UNION INSURANCE.
THE HONGKONG TELEGRAPH:
FRIDAY. MAY 25. 1923.
DAIRY
mind you the silver dollar was. No doubt sama of yan regret the worth 7 on the 31st Decam.]abeanos of a bonus, but, gentleman, 1921, as against 2/23/ on the 31st we were amply warned that it No Bonus Dividend This cross rate for American gold pendent on an improvement in December, 1992, also that the was of a temporary nature de- Year.
dollars was 4.2134 on the 31st trade, so I think you will agres, December 1921, as against-46375 with ma that the directors used a The fiftieth ordinary meeting of on the 31st December 1922. There wise discretion in adopting the the Union Insurance Society of is no method that can place us prudent course of discontinuing Canton, Ltd., was held at noon outside the position of being it this year. It is pleasure to-day. The Hon. Mr E V. D. affected by exchange but
I however to feal that ibe Parr presided and there were also think it is reasonable to constude handsome ordinary dividend of present the Hon. Mr. P. H. Holy that we are reaching more the Society can be maintained. oat, Messrs. A. O. Lang, G. T.normal, period in this respect. With a return to sound and normal Edkins, D. O Russell (director). Our loss ratios must be con-trade which we all look forward P. Lauder (acting general mans-sidered satisfactory if you reto, we may even see a steady ia- ger) the Hon. Mr. A. G. Stephen, collect the difficult times through crease in the distribution" but Messro, D. H. Cameran, G. S. which we have passed. Archbutt, H. Glanville, J. W. Alabaster, E. A. Lees, R. J. Wilton, G.Q. Franklin, W. R. Mansfield, V.
A
un-
" 'safety first "should be our motto. I am sure the bonus of 15 per cent. to the Provident Funds of the staff has the hearty approval of the shareholders. With our far-Bung commitments transition
we are
more than ever dependeat on their,
FARM - NEWS.
JUST LANDED, A FRESH-CONSIGNMENT OF
'KRAFT LOÅF CHEESE"
The perfection of Flavour, Uniformity and Excellence
No Waste
No Rind vigilant activities everywhere.
I much regret that the settled conditions in Chins still R. V. Ribeiro, Chau Yue-ting. Lo continua seriously hampering Cheung shiu, Lo Man-Phiu, B. trade, and whilet the country is C. da Cunbs. V. L. dos Remedios period of great trial, I feel that
passing through M. A. K. Souza, W. F. Gardner, bright future for it is certain. In this connection I am sure we Ho Leung, E. L. Shentor, its great resources, enterprise, all wish that our general manager. Leung Yau-po, A. H. M. da Silva, F. R. J. Adams, J. M. Alvos, J/and the good sense of its people who has done so much for thei Arnold, Ho Ki, A. S. Ellis. T'G'will surely overcome the present Company, will soon be restored | Well, C Champkin, Chow Nean-to strengthen our position in our pleasure in seconding the adop- dificulties. Steps have been taken to complete health. I have much ting, H. Bancock, H. B. L. Dow-home field and we do not doubt tion of the report and accounts. biggin, Chau Sui-ki. F. that we shall receive our fair Stapleton, A. H. K. Cobb, W. J. Carroll, J. R. Kinghorn, Paul trade of China in which we are share of new business when the
(Applause).
The report and accounts were! Hodgson, C. A. Peel, M. J. Gall so interested revives.
passed. Whiley, G. Grimble. A. R. Lowe
On the proposition of Mr. (hareholders).
Before I canelude it will ao Champkin, seconded by doubt interest you to learn that W. E. L. Shenton, the Hon Mr. Mr. Chairman's Speech. The Chairman said: The busi-the Society has in course of FH. Holyoak and Mr. G. M. ness of insurar ce, and particular corner of Finch Lane and Coin-
construction in London at the Dodwell were re-elected directors. ly marine insurance, during the hill & seven storeyed building. Hancock, seconded by Mr. H. B On the proposition of Mr. H. past 18 months has been conduct. This is ea during times of great difficulty in the City, in the centre of in- Bingham and Matthews and Mr. one of the best si es L. Dowbiggin... Messrs. Lowe, and changing conditions. The
surance activity, and when com-C. Bernard Brown were re-elected
view.
&
the
satin-
business is
CHINA FIRE.
number of insurance companies pleted it will give us a com-auditors. which commenced business insodious and permanent office in recent years with high hopes of London of which we are in grest success and which have since need. This will passed out of existence or have Society to house its various de
enable ceased to transact marine busi-partments under one roof instead) nees, testifies to the difficulty of of having them separately accom- the times. These failures have modated in different buildings bean caused largely by indis-s we are forced to do at present. criminate rate cutting with Your directors are satisfied that
Satisfactory Figures. view to obtaining a footing in the bis investment
The Big-fourth marine market, and to the fact that
ordinary the trade conditions of the world cry one from all points of Fire Insurance Company. Ltd., rearis meeting of the China have so quickly altered, bigb
Gentlemen, Our
was held at Union Building this values falling to low values, and rid-wide and our position to morning. The Hon. Mr. E.V.D. great trade activity passing to day reflecta credit on the manage also present the Hon. Mr. P.H. Parr presided and there were great trade depression. The ruent and staff, for never in the Holyoak. Messrs. A.O. Society in Companies transacting marine required more skill and care than Lauder (acting general manager)
with all Society's history has the work
Lang and are business has had to face at the present time. Under all G. S. Archout, G. G. Franklin, Russell (directors), P.
