10.
HONG KONG DAILY PRESS, SATURDAY, MAY 30, 1931.
INSURANCE COMPANIES AND THE
BAD TIMES.
THE UNION INSURANCE SOCIETY OF CANTON, LIMITED.
MR. C. G. S. MACKIE REVIEWS DIFFICULTIES OF 1930: A SUGGESTION TO UNDERWRITERS.
DIVIDEND OF FORMER YEARS
REPEATED.
The Hou. Mr. C. G. S. Mackie beenpied the chair at the annual meeting of shareholders of the Union Insurance Society of Can. ton, Ltd, yesterday, and in the course of his speech, he remarked that taking everything into consideration, he was sure all present would agree that they have had a very antisfactory year, and in tiris connection he "would like to may a high tribute to our General Continuing, Mr. Mackie said, “I Manager, Mr. Paul Lauder," feel that it is to a great extent due to the conservative policy that. he has adopted that the society is in such a sound position to-day." The Hon. Mr. Menton, in proposing that the directors' fee be raised from $2,000 to £200 mer annum remarked that the former figure was not a suficient fee for the responsibilities which the directors are called upon to carry out.
CHAIRMAN'S SPEECH. Addressing the meeting the chair- man said:
10.93 per cent, and 1 per cent.
for the previous year. The decline
Sports News
LAWN BOWLS.
GOLF.
The Big Hitters. Rogers Hornsby, player-manager of the Cubs, hit a home run to- day. In the Brat gaan, Doljack hit
home run for the Tigers and in the second Owen made the clr- cuit on behalf of Detroit. Webb contributed a home run to the Red- Sox performance,
in our premium iuris VAA or YACHT CLUB TO PLAY AT ROYAL HONG KONG GOLF |ed to keep the Doigors in the run-
course inevitable as owing to the heavy fall in the vase of merchan dise already referred to by me and also to the restricted trading con- ditions there was less to insure and it was not possible to main- isin our figures.
Our Fire and Gerat business 1st year loft us with a moderate pront attor taking into account
I outstanding losses and setting up
all the necessary ressives,
CRAIGENGOWER.
NORTH POINT GROUND
UNFIT,"
By "GRERN."1
Two lawn bowls League matches will be played at Craigchgower tạm day, the junior guine being carried to the home ground by arrange ment, owing to the Yacht Chib ground being in unsuitable condi tion at the moment. The return, match will be played at North
You will notice that the Interest Account for the year 1970 is £150,430.7.1 as against £177.588.2.5 for the preceding year. The figure in affected by exchange and at the end of the second year we antlui- pate if exchange thun ruling is not | Point. much under 1/1 that the interest for the year 1930 will approximats to that shown in the Working Ac count for the year 1920.
CLUB.
STARTING TIMES" FOR FANLING ON SUNDAY,
9.21 a.m. W. Vallance and
Commander Priestly. AU, Penn and J. R. Coth
A. D. Humphreys and O. Eager.
J. G. Campbell and N. K. Littlejohn,
W. W. Mackenzie, and
G. O. Johnston,
D. Forbes, and D. J. Gilmore..
A. G. Coppin and (), A. Miller.
1.23
1.02
T
9.30
+
9.40
1
0.1-4
"
9.19
D
0.52
W. C. Shields and F. A. Redmond
9.50
10.00
1+
10.04
11
1. Bonker.
++
M. Dully,
Last week Craigengower had two of their regular senior players ab- sent, but it in understood that the For the information of share full team will turn out to-day. The 10.08 holders I would say that the 50- ciety's Subsidiary Companies have junior team will consequently be as in certain instances increased, their strong as they can make it in their dividonds but none of these Commeeting with the Yacht Club, panies are paying away more than the interest earned in dividend al- though they are distributing near
The following will play for Civil Service C.C.. seniors in their ‚away match at Craigengewer: — As you are aware the Society E. Jones, W; Westlake, J. Deakin and its Affiliated Companies have considerable interest in Austral-and J. Hollidge (Skip.) asia where they transact a valu
Fire Insurance, With regard to Fire business the year 1930 was a difficult one due Cientlemen, Before commenting
to the general depression in indusly that amount upon, the figures appearing in the
try. As compared with the gear published balance sheet" I would | 10m a welcome diminution was like with your permission to pay a shown in Fire losses in the United few words upon the general trade Kingdom but this was necompani-able business. The depreciation in 'swonditions prevailing last year, anded by a contraction in premium as to how thise have affected the 'due to the fall in values and also Jausiness transacted by the Society | to the curtailment of production, 'and its affiliated companies. As In the United States of America: you are aware the Society and the the trade depression was Companies associated with it are panied by an increase in loss ex-
perience.
