KEEN
INSURANCE by a contraction in premium dua COMPETITION.
UNDERWRITERS URGED TO UNITE.
"LIVE AND LET LIVE" POLICY NEEDED.
TO-DAY'S MEETINGS.
to the fall in values and also to the curtailment of production.
In the United States of America the trade depression was accom- panied by an increase in loss ex- perlence. In Canada there was a general falling off in premtumn, and although the amount of losses in- curred does not appear to have been much in exces
of the previous year, the decline in premium in- come will have the effect of in- erensing the loss ratio,
In Australia, the political and ex- change position has added to the general difficulties of business, Important individual Bres appear
to have been fewer,
Con-
|
THE HONGKONG
ROYAL MILITARY TOURNAMENT.
HIS MAJESTY GIVEN GREAT RECEPTION.
OLYMPIA FEATURES.
London, May 28. II. M. the King, in the uniform of an Admiral of the Fleet, necom panied by the Queen was accorded an enthusinstle reception at the opening performance to-day of the annual Royal Military Tournament at Olympin.
In referring, at the annun! meeting of the Union Insurance
Intense Competition. Society of Canton, Ltd., over Fire business in China continues which he presided this morning.to be subject to intense competi to the intense competition in tion and notwithstanding the rise marine insurance, the Hon. Mr. | in the value of property as calculat- C. G. S. Mackie said it was aed in silver the sterling equivalent Pembroke: Royal Marines from pity that marine underwriters of the prehlum received a some-
what diminished. Changing could not unite in maintaining ditions in China and also in India a reasonable level of rates. The have no doubt nccentuated the dif- market, he observed, needed ficulties which the trade of the little more of the "live and let world has had to face during the live" policy.
past your. I am sure it is the Reference was also nude to the earnest wish of us all that both keen competition in fire business these great countries will so be In China, the decline in commo- in position to settle down to dity prices, and the fall in the long era of peace and of trade pro- sterling value of the dollar, all of Esperity. which greatly affected insurance companies.
Chairman's Speech.
Addressing the sharehulders, The Chairman said :—Tent lemn,--Be- fore commavating upon the fares appowring in tho published balance sheet I would like with
to Bay L your permission
few words upon the general trade conditions prevailing last year and as to how these have affected the business transacted by the Society and its Allinted
Society's Business,
20
1041051
With these fow remarks (the general conditions. I poukl nak you how to turn to the Agures in the Suelety's published balance Sheet. The report and recounts having been issued on the 5th May will have given you time to examine figures and I propose to follow the usual custom and take them as well as the Auditors' Report is read, The sterling
equivalent of the Silver Reserve Fund of $2,000,000 Con is £162,500
compared with panies. As you are aware, the 244,750 at the same date the pow Society and the Companies asan-vious year. The decline in the ciated with it are primarily in sterling value is of course due to terested in murine and fire In- surance but they transact also to smaller extent. certain general classes such ILM Automobile, accident, employers liability and other allied types of Insurance. All these classes have of course been affected by the disturbed conditions prevalling.
The year 1980 will long be ras membered by business remi nunities the whole world over. During thin period merchants have had to Thee unprecedentedly dithout conditions, There has been a hearg derline in the prices | of nearly all commodities, These ruling for rubber and tin, inte and the manufactured article, raw silk, and other impurtant classes of merebandise bear doquera testimony to this fart.
Here in Hongkong and China we have had also a collapse in the sterling value of the dollar follow- dog the heavy fall in the price of silver. Our funtuating sterling exchanges have certainly pulded to the Society's perplexities. In this respect, however, it is not singular fer in varying degrees many other business undertakings live tren similarly affected.
the drop in the sterling rate of exchange from 1/7 us at the 31st. December, 1929, to 1/1 as at the
1st December, 1930,
Similarly, Investment count shows and standa
The Exchange and Fluctuation AC- diraition 2458,751.3.3
compared with 369.4.1 and here auchin the redne- tion in this Acemant amounting to £114,607,14,10 is primarily caused by exchange. The decline would have been heavier had it not been for the rise in the market ende of vertain of our sterling investments. Turning to the figures of the Working Account, you will notice that the balage of the 1929 Ac- counts at the BISE December, 1934, is £155,644,146 compared with £129,826.15.4 for the year 1928 at the end of a similar period, The 1929 Acement should leave a taie proft and the anwount of £17.- 644446, which we are carrying to the Underwriting Sispense count will materially assist that Fund.
