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THER BEER
PILSENE
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EVERY
DAY
HONG KONG DAILY PRESS. SATURDAY, MAY 25, 1935.
ONE HUNDRED YEARS OF CONTINUED PROGRESS
The Union Insurance Celebrates Its Centenary
ANNUAL MEETING HELD: DIRECTORS HOLD "AT HOME"
Turning to our accounts, I feel the results shown are not unsatisfactory The combined nett underwriting Income of all Departments during the year was 1,- 601,625 which is but £9,975 less than last year. Bearing in mind the continued de- crease in world trade and commodity values. I think you will agree that the mainten- ance, of income, at practica ily last year's level, is an encouraging feature,
remarked Mr. Stanley H. Dodwell, the chairman, at the annual meeting of the Union Insurance Society of Canton, Ltd. held in the offices of the Society yesterday morning.
In the course of his speech, the Chairman referred to the centenary of the Society which was also celebrated yesterday) and gave a comprehensive account of its formation and of its continued progress.
The annual meetings of the China Fire Insurance Co., Ltd. and the British Traders' Insurance Co., Ltd. were also held, following which un "At Home" was giv ing by the directors and management of the Soriety in celebration of the centenary.
ANCHOR BEER Chairman's Comprehensive Review
Sole Agents
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· Cables ́“ SwENÓNIS ”
Those present at the meeting H Dodwell were:--Messrs." S. (Chairman), J. Owen Hughes, M. T. Johnson. T. A. Mitchell, J. A. Plummer, (Directors), A W Hughes-General Manager.
Messrs. J. W. Alabaster, G. S. Archbutt. John Bentley, C. B. Brown, B. M. C. da Cunha, R. A. Dastur, H. C. Gray, J. H. R. Hancé,
C. C. Knight, D...J. Lewis, Lo Chung
8.93
I
J
more than 30 years service in the on the 1933 Account is £70,597 or Far East.
of the premium.. Claims paid on account of 1934 were £245,460 or 31.68%
of the
In the present year. I regret we are to lose by retirement two more of our valued officers. Mr. Frank-year's premium against £216,700. lin-our Branch Manager atcr 27.41% for 1933. On past ex- Shanghal, who also fills the posi- perience this can be considered tion of General Manager of our Subsidiary Companies The Yang tsze Insurance Association Ltd.,
and Mr. Clark at present Assistant
London Manager.
Wan. J. Ormiston. Mrs. J. A. Plum. mer. L. P. Ralph. A. J. Reed, V. R. To Mr. Hope,,Mr. Franklin and V. Ribeiro, L. E. N. Ryan. Hon. Sir Mr. Clark your Directors express William E. L. Shenton, Kt.. W. F. appreciation for their services over. Simmons. S. A. Sieap. M. A. R. long period. and wish each many Souza, F. W. Stapleton. A. Steven-years of happiness in his retire son, R. L. Stewart, H. Summers, G. ment. ON. Tinson H. C. 3. Way. (Shareholders).
The Chairman, Mr. S. H. Dod- well, said: "Gentlemen. At our last Annual Meeting, my prede- cessor in cffice referred to the ab- sence of Mr. J. P. Warren, conse-
It is. quent upon 11 health. matter for deep regret that Mr. Warren succumbed to the illness from which he then suffered, and by his death your Scclety loses a valuable adviser and friend,
By the unanimous wish of the Board of Directors,, an expression of their "deep sympathy was con- veyed to the relatives of the late Mr. Warren, and I feel that, had the opportunity offered, all present at this Meeting would have de sired to be associated with that message.
MR. C. G. MACKIE By the recent departure from the Colony of Mr. C. G. S. Mackie, your Board is deprived of the valuable advice and assistance re- ceived from him over a period of many years.
with
Mr. Mackle's association the Society. dates back to 2914 when he became a Member of our Shanghai Comittee.
.our..
CENTENARY
satisfactory for first year settle- ments.
