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HONG KONG DAILY PRESS; SATURDAY, MAY 23. 1936.
DISAGREEMENT WITH POLICY
Shareholders Views At Meeting
UNION INSURANCE CO.
Dissatisfaction was expressed by Mr. C. A. "ďa Roza yesterday at the annual meeting of the Union In- surance Society of Canton, Limited, at the policy of the directors in reducing the dividend, contending it was not warranted by the working results.
"Mr. M. T. Johnson (chairman), replying, assured shareholders that as soon as the directors saw justifica- tion for dividend increase they would be happy to re- commend it.
DIVIDEND REDUCTION
Mr. Johnsen sald:-
Before proceeding to the busi- HSS of this meeting I wish to refer to the loss we suffered re- cently through the death of a very valued friend and one rime mem- ber of the Society's staff, Mr. H 2. Saunders.
From its inception
The Society has been fortunate in having many members of Its staff or outstanding ability who, even at the expense of their own health, have not spared their efforts on the Society's behalf.
'None of these perhaps has done valuable work than Mr. mure Saunders. He jolted our service when the London office was ea- tablished in old Broad Street
1874. and in 1900 was appointed the Society's underwriter. He retired In 1919. Gu. during the Intervening years he established himself as one of the leading and most success- ful underwriters in London,
On retirement Mr. Saunders ac- cepted a seat on the Society's Lon- don committee, and we were" for- tunate in having the benefit of his knowledge and advice there up to the time of his death. At his pass- ing the Society lost a valuable asso- ciate and adviser.
STAFF CHANGES Staff changes during the year have been rather numerous.
Mr.
E. Trevor Gould, general manager for Australasia, has suffered from ili health for some while, and he lound it pecessary to retire at the end of the year. He was succeeded by Mr. R C. Langker, who has for the past six years acted as assis- tant general manager for Aus- tralasia. In Mr. Langker we have a keen and capable officer who, I am confident, will be equal to all calls that may be made upon him In the unportant post to which he has been appointed.
Mr. A. S. Clarke, manager for New Zealand, and Mr. W. R. Hers- chell, manager in Melbourne, have also retired. IL has been found possible to conduct our New Zen- jand bustriess satisfactorily without a contro officer, consequently, the position of manager for New Zea- land will not be continued.
Mr. Herschell has been succeeded by Mr. C. B. Cairnes, who, your Board cohticently anticipates, will maintain the Society's position in the Melbourne market that has been so ably bullt up by Mr. Hers- cheli.
CURRENCY INSTABILITY As you are aware the difficult trend of world economic conditions continued during 1935. Within certain countries quite definite im- provement was manifest, but this was prevented from spreading to any extent by the continuance of International friction and discord. Currency instability continued also; in fact i was accentuated by China and Hong Kong Joining that large group of countries which operate on a managed currency.
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creased, a dividend reduction in the future was inevitable. The amount of interest our investments can earn is a matter largely out- side our control, but one factor we can control is that the Society's funds are invested in securities of the highest available quality. This is the dominating influence in our investment policy, and despite the relatively low returns we are re- ceiving to-day, I decl sure you would not endorse any change in this policy.
When considering dividend re- commendations during the past two years, your directors have realized that in mathraining the past divi- dend they have had to take quite a large sum from the year's trading profits. However, they had in mind the extremely sound financial position of the Society, and it was their opinion that this strength Justified a period of profit appro- priation in the Shareholders in- terests. It is with regret that they have how arrived at the decision that the steps taken in this direction have gone as far as prudence and the principles of sound finance will perml; and that future trading pro- fits must be allowed to accumulate for the added protection of policy holders and the production of in- terest for the benefit
of share- holders.
HALF YEARLY DIVIDENDS As partial compensation for the logs that you will sustain by this year's reduction, you directora pro- rose to introduce the practice of paying dividends half yearly. "This will involve some loss in interesi. earning to the Society. but the curtallment of the dividend per- mits this course without the loss being serious, therefore, you can anticipate an in- 1erim distribution,
During Novembe
There is another financial mat- ter that is receiving the considera- tion of your directors, and that is the advisability of reducing the present nealed share ilability.
The goal we aim at is to make the Society's shares fully paid. The amount necessary to achieve this end is considerable and there- fare the change must
be "made
Gradually. I hope it will be possi
ble to make an announcement tr this connection at our next Meet- ing.
Results of our operations during the past year are shown in the revenue accounts that are before
you,
TYPHOON LOSSES
The marine accounts include Anal settlements hade on the 1934 account la connection with the Kobe Osaka typhoon that occurred during September of that year.
