OPEN
ALL
NIGHT
What?
When?
Where?
If you had to
search for a label as small
as this-
I
KRAFT
CHEESE
-It would be
worth.it
But when its
KRAFT
as plain as this-
K K CHEESE
there's no excuse
for not getting-
THE BEST CHEESE
From All High-Class Storekeepers
Bank of Canton Building. Sole Agents-Connell Bros Co.
In Convalescence to lend ald to your recovery, when you get that tired feeling through need of a change of climate, which perhaps can not be got
HEMOSTYL SYYRUP
is a wonderful restorative, not
a temporary tonic only, but a strength and body builder.
On sale in the form of Syrup or in Bulbs at all the Dispensaries.
BIG SALE
NOW ON
Bargains
in
Every Department Come Early.
YEE SANG FAT CO.
THE HONGKONG TELEGRAPH,
UNION INSURANCE.
(Continued from Page 1)
FRIDAY, MAY
20, 1927.
I am confident thero will be general approval of the proposal that a bonus of 15 % be paid on the salaries of those' members of the staff holding Provident Fund-
speak well for the care of your in- trouble and for the establishment terests by the staff and you will of peace, order and good govern- heartily approve our following the ment usual custom of voting a bonus of. 16 per cent, on salaries to the credit of members of the staff holding The balance standing to the Provident Fund Agreements. It Is eredit of the Society's 1926 ma needlesa for me to make long refer rine account is less than the balence to the disturbed conditions Agreements..... ance of the 1925 account at a cor-existing in China, as these are well I would like to congratulate Mr. responding date, but we neverthe-known to you all. Whilst the So-H. C. Gray upon his appointment less anticipate a fair margin of ciety is not dependent on the bust-as sub-manager. prodt. The fire and general neness it does in the Chinn field it counts, owing to adverse results in Canada, Australia and the United States of America, are not altogether favourable, and the total anderwriting profits for the period are therefore somewhat less than those of the preceding
year.
Mr. Gray has had a wido ex- perience in the service of the Society, and I feel sure he will carry out the duties of his new office with credit.
.
nevertheless has a good account here and we naturally all hope that conditions in Chiria will soon right themselves and that the trade of
Shareholders will also be glad to the country will enter upon a new era of prosperity. The Society, know that Mr. A. W. Hughes has am pleased to tell you, is privileged success fully established himself by a continuance of loyal supperts our Pacific Coast Manager at from its Chinese clients. As re- San Francisco, and we wish him gards the political sifuntion we very success. Exchange Vagaries.
would only say that we are indeed Turning to the Agures in the very sorry for the great suffering Society's balance sheet you will which the Chinese people are en- notice that our Sterling Reserve during at the present time and we now stands at £300,000 which in-earnestly Hope that the state of cludes the amount of £78,000 unrest and civil war which is un- transferred last year from the happily passing over the land may Reinsurance Fund. After taking soon be lifted and that the country this transfer into account you will may be allowed to enjoy the bles notice that the reinsurance fundings and safeguards of an enlight shows an appreciation of some ened government. £24,000 aver last year's figure.
The underwriting suspense Rc-. count compared with last year's' figure shows an increase of nearly £50,000 which may be considered satisfactory.
I am sure we all join with the Chairman in wishing our General Manager, Mr. Paul Lauder, a pleasant holiday-and we hope he will return thoroughly" refreshed to continue for many years the invaluable service he has rendered
the Society.
meeting and unanimously carriol The resolution was put to the
Mr. J. A, Plummer and Mr. T. G. Weall were re-elected to the Board of Directors on the propos- tion, of Mr. W. A. Hannibal, seconded by Mr. W. J. G. Whiley.
Messrs.
and
The Chairman announced that dividend warrants were ready and obtainable on application.
CHINA FIRE MEETING. Big Exchange Profit.
Office Changes. During the year, Mr. H. C. Gray, who has had long service with the
Mr. H. B. L. Dawbiggin pro- Society and its affiliated Company, the British Traders Insurance posed and Mr I. E. N. Ryan The exchange and investment Company Limited. has been ap- seconded the re-appointment of
at pointed to the post of sub-manager.