The amount from the Fire Le-
partment carried to the Profit and Loss Account after providing for.) all known outstanding losses and setting up the necessary reserves
was
£38.373, or 6.75% as com pared with £51.430. of 8.45% the previous year.
economic circle within which cur- allment of spending in one sec- tion is followed by curtailment in others to the detriment, in the last analysis, of, alt concerned.
After weighing ll facts and having in mind the very strong financial position of the Society, your Directors feel justified in re- commending for this year a con- tinuance of the Society's Dividend at the level of last year.
Society in 1882, were probably among the original subscribers.
Messrs. Dent and Co.. Messrs. Jardine, Matheson Bart Co.
←
Messrs. Turner and Co. Messrs. Russell and Co.. The first three of these were British and the last American. Again It is interesting to note that only the second named is still in existence, although the Successors to the last are in Hong Kong to-
POOLING THE HAZARDS
The Society appears to have been formed with a view to pool. ing the hazards which each of the Zounders had to undertake in ship- ping his exports to the United Kingdom and other parts of the world.
It would have been exceeding- ly pleasant to have been in'a post- | day tion to mark our hundredth Birth-. day by increasing the distribution, but. in existing circumstances, such a course would be unwise.
The Centenary of our Society is an occasion for congratulation as it affords evidence of security and stability to our policy-holders throughout the world. Further, more, it draws attention to the fact that the Society is one of the oldest of the British Dominion and Colonial Companies. 1 bebeve there is but one that is older.
During the early pur of the Nineteenth Century Institutions
Records are available to show that the procedure of Equi- dating the Company at the end of every three years, which existed up to 1874, was in force from the foundation of the Society. In this way the Shareholders who were al- 30 the clients of the Society, did not grow with the raplaity to operated for their 'own beneft. which we have beeh accustomed
Old documents indicate In more recent years. Their the paid up Capital of the original earller growth undoubtedly was Company, was very probably $50,- comparatively slow. but their 000 but, as records prior to 1862 foundations invariably were well
were in the hands of the Secre- Fand truly laid and progress not
taries, Dent and Co.. who falled uneventful.
in the inuncial crash in 1862, con- tinuous documentary history is not available
SOCIETY'S HISTORY
I feel you will be interested in this progress as applied to the Society, so I will now briefly re- vlew our history. In doing this I think it is desirable first to men- tion circumstances that existed, in China in the early days, as it was due largely to these that the necessity arose for the establish- ment of a Company.such as the Society.
came under flags.
that
In the Afth year or the Com- pany's, existence-that is. in May 1833all British subjects in Can- fon were ordered to leave for Macao by Captain Elliot who was the "Chiei Superintendent of Eng- lish Trade." The reason for this departure "was the deadlock be- tween the British and the local Governments over the question of Guarantees against the smuggline of Opium,
THE OPIUM PROBLEM
A considerable quantity of Opium in British and, foreign ships in the river had been seized by the au- thorities and destroyed. The value was stated to be $6.000,000,
The East India Company, untu 1834, enjoyed in Canton a mono- poly of trade to England, but in the beginning of the century cer- tain British Individuals
the to
City to trade Claims paid and qutstanding the protection of foreign showed a slight increase to 47.29% In 1823 there were, seven such in- as against 47.03% the
previous dividuals, including Thomas Dent year. I have no doubt that you who held the postion of Sardin- will agree this is a satisfactory tan Consul," and was a member of eigners trading in Canton should percentage.
Immediately after this the Vicero at Canton insisted that all for
Before reviewing the results of our activities during the past year I wish to remind you that this year marks a very important stage
Davidson and Co. On the retire-sign a Bond to the effect that they in the history of our Society. We
The percentage of Acquisitionment of W, S. Davidson the name would not deal la Opiumt, and that have now completed, one hundred Cost at 48.25% was an increase or the firm was changed to 1 they were caught so doing, the years of
continuous operation over the previous year's total of Thomas Dent and Co. Amongst oplum and the ships would be con- (applause). Indeed I feel we are 45.64. largely caused by the rise the other private, traders were the fiscated and the persons engaged entitled to refer to it as one hun-in Exchange.
