and
(Contined from Page 6.)
THE HONGKONG TELEGRAPH. SATURDAY, MAY 25,
less makes the shares a more attran Live Investmont..
the profit of $13,768 carried to profit
and loss account, "t
With these remarks I beg to pro- pose the adoption of the report, ro- venue accounts and balance shoot as presented.
Mr. G. 9. Archbuṭṭ seconded, and the motion was carried..
Other Business
Br. J. Owen Hughes and Mr. G. fiskin were vo-olorled Directors on the proposition of Mr. B. M. C. da Cunha, seconded by Mr. A. A. Alves, pr- Messrs. Lowe, Bingham and Mat- thows and Moanrs. Linstead and Davla were re-elected
Auditors at a ro- muneration of $1,000 one on the proposition of Mr. John Bentley, seconded by Mr. F. H. Farne.
100 YEARS PROGRESS Agents, and it was not until 1918 that aleps were taken to develop the usiness by more direct representa
I now come to our contonary, tlon. In that year United States great epoch in our career, and on be- Managers were appointed and a Fire half of all the shareholders I most Insurance connection
established. heartily congratulate the Board and In common with the experience of the managemont on this most aus- In 1007 Mr. Saunders retired and other Companies at the time the pleious occasion. You have succeed Mr. C. Montague Edo was appointed Society's initial efforts did not pro-ed to a great heritage-a reputation Secretary, Mr. Ede'n titlo was duce favourablu results, and in dun for fair dealings and straight trading 1018 changed to that of General course a change in the method of liistory almost unique, inasmuch Manager.
as tho Bociety has never looked back, In March 1909 the Memorandum operation took place.
It is pleasing to be able to stnio but progressed from stage to stage | Articles of Association were again that
endeavours ore pro
to until it has become, an ninended in order to extend the nat present jects for which the Society was inaning natisfactorily, and although Canization of world wide reputation, U business in not large, it is being Our Chalrotan's history of the Sa- corporated. The new Articles en-built, on sound
I have no elety's progress over the past 100 lines, and abled the Society, among other things. doubt that in course of time i will years is not only intriguing to all to undertake Fire Insurance.
be a source of Increnalng Income and of us but a record which any Com- At the end of 1013 the nuseta ex-Profit. In addition to representation pany wherever situated might well cended $12,000,000 and renched by our United States Managers in be proud. $17,000,000 at the end of the first New York, Branch, Offlees nro main- year of the Grent War. In 1936 an tained in San Francisco and In Seat- The periodicnt alleing up of the amalgamation took place with The te
melon in the very early days hardly Chins Fire Insurance Co., Ltd. and Our business in Canada is of com.contributed to stability or the build-Offee. the Capital of the Soclety was in-
paratively recent growth, but it is up of reserves, however autistic- creased to $4,000,000 by issuing nevertheless substantial in volume and tory it may have been to the partlet- 3,600 shares ($100 pakt up).
Vancouver, Montreal and Winnipeg.
pating shareholders of that period. In South and East Africa an in- creasing business in developing under the control of our General Manager
}
£2,000,000 Capital
In 1919 the Capital of the Company እኔ በዚ converted into Sterling, the nominal Capital being £2,000,000 divided into 200,000 shares of 410 cach. Thin in the nominal Capital of the Rociety lo-day, The Capital was 90,000 shares of £10 each,
ssund
which £4 was paid up. In the
same year in amalgamation with the North Chinn
for South Africa.
In the French field also the Man- ger for France is extending our business with gratifying results.
think
༠ས gress in places not so distant. In India, the Straits Settlements, Japan, Java and the Philippine Islands our Ruccessfully
are aware of our pre-
Insurance Company, Branches are operating Agents
Limited, took place and for this pur- pose the Society issued a further 15,000 shares.
In 1922 the Memorandum and Articles of Association were redrafted, one change being that authorit was granted the Society carry on all classes of insurance other than Life
Insurance.
and there are throughout the world working in the interests of the Society.
но
We wish you continued success and though none of us here to-day will comes cond, we have every reason to he present when the next Centenary
will be found that the Society has believe that when it does arrive it
continued to progress as in the past and that it will still be holding the enviable position it does today."
very great pleasure in seconding the adoption of the report, revenue peepunts and balance alget as presented.