Working Accounts.
TELEGRAPH, FRIDAY, MAY 29, 1931.
CHINA SUGAR CO. AFFAIRS.
REPORT ON LIQUIDATION PRESENTED.
PROPERTY DISPOSAL.
Was
A report on the progress of the Iquidation of the China Sugar Refining Co., Ltd., (in voluatury shareholders by Mr. A. B. Stewart, liquidation)
presented to
when presiding over a general meeting of the Company in the Board Room of Messrs. Jardine, Matheso11 and Co., Ltd., this morning. The Chairman was sup- ported by Mr. J. Fleming (Liquida- tor), and shareholders present were Messrs. R. Gordon, A, Mur- Chambers and F. G. Hall. dock, R. E. Macdougal, A. H.
E RADIO BROADCAST
INSTRUMENTAL MUSIC FROM THE STUDIO.
The radio programme to be broad- cast by Z. B. W. on a wavelength of 355 metres to-day is:
5.00-7.00 p.m. Chinese Programme. 7.00 p.m. Stock Quotations. gramine of Victor Records kindly 7.00-10.30 PJ. European Pro-
supplied by Messrs. Tsang 'Piano Co.
Fook
7.93-7.30 p.m. Band Music.
The High School Cadets-March Semper Fidelis-March (SousA),
(Sousa). In Line Tine-March (Engeimann), Clayton's Grand March (C. D. Binke).
La Forza Del Destino-Overture
(Force of Destiny) (Verdi),
Creaturo and His Hand. 35840. 7.30-8.00 p.m. Variety.
Victor Band. 36848-36782.
The ships and units taking part in this year's programme are H.M.S. Victory, Vivid, Excellent,
Deal: "" Battery, RILA., from St. John's Wood; Army Training Staff, Aldershot: 14 20th Physical Hussars, Hounslow; Royal Air
The report was as follows: Force Depot, Uxbridge; London Scottish; Training Battalion of
The liquidators beg to subunit their the Royal Corps of Signals, Cat-thin report, advising the share- terick; and 2nd Battalion, The holders of the progress of the liquidn-Song-Dream Layer, Gloucestershire Regiment, of the then of the Company during the year 10th Infantry Brigade, Gravesend.
emfed 30th, 1931; la accordance with The basis of the Tournament this the Ordinance they also present a summary of their receipts and pay. ments during that year and ·ព ndition submit a similar summary covering the period since commence- ment of the Rquidation on 18th May 1928 up to 30th April, 1931.
"TELEGRAPH" ART SUPPLEMENT.
Many Sporting Pictures To-Morrow,
Sporting pictures will pre- dominate
to-morrow's Issue of the Telegraph Art Supplement.
There will be many snap- shots taken at the Rare Meet- ing Saturday and Monday, whilst lawn bowls matches Illustrated will be those in which K.C.C. met the Police add in which Craigengrower played the Club de Recreio
The recent sports in con- nexion with the China Light And Power Co. will also be illustrated, whilst
group photo will be given of the Recreation Club's Senior Championship cricket
team.
Several photographs of the Girl Guides party
at Flag- staff House on Empire Day will be included amongst the other pictures.
BIČANEŠIMATɔ8:20ZİFON TELECONDAR
Property Disposal,
As indicated in their last report a propered lay-out of the East Point property was prepared in case the large aren owned there had to be sold piecemeal. Offers were asked for in- dividual lots but, when enquiries did not lead to any business, the liquida
|tora concentrated on an offer made for the whole property. After long negotiations, during which the price offered was substantially increased, the property was sold in September last realising $2328,300, which re- presents an overall price of about $6.75 per square foot.