In the lilcit trade executed! AJ the non-British foreigners agreed Bond, but Captain Ro sign this
Ellot refused, on the grounds that the Execution Clause in the Bond was in opposition to British law. The Viceroy replied that unless the Bond was signed, British sub- jects would not be allowed to trade, in Canton, and this led to the general exodus to Macao in May,
for
the
two Magniacs (partners in dred years of continuous progress. A reference was made in the
"Magniac and Co. afterward Mar- The occasion undoubtedly calls Chairman's speech last year tu dine Matheson and Ca.) who were an account of the various the effect Exchange had on our Prussian Consul and Prussian Vice- phases of our business during this total expenses, and I do not pro- Consul. Mr. Robert Berry long period. I shall endeavour to pose to repeat. the remarks then Swedish Corsul and Dr. William give this to you, in so far as our made, but you may rest assured Jardine. In 1829 the firm records permit, as briefly as possi- that all expenditure is very care-Thomas Dent and Co. had a staff ple after I have dealt with our fully scrutinized.
of four, the firm of Magniac and activities during the past year,
co-later Jardine Matheson and Co-six, and there were 13 other private British merchants."
THE MARINE MARKET To review the Society's Under- Writing experience in the Marine market during the past year would be merely to repeat with emphasis the remarks made by my predeces- sor's in office in recent years. Underwriting capacity is much in
The amount of Profit available from the
Accident and General business was smaller than in the previous year figure being £11,345 or 4.52% as against £32.-
the
THE EAST INDIA CO.
of
577 or 15.34% the previous year. It appears that the East India This is largely due to our reserve | Company, who in earlier days had for unexpired risks requiring to be jealously guarded their monopoly
to £251,323.
as
KONG KONG CEDED
At a later date the Cantonese authorities ceded the land of Hong Kong to the British Crown. Although possession of the Island
#HE
to very considerably increased meet by insisting on the departure of was taken in 1841, this Cession was excess of requirements the increase in Premium Income, such British subjects as were not not finally confirmed by the Em- and the consequént keeness of which rose from £212; 350 in 1933 employed by them, became more peror of China until the Treaty The perdentage of lenient towards the end of the of Nanking, after hostilities that claims pald and outstanding was third decade of the century. Their occurred in 1842. It appears that' 47.72% against 43.51% the attitude may have been the re- the business of the Society previous year, while Commission suit of agitation at Home against carried on for a while in Macao,
of Management inonopolies generally, and and Expenses
fear but as soon as the Colony of Hong amounted
Kong was established, Mesara. Dent and Co. and the other former Can- ton merchants arrived from Macáo, and thereafter, traded under the protection of the British Flag.
mpetition is forcing rates lower than ever. It is perhaps some corisolation to note that in many
are In 1924 he instances lately, reductions was elected
smaller than in past years and in Director and has
some cases are merely fractional. been closely identified with endeacurs since that time.
Perhaps it is hoping far too much able counsel through the interven-
to assume that we are reaching ing years has contributed in no small measure to the success at- tained by the Society during the past decade.
43.40%. His
I am sure you will desire me to record
our appreciation of the assistance rendered by Mr. Mackie, and with me, you will wish him abundant health and happiness. in his retirement.
MR. W. T. SAUNDERS
The Society suffered another Joss during 1934 through the resigna- tion of Mr. W. J. Saunders from his position on the London Com- mittee.
Mr. Saunders had been asso- ciated with the Society for over 50 years; first on the London Staff In 1884 and then in the Far East from 1888. He was appointed Bec- retary to the Society in 1900 and carried this position until his re tirement in 1907. In 1908 he be- came a Member of the London Committee, and for the past twelve
years has acted as its Chairman.
The Society owes a debt of grati- tude to Mr. Saunders for his un- falling care of and interest in the
Bociety's affairs over so many
years, and I am sure you will join. me in 'wishing him many years of good health and happiness. STAFF CHANGES ·
It is pleasing to note that Staff changes of importance have been few during the past year.
