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HONG KONG DAILY PRESS, SATURDAY, MAY 27
27, 1933
INSURANCE COMPANIES MEETINGS
UNION INSURANCE SOCIETY: CHINA FIRE INSURANCE: BRITISH TRADERS INSURANCE
CHAIRMAN'S OPTIMISM ON WORLD ECONOMIC CONFERENCE
The year 1939 har brought many and varied problems to business communities. Over-production, the Instability of ex change transactions, high tarins and other difficultier have mull- tated against the movement and exchange of cargo, and this has We have had its natural affect upon insurance business. great hopes of the coming Economie Conference and trust - that the representatives of the nations engaged in these most imper- tant deliberations will face facts and realise the futility of trying" to holster up impossible positions," said Mr. Stanley H. Dod- well, chairman, at the annual general meeting of the Union. In- aurance Society of Canton, Ltd. yesterday.
In the course of his speech, Mr. Dodwell referred with rẻ. gret to the death of Mr. W. L. Pattanden, who had been for many years a director of the Society,
Subsequently the annual meetings of the China Hire Insur Do., Ltd. ance Co., Ltd. and the British Traders Insurance were bold increases in the profits of both companies were ported.
re
At the conclusion of the first mesting, Sir Henry Pollock pald a warm tribute to the work done by the staff.
UNION INSURANCE SOCIETY
satisfactory. This profit, however, does not compare favourably with the previous year, but it is to be remembered that the profit made upon our Marine, business in the year 1930 was considerable, that year being an exceptionally good
vae.
Our Fire business has resulted in a very small profit being carried to the Profit and Loss Account This is after having set up a re- serve of 40 per cent amounting to £250,357.15.6d. to meet claims upon unexpired risks. You will notice besides this reserve we have an ad- ditional reserve of £108,428.14.4d. Certain classes of our Fire busi- nese have not been giving satisfac bory results during the last few years, but previous to this particn- Jar sections made good profits. This position is receiving our attention and we have every hope that a change for the better will take place.
have
an
reserve
of
Those present were: Messrs. Stanley H. Dodwali (Chairman), O. Blaker, J. Owen Hughes, Hon. Mr. C. G. S. Mackie, T. A. Mitchell, K. S. Morrison (Directors), Paul Lauder (General Manager), J. W. Alabaster, C. Bewley Bird, T. H. G. Brayfield, A. Brearley, C. Bernard Brown. Hon. Mr. Chau Tsun Nin, B. M. C. da Cunha, W. H. S. Dent, H. B. L. Dowbiggin, These lossea seem to emphasiza O.B.E., R. A. Dastur, John Flem- the possibilities of certain dangers ing, H.-C. Giay, Leigh Garner, Ipin very large and luxurious steam- Lan Chuen, M. H. Ivy, Allen Keith, ers and it is to be hoped that ser-from the 1832 Marine Account.
"The Accident and General busi ness for last year shows a profit of 10.33 per cent, which I consider very satisfactory. You will notice that we have set up a reserve of 40 per cent of the premium in- come for unexpired risks amount. ing to £89,788.2.10d. and that wo
additional £48,252.7.2d.
The 1932 Marine Account, normal in most respects, was unfortunate- My predecessors in the Chairly interested in several major "Georges hove referred upon many occasions casualties, notably the to the disastrous losses caused by Philippar" and "L'Atlantique fire. Last year was no exception steamers and though such losses and included the loss of the French must be expected. to have a materi- liner "Georges Philippar." The at effect upon the finsi dutturn of "L'Atlantique" steamer was also the year's underwriting, they seed lost by fire at the beginning of this not unduly depress us as knocks year bat the bulk of the policies of this nature are to by expected were issued last year and so the when conducting a world Marine count amounts to. With a decreasi casu.ty will fall most heavily up business such as the Society's ac- od income and the heavy losses re- on the 1932 account.
farred to, I am afraid we cannot expect a very favourable out-turn
J. L. MePherson, Sir Henry E. Pollock, Kt. K.C.. P. C. Potts James Ormiston, R. C. Reeker, V. R. V. Ribeiro, L. E. N. Ryan, J. B. Ross, S. A. Sleap, V. E. Soares, M.. A. R. Souza, F. W. Stapleton, D. V. Steavenson, R. L. Stewart, Sum Pak Ming, Teo Choon Hian, G. G. N. Tinson, H. C. B.. Way, J. F. Wright and Ho Kom Tong, O.B.E. (shareholders).
CHAIRMAN'S SPEECH.
ious consideration will be given to
There has been in all classes of the question of adequate tests for business a falling off in the pre- fire-worthiness. I have read in the mium income. The consolidated press that movements in this direc-premium income for the previous year amounted to £093,626.14.31d. tion are being considered.
in the case of Marine, £035,679.10.3d. Accident Fire, and £230,835.1.0d. and General. Some diminution in our income was of course inevitable. Nevertheless a smaller income goes to emphasise expenses ratios which we are making every efforts to re- duce,
For various reasons there has been a speeding up in Marine loss settlements and it seems that Ac counts of the future may perhaps be liquidated more quickly. This should be helpful in the conduct of the business.-
Investments etc.
