OPIUM ON MORTALITY
RESULT OF CTUARIAU, ĮAVESTIGATIONS. We have received ispay dr. S., B." Naill, 2.1.1,4, 188, actuary of the China Mutual Life Insurance Co., Ld., Shaoghal, a copy of ʼn bra- chore on the effect of opium on Mortality, The memorandum war presented to the dele- Yates at the recent International Conferenco at Shanghai. It is as follows
THE HONGKONG TELEGR
3,517
·55.
1,499 660
26,038
549
and over
Total
The cards were then sorted into two groups, opfom smokers add non-opium smokers, and to lable a is given the Exposed to Risk
Deaths, and the "Rates of Mortality" obtained from these figures. A comparison of the rate in table a will be more conveniently left till later in the paper.
In the following paper will be found the re- inits of an investigation made as to the effects of opium upon mortality, as experienced by iba Chien Mutual Life Insurance Company, Ltd
One of the fist subjects which called for my attention when appointed actuary to this
It should be noted that in making the divi- Company was the mortality experienced by the Chinese and other nationalities in the East, assion between opium smokers and nou-opium compared with the mortality prevailjog among smokers, one had to depend on the answer Europeans. The calculation of premiums, and givco to the medical examiner during the exa the equitable distribution of surplus, among mination necemury for the issue of a policy other things, made such inquiry necessary. ‚'
It is therefore possible that some opitim Preparations were accordingly made for the smokers are included in the "non-apium scheduling of the experience, with particular smokers group, but it is very improbable that regard to the comparative rate of mortality any non-oplum smokers are included in the pravailing among?- Ne
"opium smokers" group...
*(1) Opium im^kerkand non-opium smokers. (a) Chinese and other reces... (3) Lives resident in temperate, subtropical and tropical climates,letting
With regard to the comparative mortality prevailing among opium smokers and non- oplum smokers, I was unable to trace that any previous statistical inquiry had boon made. A
TOTAL NOM-OPIUM SMOKERS AND OPIUM SMOKERS. Table 3.
* report bad been given before, the Commission and under. 208
do opium to lodia in 1873 by Mr. Sister on the effect of opium eating on mortality, to which
the following reference appears in the Jumal of the Xnolitule of Acțuariei, volime31.page 517. "Some interesting information with regard to the modern growth of life assurance in India may also be found in the evidence of Mr. Slater and of various medical men resident in that *Country, given before the Opiunt Commissing in 1891. From this evidence we learn that the practice of life assurance among the natives is considerably increasing, and that Assurance companies will accept a proposal from a man who takes oplum as readily as if he did not, if Jo other respects in bla is an eligible one. During the first decade of the history of the *Oriental, it was considered expedient to make a small extra for opium consumers in moderate quantities, more, however, as an extra precau tionary measure than on account of any proved ili effects of the opiom babit. At the end of this period an inve-tigation was made into the matter and it wasther ascertained that out of s6y deaths
3 4. 5 6. 77
I Bil 000 57 *bil .000
Nenaplum Smokers
Expered
Rate of
to Hisk
Death Nor-
Oplum Smokers.