primarily interested in Marine and Fire Insuraner but they transact also to a smaller extent certain general classes such as automobile, Recident, employers liability and other allied types of insurance. Ail these classes have of course been affected by the disturbed conditions prevailing.
The year 19 will long be retnem- Jered by business communities the whole world over. During this period merchants have had to face unprecedentedly difficult conditions. There has been a heavy decline in the prices of nearly all conmadí- ties. These ruling for rubber and tin, jute and the manufactured article, raw silk, and other import ant classes of merchandise hear eloquent testimony to this feet.
. In Canada there was
general
falling off in Premium and al thigh the amount of losses incur rest does not appear to have hown much in excess of the previous year the decline in Premium Income will have the effect of increasing the loss
rolio.
In Australia the political and exchange position has added to the general difficulties of business. In- portant individual fires appear to have been fewer.
Fire business in Chinn continues to be subject to intense competition and notwithstanding the rise in the role of property as calculated in
silver the sterling equivalent of the premium received is somewhat diminished.
Here in Hong Kong and China
Changing conditions in China we have had also a collapse in the and also in India have no doubt sterling value of the dollar follow- accentuated the difficulties which ing the heavy fall is the pries of the trade of the World has had to
face during the past year. I a aure it is the earnest wish of is all that both these great Countries will soon be in a position to settle down to a long era of peace Bod of trade prosperity,
silver. Our flautunting sterling ex- changes have,ertainly added to the Suciety's parplexities. In this ress pect however it is not xingular for in varying degrees many other Business undertakings have been similarly affected,
The heavy fall in market prices of necessity means less value and in less insurance and consequence underwriters will have diminished premium, with which to pay their lains. This means also that the ratio of expense to premium income of many comanies will show some increase.
Press of
the Sterling value of our invest ments in Australia and New Zea fand as at the end of last year due to the rate of exchange exist, ing between those Countries and London has been taken into ne count in the figures before you,
You will notice that we are pro- posing to pass from the Reinsur ance Fund to the Sterling Reservo Fund £100,000. As regards the Re. insurance Fund I would explain that the Society has in the past built it up from profits and the greater part of it consists of freo Reserve. Owing to the shrinkage in the sterling equivalent of the thought advisable to transfer the Silver Reserve Fund it has been
amount mentioned to the Sterling Reserve in order to strengthen the Sterling, total of the two Funds.
U.S. Business,
It gives me much pleasure to be able to advise you that the Society J. Boberts and Company Inc., of has recently appointed Messrs. W. New York City, its Fire Managers for the United States of America, exclusive of the Pacific Coast Ter
Titory.
This organisation has represented the Society as United States Marine Managers and Attorneys since 1990 and we have every con-
fidence in them.
You will remember that the So-
city's Fire business in the United siderably curtailed in 1927. It has States of America was, very con
now been dreided to reconnnence the bisiness on conservative liars and we have every hope that a successful business con bú grádually built up.
Mr. Paul Lauder,
With these few remarks upon the general conditions I would ask you now to turn to the figures in the
You will notice, Gentlemen, that Society's Pablished halance sheet.