The Puble Works Department and previously advised the liquidators | that the 287,000 square feet úvailable | for building in their proposed lay-out would require to be considerably de creased before development and the Tiquidators trust the shareholders will endorse their neeeptance of an offer equivalent to approximately $9.00 per square foot for the probable available for building. Had the pro- perty been sold in small lot t seemed to the liquizintors inevitable that certain undesirable lets would have been left on their hands for an indefinite period,
Area
The Company's properties on Mori- non Hill Hand were also sold, in two lots, during the month of December, year is skill at arms, as shown by realising $133,732.87, which the arena, and 1-quidators emsidered a satisfactory team work in the dividual combats with Service price for land in that locality. weapons and fencing school arms,
There will be a display of horse in selling the Swatow land of
The liquidators were also successful the Ac-and font pageantry, ranging from Company, but, as dimeulty was ex- Salemanea to modern times, and perienced obtaining the Chinese the chief tablenn will lie Battle of Authorities' consent to the transfer to Alexandria.
the purchasers, payment was not received until March.
The Working Account for the The heavy falt in market prices good showing, although the per- year 100 does not make quite such of necessity means less value and centage of losses to premium in- in consequence less insurance, and come written is 141.94 as against underwriters will have diminished | 48,52: for the previous year, premium with which to pay their The fall in the premium income aims. This means also that the has however, had the effect of ratio of expense to premium instightly increasing the commission come of many Companies will show and charge ratios these reing some increase.
12.01 for the year as against 10.96 and 17.64 for the previ ous year. The decline in aur pre- miom income was, of course, in- evitable as owing to the heavy fall in the value of merchandise already referred to by me and also to the restricted trailing conditions there was less to insure and it was not possible to maintain our figures.
.
Shipping Depression. The past year has zertainly not been an easy one for the marine enderwriter. Although there have been many heavy Total losses during the period, the usual Prop of heavy claims have occurred, particularly those caused by that aver recurring huzard, fre. will have all read in the Press of the very difficult times through which British shipping passed last year and which it still con- tinues to experience.
You
Gur fire and general business last year left us with a moderate prolit after taking into account out- standing losses and setting up all
the necessary reserves,
Including the Royal guard mounting on days when members there will be nine of the Royal Family are present, bands doing duty, and the drums and fifes and pipers of a number of Territorial battalions will also play.
the King's and Prince of Wales's The Jumping competitions for caps will also be features of the programme.—British Wireless,
DEATH OF FAMOUS. MISSIONARY.
ཆོ་ན་
DONALD MACGILLIVRAY PASSES ON.
London, May◄ 29.
Of all the properties owned only a comparatively small area, viz: about 18,000 square feet, partly building. land and partly road on 1... 749, 781 nestr. Causeway Bay remains to and 782 fronting on Yee Wo Street he realised, but the offers so far receive:] have not been considered satisfactory,
stocks have
Debtors" Accounts,--Up country accounts as
been liquidated wherever possible, but a further $10,000 may ultimately be collected.
With the foregoing_exceptions at the Company's assets have now been realised.
Creditors' Claims.
Jeannette AneDonald (Soprano). Song-Valentine.
22247. Maurice Chevaller (Baritone). 22003. Pinna Solo-Sweet Savannah Sue, Piano Solo-Ain't Misbehavin'.
Thomas Wailer. 22108. Male Quartet-In The Sweet Bye-
and-Bye.
Peerless Quartet. 20669. Humorous Song-On The Sunny Side
of the Street.
Grace Hayes, 22428,
John Boles (Tenor). 2230. Organ Salo-I'll Close my Eyes to the
Rest of the World,
Jesse Crawford. 22249. Local Time and Weather
Song-Romance.
8,00 p.m. Report.
8.03-9.00 p.m. From the Studio,
A Selection of Instrumental Music by Misa Nora Flint (Violinist), Miss May Ung (Pianist), Mas Jenn Braga (Viola) and Mr. John Braga (Violinist).