■ restricted market, which has these circumstances I feel con. R. Mansfield, P. M. Hodgson, involved a certain decrease in ident, gentlemen, that you will A. Lees, J. W. Alabaster. premium income, but I think you heartily approve the usual bonus will agree that notwithstanding of 15 per cent. which we have Ribeiro. H.A.R. Souza, A.4. V.D. dos Remedios, V. R. V. the many difficulties with which voted to the credit of members of Alves, WF Gardner and B.M.C. we have been faced out figures the ata T holding Provident Fund
flect the fact that we have
da Cunha. (shareholders). "maintained our position in the
agreements. insurance markets of the world.
Gentlemen, the report and accounts were issuad on the 11th May, which will have given you ample time to study our figures,
common
D.O.
The Chairman said:-Gentle-
I now beg to propose the adopmen, The rerart has been in your tion of the report and accounts.. and when this has been reconded, bands for 'some time and subject -hall be glad to answer to taste your approve! I will follow best of my ability any questions as well as the auditor's report as the usual procedure and take it
and I propose, therefore, to lollow/ou may wish to ask.—(Applause read. The working account for
the usual procedure, and take them as well as the auditor's report, as read.
Mr. Stephen's Speech.
1921 shows a balance of $919,- 894.94 to be dealt with. Your The Hon. Mr. A. G. Stephen directors recommend that this The working account for the said-We have heard with in balance be appropriated as fol. year 1921, after allowing for a terest the Chairman's remarks and lows:-dividend of $7 and bonus bonus to contributors and I am sure you' will all agree with of $3 per share Interim dividend of 24 per share, me that our thanks are due to the shares, $200,000 to transfer to оп 20,000 shows that the balance available directors, the general manager building reserve, fund, 100,000; for distribution is £400,593.1. 11, and staff for the able way io To carry forward to underwrit and your directors recommend which they have weathered the ing suspense account, 619,894.94; ibat this balance be allocated as storms of the past two years. The total. $919,894 94. Turning to the follow-final dividend of 16-war and post-war boom was re- balance sheet you will notice that per share on 111.00) shares £88 possible for many mushroom sterling exchange this year is
had
account
80 cents per lb.
THE DAIRY FARM, ICE & COLD STORAGE CO., LTD.
The skill of an artist
Is necessary in the making of a suit of clothes.
HAWTHORNE & PEARSON'S
tailoring. will give you that touch of distinction necessary to well-cut clothing. SUMMER SUITS FOR THE HOT WEATHER RAINCOATS FOR THE WET SEASON.
St. George's Building,
DON'T
Read hang dawes
Powell
Tel. 387,
GENTLEMEN'S
TAILORS
AND BREECHES MAKERS
(HONGKONG HOTEL BUILDINGS.)
Our TAILORING DEPARTMENT has been thor oughly re-organised: we can assure our customers of a vary improved service.
Mr. E. T. Smith who has had considerable exper- ience of the requiriments of the East, bas just arrived from England and will give that care and attention which is essential to the well fitting garment.
Your enquiries are solicited..
We have a good assortment of
WASHING
FABRICS
FLANNELS AND SERGES
in light and medium weight.
Wm.
POWELL, Limited.
Telephone 2313.
SAVE YOUR EYES.
CHINESE OPTICAL CO.
STOP!
will give you the BEST ADVICE regarding your eyesight..
67. Queen's Road Central
No use to go furiber:
P. A LAPICQUE & CO.
hare for sale
HEMOSTYL SYRUP
for ANAEMIA, MALARIA, CONVALESCENCE, TUBERCULOSIS
&C.,
Tel. 950.
Shanghai.
PARQUETRY FLOORS,
A FEW OF OUR RECENT CONTRACTS.
COUNCIL CHAMBER AND COMMITTEE ROOMS. SHANGHAI MUNICIPAL COUNCIL.
PANELLING & DECORATIVE.