I have refrained from comment- The report and Acents having been issued on May 5 will haveing on the immediate prospects of given you time to examine the the Society's business. In times of figures and I propose to follow the trade prosperity it is very difficult al custom and take them as well to forcace a decline and in times as the Auditors' report as, rend. of depression it is equally difficult The sterling equivalent of the to foretell when a revival will take Silver Reserve Fund of 83,000,000 is place. I would however say that when the long expected trade re £12,500 as compared with £213,750
covery occurs the Bociety to inn at the same date the previous year. is of course due to the drou in the The decline in the sterling value position immediately to benefit. sterling rate of exchange from as at December 31, 1020, to 1/1 ng at December 31, 1000,
diminution und atanda at
The past year has certainly not bren a easy one for the marine underwriter. Although there have not been man heavy total losses herry claims have recurred, parti
I think the figures before you ean during the period the usual crop of
Gentlemen, considering the times calarly those caused, by that ever
ba caled satisfactory and in this recurring hazard, fire.
connection I would like to pay, a You will have all rend In the
Similarly the Exchange and In-high tribute to our General Man I fool it the very difficult times through which British shipping vestment Fluctuation Account shows ger, Mr. Paul Lander.
is to a great extent due to the pated last year and which it still
conservative policy he has adopted- n compared with that the Society is in such a sound. continues to experience. You will £163,751.9.3 understand that bad, trade for our 2309,309.4.1 and here again the re
to-day. He has been ably shige med til sents had trade doction in this account amounting pupperled by a most efficient staff for the Marine Insurance Com- to £114,017,14,10 is primarily caused stationed throughout the World, anies for these ships carry they exchange. The decline would and I wish to express our thanks
have been heavier had it not been cargo that is insured. Further
to all for the good work they have great amount of the tonnage of the for the rise in the market value of
done and are doing in maintain. World during last year has been certain of our sterling investments.ing the efficiency of the Society at
Turning to the figures of the the highest level possiblu. Iying idle and the Inying up returns which underwriters will have to pay working account you out on last year's Hull Account I am nirnid will be heavy
will notice
that the balance of the 1020 account ns at December 01, 1930, is £155,044.14.0 compared with
The Year 1930.
Mr. W. Z. Smith,
Bineo we last mot Mr. W. E.
The same intents competition in £123,826.15.9 for the year 1028 at the Smith, the Society's Inspector, has Marine Insurance still exists and end of a similar period. The 1980 retire from our service, Ms. in this connection I would say it seems a great pity that marine account should leave a fair profit Smith was well known to you and underwriters whether writing for and the amount of £47,044.14.0 held in high respect not only hy the Companies or in an individual which we are carrying to the Under the Society's Staff but by all clas capacity cannot unite in, maintain-writing Suspense Account will ca of the community. Mr. Smith proceciled to the East for the sor- ing a reasonable level of rates. If materially nasist that fund,
Vice of the old Chine Trader's In- British Underwriters would come
surance Company (now the Bri- together in some simple and com-
tish Traders laurence Company) The working account for the year nion form of Agreement a great
in the year 1800 and upon the In 1030 does not make quite such good Istep forward would be made. ince of all the difficulties of the showing although the percentage of amalgamation of that Company present situation it would surely losses to premium income written is with the Society ho joined the Bo be wise to call a halt to all foring 41.94 per cent. as against 43.59 tiety's Staff. He has filled positions of unnecessary competition, per cent. for the previous year at many of our Branches and has fact. the Marine Insurance. Markot The. fall in the premium in acted in charge at Head Office. Mr. Smith has given most valuable ser- seems to require a little more of come has however had the effect vice to the Society arid I am sure tho live and let live" policy of alightly increasing the com
in wishing: about it, if it is in a reasonable mission and charge ratios these you will all join me in time to place the business upon, a bring 12:01 per cent and 18.71 him a very happy retirement.
per cent. for the year as against (Continued on Page 11.) Sound basis.
In
10.12.
C. Mycock and W. Mul- eaby,
W. C. Haley and H. R.
Campbell.
V. R. Gordon and A, C.
C. T. May and I. W.
·
D. D. Evnes and F. C. Young.
MAJOR LEAGUE BASEBALL.
Jaa. T.. Dobbie, E. L. Holland, | ATHLETICS' LEAD FURTHER L.. E. Longbottom and A. O. Brawn (Skip.)
S. Randle, S, É. Alderman, A. H. Oswick and J. Gregory (Skip.)
Kowloon Bowling Green Club have amended the teams anounced carlier. The following will play in the senior game at home against the Police:-J, Rodger; G. H, Sherriff, H, Nish and W. Rus- sell (Skip.)