Ra's of Expired 10 Risk Deaila Mor Lality
Lality
T
17
2 .034
20
.12
25
30
35
40
2381 3,698. 3.94556 014 1,000 3.78451 013 1,65
250
53.014 695
21 021
26.074
45
2,718 48.018
799
10
55
כגם 47
4.016
23 .033
21.036
20 67 037 659 4759
366 1,126 35 031 *58 521 33.063 139
and over Total....21,00% 40
032
18 .049 10 .072
5,031 144 It was considered that the effects of opium smoking might vary with the climate to-which the live?' were exposed. The" "'cards' were "accordingly again sub-sorted into two divi
sions; one including liver residing in Foochow and in all places north of Foo chow, and the other including all livei residing south of Foochow, ie, in the tropics, and lacluding those seriding, in Hongkong, Manila, Java, Straits Settlements and Ran goon. This grouping was very conveniently made because the company charges 'one
set of premiums. for. division and second set of premium for division z. In tabin 3 will be found the "Exposed to Risk, "Deaths" and "Rates of Mortality," ex» perienced by the lives in division, which may bo Conveniently, called "Nosibera Stetina," and in table 4, the Exposed to Risk,
Deaths" and " Bates of Mortality experien-
by division 2, er "Southern Section,"
not a single one was due either directly or in- directly to upftin. The ratio experienced for every 100 deaths compused by the Hm.. Table was--British 154, Eurasian .8%,, astive 103 Hence while Bellish lives experienced 54 per -pent. greater mortality than what was the case in this country, that of the rgregato Indias lives had been precisely the sime as that shown by the Hm. Table. The result of this investigaced tion modified-tberpractice of imposing extras, and it was stated that it 'sometimes happened that when a life proved excep onally besliby no extra at all was made for opium smoking.
of the aggregate nativa liver was only .16 pèr cant greater. Here again, it appeared that bo death was due to opium, and in view of the ad. ditional light throw upon the subject by. this experience, the management decided in future to charge no extra whatever to opium caters.",
The report refor ed to abзvq deals, with the effect of opium eating...........The majority of the polley-holders in the Company afe Chinese, and over and it was to-the-effect-of-opium-upon them. Total that attention was first directed. As the majo rity of Chinese opium users smoke it, this inves tigation differs from that of Mr. Slater. Not only so, but the final results differ considerably from Mr. Slater's.
"NORTHERN SECTION.
Table 3. Nen oplum Smokeri Opium Smokers
Rate of Exposed Deaths Mor
Rais.of
•Expayed Deaths Mor
is Rhk,
tality uality
67
Tail .000 pil .000 3 .017 11628 8.017
·2429 55 SOUTHERN SECTION.
4. x61
A further investigation took place six yearn later, the number of deaths being 779, when it was fouart that the mortality of Britleh Rivos, jo India was 52 per cent. greater and under 131 than that of the Hm, Table, while that
to Rib
3
17
I. .008
10 374
5 019
43
25
3,117
2018
176
30
*1,948 74 .015
395
35
1,003 16 oto
473
40
1,381, 19.013
490
9
018
45
---857
150:8
305
50
631 21.033
300
6 .00
55 365
14:38
170
7.039
58
208
12 .958
66'
the 8,317 147.
to Rick
Table 4. Nanioplum Smokers Exposed
Kate Ex Deaths Mor "Deaths bler
to ality.
3
cality.
5
17
and under
2
bit. 2 .026 77
all
453
2015-14---¡, mil-000 35: 2,264.
#701 74
1- 014 1.30 1,050 29 .014 299 35 2,342 40 017 527 40 2,402 $2 .013 575 45 1,861, 33 018 494 Τα 1,167 46 039 359. $5 761 21.023 187 $8
21 067 133
73 and ovar
1:
:
I therefore ventured to bops that a summary of the experience would not be without interest to this 'Commission, and with the cordial per- mission of my directors the present, paper was written,
In order to collect the data for schedulingi the usual plan was followed of writing cards for each life which had been proposed for in- surance in the Company. The nearest age at date of entry was entered on the card as age at entry and the age at exit was found by adding the nearest integrál acimber of year the life was under observation to the age" at" entry, The amount of opium used was also entered on. raho cards w
Oplum Bmokeri
Rate of
ཀྭ
12 040
13.075
17 1030
14. .028
15.047
11.059 :6.083
Toul .. 13,690 158,-. 2,601. 89
The rates of mortality given in Tables 1, 2, 3 and 4 will be found brought together in Table 5, so that they may be compared ons with another more conveniently,
Special explanation toʻ So, beyond the.free ge
14 expects to:fed:
from limited
could only be amoot
of an infinite number
spite of the show/thst;
pod submit, however, that,
for age 50, these dres smoking, vory considerably "diminishes tha vitality of the smokers E
Turning now to columas to 5, 6, 7 and 8 of Tuble, we find that the same remarks apply to the rates in columas 5,6,7 and 8 as to columns 3 and 4, with the exception that wa see that it is in the northern section that the irregularity at age 50 oce
Leccură, D,MNANT
On comparing the comparative effect of opium in the northern and southern sections, we see that in the southern section the effect | seems mɔre marked than in the northern section.