PLASTER, CEILINGS
500. to carry forward to Under Growths in all branches of trade 2:24 as azuinat 27 last, which Arts and Crafts Limited. writing suspense account to close and finance, and it was only has the effect of increasing the the account for the year, 1921, atural that insurance should dollar equivalent of the Com- £31 793. 1. 11. The balance of the attract its share of new en pany's sterling securities. The working account for the year 1928 thusiasts. It was also the natural balance at credit of the 1922 stands at £620,585. 3. 1, and out of order that, when the boo working this balance your directors re
is $1,328,- Fun its course. losses 1926 07. commend the payment of an in came which the new concerne satisfactory figures before you, Notwithstanding the terim dividend of 24 share. could not face and they therefore your directors have decided, in absorbing £133,200, and a bonus had in many cases to go to the view of the uncertainty of the of 20 per cent. to contributors of wall, but they were very trouble-times through which
some competitions while they passing, not to make any increase During the years preceding the were in existence.
in the dividend distribution and I trade depression already referred
The Union originated in local have no doubt this policy will to your directors were anxious enterprise and we feel justly commend itself to you. I now that you should participate to the proud of it when we see the move that the directors' report) full in the profits that were being splendid position it is in se evi- and statement of accounts as made and they inaugurated a donced by the excellent balance presented be adopted, and after sheet now before us. Good reser- this has been seconded, I shall be yee well invested make it a solid pleased to answer any questions institution capable of meeting all that may be pat.
business on bonus terms.
bonus dividend.
My predecessors in the Chair for the past three years have struck a note of warning fore
we
Are
possible contingencies in its Mr. G. S. Archbuit seconded! casting that this bonus dividend world-wide business, I may say and the report and accounts were might be discontinued if trade that I have been privileged to red adopted.
did not quickly improve, and after list of the securities constitut-
On the proposition of Mr. J. W.
much consideration we have deing these reserves, and I can Alabaster, seconded by Mr. A. A. cided that notwithstanding the BB8ure you that they are such as Alves, the Hon. Mr. E. V. D. Parr satisfactory figures before you would satisfy the most fastidious and Mr. G. M. Dodwell were re- the most prudent course in such matters.
elected directors,
is
On the proposition of Mr. B. M.
to discontinue the payment of a As the Chairman has pointed: bonus dividend this year. The out, comparisons between the C. da Cunha, seconded by Mr. V. usual dividend of the Society re- balance sheet of one year with R. V. Ribeiro, Messrs. Lowe, mains unaltered and your direc-that of another are difficult owing Bingham and Matthews and Mr. tors feel that under ordinary to the factor of the exchanges. C. Bernard Brown were re-elected circumstances the payment now There is no method of avoiding auditors. being made can be well maintain.that factor, but we are all much
ed in future years, and increased comforted by the Chairman's
An Army Order provides that
as the trade conditions of the assurance that it is, reasonably world adjust themselves.
likely we are reaching a more • MESS ALLOWANCE REDUCED. With reference to the figures in normal period in respect of ex- the report I would explain that change. It was to be expected the special allowance for the the Society's investments are that the figures of the balance. taken at the market value as at sheet should show some reduction mesa of the officers of the King's the 31st December last and where on those of the previous year. The
Guard at St. James's Palace will any doubt has existed as to the reports of insurance companies, instead of £4,000, as at present.
in future be £3,500 per year, intrinsic value of any of our especially marine, are bound to investments, they have been writ-reflect faithfully the conditions of ten down to a conservative figure. business so the fall in prices of Interest received shows a decrease commodities and the world-wide. but the question of exchange af depreciation in trade during the fects as bere, and me regards our last two years are bound to be eal balance sheet totais I would re- reflected in our balance sheet,
You take no when risk you buy
A MOUTRIE PIANO. Guaranteed for woven years, MOUTRIE'S, Chater Road.
CAKUTON CAFE AND BALL ROOM CARLTON THEATRE
CHARTERED BANK.
CHUNG FOO BANK.
CIGARS
FURNITURE CARPETS. CURTAINS AND DECORATIONS THROUGHOUT.
DECORATIVE FRITZES
LEADED GLASS ROOF LIGHTS
Have a cigar! I can recommend
them.
They came frotu
THE HONGKONG CIGAR STORE
Alexandra Bulding..
J. T.
SHAW
Ladies' & Gent's Tailors
TEL. CENTRAL
692.
DRESS MATERIAL, WHITE SERCE, PALM BEACH SILK PONCEE, COTTON PONCEE WHITE ALPACA DRILLS & ETC. FOR SUMMER WEAR.
WAR MEDALS AND RIBBONS,
No.21 Bearonslield Arcade,
(Opposite City Hall)
CAPE WINES
FROM J. SEDGWICK & Co., Ltd., CAPE TOWN
Claret
Drakenstein (Bock Style) Sauvignon Blanc
Old Chateau Brandy Santhagen Brandy
CALDBECK. MACGREGOR & CO.,
15, Queen's Boad Central,
LTD,
(Telephone Geatral No. 75)
WHOLESOME BREAD
ISKONE OF THE MOST IMPORTANT NECESSI→
TIES OF LIFE.
Cafe Wiseman Bread
IS LYGIENICALLY PRO- DUCED UNDER EXPERT EUROPEAN SUPERVI- BION,
LANE. CRAWFORD. LIMITED.
"