Our losses through this disaster approximated £30,000, and the effect is shown in the reduced pro- At of the 1934 marine account when compared with the previous year.
with the previous year. The ex- treme to which competition is car- ried to-day makes the maintenance of previous income levels exceed- Ingly difficult.
KEEN COMPETITION
HONG KONG VOLUNTEER
DEFENCE CORPS
ORDERS BY LIEUT.-COLONEL H. B. L. DOWBIGGIN, Q.B.E
COMMANDANT. H,K. VOLUNTEER DEFENCE CORPS)
GENERAL Appointment
His Excellency the Governor has been pleased to appoint the follow- ing gentlemen to be members of the Advisory Committee of the Hong Kong Volunteer Defence Corps:-
..
David Charles Edmonston. Es- quire, vice G. De La P. B. Fitz- gerald. Esquire,
Competition has been mentioned from this Chair on many occasions and I will not enlarge upon the subject as by so doing I will be merely repeating with emphasis wha
my predecessors in office have said so often. I will say however, that our underwriting policy is to
John Robertson Massor. Esquire. meet competition
Government wherever it may arise up to the
Gazette No. 29, Notification No. 445 of 11.5.38. point of reason, but when, as, oc-
Relinquishment of Commission curs in numerous cases, experience Indicates that this point has been approved the relinquishment of His Excellency the Governor has past, we decline to go further.
War risk rates during 1935 pro- Lieutenant in
his temporary local commission as vided a small addition to our pre-Volunteer Defence Corps by Lieut. the Hong Kong mium income, but the policy of those responsible for fixing.
Wuliam Farquhar Murray, with the
effect from May 1, 1938. rates was to keep them as low a
Government circumstances warranted, and with Notification No. 450 of 15.5.36.
Gazette No. 29, this policy we have willingly asso-
Holiday clated ourselves."
Monday, May 25. Corps Headquarters will be closed
In regard to our fire business. Ian am pleased to say that the result
Machine Gün Competition for 1935 was good. Although there
The first Stage of the M.G. Com- was a slight decrease in premium petition will now take place on income, this was more than offsetuesday 26th instant and Friday by a substantial reduction in the 29th Instant as follows: claims paid. It is a fact also that while premium as a whole showed
Tuesday, May 28: M.G. Troop, Armoured Car Section, M.M.G. a decrease, there was an improve- men in certain areas from which
Section (2 teams). Friday, May 29: No. 1 (M.G.) Coy in the past, profitable results have been
(2 teams), No. 2 (Scottish) Coy. (1 team), No. 3 (M.Q.) Coy. (1 team).
obtained Exchange again played its part in our opera- tions, and in addition competitive factors in increasing numbers have had to be contended with.
ACCIDENT LOSS
It is regretted that our acciden: business last year resulted in a loss.
The section mainly responsible for this was motor car business, the
transaction of which continues to present considerable dificuldes.
Anti-Gas Course The following N.C.O's and men have been selected to undergo a course of Anti-Gas Training com- mencing Friday, June 5 at 5.30 pm. Corps 1st Battery: L/Sgt. J. C. Guingam, L/Bdr. H. W. Layden. Gar. H, Buxton.
Corps Engineers; Corp. G. E. L. Johnson.
Corps Signals: L/Cpl. J. Dobson. M.G. Troop: Tpr, W, E, Hunt. Armoured Car Section: Sergt. J. S. Flegg.
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Corps Signals Parade at Corps HQ. at 5.30 p.m. on Tuesday, May 26. A good at- tendance is requested.
Machine Gun Troop
1st Stage M.G. Competition 3.30 p.m, on Tuesday, May 26.
Remainder parade at Causeway Bay "Stable at the same time and on the same date.
Armoured Car Section Tuesday, May 26: Parade at H.Q. at 5.30 p.m. for M.G. Competition.
Thursday, May 28: Parade at HQ. at 5.30 p.m. for M.Q. Instruc- tion.
Motor Machine Gun Section (a) 1st Stage M.G. Competition will now take place on Tuesday, 26th instant at 5.30 p.m. and not on Monday 25th instant as pre- viously notified,
(b) There will be no parade on Monday 25th instant.
(c) Recruits will parade under C.S.M. Rogers on Tuesday 26th. in- stant at 5.30 p.m.
(d) Rifle shooting will be held in the Miniature Range on Wednes-
Sergt. Hamilton. day, 27th instant at 5.30 p.m. under
No. 1 (M.G.) Company Parade at Corps H.Q. at 5.30 p.m. or Friday 29th instant for 1st Stage M.G. Competition.