WEDNESDAY
APRIL 1969
iven was under
Cause
Such sever, inflammation, etc. | deaths among the opium smokers of death given was unknown, in as cauer, in- definite tems being used to describe the cause of 15 deaths
CAUSES OF DEATH♪
Tabla Nho
Kature of Disease. No.
Smokers. Opin
Circulatory System 15. Urinary System ... 12 Bespiratory System 83 Nervous System... B Digestive System... to Tropical Disease... 83 Infections Ditcase 23 Malignant Discuss General Ditenta. Accident
16 (Unclassified and
Unknown) do.....taa / 30
Public Com
UNIO
NOTICE TO:
NOTICE is hereby given
HIRTY: MEET
NOTICE: Is hereby given ́ibat CLUES, HENTIETH ORDINARY felle baad- MEETING of the SHAREHOLDERS will
SIXTH ORDINARY YEA fof be held at the Company's Office, St. George's
Building, on SATURDAY, the 28th April, ING of the Society will be held at its Hard 1909, at 12 o'clock: Nood, for the parpose of "Office" Nola Queen's Buildings, Hongkong, presenting the Report of the Director, too0/WEDNESDAY, the 21st April 1909, at gether with a Statement of Accounts to 28th Noon, for the purpose of receiving the Report February, 1909, and electing Directors and of the Directors, together with Statements of Accounts, to 31st December, 1908, and of desi
· The TRANSFER BOOKS of the Company claring dividends, &chann will be CLOSED from the roth to the 24lb April, 1909, both days inclusive, en Alban **
mokers.
Par
in order to investigate the comparative effect more fully the expected deaths among opium makers according to the "Non-opium Smokers rates of mortality were taken out. That is to say, that in the northern and soulbern sections and for total oplum smokers 1 sicertained the number of death which would have occurred among the opium smokers in those sections, had the opium smokers been subject to exactly the same ratas
100 144 of mortality as those to which the non oplum smokers in that same section, actually ware
On examination of the percentages incolumas subject as shown by the present figures."3 and 5, the greatest difference will be found
The opium smokers "Exposed to Risk, in colume 5 of Tables 2, 3 and, 4. were multiplied by the "non-opium smokers" rates of moriali ty in column 4 of the same tables,
In table 6 will be found the "Expected Deaths" calculated as above, together with the "Actual Deaths" which occurred among the opium sm kers, being the total from columa 6 in each of the tables gaud 4, together with-- the ratio Expected Deaths,
COMPARISON OF EXPICTED AND ACTUAL DEATHS.
Acius Deaths
Table 6...
Ratio Expected. Actual Actual Depthe
Expected Beatlan
Scution
Deaths Deaths
Northern and
Southern Fec. tions Combin. ed ............. Northern Section... Southern Section...
102.3
744
47.3 55-4
3.41 2.16 1,61
n
Total
in the dunhs under the heading Digestive? System, and this is what we should have ex pacted. In our medical eximination, whee "the applicant smokes opium he has to answer further questions, so that we may ascoitain whether bis disgostive functions. have been at all affected. In many cases the applicant suf- fees either from constipation or diarrhoea.
It has been noticed further that where it has been necessary from agy cause for an opium smoker to undergo a second medical examina tion, bis weight at the second examination is often less that at the frit. Where an applicant for.insurancesis of excessive light, weight in proportion to his height, a remark to this effect is gutered on the medical examidation form by the Medical Referee, who takes this fact into consideration in deciding whether to advise the acceptance or con-acceptance of the risk, found that the percentage of opium smoker? cases in which the lemarks "uoder weight”. occurred was almost twice the percentage of similar "non-opium smoker” casos.
