interina dividend
We have been writing this class rather heavy but those sharehol- of 248. per share should be paid to of insurance in the United States ders resident in the East at any unanimously adopted. shareholders, absorbing £162.000. since the year 108 and whilst the rate will fully appreciate that such that a bonus of 20 per cent. be paid underwriting Tesults
this fuctuations are inevitable. I am 10 observe, however, that to contributors of business on bonus period do not show a favourable glad terms absorbing about. £20,000, and outturn, the loss entailed has been against this there is the satisfactory that the remainder be carried for offset to a consideralde extent by increase of £24,000 and £50,000 in ward.
the interest gained on the premium the reinsurance fund and under- reserve. 1 was felt however that writing suspense account The year 1929 has not been a good our prospects in the automobile one for marine insurance business field were not of a sufficiently at For Full Particulars of Accident Insurance,
in general, and towards its end tractive and promising nature to Apply to the Agents-
there were several major casualties warrant our continuing the business which will make the second year's except upon very conservative has As regards the Society's fire settlements somewhat heavy. BACKHOUSE LTD.
operations in
the United States, The same scramble for good cargo those have also been largely cur [A.F.U.]
lines continues and in consequence tailed during the current year, and
Sound Polley. rates have steadily declined. We at the present time, the main ac-
Gentlemen, it is a sound and can only hope that the steadying count, apart from a restricted and influences which are at all times profitable business transacted on conservative policy that has placed
to keep the market from the Pacific Coast, has been rein British insurance companies in thei attempting making wiki reductions in rates will sured in full.
leading position occupied by them prevail and that increased preraia This reinsurance has only recent
by heen effected and, while it will today, and whilst I know that this may be available in the future.
policy in being pursued by the As regards the hull market, it naturally entail some falling off in Society I feel exqually assured that
Mr. T. G. Weak again presided would appear that several very premium income. we are satisfied whenever, or wherever, satisfactory necessary reforms have been affect that his will have no adverse effect business offers, the Society's officers at the 58th ordinary yearly meet ed, but whether bull business ur & on our underwriting results. In the and Agents can he relied upon to ing of the China Fire Insurance whole will leave a profit we think is meantime I think it right that you
CHAIRMAN'S SPEECH. very doubtful.
should know that our fire liability
I am glad to observe, and accept
Addressing the meeting the The balance standing to the credit in the United States has been re-
your assurance that our funds are of the Society's 1920 marine nccount duced to a low figure.
CHAIRMAN snid:-The working ne luxested in first class securities nver is less than the balance of the 1925 I think you wil
Messrs. Lowe, Bingham & Mat- a wide field, and especially that count for the year 1926 shows a agree, gentlemen, necount to corresponding date, that, bearing in mind trade condi-
honig and difculties over one million sterling is invested balance of 8805,229,53. Your Direc thews and Messrs. Linstead & but we nevertheless anticipate a fair tione at
lors recommend that a dividend of Davis were re-elected auditors at a in British Government Securities. margin of profit. The fire and abroad, the figures before you
BENTLEY, I am sure that all shareholders per share and a bonus dividend remuneration of $750 cash on the general accounts, owing to adverso speak well for the care SUPPLIES.
resulta i Canada, Australia and interests by the staff and you will will fully ondoren all you have of 35 per share on 23,000 shares proposition of Mr. J the United States of America, are heartily approve our following the said in regard to the situation is he paid to shareholders, absorbing seconded by Mr. F. H. FARNE not altogether favourable, and the usual custom of voting a bonus of Chinn, and hope for a speedy end-$250,000, and that the balance be total underwriting profits. for the 15 per cent. on salaries to the crediting of the present trouble and for carried forward to underwriting period are therefore somewhat loss of members of the staff holding pro the establishment of peace, order account to close the necount for the
and good government. than those of the preceding year.
JAMES H.
JA, CHATEN ROAD. (3RD FLOOR),
DISCRIMINATING PHOTOGRAPHERS PREFER
Ica
CAMERAS & PHOTO
Sole Agents:-THE WING ON CO., LTD.
vident fand agreements.
of your
The working account balance are somewhat less than the balances for corresponding periods last year, On the proposition of Mr. W. A. but can # think be considered HANNIBAL, Beconded by Mr. W. J. satisfactory. G. WHILEY, Messrs. J. A. Plummer
I now move that the Directors' and T. G. Weall, retiring directors, report and statement of accounts were re-elected,
as presented be adopted, and when On the proposition of Mr. H. B. this has been eeconded, I shall be L. Dowaida, zeconded by Mr. L.
answer any questions Whilst it is always unpleasant
that may be put. having to curtail business in a field N. RYAN, Messrs. Lowe, Bing.pleased to which at one time held promise of han & Matthews, and Messrs. Lin fruitful operations, I feel sure that stead & Davies were re-elected shareholders will, in view of the auditors at a remameration of $2,000 explanations given, fully approve, This concluded the business of the the action taken.
meeting, the CHAIRMAN announcing that dividend warrants were ready and could be obtained on applica tion at the Secretarial Office.
obtain their fair share of it.
each.
CHINA FIRE INSURANCE CO.
Company, Limited.
year 1025.
Other Business, The report and accounts were unanimously adopted on the pro- position of the CHAIRMAN, Beconded by Mr. ARCHBUTT.
The CHAIRMAN reported that, aince the last general meeting, Mr. W. H. Bell had joined. the Board and the Hon. Mr. A. O. Lang, W. L. Pattenden and Mr. Mr.
Mr. L. J.
Bell bad resigned. Davies, Mr. D. O. Russell and Mr. J. K. Bousfield had joined the Board
Mr. J: A. Plummer and Mr. T. G. Wen retiring directors, were re- elected on the proposition of Mr. J. W. ALABARTER, seconded by Mr. B. M. C. Da Cunha.
This concluded the business of the meeting and the CHAIRMAN an- could be obtained on application. nounced that dividend warrants