Violin Solo-Second 31ovement from Concerto in D Minor (Wieniawski) by Mr. John Braga,
Piano Solo-Liebestraum (Liszt),
by Miss May Ung. Twn
Violins and Plano-Second Movement from The Double Concerto (Bach) by Miss M. Flint, Miss M. Ung and Mr. J. V. Braga
Song-Rigoletto (Verdi)
Woman Is Fickle. Sang-Tosca (Puccini) "The Stars
Were Shining." Giovanni Martinelli (Tenor). 1208. Piano Solo-Prelude (Chopin).
Miss May Ung. Trio-(n) German Darce
(Ditteredorf),
(1) Waltz (Brahren).
by Miss, J. Broga, Miss 41. Ung and Mr. John Braga. Violin Sclo-Mazurka (Wieniawski). by Mr. John Bragat. 9-9.36 p.m. Selections from Opera, Pagliacci-Fantasy (Leoncavallo
arr. Tavan). Marek Weher and is Oreh. 35998. Mignon-Vocal Gems (Tlumas). Tales of Hollman-Vocal Gems
(Offenbach).
Victor Opera Company. 35975. Cavalleria Rustienna (Mascagni).
Creatore's Band. 75816. Aida-Vacal Gems (Verdi). Victor Light Opera Company, 36940.
9.36-10.27 p.m. Concert Items. Violin Solo-The Bee (Schubert).
Wallz in D Flat (Chopin). Violin Soln-Caprice (Cgarew), m
Alexander Schmidt. 20014. Song-Lakme-Bell Song (Deilles).
Madam Amelita Galli-Curci (Soprano). 6135 Piano Solo-Etade in A Flat
Major (Chopin). Piano Solo-Wallz in C Sharp
Minor (Chopin).
Alfred Cortol. 1101, Sung-Santa Lucia (Neapolitan
Folk Song). Song-Vient Sul Marl (Come
to the Sen) (Vergine).
Tito Schipa (Tenor). 1204. Instrumental-Sonata in A Major Instrumental-Rondo (Haydn).
(Mozart). linzel Gertrude Kinsella. 22018. Sang-Martha (Porter Song)
(Plotow).
The liquidators utilised the proceeds from the gale of the various properties, first in meeting the debenture holders' claim and secondly in paying off The death has occurred in his partially secureil and Ordinary credi
year Donald MacGilliveny, tors, of whose claims th
only some the General Secretary of the $6,000 now remain outstanding It Christian Literature Society for will be observed $119,056.13 was paid Effects of Exchange. You will understand that bad
China, who spent many years in during the year under review in trade for our ships as a rule means You will notice that the Interest him as a missionary, doing won-settlement of claims in respect of bad trade for the marine insurance Account for the year 1930 in £150,-derful pioneer work in Homan as ex-employees pensions; the quida-Song-Patotero Sentimental (Senti-
A member of the Canadian Presby-Lew, furuls would be available for tors fixed exchange whenever they companies, for these ships carry | 630.7.1 against £177,586.2.5
Born in Ontario, he
that purpose, but even with the com- Was paratively favourable rate obtained. of these sterling claims.
terian, Mission.
the cargo that is insured. Pur- for the preceding year. The ther, a great amount of the tonnage figure is affected by exchange and at educated at the University of settlement of the world during last year has the end of the second year we Toronto and Knox College, where resulted in considerably more loss to been lying idle and the laying up anticipate if exchange then raling he obtained degrees of D.D. and the Company than was first anticipat. returns which underwriters will is not much under 1/1 that the in- LL.D. have to pay out on last year's Hull | ferest, for the year 1930 will up-
Account I am afraid will be heavy. proximate to that shown in the was decorated by the
He went to China in 1888 and
suv
Chinese
ed.