The TRANSFER BOOKS of the Society
April, both days inclusive.
By Order of the Board of Directos, will be CLOSED from tih April to the ame
GIBB, LIVINGSTON & Co,
Web Agents, we Hongkong, 7th April, 1009
(326
FIRE INSURANCE ASSOCIATIONS
OF HONGKONG
BANK HOLIDAYS.
TN accordance with Ordinance No. 6 of 1875, 1 FIRE INSURANCE OFFICES will be CLOSED. for the Transaction of PUBLIC BUSINESS on FRIDAY, the 9th instant (GOOD FRIDAY), and MONDAY, the 12th instant (EASTER MONDAY). W
By Orderjordan
A. R. LOWE," Secretary.
Hongkong. 7th April, 1909-
PUBLIC AUCTION.
Undersigned have received instructiona
- to sell by
PUBLIC AUÓTION, FOR ACCOUNT, OF THE CONCERNED,
TUESDAY,
the 13th April, 1959, at 11A.M., at their. Sales Rooms, No 8, Das Vœux Road,
"corner of ico House Street, MAKE A QUANTITY - OF- AMERICAN BOOTS, UMBRELLAS, SOCKS, SINGLETS, &c.
A. Also Saco EGYPTIAN CIGARETTES, „TERMS —As usual.
HUGHES & HOUGH,
Auctioneers.
Hongkong, 7th April, 1909.. NORDDEUTSCHER LLOYD, BREMEN, IMPERIAL GERMAN MAIL LINE FOR SHANGHAI, NAGASAKI, HIOGO AND YOKOHAMA,
THE Imperial Getman. Mail Steamship
"BUELOW."...
Captain H. Farmer, will leave for the above places TO-MORROW (THURSDAY), the Bib Instant, at 11.AM. KREMAN
For further Particolare, apply to NEVE NORDDEUTSCHER LLOYD,
MELCHERS & Co., General Agents,
Honokang, Zih April, 1ang.
ANGLU-BRONUM: LAND, IN
VESTMENI CO., LTD.
'ANNUAL MEETING.
Mr. C. R. Burkill (chairman of directors) presided at the annual meeting of the above company which was held at Shanghai on and It occurred to me that possibly the data inipit at the office of Messrs. A. R. Barkill and the company's records might afford some useful door. There were also present Messrs. C. W. information to the Commission as to to the pre- Thomas and Liu Chang-yiu (directors), Rey. valance of the opium smoking babit in different Fère Lemercier, Messrs, O. L. liber, D. M. districts so in Table 8, show the proportion Gubbay and B, H. Fublers, representing 74,245 of smokers and non smokers in the different agencies of the company.
I may say that this Company has always An examination of the ratios in column 4 bed more strict in the selection of risks where shows that the "acul deaths" among opium the applicant smokes opium. If the company smokers was 41 per cent in excess of the "exonsiders, a life on which an application is sub pected deaths," and that when the experience mitted to be substandard, the application is was divided, though the "actual' deaths" in either declined or a policy issued subject to a northern section were only to per cent. in ex-lea, The percentage of policier linned whate Ce of the "expected deaths, we find the the applicants were opium smokers was peitly “'actual deaths" lo the southern section exceed three times the percentage liened where the api the expected by 61 per cent, la comparing plicants were nou-smokers. these figures wamun remember the irregularityWhen the fares now submitted were shown which occurs in the rates for age so referred to to the directors, a resolution was passed at the. above, which affects only the northern section.
stricter On seeing the great difference in the ratios meeting that applications from persoas, smok braught out in the nonhero and southern
should be subject to even supervision than formerly, sections, I thought that possibly the opium smokers in the south tight indulge more free ly than the Opium amokers in the north, and therefore had the cards for the opium smoker sgaio sorted according to the amount of opium crasumed daily by the applicant. Dat of the 1,433 lives in the northern section, 214 stated that they only smoked occasionally, Out of the 1,124-lives in the southern section, 266.stated! that they only smoked occasionally. The average amount smoked by the remaining 1,219 lives in the northera section was 2.14 mace'a day. The average am unt smoked by the $58 Lives remaining in the southern section was *.84 mace per day. As strated above these fures are based on the statements of the aps plicants in answer to questions from the medic al examhiper. They show that the amount of apium smoked in the southern section on the av rage is rather less than that smoked in the Borthern section.