T 15.
I have
motion was carried unanimous
Other Business
I have endeavoured to give you
The Chairman: With regard to the word picture of our Society na it has
vo points raised by Sir William Shenton, the uncalled amount on our developed up to its one hundredth birthday. You can rest assured how-shares and the payment of an interim ever, your Board regard the com-dividend, they will receive the con- pletion of this period as but a mile-sideration of the Board. In 1926 an amalgamation took place stone iu the Society's career and that with The Yangtaze Insurance Asthuse now responsible for your in sociation, Ltd., and in this connection terests will strive energetically to Mr. J. Owen Hughes and Mr. G. 24,000 new shares were issued, bring follow in the path of progress Miskin were re-elected Director on ing the total shares issued up to
uccessfully trodden by their 136,000 of which £4 per share
pre- the proposition of Mr. J. I. R. Iinuče, was decessors. paid up, and this is the issued Capital
Before
seconded by Mr. S. A. Sleap. I conclude I am sure you Mesars. Lowe. Bingham and Mat- to-day.
will wish me to record our apprecia- thews and Messrs. Linstead and Davis The assets of our Society at the tion to tho Staff throughout the were re-elected Auditors at a re- present time, as shown in the Gon-world for the splendid work they have muneration of $1,000 each on the pro solidated Balanco Shoot now before lone in the past and still are doing position of Mr. L. E. N. Ryan, second- you, exceed £0,300,000.
in meeting successfully the competed by Mr. J. Ormiaton. tive conditions of the present time. (Applause).
our
by
Spread Oversças
With these remarks I beg to pro- puse the adoption of the report, re- venue necounts and balance sheet an presented (Applause).
vented.--
ber of real friends.
real
The Chairman. That is all the business, Gentlemon. I am obliged to you for your attendance. Dividend warrants are now ready and may be had on application at the Secretarial Omee.
ALL-ROUND PROFIT
China Fire Insurance Co.
Limited,
Maintain Dividend
The foregoing brief history is of Interest, but no mention is made therein of the Society's fortunes in the conduct of its business of in surance. To grow from m small
The Hon. Sir William E. L. Shenton, Company brought into existence by a
KT seconding the adoption of the group of merchants in Canton, to a report, revenue accounts and balance world-wide business owned by share Gentlemen, I regard it as
sheet, said: Mr. Chairman and holders resident in
a great in practically every
foresight and privilege on this importent occasion That this was rat lacking to have the honour of seconding the
The annual meeting of the China in our predecessors is evidenced by adoption of the
report. revenue position to-day. The initial step accounts and balance sheet as Fire Insurance Company Limited, wasi towards extension overseas was taken
pheld immediately after that of the Mr. J. P. Warren's demise was a the opening of a Branch In 1808
Union Insurance Society of Canton, In Shanghat. This was a momentous matter for deep regret. He was an inove, for to extend beyond the con: old and valued colleague of many of
There were present: Messrs. S. II. fines of one's own territory in 1868 s, and be leaves behind him a num-Dowell (Chairman), J. Owen Hughes, was a matter calling for much more
By the retirements of Mr. C.G.S. Plummer (Directors), A. W. Hughes, M. T. Jahnson, T. A. Mitchell, J. A. consideration and enterprise than is the case i 1936. Furthermore, as it Mackie and Mr. W. J. Saunders (General Manager), J. W. Alabaster, affected the Society, it marked de- the Society loses two staunch and A. A. Alves, G. H. Archbutt, Juhn a policy of expansion-nable supporters. Mr. Mackie we can Bentley, B. M. C. da Cunha and F. I. finitely policy that was to lay the foundation leseribu ex of our generation and an
Farne (Shareholders). of
n business that 1 venture to sug-.
intimate friend of all of us here to gest our predecessora in those carly day. Our Society is only one of many days could not visualize,
institutions which has benefitted by It is recorded that Mr. Samuel his sound and able advice. Mr. Saline Brown was the firat representative of ders left this. Colony before many of the Society in Shanghai, but, as in the case of many persons connected
reputation and work are neverthe with our early days, there is unfor- less well known to us. tunately no record of Mr. Brown other
We wish both Mr. Mackle and Mr. than that he was the first represali tirement. (Applause).