Mr. Hope for many years Branch Manager a Kobe retired after
the end of rate cutting, but signs are not wanting that at least some feel there is a limit in the down- of those engaged in the business
ward scale.
to: 41.56% að against that, in consequence, any action on their part, to insist on the de- In the Proft and Loss Account, parture of other Britishers, would you will find we have thought it endanger the renewal of their desirable to write down Property Monopoly, which was to expire in Values by £75,000.
..1834.
While in the past ample. allow-
The private merchants however ance has been made for deprecia-
were permitted to trade only un- Fortunately the loss experience tion of our properties, there can during the year was not unduly be no question but that through that a certain amount of control der licence from the Company, so
severe. The disastrous Typhouri out the world, values have fallen existed.
Kobe. and Osaka in the month of September was responsible för u claims falling on the series of Society. While these Claims were numerous they did not exceed, in the aggregate, Claims that have been paid in the past as the re- sult of the loss of one good class cargo carrier.
past
Records show that twenty years later the "Union Insurance So- clety of Canton" was formed, but
was put to the period during which it would seem that a definite limit
It could operate namely for the
In the
ing section
AGREEMENTS
Articles of Agreement
and Tidal wave in the vicinity of to an abnormal extent during the In 1834 the monopoly of the East three years 1882-1864,"
few years. Your Directors Indian Company terminated, and considered it prudent therefore to the private Britishers who were meet this position by a substantial known as "Free Merchants" were dated 1st January 1882 the follow- aditional provision, and I trust able to
carry on their business their action has your approval." without licence. It is interesting We are faced again with a de- tu, note that the first Free Ship" creased Income from Investment from Canton to London, the "Sarah" earnings. The decrease this year of 488 tons, was dispatched by when compared with last year is Messrs, Jardine, Matheson and Co. on March 22nd. 1834. The caryd consisted of silk, silk plecegoods, tankеens, cassia bark, rhubarb. China-root and sundries, and the
So far as Fire and Accident busi-small; nevertheless it increases the 238 is concerned our experience breach between Interest earned on the whole during the year 1934 and the Dividend. was favourable.
ני
of interest: "That the såld, shareholders severally and respectively shall and will at all times during the continuance of the said Society use their best endeavours and utmost dligence to carry on, in- prova and increase the business," and promote the interests of the Society, by all lawful ways and meant for their mútúal beneft and advantage."
DIVIDEND MAINTAINED SATISFACTORY ACCOUNTS - Your Directors considered the value of the silk and silk plece- Turning to cur Accounts, I feel question of the rate of Dividend goods alone exceeded one million the results shown are not unsatia- which would be justified by the dollars. factory.
Another Agreement was come to In quoting figures Society's Financial strength and Facilities for the protection of throughout these remarks I pro earning capacity. After delibera- such cargo by Insurance were
for the period 1885 to 1867, arid, at the end of the last year, a pose omitting reference to shillings tion it was decided to recommend available, but there was only one further Agreement for one year and pence.
The combined nutta continuation of the Dividend at arm which paid claims under it only that is, 1868. In September underwriting Income of all Depart Its previous level. Many factors in-policies in Canton. In 1835 Dent of that year, however, in Extra- ments during the year was £1, fiuenced this decision, among them and Co. decided to found a second, ordinary General Meeting altered 801,623 which is but 29,976 less being the consideration that the the Union Insurance Society. the Articles of Association to pro- than last year, Bearing in mud surplus of assets built up in more which was to be under their exvide for the Society's continuance the continued decrease in world prosperous days has been increased clusive management Unfortunin operation until the end of 1870. trade and commodity values, I considerably by the reduced labiately the early records of the at this Meeting a certain amount "will agree that the ity arising out of the decreased Society did not survive the bank of opposition by a minority of maintenance of income, at prac-income of recent years, also that ruptes of Dent and Co. in 1882 the Shareholders was apparent, tically, last year's level, is an - by drawing upon present day pro- Nevertheless the tonownie arms, and a Mr. Delanco asked "Why Ats for dividend purposes the who were known to be in existence not make the Office a permanent In the Marina Account the Society is siding in some small in Canton in 1834, and who are amount carried to Profit and Loss measure to break the vicious recorded as contributors to the
think you
couraging feature
(Continued off Pare