R. . Nichol, T.. 5. W. West, G. E. Roylance and D, F. Warren (Skip.)
S. Eccleshall G, J, Chambers, E. W. L. Hoghin and L, Guy: (Skip)
Police R.G, Team.
The Police have rearranged their team, Oram taking on the position of skip in place of John-
rink. The team is as follows:- sun, who will be the Nok 1 on West's
A. J. Johnson, E. Gooding, Dall and J. C. West (Skip.)
1.
W. McHardy, Brittain, Kirby and... Orain (Skip.)
Carey, A. Reynolds,, F. E, E. Booker and W. Mair (Skip.),
Reserves: Fraser and Daly. Civil Service C.C. junior team (home). Bawling Green Club
STRENGTHENED.
· BIG HITTING AGAIN A FEATURE.
New York, May 24-Extending their leadership in the American League, the Philadelphia Athletics to-day triumphed by a score of 7 to 3 over the New York Yankees at the Stadium here. They have now won fifteen gaines in a row.
At Griffith Stadion in Washing, ton, the Senators barely managed la nose out the Boston Red Sox by a store of 10 to 9. There was
a“ double-hinder at St. Louis, in which the Browns' and the Detroit Tixers spilt the honours. Tho Browns won the opener by 10 to 3, but the Tigers rallied to take, the second by 3 to .. In Cleveland, there was another double-header,. the Chicago White Sox winning both contests from the Indians. The scores were
to 1 and 4 to 3. Playing in Chicago, the Picts. by 10 to 7 and at Cincinnati the burgh Pirates defeated the Cubs lies and the St. Louis Cardinals divided the spoils in a twin hill. The Reds won the opener by 3 to 2 but the Cardinals went con à ram- page in the arcond and won by 13 to 0.
Another double-header was play- rl at Boston The New York Giants trounced the Braves by 10 to in the first game, but the
Braves took the second at 2 to d
and W. E. Hollande (Skip), P, Knight, L. Luck, R. J. Woodthis game being called at the end of the sixth inning brearse of dark- L. Lockhart J. Shand, R. R. AL Davies and H. Strange (Skip.)
At Ebbetts Field in Brooklyn,
J. Willmott, A. E. Murphy, A. the Dodgers needed ten' innings, to Tarbuck and W. Bickford (Skip.) win by 6 to 3 from the hard play-
Bowling Green Club junior teaming Phillies. (revist)-H. F. Stoneham, H: C Logan, W. E. Hale and A. W. E. Davidson (Skin.)
G. E F. Thompson, T Ferguson, Rose and W. 8. Drake (Skip.)
F. V. Whitta, W. Venables. F. L. apley and V. Petherick Skip.)
PILSNER
AD
To win their fifteenth straight game, the Athletics piled up carly lead against the Yankers,
Finn'a single gave the Dodgers their tenth inning victory over the Phillies. Finn scored Gelbert, who and got on base by cracking out & two-bagger.
Babe Hermann's home run help-
ning. Max Bishop and Jimmy Foxx were the home-run hittors for the Athletics,
Babe Ruth got back into his stride to-day. He hit a home run for the Now York Yankees and Chapman followed his example. O'Farrell hit a home run for the Gianta in their first game. Chn-
tham homered for the Braves, in their first game. Goose Goslin helped the Browns by making a four-sacker in the second.
'PUDLO'
GRAND
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TIL. 28021.
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you win or lose, but
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So lose no time and get
SLAZENGERS.
-SLAZENGER
TENNIS BALLS & RACKETS.
Agents: Alex, Ross & Co. (China), Ltd.
PRINCE'S BUILDING.
BOBBY SMILES —— BETTY PLEADS
Bobby smiles; he's got his. Betty pleads, "Me too, Mummie." Children do so love 1O.K.'ând Mother knows it's good for them. S helpful, too, on Cold Meat day.
Mason's
OK
Sauce.
Appetising and Health Promoting
ADENT-W. R. LOXLEY, & CO., HONG KONG.
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