The difference in the ratios as shown in Table
6 cannot be explained therefore by saying that the opium smokers in the tropics smoked more heavily.
י,
Having arrived at a result which diffari so decidedly from Mr. Slater's, I read the reference to his report in the Journal, of the Institute of Actuaries, more carefully. If we refer to it again we note that Mr. Slater confines himself to saying that "it was ascertained ́. that out of 167 deaths pet a single one was due directly or indirectly to opium," and later "Hero again it #ppeared that no denthi were due to opiam." It occurred to me that possibly Mr. Slater had not com pared the mortality in two groups separate-
PERCENTAGE OF OPIUM SMOKERS.
IN DISTRICTS.
Districte
Tablo #
Porcené
Non Oplum Total Opium oplum
Sonchow and Dia.
trictions" 486 Shangbal and Dia-
rici......................................2,346 PRiver Pons
Smokers
inge
Smokers
le Total
35
784 3,030 25 1,138 303. 1,440 Saigon,etc. Siam, etc. 599° 151° Swatow, Amoy and
District 436186 1,012" 18′ Straits, Seulements,
Java, Somatra...3,210 Manila and Philip- pins In Tientuia, Peking and
District Foochow and Dis
trict 439 Hongkong, Canton,
Common m1074 Rangoon, Calcutta,
etcmus.
109
492
96 1,170
179)
8937 To summariza
mariza I would submit that we are,
justifiad in drawing the following conclusions:
1.-That the mortality experienced by opiom
COMPARISON OF RATES OF MORTALITY INly but bad ectamined the papers in commokers is heavier than that experienced by
TABLES 12,3 AND
The cards were scheduled and the number of Exposed to Risk and Deaths at each age obtained. There were 3,316 lives under observations giving-16,038-years exposure and $49-deaths." The "Exposed to Risk and **Deaths were afterwards grouped in quin- quendial age groups. Thus, the Exposed --10-- Risk”-and-Deaths" at ager, xk-23 were entered again ago 20, and the
Exposed to Risk" and "Deaths" at ages Prince Opium Oplum Oplem Opium Opium Opin
23.27 ware entered against age 15, mod so' -ượn, with the exception of the first group, age
Tubla 5.
Northern and Southern See Total Lions Combined
• Northern
・. Recilan
AIR
1
ล
.Not.
Not
Southern Bection
Nou
Smok Smok Book Smok Smak Smok».
8 3"
section with each death claim individually, to ascertain the cruse of death. From my ex perience in dealing with the death claims of the Chios Mutual Life Insurance Company, it would be very difficult to point to any particu-| lar'death and way it was caused directly or to directly by oplum, although there is in many Cafes considerable difficulty in ascertaining the cause of death, owing to the fact that where 10014 015 1.000 013 1000 org.ace & Chinese doctor is in attendance all that 15 019020 216 2018 1,017 021 014
It is possible to get from blm is the length of 30019-084. 1033 .015 2018 - 2014 1040
the illness, the date of death, and the manner 35 2016 2014 031 2010-2017 2017035 in which he prescribed. Although it would 410016, 013 014 014 018 013 030 probably be impossible to prove that any -45—020015___016_98_933918_928 perticular death claim became payable through
לו
17 and under, which focludes 8-years of expo- | & under 314,014 050 008 030,026
are at ages less than 13, and the last group, (which includes all cates at age 58 and over, the yaara ofexposure over age 6x baing only 42. -Thaie figures, together with the "Rate of -Moitality" obtained therefrom, will be found in' Table 1. No attempt has been made to gra doate these rates, which are simply obtained by dividing the Deaths by the Exposed to -Rink? at the coresponding ages, wer Bad This table, which shows the rates of morta-: Hiy deduced from the total Chinesa lives onder observation, will be useful later lo comparing the rates obtained by rub divliling the exper
TOTAL EXPERIENCEA MA
Bate
opium imokers
1-That opium smoking is more injurious tropical than is sub-tropical or temperate
mates.'
