UNION INSURANCE DIVIDEND
"
(Continued from Pape 4)
THE HONGKONG
Are
CON.
|
TELEGRAPH. FRIDAY, MAY 22, 1936.
mony of the prodigious energy of the stalf.
and in this respect I support very fully the able remarks made by Mr. Tinson in seconding the adoption or the riport and accounts.
CHAIRMAN'S REPLY
The Chairman, replying, said:—Mr. Roza-1 thank you for your re- marks Your criticism is not unwel come to your Directors for you have expressed what are probably the thinks you will admit, however, that feelings of a number of shareholders. you are viewing but one side of the picture. You spoke of "colossal" funds, but I would remind you that business, the main rente of which the accutane of "colossal", liability. Furthermore,
year which was admittedly bad for trade, I think the Directora might have been content to carry forward" Whatever the views of sharóholders a relatively smaller sum than that re might be as to my suggestion for a vented by the nocents of £680,824 higher dividend, I feel sure I will not which in effect represents an avall- bo disowned by them in extending to abio fund for dividenda for over three the management of the Society our years at the present rate of distribu-appreciation of their successful work, Board, to "ebange your considered tion. views, but the wealth of the Company I realise that a dip into the "carry gives ample room for a bona fide forward" to maintain the old rate of difference of opinion. I refer to the 40 would have cost an extra £67,- | lividend which the report has dia 500; 35/- would deplete the "carry cloned has been reduced to the ex- forward" by £33,760. These tent of 25% on which I address you
Admittedly hist figures but.. gentlemen, in an unhappy state of mind, not only in the atmosphere of millions, per- on my own behalf, but in the in-haps I will be pardoned by describing torests of that body composed of the extra cost as
a more bagatelle. An in the case of other institutions, numerous ex-residents of the East ...now living in retirement whose ima variety of causes have contributed portant source of income is their to a shrinkage in the income earned dividend from Unions.
Fink on the Society's funds as I I will not raise a contentious palat, gentlemen, you would not have been nor disturb the harmony which has necused of prodigality and you our characterisal the annual tinued the slight deviation from your meetings of the Society, by proposing traditional policy of finding the an amendment, but will content.my Society's dividend entirely out of in- self by asking for a declaration of come from investments, at least the
realise that we are In policy that, if the accounts for the extent of 5/- per share. I compli- competition in almost every corner present year show as good a result mest you on your ultra caution, and of the globe with the fargent fina as those now submitted, you will re-with all respect to the gentleman who int institutions in existence. To be vert to the dividend of 10/- per share was your Chairman at the centenary successful we must have financial large body of investors have just got that the cloth is of sufficient the facial strength; but it must paid for many years past, and which a meeting of the Society, I would sug- strength. Not only must there be fiably grown to rely upon. Or, in the dimensions to permit of a better file managed according 10 accepted alternative that the dividend be in-ne cont that what we are asked to standards. Your Directors are of the
easy stages.
aceipt. At the Chamber of Com opinion that this requirement would 1 confess to a feeling of diamny merce mesting, we were told there not be fulfilled were they to reco: some weeks ago on reading the h was no depression; at any rate it was mend a depletion of reserves for the nouncement of a dividend of only not conducive to a happy mind to maintenance of a dividend-even 30/- and the intervening period prior mention that state of affairs; I did the lesser dividend you ask for would to the receipt of the accounts rather [not quite agree with the speaker on necessitate enerosching upon Re. schooled me to anticipate a balance that occasion, nor, unhappily, with sheel much below the enviable stan- you now, gratlemen, in measuring it daraltained by the Union. My anti- | nt 10/- per share. cipations were incurrect for the And, finally, gentlemen, we have a balance sheet now before you reveals Fund of £80,500 for the equalisation a position stronger than the Rock of of dividends which might have been Gibraltar-it is less vulnerable, at | put to the use It was created for. any rate froin the air.
CUT NOT WARRANTED It is with diffidence, gentlemen, that 1 queation your recommendation to pay 30/- only, but the strength of the Society has encouraged me to dine serce with your views that a cut of 10/- per share is necessary or wary ranted by the working results, real the position of the Society as reveal- ed by the balance sheet. With specifle "Funds" for each class of businops undertaken by the Society running into colossal Bgures, augmented by additional Reserves absorbing further colossal amounts, the magnitude of which was determined possibly more by a desire to conserve funds than re- quired by the necessities of each de- partment, and a premium income as good as that of the previous period, in
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APPRECIATION
So much gentlemen. for this dis. cordant, note in this meeting, but 1 would not like to leave my can tribution to these proceedings with out expressing my appreciation of time efficient
management
of the
|
Manager and staff in a year full of "Union by the Directors, General difficulty. I feel certain, reference to the efficient management of the Union all I over the world could not be made more convincingly than quoting the figure of premia income of £1,100,000 in a year in which business had to be searched for, and acceptance fored ant competitive rates. The increase in the volume of business which must have been olitained to bring about a premia income larger than that of the year before is an eloquent testi-
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CHRISTIAN
TEACHERS TORTURED
CHARGES MADE IN EDINBURGH
PERSECUTION IN N. CHINA
London, May 21.
Presenting the foreign mis- sion report to the General Assembly of the Church of Scotland. at Edinburgh to-day, wherein the need for more mis. nionuries was stressed, the Rev. Dr. C. W. Taylor, referring to had been happening in Man- China, said that serious events
churia.
bandite came the most terrible experi
Added to the depredations of the
ence since the occupation of the land by the Japanese, he said.