No. 2 (Scottish) Company Company will parade on Thurs- day 28th" instant at 5.30 p.m. for. Squad Delil Belts and frogs must be worn.
No. 3 (M.G.) Company, .. There will be no parade on Mon- day 25th instant.
OF
The Company will parade Thursday 28th Instant at 5.30 p.m. Arms and Infantry Drill under C.S.M. Slattery.
M.G. Bn. Signals Wednesday, May 27: Eubsection A, B and C will parade for instruc- tion under Sergt. Meadows at 5.30 p.m. sharp."
An opportunity will be afforded
to classity before the commence- ment of next training season.
Motor M.G. Section: Sergt. W. to those who have not yet done so. Stoker.
No. 1 (M.G.) Company: Corpl. F. C. B, Black.
W. K. Keith Robinson.
No. 2 (Scottish) Company: L/Cpl.
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Motor casualties are increasing in number throughout the world and naturally claims under Motor Insurance policies are following the same course. Unfortunately, it is becoming a general practice to in- crease the amount of claims, and courts are supporting this with higher awards.
While this is grettable for insurance companies it is equally so for the motor in suring publle. Rates are based on experience and as claims increase so must Insurance rates. You can rest assured that we are making v. M. Nunes, L/Cpl. R. U. Danen-Birthday Parade will parade at every endeavour to prevent a re-berg. Pte. Ę. A. M. Rosario. petition of our last year's unpro- stable experience.
INCOME INCREASE
No. 3 (MG) Company: L/Cpl. C. Cauvin, L/Cpl. J. Mackay, L/Cpl. N. Broadbridge.
Corps Infantry: Bergt.. F. V. V. Ribeiro, Sergt. J. M. Xavier. Corp),
The Section dinner will be held following the above parade.
Despatch Riders; This section will parade for practical map read- ing and riding exercises on Friday May 20 at 5.30 p.m.
..
Corps Infantry Members attending the King's
Corps F.Q. at 5.30 p.m. on Tuesday, Medical Section: Sergt: L. W. 26th instant for Handling of Arms Hume.
p.m."
PARADE
Corps 1st Battery
There will be no regular parades after June 23 till the start of the training season in September,
(b) "L" Section: Next parade at H.Q. on Friday 29th at 5.30 p.m. Dress: Overalls.
In studying our accounts, you will see that the underwriting in- (a) "A" Section-B.C. Sta: The come from all departments during next lecture will held at HQ. on 1935 was £1,610,338. which is an Wednesday, June 3, 1936 at 5.15 increase of £8,713 over 1934. While it is satisfactory that we were able! to maintain the previous year's in- come we must not overlook the important point that an increased income at reduced rates means an increased policy ability which under normal circumstances must produce a higher loss ratio. " In the marine account amount carried to profit and loss the
account, after providing for all known and outstanding losses and setting up the necessary reserves, was £41,150 or 7.33% as compared with £38,873 or 6.75% in 1994.
The accident account shows an income for the year of £263,123 as against £251,323 in 1934. Дя stated above the motor car section of this business proved unprofit- able, the percentage of claims paid and outstanding for the whole Ac- count being 59.90% as compared with 47.72% the previous year. The amount carried to the debit
£11,071, 0. 5. of profit and loss account was
EXPENSES HIGHER
In all accounts. expenses were slightly higher in 1935 than in 1934, but Exchange affects this item each year, and on this occasion the ef- fect was 10 Increase çertain
Corps Engineers
and drill under R.S.M, Parkinson.
Platoon Commanders will please see that the necessary numbers from their Platoons are on parade on the practice nights..
Army Service Corps Cadre The next lecture for the ABC.
will Cadre take place at the R.AS.C. Camber at 5.30 pm, on Thursday, June 4,
APPOINTMENT
No. 1906, Acting CQMS. W. Sprague, M.M.G. Section, is con- firmed in the rank of Company There will be no parade on Mon- Quartermaster Sergeant as from day 25th instant.
May 22, 1936.
was 1/81d, and on December 31 1935 was 1/31d.
TRANSFER
.. No. 1820, Pte. F. J. Neill, No. 1 Company, No. 2 Platoon, is trans- The Exchange and Investment ferred to Unit Reserve as from fluctuation account also shows a 22.536. reduction due chiefly to the Ex- change factor.
In reviewing the Revenue Ac- counts and Balance Sheet as a whole, I think you will agree with me that despite the difficulties en- countered during 1935, the position disclosed is eminently satisfactory.
pose the adoption of the Report. With these remarks I beg to pro-
Revenue Aceoubts and Sheet as presented.