9.-That though it would be difficult to trace may particular death to opium smoking yet it is probable the digestire organs are primarily affected by the habit, and the smokers became emaciated and lose weight, mel * I feel I should apolc tise for the buried war in which this paper, has been written, but would ask for your ladulgence on the plea of pressure of work.
I bave endeavoured to make my remarks as concise as possible merely directing your ai the effects of opium smoking, we frequently teption to the salient points and allowing the find the cause of death of the applicant's father games to speak for themselves. I hope, how
that no material point has been or mother given as “Excessive Opium Smoke - 57ardh wing" in the answers to the medical examiner, looked
50 036 037 031 033 020 039 043 1031019 38,039,018.org 55 036 031
• 58c65o6y 1072018 261c67 082 cand overkligand
If we compare the figures is colomus, s'and In the hops of obtaining some useful informa
4 of, (uble 5, it will be seen that after age 15 tion t'investigated the causes of death under TRUS
the rates in column 4 are considerably in ex- the death claims paid by the Company cess of the
itas fo columa 3, with the excep
tion of the rate for age 50. With regard to the the exten up to age as it will be found from tablea
(lotal notopiam smokers, and
>that there were only
among opium smo
three group
Second bas
Lander.
abares.
The notice convening the meeting having been read by Mr. Davis, the Chairman ad- dressed the shareholders as follows:-Gentle men, The Report and Accounts have been
in your possession far some days, and 1 will,
By Order of the Board,
CMONTAGUR EDE
Secretary:" Hongkong, zäh March, 1009.
UNION INSURANCE SOCIETY OF
CANTON, LIMITEDNAOU
NOTICE TO SHAREHOLDE 25.
NORDINARY GENERAL MEETING
TOTICE is hereby given that an EXTRA
[of the Society will be held at its Hand Office," No. Queen's Buildings, Victoria, Hongkongs OD WEDNESDAY, the zist April, rood, at 12:15 PM. for the purpose of considering ands if thought fit, passing the following: Special | Resolution ODCHUMA
That, the Memorandum and Articles of Association of the Society be respectively "extended, altered and amended ka as to read nu shewa in the print signed for the purpose of identification by the Chair "man of this Meeting and that anch #extended, altered and amended Memo- "random and Articles of Association: be henceforth adopted as the Memorandum and Articles of Association of the Bo "ciety to the exclusion of those heretoford: “prevailing & ador
Should the above Special Resolution be doly passed, it will be subsequently submitted for confirmation to a further Extraordinary General Meeting, of which Notice will be hereafter given. Pada
Prints of the proposed Memorandum and Articles of Association can be seen at the Society's Offices or abtained on application there.
By Order of the Board of Directors,
"C." MONTAGUE EDE
Secretary,AN
[306] Hongkong, 7th April, 1909. THE CHINA TRADERS INSURANCE COMPANY, LIMITED,
NOTICE TO SHAREHOLDERS.
OTICE is hereby given that the FORTY- NTHIRD ORDINARY MEETING of SHAREHOLDERS in the above Company will be held at the 'ead Office, No, 1 Queen'e Buildings, Hongkong, on WEDNESDAY, the (sest 3pril, 1939, 12.30 KM,for the purpose.. of receiving the Report of the Director, Jos gether with Statement of Accounts to the f December, 1968, and of declaring Dividending
The TRANSFER BOOKS of the Company will be CLOSED from the 7th April to the 21st Aprilagolinclusive.