Saunders
iers many years of happy re- tive outside of ilangkong. It does
The Recounts show not need much immagination however,
“a ̄decrease" of to conclude that Mr, Brown would be net underwriting income but this is surprised if he could see Shanghai understandable and it is a mattor for to-day, with a
population of than 36 million people, with shins of greater from 16 to 20 thousand tons, of all nationalities, moving dally up and down the Whangpoo River-right to the famous Bund with its modern buildings-one of which is that of the Society.
un starled our careers here but his
that'
Moving the adoption of the report
and accounts the Chairman 'said:
The Chairman.That, in all the business; Gentlemen. I am obliged to you for your attendance. Dividend Warrants are now ready and may be had on application at the Secretarial
BRITISH TRADERS' CO.
Profit Shown in All The Departments
ported at the annual meeting of the A profit in all departments was re- British Traders Insuranco Company, Limited, yesterday.
There were present at the meeting Messrs. 5. H. Dodwell (Chairman). J. Owen Hughes, M. T. Johnson, T. A. Mitchell, J. A. Plummer, (Director). A. W. Hughes (Goneral Manager), J. W. Alabanter, G. S. Archbutt, John Bentley, N. V. A. Croucher, D. M. C. da Cunha, V. R. V. Ribeiro, (share. holders).
The Chairman, moving the adoption of the report and accounts sold: Contiemon, I propose with your per- mission to take the report, reveņua Accounts and balance sheet as read.
The 1933 Marine Account has been closed and the profit of £14,855, 2, 8 carried to profit and loss account. The Marine Fund at the end of the year including tho nitional reserve amounted to £120.177.12.
The Fire Account has been closed
by setting up a Reserve of 40% for unexpired llability and reserving In full for all known outstanding losses, and leaves a prout of £8,058.11.- which has been carried to profit and loss account.
has been dealt with in a similar man- The Accident and General Account ner to the Fire Account, and the pro- fit of £2,352. 0.8 carried Profit and Loss Account.
With these remarks I beg to pro- pose the adoption of the Report, Re- venue Accounts and Balance Sheet as presented.
Mr. G. S. Archbutt secondod, and the motion was carried,
Mr. J. Owen Hughes and Mr. G. Minkin ware re-elected Directors on the proposition of Air John Bentley,
V. Ribeiro. scended by Mr. V.
and Mat- thews And
Linstead and Davis were re-elected Auditors at a remuneration of $1,500 each on the proposition of Mr. J. W. Alabaster, seconded by B. M. C. da Cunha.
Messrs. Lowe, binghars
Mensra.
The Chairman,That is all the bust- nens, Gentlemen. I am obliged to you for your attendance. Dividend war- rants are now ready and may be had on application at the Secretarial Offer. Reception Held
Gentlemen, I propose with your per mission to take the report, revenue accounts and balance abeet as rend. tors were At Home to shareholders
Following the meetings the Direc figures are again considerably and their friends, nt the Company's The affected by Exchange, the Hongkong offices in Union Building. dollar at December 41 being taken at 1/8 ns compared with 1/6% the previous year.
BELLIGERENT MOOD.
U. S. LABOUR LEADER'S GENERAL STRIKE THREAT
The drop in. interest. received, was! mainly caused by exchange, and in consequence while your Directors re- commend the same dividend and bouis more congratulation Fortunately for us bonus dividend of $2 per share haai there is not dividend as last year, the exchange our field of operations is a wide one, been dropped.
New York, May 24. so that a depression in one direction
William Green, President of the may be enunter-balanced with more
Turning to the revenue accounts you prosperous conditions in another. I has been closed and a profit of in the course of a speech to 20,- will see that the 1933 Marine Account American Federation of Labour gather It is the Society's fixed policy $80,060.83 carried to profit and loss 000 trade Unionists demanded a to pay partícular attention to business
account. The Marine Fund at the two year throughout the British Empire with
extension of the end of the year including the addi- National Recovery Administration, the result that.
our
Far Easterntional reserve amounted to $703,478,-| business forms t relatively small
and threatened general labour portion of the total.