Chairman's Speech,
The same intense competition in Working Account for the year 1929. Government for his valuable work
For the information of share-in times of famine in lionan. Hemen, The report of the liquida- marine insurance still exists and in
The Chairman said.-Gentle this connexion I would
it holders, I would say that the So-published a Mandarin Romanised tors and relative necounts having seems a great pity that marine ciety's Subsidiary Companies have Dictionary and was founder and been in your hands for the underwriters, whether writing for in certain instances increased their editor of the China Mission Year the Companies or in an individual dividends but none of these Com-Book.
prescribed period, I propose, with capacity, cannot unite in maintain-panies is paying away more than hundred looks and pamphlets in your permission, to take them as ing a reasonable level of rates, the interest earned in dividend al Chinese.--Renter.
"Live and Let Live."
If British underwriters would
come together in some simple and
though they pre distributing nearly that amount..
Ile has written Dver a
the re-
Marcel Journet (Bass). 1136. Violin Solo-Letter of Love (Gul-
Elman). Violin Solo-At Evening (Priml).
Mischa Elman. 1160.
mental Rascal) (Romero-Joves),
of May) (Valverde-Font). Lucrazia Bori (Soprano), 1100. 10.27 p.m. Rugby mid-day press
10.30 p.m. Close Dawn.
Song-La Cruz de Mayo (The Cross
news.
DESTITUTE YOUNG: FILIPINO.
SENT TO THE HOUSE OF
DETENTION.
+
read. Considerable progress has been made during the period under On the Application of Detective review in liquidating the com- Sergeant J. Kennedy, a'young, Fili As you are aware, the Society
pany's asacts and Incies and pino, Paul Augusto, was committed and its Affiliated Companies have built it up from profits and the as fall particulars what has to the House of Detention by Mr. the Central Police common form of agreement, a great asia where they transnet a valu Reserve. Owing to the shrinkage there is little for me to add. Court this morning,
considerable interests in Austra-greater part of it consists of free been done are given in the report, Williams at step forward would be made. In able business, The depreciation in in the sterling equivalent of the might mention that face of all the difficulties of the the sterling value of our invest. Sliver Reserve Fund it has been muneration of the liquidators as the defendant's father was a Fill- Detective Sergeant Kennedy said prezent altuation it would surely be ments in Australia and New Zea- thought advisable to transfer the not yet been nald and will have and his mother a Portuguese, wise to call a halt to all forms of land as at the end of last year due amount mentioned to the sterling to be met out of the assets still and ho had been in the Colony for innecessary competition. In fact, to the rate of exchange existing be- reserve in order to strength the to be realised. After the adoption that time lia had secured work on a the marine insurance market scema
the past eighteen months. During to require a little more of the "livetween those countries and London sterling total of the two Funds. And let live" policy about it if it has been taken into account In the be able to advise you that the shall be pleased to answer to the main there. He had book constant-
it gives me much loasure to been proposed and seconded,
of the report and accounts has
I allp, but had not been able to re- Society has recently appointed bost of my ability any questions ly borrowing money from a friend Messrs. W. J. Roberts and Com which shareholders may wish to
in Hongkong and hand pany Inc., of New York City, Its ask. to the genorn! depression in indus-proposing to pass from the Reinsur-States of America, exclusive of the
are Fire Managers
some $1,000, in, where he for the United
a paskage to try. As compared with the yearance Fund to the Sterling Reserve Tacile Coast Territory.
The report and alutement of was born, but no sooner had, ho 1029 a welcome diminution was Fund £100,000. As regards the organisation has represented the position of Mr. F. C. Hail, second returned again. Ila did not seem This necpunts wore adopted on the pro- gone to the North than he had shown in Fire losses in the United Reinsurance Fund, I would exp'in Society as United States Maring ed by Mr. A. Murdoch, this con keen on leaving Hongkong but was Kingdom but this was accompanied that the Society has in the past (Continued on Page 8.) Eluding the business.
figures before you.
ia in a reasonable time to place the
business upon a sound basis.
Sterling Reserva.
You will notice that
WA
With regard to fire business, the year 1980 was a difficult one, duo
now destitute.
obtained money for
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