By Order of thundup of Directors
AC/ MONTAGUE EDE,
94, la Secretary,, Hongkang, 26th March, 1909,
THE CHINA TRADERS' INSURANCE COMPANY, LIMITED. NOTICE TO SHAREHOLDERS, NOTICE hereby given that an EXTRA
NORDINARY GENERAL MEETING
of the Company will be held at its Head Office, No. 2, Queen's Bulidings, Victoria, Hongkong WEDNESDAY, the stst April, 1999, 13.45 PM for the purpose of considering Bed, if thought fit, passing the following Special Resolution -
That the Memorandum and Articles of "Association of the Company be respec
tively extended, altered and amended so
to read as shown in the print signed for the purpose of identification by the Chairman of this Meeting and that such. ."extended, altered and amended Memo
"raddum and Articles of Association be "hanceforth adopted as the Memorandum and Articles of Association of the Com “pany 10 the exclusion of those heretofore "prevailing,"
Should, the above Special Resolution be doly passe, it will be subsequently submitted for cormation to a further Extraordinary General Meeting, of which Notice will be hareafter given. Je pense
By Order of the Board of Directors,
C. MONTAGUE EDE
Secretary,
with your permission, take them as read. With reference to the Accounts there is a considerable increase in some of our expenses. The Hong kong Annual License amounting to Tle. 84477 "if an entirely new-charge and-will-recur each year, as will also the Trustees fees of Tis. 1,005, Taxes show a very large increase owing to the re-valuation by the Freach Municipality of the land in their Concession, the adopal taxes baving been raised from Tis 5 gap to. Tis. 7,310. Fire Insurance abowe an increase cor- responding to the increase in our properly ac count. Other charges are about the same as formerly. The Company-inued debentares (20 years)-is July of last your to the extent of Tl. 250,coa and Discounts and Expenser in connection with this issue ameonted to Tie 2,621.'9 which charge your Directors have da cided to apportion over a term of years, Tis.. 621,19 being written off this year, Rentals show a considerable increase which would have been larger had trade been better and the number of empty houses not increased, Interest and Commission account is con siderably less accounted for, by the invest ment of our money. available for loans) on developing our properties and the interest on your Debentures. Dar propsity account H., our Burkill Road property which is now how a considerable increase, chiefly on Estate completed. The property shows a falily satis of the Myburgh Road Extension, will, wa factory return at present and, on the completion think, be greatly improved: We understand that the negotiations for the extension of this: road are now belog proceeded with and that no great delay seed be expected. We have a con- siderable sumber of empty houses on the French side, bui we hope that improved trade advantage of every opportunity of rebuilding will soon fill them again and we are taking on favourable terms to the Company. The age of some of our buildings is the chief factor. against felting thein red we are trying to get rid of the oldest of them. In the meantime INTERNATIONAL SLEEPING CAR able. If any shareholder has any questions to they are being kept in as good repair as practic ask i shall be pleased to answer them.
There were no questions, and the Chairman proposed that the report and accounts as pres sentod be scorpied. This was seconded by On the proposition of the Chairman, second-
biu Chang yin and carried by Mr. C. W. Thomas, the directors were anthorised to pay a dividend of Tis:6 pershare. The appointment of Mestre, C. W, Thomas CP Barkll as directors of the company was confirmed on the proposition of Mr. libert seconded by Mr. Gubbay
overed
Ecko-Mr. Dooley the la Kasla Lumpur to dea-
whithir,
Mr. Fahler proposed that Mr.0, W. Thomas
cted:
Hongkong, 30th March.fdog.
Intimations
BANK HOLIDAYS,
1875, the EXCHANGE BANKS will be accordance with Ordinance No. 6 of CLOSED for the Transaction of PUBLIC
idem (EASTER MONDAY), G BUSINESS on FRIDAY, the gth. Instant
Fongkong, 5th April, 1909,
[325 (GOOD FRIDAY) and MONDAY, the 12th
EXPRESS TRAINS 06 (THE
GREAT TRANS-SIBERIAN ROUTE
Page 5Page 6