Dehind short paragraphs appearing in the press lay a heart-rending story Your
suggestion that our Depart of the Chinese Christians, toany of mental Reserves are beyond require them man of high attainments, ins ments is entirely erroneous. These tors and teachers of Mukden College, serves cannot even be described as i who and hera subjected to persecution anduly conservative--they are merely and imprisonment und torture follow- normal. As to the "carry-over" to ing' charges which had proved basel which you refer, it is hoped to useless.--- Reuter. a considerable percentage of this in connection, with a reduction of the unpaid share liability. I hope you will agree that this will be beneficial to shareholders,
DIVIDEND FUND
attention is
One other point to which you draw Dividend Fund, that you consider the Equalization of might have been called upon to augment this year's dividend. With greater justification I suggest that this Fund could have been drawn upon during any of the past three years when augmentation of Interest earnings was necessary to meet divi- dend requirements. It in the opinion
of your Directors however, that the purpose of the Fund, is to meet un- anticipated emergencies, and not to
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Dr. Taylor was probably referring to the reports of prosecutions.-rench- ing Hongkong some weeks ago, ns n result of allegations of dangerous po litical tendencies among certain éle- ment of the population of Manchurin, A number of British employees were arrested and closely questioned by the authorities.
RED CROSS OFFICER VANISHES
(Continued from Page 1) Ethiopia has been summoned for May 30, just after the arrival of Marshal Pietro Badoglio, who is res ported to be returning to Rome for
short holiday.
According to one report, Marshai Badoglio will be in' Italy only a few day. It is an open secret that he bas suffered from the strain of the campaign in Ethiopia.
Signor Benito Mussolini, doubtless, wishes to consult with his marshal with regard to dispositions which should be taken to nieet the
even-
fuality arising from a League Council decision to continue sanctions against- Italy, in which event Italy's final brenk with Geneva would be seriously considered.
It is not believed here that there is any danger of war, as a European
conflet s the last thing that ́İtaly desires.--Reuter,
BALDWIN'S WARNING
London, May 21. Implicitly warning Italy, Mr. Stanley Baldwin, the Prime Minister, reply- ing to questions in the House of Commons today, recalled Britain's position with regard to Egypt.-.-.
He sad that in connection with the 1600 termination of the British pro tectorate in Egypt, Its Majesty's Government had made it unmistakably clear that it would "regarl an unfriendly act any attempt to inter- fere with the affairs of Egypt... and would consider an act of aggres- flon against Egyptian territory as one to be repalled by all the means nt Britain's command."--United Press.
be used to postpone a Hvidend reduc- tion for.n year or two,
Although you congratulate us upon
maintaining nur substantial income, you will have noticed from may pre- vious remarks that this income pro- tally carries a greater bability than at any previous time, also that profits from Insurance business to-day are considerably leas than in former
years. This experience is a general
42 nd the present is not a time to weaken our structure by drawing
apen our resources. I am sorry
cannot promise you an early return.
to the old dividend bass, but I can
give you, and all shareholders an
assurance that just so soon as your
Directors see any Justifientlon for a
dividend increase, even though in
B
smaller amount than 5/- per share,
they will be very happy to recom-
mend that it be pahl.
The report and accounts were un- animously adopted.
OTHER BUSINESS
ATE KING'S.
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Jean
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JAMES STEWART
Directed by CLARENCE BROWN
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Produced by Hunt Stromberg
ALHAMBRA
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STOLEN HIVES OF BEES
Mr. H. J. Armstrong proposed, and" Mr. J.. D. Danby neconded the re election of the Hon Mr. S. H. Dodwell and Mr, T. A. Mitchell to the Bonn of Directors. The motion was adopted.
RECEIVER “STUNG” Mr. A. Stevenson proposed the re-election of Messra. Lowe, Bingham
BY COURT and Matthewa, and Liastcol and Davia na aulitors. Mr. L. G. S.
"One would have thought, this kind Dodwell socanded and the motion was of theft would have brought its own punishment, and now that it has not, adopted.
This concluded the business of the will give him two monthis hard meeting.
Labour," remarked Mr. W. Schofield, There were present: Mesra M. at the Central Magistracy this morn T. Johnson (Chairman), C. Blaker, Ing. when Kong Lau, 34, unemployed, Hon. 3. H. Dodwell, T. A. Mitchell, pleaded guilty to a charge of receiv K. S. Morrison (Directors), A. Wing two bees hives, containing Hughes (General Manager); and the which had been stolen from Rapier following shareholders: J. W. Ala-Villa, Tai Hang Road, yesterday, bnslor, J. Armstrong, C. C. Black, Dafendant was charged with lar W. H. Choy D. M. C. da Cunha, J. ceny and resolving, but denied the Danby RA. Dastur, L. G. B. larceny charge, saying a man named Dodwell, John Fleming, Leigh Garner,
Ko had given him the hives Acting-Sub-Inspector J. if. A. Hance, H. S. Leo, W. R
Madgwick Mansfield, S. Mason, P. Ralph, agreed this was so. Dofondant was V.TR. V. Ribeiro, C. A. da Toza, arrested at Bay View Mansions by an F. Schreibor, M. A. R. Soura, F. W. Indian watchman. The bees were Stapleton, Allan Stevenson, Sum quito quiet then, but when taken to Pak-ming, H. Summers, George G. N. the station were disturbod. The total Tinson, J. F. Wright, Jr. and J. W, value of both Hives, was $40, Bentley,
The exhibits were not brought into Court
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SWAN, CULBERTSON & FRITZ.
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