Lowe, Bingham fluctuation account standa £579,125,3.8., as against £746,800.- In keeping with the practice of Matthews and Messrs. Linstead 2.9, in the preceding year, which other of the lending Insurance and Davis at a remuneration of shows a diminution of £167,674.- Companies of the world, your gen-
eral manager has considered that $2,000 each. 10.1. This is almost entirely accertain head office posts should be counted for by the heavy drop in established and you will notice from the sterling equivalent of the dot- the balance sheet that we have now lar, our balance sheet totals being
an inspector, a sub-manager and a converted at the Hongkong and
fire manager. I think you will Shanghai Banking Corporation's closing T/T rate of Exchange on "gree that this policy is a wise one. Branch Opened." San Francisco the 31st December, 1926, which was 1s. 11d, as compared with
Llimited, took place To enable us to cope more effec-the China Fire Insurance Com- 28. 44d the previous year, and a heavy drop in our exchange and in- tually with our existing business on this morning, Mr. T. G. Weall. the Pacific Coast, where we already
presiding, and-those also present. vestment fluctuation account was
have an important marine and fre therefore inevitable. Exchange has had a material effect upon all connexion, a branch of the Society including Mr. L. J. Davies, Mr. was opened in the latter part of P. O. Russell, Mr. J. K. Bousfeld the figures in the balance sheet Inst year at San Francisco, Mr. A. (directors) and Mr. Paul Lauder
(general manager). and this feature may perhaps be W. Hughes being appointed mana-
The General Manager read the more fully appreciated by noting ger at that port. This gentle- the sterling equivalent of our sl1-man, who is doubtless well known notice convening the meeting. ver reserve fund of $3,000,000, to many of you here to-day, has The Chairman said:-Gentleme,, which this year stands at £293, had a long and varied Insurance The reports and accounts 750. as against £354,687.10.0 last career and under his guidance issued on the 3rd May, and as they year showing a decrease in this e-item-alone of no less than £60,937.10.0.
The meeting of shareholders of
pany,
were
I feel confident that the fortunes have been in your hands for this newly established branch several days, I will, subject to your approval, take them, together are well assured.
with the auditors' report, us read.
You will notice that our inter- In conclusion I would like to est on investments has somewhat tell you that our general manager. declined, this being partly due to Mr. Paul Lauder, is shortly leav- smaller interest earnings in the ing for home on a richly deserved United States, and further these holiday and I am sure, I am speak accounts are materially affecteding for all shareholders in wishing by exchange. We hope, however, him a very pleasant holiday away of for some improvement in the from the worries and careg future.
business, and that he may return with renewed health and energy.
Mr. W. E. Smith who has had many years experience in the Society's service will act for, Mr. Lauder during his absence.
Society's "Investments. We have followed our usual custom and taken our investments at the market rates ruling "ut the close of the year, Our funds, Gentlemen, are invested in first class accurities widely distributed over our various fields of operation The Society and its affiliated Com panies has for example nt date over one million Sterling invested in British Government and British Dominion Covernment Securities. Automobile Business Dropped. During the past year there has
been a further curtailment in that
|
I now propose the adoption of the report and accounts and when this has been seconded I shall be glad to answer to the best of my ability any questions, you may wish to ask.
Mr. Owen Hughes Seconds.
The working account for the 01 year 1925 shows a balance. $605,222,53: Your Directors re- commend that a dividend of $9. per share and a bonus dividend of $5 per share on 20,000 shares be paid to Shareholders, absorbing $280,000, and that the balance be carried forward to underwriting suspense account to close the account for the year 1925.
Effect of Exchange.
over
The balance at credit of the 1925 Account is $754,808.42. You will have noticed the total assets of the Company stand at 39,480,000, a considerable increase over last year. This is mainly accounted for by the drop in Ex- change which last year was taken Mr. J. Owen Hughes, seconding, at 2s. 4%d. and this year at said: It gives much pleasure to 1s. 11d, the consequent effect so second the proposal made by the far as this company is concerned chairman, that the report and as-is to increase the dollar equivalent of all sterling figures. This is counts as presented be adopted,
In doing so I feel sure that I effectively illustrated by a com- part of the Society's business, tran- express the opinion of sharehold parison of the account of the extra sacted in the United States which ers that the result of the Society's reserve fund which while standing we have found unprofitable. I refer operations cannot be considered
on our books at the same actual particularly to the automobile ac-other than eminently satisfactory, figure as last year, namely, £100,- 000 and $100,000 is represented by my predecessor in the chair last bearing in mind the adverse trad year. During the year 1924, we ing conditions obtaining the world by $1,121,276.60 as against $945,- reinsured a portion of this account over, during the past two years. or 814.98 in last year's balance shee
Insurance business The fact that the Company and in 1925, further reinsurance more, and
transacts business in both sterling effected, whilst during the generally has been no exception.
