12
J. ULLMANN & Co.
Alexandra Building
Chater Road, Hongkong.
WATCH MANUFACTURERS DIAMOND MERCHANTS & JEWELLERS.
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Houses in Tientsin, Paris Shanghai, Hankow and
#
Peking. Factory in La Chaux-de- Fonds Switzerland.
Mrs J. CRAWFORD.
Massage Hall
No, 14, Zatiånd Streat
MRS. SEKA!
MASSAGE
Tel. No. C.4433, 2nd. Soor 2. Duddell' trant. Haurka ei
THE NEW
THE HONGKONG TELEGRAPH,
FRIDAY, MAY 28, 1926
MISS P, GRACE MARRIED AT HOME.
Actuelle
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Printed and Published for the Proprietor by FREDERICK PERCY FRANKLIN; at 1 and 3, Wyndham Street; in the City-of-
Victoria, Hongkong.
23
This photograph of the bride and bridegroom was taken at the bourne Abbey, Dorset; of Miss R. Grace. (daughter of Rear Admiral master Lieut.-Comdr. Worthington. Both are extremely well-known in
ly in lawn tennia circles,
RIVAL AS AUDITOR.
(Continued from Page 5.)
Sceonding the adoption of the report and accounts. I am in agreement with most of his re- marks, but I desire to emphasise one particular point which has not been sufficiently stressed upon, and that is the prosperity of the Society is, in my opinion, solely the result of one guiding hand In the nature of things, under tukings large or small rise or fall by the efforts of one person, and unorthodox as it may seem to you, it is my firm belief that the larger the undertaking the greater its probability of success where its destinies and broad questions of policy are confided, to the hands of a capable aingia person, and in this the Union Insurance Society of Canton has been fortunate in the past, and if I may say so, in the present, and i hope even ton greater degree in the future, if the accounts now before you are any criterion. As a large single shareholder, and representative of a still larger shareholder close- ly related to me, I feel that our interests are very ably looked after by the present General Manager in the person of Mr. Paul Lauder.
Whilst commanding the policy bi distributing only the incomo from investments which I notice as regards the working for the year 1924 was exceeded to the extent of some £20,000, I would urge the view that when the result of the working for 1925 is better known at this time next year, the distribution to shareholders might littla be enlarged moderately at further, say to the exent of further bonus of 5/-per share, which would cost about £34,000
Another fund of a fluctuating nature which moves more or less mysteriously, unless analysed and compared with previous balance sheets, is the Underwriting Suspense Account. to which ba- lances of Working Accounts are transferred after the lapse of #1 complete year, as with the case of the accounts for 1924 being considered to-day. Presumably
nims arising out of the working for 1924 and prior years will be debited to this account, and would like some information as to the amount debited during 1925 to the Underwriting Suspens Account for claims appertaining to 1928 and the years before that.
I would suggest that in future years this information he given in the face of the balance sheet to enable shareholders to fully ap preciate car fortunes after every Working Account is closed.
Another point to my mind of great importance is the question of auditors, one of whom is con- ndeted as a Director of a Company strenuously competing, with this refer to Messrs.. Company. "1 Linstead and Davis, whose head, Mr. Bernard Brown, is a Director of the ongkong Fire Insurance Co., Ltd. Now, gentlemen, I have nothing against Mr. Brown, but it is surely not good policy that our affairs should be intimately ex- posed to one of ouralditors who is also actively in opposition to this Company. The knowledge gained by Mr. Brown as an auditor may quite conceivably be superior to the knowledge of the Directors themselves, and it is undersirable. that he should have this know- ledge in view of his Directorship in the Ilongkong Fire Insuran. Co, although I feel certain that no information obtained as auditor is made use of. I do not propose to Yote against Mesara, Linstead and Davis' re-election to-day, but will In connection with the divi-limit myself to the above opinion in the certainty that the matter. dends, there is a point in the
up by the acenints which no doubt is readily will be duly taken explainable. If you, will refer to the working account for 1924 you will And the cost of the interim dividend at the rate of 21/- at £161,994: for 1925 the cost is given in the report at £162,000, which is certainly the correct figure. I have not the balance sheet at 31st December, 1924, before me from which to ascer tain the change in the issued capital which no doubt took place,
extra.
Without wishing to criticise the proposed adjustments as between the Reserve Fund and the Re- Insurance Fund, but only for enlightment, I would ask the rea- son why the proposed. transfer is limited only to £78,000. May I suggest that the transfer be in eroased to £178,000, raising the sterling Reserve Fund to £400,000 The Re-Insurance Fund will then stand at about 2212 lakhs of pounds, which should be ample capital to finance risks against that Fund. This appears, to me all the stronger when viewed from the standpoint that, in whatever manner risks may be regarded or allocated by the management, the Insurer will look to all the asseta of the Society in satisfaction of claims. The fund is apparently of a fluctuating nature, and whether or not it covers profits the shareholders are now in the dark.
Board.
:
"
A LITTLE RAPID. Afr. Plummer, replying, sald that. he was afraid that, Mr. Alves had been a little too rapid for him as ho had not gathered the full import of all his questions, at least he could not regard them as Mr. questions but allusions. If Alves cared to put any specific question he would answer to the best of his ability. Manwhile on behalf of the General Manager, he wished to thank Mr. Alves for his very kind remarks. (Applause).
Mr. Alves indicated that he did not wish to put questions.
The resolution" was then put to
the meeting by the Chairman and unanimously passed.
Mr. J. A. Plummer and Mr. T. G. Well retired in accordance with the Articles of Association, but they were re-elected "on the proposition of Sir Henry Pollock, seconded by Smith:
Proc Middleton
wedding, ut. Sher- Grace) and Pay- Hongkong, especial-
THE SWATOW WAY.
(Continued from Pago 1).
What the casualties were 011 both sides it is difficult to ascertain, The middle school with com- mendable exactness, claimed 140- Lout one may be pardoned for hesitating to accept the figure. The heads of both schools were absent in Canton at an educational
conference, and were bastily
summoned back by telegram; and the settlement of the affair awaits their arrival.,
Meanwhile the publie is being treated to wild and whirling manifestoes from, the two sides, und is no doubt saying in its heart "A plague upon you both!"
AMERICAN MISSIONS ASSAILED. The middle school of the Ameri- can Baptist Mission has been the latest object of the attentions of One of the the anti-imperialists. boys got into trouble with a teach er, and was disciplined. The class went on strike, and called in the aid of the Kuomintang and the various strike organizations, na well as the students' union; and their
the representatives, to number of over 60 paraded to the school behind a flag intimating that they were out to support the students in their resistance to
"imperialism and cultural penetra
tion." They held a meeting with the students in the school hall, and formulated 1 series of demands, including the deposition of the principal (who is Chinese), removal of all restriction on the students' self-government associa- tion, aficlition of religious exer- cises and elective Bible study, and, finally, the rendition of the school to exclusively Chinese control. (It is at present under å board of management on which Chinese are in a large majority) ·
A settlement has been patched up on much less radical lines, in- |volving concessions up the students which to an outsider seem omin- ous of future trouble: and it is very unlikely indeed that the fishers in the troubled waters have been satisfied with their catch this time.
i
The American school at Mei- shien, which was reported, some weeks ago to have been seized by
Entertainments.
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*To-day at 9.15 excepted]
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THE RED LILY
13 WITH
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a mob of outside students, is still THE WORLD RENOWNED MURA SHIPOFF
in the hands of the raiders, and there seems no possibility of re coming it for the time being.
an-
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