As regards Fire Insurance the contraction ia premium income on
Following our usual custom our account of depressed trade condi- actions and lower values of commo-investments have been valued at or
dities was again a noticeable fea-
of
In moving for, the adoption the report and statement of counts, the Chairınan said:-
Mr. S. H. Dodwell, the chair man,
in addressing the meeting said:--
our
A
ture of the business in 1932. The below market prices ruling as at unstable state of international ex- the December 31 last and our liabi changs and the decline in the value lities and assets are included at the of the pound added to the difficul-exchanges ruling as at the close of
You will notice that our Ex-
Before commencing the business ties. For example in the case of the year. of the meeting I would refer to Payments made in foreign curren- the death of Mr. W. L. Fattenden, cies there was a disturbance of the change and Investment Fluctuation who was for many years a Direcormal ratio of incurred losses to Account stands at a very favour premium collected and more parti-able figure and shows material in- crease over the previous year. The tor of the Society. He was clarly to premium reserva es- staunch friend to Company tablished at the end of the preced reinsurance fund of £1,039,818.15.d. is in the nature of an additional and at all times gave its Board and ing year. Management unstinted assistance
I am glad to be able to report and free reserve to the reservés set in matters that were placed be
that there were no outstanding up in the various funds. fore him. We all deeply regret his Fire insurance disasters during 1832 though there were a consider
number of large individual
деселее.
I propose with your permission able to take the Report, Revenue Ac-fires. counts and Balance Sheet as read.
The year 1832 has brought many and varied problems to business communities; over-productise, the instability of sxchange and the control of exchange transactions, high tariffs, and other difficulties, have militated against the move- ment and exchange of cargo, and this has had its natural effect upon insurance business.
Competition in China
In China great competition for the business continues and it is extremely dificult to maintain a reasonable margin of profit.
Fire Wastage in the United Kingdom was much higher than in
1931,
Fire Statistics in the United States of America and Canada show a slight reduction in the amount of Joas, but this was probably off- eet in each case by a reduced pre.
I am not going to attempt to give a dissertation upon the met- hods which I think might be used to bring about better conditions in mium income. the business and financial world
The amount of cash the Society and affiliated Companies have on deposit and on current account as
at the close of the year is consi derable, but it must be remember- ed that our business. is very wide- spread and with the difficulties of exchange at the present time it has been considered desirable ta maintain adequate cash balances at our numerous Branches, throughout the world. The investment of our funds also presents difficulties but shareholders may rest assured that their employment to the greatest advantage is receiving the very close attention of your Board.
Expenses Closely Watched.
These
Turning to the Report and Ac In view of the changed condi for these subjects are of course counts before you, you will notice tions of business our expenses have widely talked about and the ces that as forecast by the Chairman been receiving extremely close seru. sity for reducing tariffs, increase in commodity prices, curtailment in his speech at the last Ordinary tiny and helpful economies in Yearly Meeting of Shareholders, various directions have been and of expenses and of taxation which the method in which our Balance are being given effect to. forme such a terrible burden on Sheet is presented has been altered economies are being willingly industry, are everywhere being dis and your directors believe that the shared by the staff of the Society cussed. I think we can only look present form of issuing our Ac and of its affiliated Companies. to those in high places to bring connte will:commend itself to you mention these changes particularly alleviation The old form of Balance Sheet to you as I think it is right that about quickly some in the present position for condi- which the Society used for a great you should know that in these de tions to-day ery out for some rapid number of years does not meet the pressed times we are taking every. adjustment to be made. We have requirements of to-day and the great hopes of the coming. Econo- consolidated Balance Sheet will mic Conference and trust that the give you fuller information of our representatives of the nations en-position. You will understand that gaged in these most important de the present form is the one that is liberations will face facts and rea- used very generally in the United lise the futility of trying to bolster Kingdom. up imposible positions. The in- tordependence of nations upon each other I trust will be most promin ently borne in mind.
reasonable step to adjust ourselves to a more restricted world trade.
With regard to the amount of our interest carnings you will Account that these total £235,- notise from our Profit and Loss 000.28.1d. This figure compares As you will notice from our Re with 2253,404.58.8d. the previous venue Account, our Fire and Acc year or a decline of £17,464-35.7d. dent Acounts are closed at the You are all aware of the diminu- end of the first year by setting up tion in interest that has been go the necessary reserve
ing on all over the world and in Our Marius Account, on the consequence it was not posible to other hand, is kept open for two maintain our Interest at its former Before commenting upon the years and than an adequate re-higher figure. This position of our figures appearing in our Balance serve is transferred to Underwrit-affairs is being given crdee study. Bheet I would like to make a few ing and Suspense Account to meet and we hope in the course of time remarks upn the general conditions futurs claims.
Insurance Business Last Year.
of insurance business last year,"
First let me tell you something about the Marine side of the work.
·Marine and Tire Businesa
Owing to the considerable amount It is very difficult this year for of toanage that is laid up and you to make comparisong with the which has more than doubled itself figures appearing in the previous since the year 1930, there has been Report as in the Working Accounts some curtailment in Hull premium. published therein only a portion Cargo iniurance owing to lack of of the business was included. The tradend diminished valnes Marine profita shown in the Work- necessarily declined and the gen- ing Account for the year era dearth of business has brought mounting to £77,1748.84., with it extrem competition. 7.80 per cent, may be considered
for some improvement,
You will notice that after pay- ing the same dividend and the st ting up of adequate reserves we are carrying forward slightly more than we brought forward at the beginning of the year.
Tribute to Staffing
think the Society owes a great of gratitude to the General Dager and Blan for their very
There is
32 years
reputation behind
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