The Fire Account hus beea closed strike. If inbour's current de-
Progress in Shanghai
The extent of the Society's Shang- hal business in 1808 must have been
There can be no form of commer-by
elal activity that so clearly reflects by setting up the customary Reserve mands are not granted.
40% for unexpired Bability and Ho said: "We
small. To-day a stair of some 60 people are kept busily employed. The the state Society's business on the const and surance.
A
have our
of trade as that of in- reserving in full for all known out economic strength. If it comes $47,172.68 has been carried to protit strength and refuse to work until standing losses. The profit of to the point we can mobilize our and loss account.
In the interior of China has devoloped No business thrives better on a free to-day to a point that would certainly flow of international trade; con- be revelation to Mr. Brown could he sequently with wars and rambur of nce it. In every Coast Port there are wars, prevailing low commodity Agents and Representatives, and in values, the very small rate of interest Tientsin, Hankow, Pelping and Can-earned on capital, the instability of ton the Society's Branch Offices are currencies, the gyrations of foreign engaged in developing the businesa exchanges, quotas, rising tarifs and that Mr. Brown started in such a the
the general adoption of almost every form of trade barrier, it is most gratifying to find that the Recounts now presented to us are na satisfne- tory as they are. It certainly re- flects great credit on those who are responsible for the direction of and carrying
small
In the days to which reference is now being made, London, as now, was the centre of the commercial world, so it was only a matter of a short time after the establishment of the Shanghai Branch that the Castres officers controlling the Nociety realizeil
details of the invested micts the necessity of going oven further us shown the consolidated balanca afield than they at first contemplated sheet indicate an enviable position. As I have already mentioned. They amount to about £0,100,000, and branch Office was established in Lon-presumably as regards the silver
In 1874 This was a bold step securities have substantially increas for there were many large and in- ed in sterling owing to the consider- fluential Companies caring for the able rise in exchange since the end Insurance requirements of that great of last
year.
don
City, and a young Company from a I think this is an opportune placo far off land could not hope immediate to congratulate our General Manager ly to make its presence fell. The on his first year in that position courage that lay behind this stop which baa all the appearances of has been well rawarded, for to-day having been a successful one, under the Society has its Staff housed in its own splendid Building In Cornhill very diflicult circumstances.
with its Underwriter's Offec in "Lloyd's Building.
Happy Angury.
The ability displayed by succeeding The fact that, after a careful con- Underwriters, the successful outcome sideration of all the circumstances, of their operations and the sound the Board of Directors have decided condition of the financial structure to recommend the same dividend as have won for the Society a place in last year is n happy nugary
for the the London Insurance world of which future. We shareholders would not all associated with it have overy have been human if we had not wish- renson to be proud.
ed that our centenary could have Australian and U.S.A. Openings hoon celebrated with some increase of Following the opening of the Lon-dividend but we realise that in theso don Branch there was a lull in the difficult times a policy of caution in expansion programme for it was not
desirable. We do however, until 1883 that the Society made it look forward to an increased dividend ontrance Into the Australian field. when conditions are more favourablo A branch was opaned In Melbourne during that year and to-day we have and we should like to see a reduction, A Branch in each Capital on the at a favourable opportunity, of the Continent of Australia In the North uncalled amount due on our shares and South Iclands of New Zealand by transfer from the reservas.. also our Branches have been estabWhilst on the matter of dividend lished for many years, man
perhaps the Directors would consider
Our original entry into the Unit the desirability of paying an interim ed States was made a number of dividend. I realize that there would years ago through the medium-of-be-a-loss of Interest but it neverthe
The Accident and General Account! We get our rights, and that is no has been similarly dealt with, and Idle threat."-United Press,
:
THIS HOT WEATHER
There is nothing more refreshing than a really good Gimlet.
But there must be plenty of ice and it must be
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Roses
Lime
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Sole-Agents
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WARNING. TAKE
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Have ASPRO
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THE FIFTH ANNUAL
AMATEUR PHOTOGRAPHIC COMPETITION
Organised By
"THE HONGKONG TELEGRAPH❞
will be held
during
JUNE, JULY & AUGUST
WATCH FOR FURTHER PARTICULARS.