Balance
MR. G. G. N. TINSON
I have much pleasure in rising to second the adoption of the re- port, revenue accounts and balance sheet as presented.
The
to
Similarly the S.S. Mohawk wreck Charges. The circumstances that neces-ed last year and other claims of In the profit and loss account, The reduction of 10/- in the sitated this step have been detail- lesser importance were charged interest and dividend earnings were dividend recommended this year ed in the Press and at many meet against the 1934 account. First less than in 1934 by £1,848. Hav- has no doubt been a great disap- ings such as the present, therefore, year settlements for 1935 were aping in mind the total amount in-pointment to shareholders. I will not weary you with repet!-proximately in the same amourt. volved, this small difference is not possibility, I might almost say tion. It appears sufficient to say
during 1934, but up to the pre- of material moment, and as the probability. of a reduction Was that the rise in the value of silver
sent there are no heavy outstand-provision for Dividend payable to- however clearly indicated from 241d at the beginning of the
ings as was the case of the 1934 day is considerably less than on the shareholders by the Chairman at year to 364d
four months later. plus the uncertainty of the United Brates silver policy,, speculation in exchange, political unrest and silver smuggling, resulted in a post- tion of, financial instability in the Country which called for drastie action. In November therefore China abandoned its traditional silver, policy, and Hong Kong fal- lowed.
I turn now to our own affairs...
DIVIDEND REDUCTION* · apceches from this Chair at the last two annual general meetings have informed you that, unless in- terest earnings on investments in-
· LEAVE
No. 1324, B.QMS. E Moses, 18t Battery, Is granted 1 month's leave from 22.5.36 to 21.6.36.
Na. 2526, Gnr. K. H. Kavarana, 1st Battery, L Section, leave ex- tended from 24.5.36 to 23.8.38.
No. 2104, Pte. E. L. Curtis, M.M.G,
18.5.36. Section, returned from leave
STRENGTH ·
on
No. 2626, Gunner J. A. R. Bowen, C.L. Clarke & Co.. 1st Battery, L- Section, 15.5.38.
No, 2627, Pte. A. T. Braley, Sani- tary Department, No. 1 (M.G.) Co.. No. 2 Ptn., 15.5.38.
No. 2628, Gunner N. L Leonard, Botelho Bros., 1st Battery, L Sec- tion, 21.5.36.
(sd.). R. C. B. ANDERSON. › Captain. Adjutant, EK.V.D.C.
NOTICE Baseball
Account at this time last year. previous year, the position of the the Society's centenary meeting Will the following please "turn Fire still continues to take a profit and loss account is very last year, and although perhaps at out for a practice game at Caroline heavy toll of Shipping. The most satisfactory.
first sight shareholders were dis- Hill or Saturday, May 23 at 3 p.m. spectacular loss due to this cause In the consolidated balance i sppointed that you, sir, and your
L/Bdr. A. M. Abbas, Sgt. J. P, in 1935 was the Ausonia, but the sheet, you will notice a change in fellow Directors had found it ad- Baleros, Pte. L A. Barros, Col. N. Bio-Blo was also burnt, as were the name of the reserve fund pre-visable to reduce the dividend by A. Beltrao, Gur. J. Bogen, Pte. V several other valuable ships, includ-viously shown as the "Silver" ze- an much as 10/- per share yet I Costa, Bar. J. A, Delgado, Cpl. H Ing three tankers. In addition serve. It is now shown as a "Cur- am sure that all shareholders will De Ba, Big. M. Hassan, Bdr. A. there were numerous serious fires rency" reserve.
appreciate that a conservative po- Hussain, L/Bdr. D. J. Leonard, Gar. on shore, all of which produced This was necessary as sliver cur-licy in regulating dividends re-
N. Leonard, Gnr. A. K, Omar, Pte. commended according to the A. P. Pereira, Ptc, A. C. Soares, Pte. the aggregate however, the So- in the area for which this reserve amount received from the invest-H. W. Winglee. clety's 1935. Marine losses were was set up. The incidence of Ex-ments of the Society, and in not The first League Match will take within the amount normally in- change has resulted in this Reserve using any substantial proportion place on Sunday, May 31. turred.
when expressed in Sterling being of the Society's trading profits, is Team will be managed by C.8.M Our premium income was slight- | reduced by £71,000 this year. In ly higher in 1935 when compared 1934 Exchange on December, 31
claims under marine policies. In rencies are no longer in 'force with-
(Continued on Page 11.)
The
EJ. Porter, and captained by L/Bdr. D. J. Leonard.
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