At first sight-the drop under and dollars, combined with the year under review, the Society re- insured the whole of its outstand-the heading of exchange and in-question of Exchange, makes a ing liability on this account and vestment fluctuation account seems comparison of individual figures censed to transact automobile busi- rather heavy-but those share- ness in the United States other holders resident in the East at any difficult, and no particular com- than to a very limited extent on rate will fully appreciate that ment appears to be called for. the Pacide Coast. We have been such fluctuations are inevitable. The working account balances are writing this class of insurance in I am glad to observe, however, that somewhat less than the balances the United States since the year against this there, is the satisfac-for corresponding periods Inst 1918 and whilst the underwriting tory increase of £24,000 and £50,-year, but can, I think, be consider resulta över this period do not show 000 in the reinsurance fund, anded satisfactory.
count to which reference was made
was
account
I now move that the Directors' report, and statement of accounts a favourable outturn, the loss en underwriting" suspenso tailed has been offset to a consider-respectively.
Whilst it is always unpleasant as presented be adopted, and when able extent by the interest gained
It was having to curtail business in a this has been seconded, I shall on the premium reserve,
one time held be pleased to answer any ques- felt however that our prospects in field which at the automobile field were not of a promise of fruitful operations, 1 tions that may be put. sufficiently attractive and promis feel sure that shareholders will, in ing nature to warrant our continu-view of the explanations given, ing the business except upon very fully approve the action taken.. conservative lines.
Conservative Policy.
As regards the Society's Fire operations in the United States,
Mr, G. S. Archbutt seconded,
animously. and the resolution was carried un-
Other Business,
The re-election to the Beard of Gentlemen, it is a sound and theso have also been largely cur-conservative policy that has placed Directors of Mr. J. A. Plummer tailed during the current year, and British Insurance Companies in and Mr. T.-G-Weall-was-proposed. at the present time, the main ac- the leading position occupied by by Mr. J. W. Alabaster, seconded count, apart from a restricted and them to-day, and whliet I know by Mr. E. M.-C. da Cunha and car- profitable business transacted on that this policy is being pursuedried unanimously.
the Pacific Coast, has been reinsur- by the Society I fecl equally assur-
Messrs, Lowe Bingham and. Mat-
cd in full. This reinsurance has ed that whenever, or wherever, thews and Messrs. Linstead and and satisfactory business offers, the Davis, were re-elected auditors at only recently been effected while it will naturally entail some Society's officers and Agents cana remuneration of $750 each. 1
The Chairman: Dividend war- falling off in Premium Income, wo be relied upon to obtain their fair
rants are now ready and can be are satisfied that this will have no share of It." adverse effect on our underwriting. I am glad to observe, and accept obtained on application. results. In the meantime, I think your assurance that our funds are It right that you should know that invested in first class securitiea our Fire liability in the United over a wide field, and capecially
The most famous olephant in States has been reduced to a low that over one million Sterling is figure:
invested in British Government France, Gaspard, old timer of the Jardin des Plantes Zoo, has been Securities.
Shareholders will, I am sure, executed. Suddenly becoming un- endorse all you have manageable, all efforts of his I think you will agree, Gentle fully men, that, bearing in mind trade said in regard to the situa-keepers failed to calm him. In conditions At Home and difficulties tlon In China, and hope for the interests of safety, he was abroad, the figures before you a speedy ending of the present killed by asphyxiation.
Bonus to Staff.
New Records
We have just unpacked a shipment of the latest and most popular Dance Records. Call and hear them early,
The Panacoustic
Before deciding on any gramophone, come in and hear the wonderful Panacoustic. This machine has created an unprecedented sensation" in the United States. Hour it and be convinced!
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∙17, Ice House Street.
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SOLE AGENTS:
MITSUI BUSSAN KAISHA, LTD.
Hawaii
A
COOL
SPOT
IN SUMMER
The flame of blossoming tree
the fragrance of
gorgeous flowers.... palm trees etched against the ellver of a moonlit sea, and the plaintive melodies of Hawaiian that's summer in acrenadors Hawaii.
cool trade-winds
In a glass bottom boat watch the painted fish play around coral reefs. Enjoy clean fresh vegetables plentiful In Hawaii the year 'round. Seg the vast fields of waving sugar cane and luscious pineapples."
Play golf on any of Hawaii's twelve beautiful courses"
Motor through or frolic in outrigger canoes at Waildki. forests of tree ferns or take rallroad trips along picturesque sea coasts. Visit the largest craters on earth and the "gránd canyon of the Pacific."
Hotels set in luxuriant gardens or on the beaches offer rates that range from $250 to $15.00 (Gold) per day, with meals. Stop-over privileges are accorded visitors who plan to remain a while in Hawaii, Steamera sail from Honolulu from the Pacific Coast at least twice a week.
For details ask your nearest steamship or travel agency and write for our illustrated booklet "The Story of Hawail" and the monthly "Tourfax" bulletin.
(Please enclose this ad with your letter.)
HAWAII TOURIST BUREAU
Dept. 8, P. O. Box 296, hanghai, China.