1927-05-20 — Page 7

1

FRIDAY, MAY 20, 1927.

UNION INSURANCE.

Business of Year Reviewed.

business with America.

THE CHINA MAIL.

Shadows Before.

COMING EVENTS ANNOUNCED IN THE "MAIL."

Entertainments.

May 20Queen's Theatre; "Blue- beard's 8th Wife."

May 20-Star Theatre; Wilbur Players present "Cappy Ricks" at 9.15 p.m.

May 20--Star Theatre; "How Baxter Butted In."

unt Parisien.

Sports.

and

May 28-29-Second extra Race } Meeting at Macao, 2.15 p.m.

June 4, 6-Fourth extra meeting of H. K. Jockey Club, Happy Valley Race Course.

race

Exchange Drop.

To enable us to cope more effec- The Chairman's Speech. Exchange and Investment Fluctually with our existing business The Chairman's speech wae' as tuation Account stands at on the Paclic Coast, where we al{follows: £679,125,3.8., ns against £746,800. ready have an important, marine The Reports and Accounts were 28. Dd. In the preceding year, which and fire connection, a Branch of issued on the 3rd May, and as they shows a diminution of £167,074.19.1. the Society was opened in the lot have been in your hands for This is almost entirely accounted ter part of last year at San Fran- several days, I will, subject to your for by the heavy drop in the Steri-cisco, 3r. A. W. Hughes being ap-approval, take them, together with THE ANNUAL MEETING.

ing. equivalent of the Dollar, our Balance Sheet totale being convert-inted Manager at that Port, the Auditors' Report, as read,

The Working Account for the ed at the Hong Kong and Shanghai This gentleman, who is doubtless

balance of Somewhat less underwriting pro- Banking Corporation's closing T/T well known to many of you. here year 1925 shows

Your Directora re- fa for the year were reported at rate of Exchange on December 31, to-day, has had a long and varied $605,222,58.

Insurance career and te annual general meeting this 1926, which was 18, 1114d, an com-guidance I feel confident that the share and a Bonus Dividend of $5 under his commend that a Dividend of $9 per orning of the Union Insurance pared, with 28. 4 d. the previous Society of Canton Ltd.

year, and a heavy drop in our Ex-fortunes of this newly-established per share on 20,000 shares be paid to Shareholders, absorbing $280,000, The effect of exchange the change and investment Fluctuation Braneh are well assured.

In conclusion, I would like to tell and that the Balance be carried

May 20-World Theatre: "Forbid- heavy drop in the sterling equiva- Account was therefore Inevitable.

den Paradise." lent of the dollar-on the figures in Exchange has had a material effect you that our General Manager Mr. forward to Underwriting Suspende

May 20-Ten Dance, Cafe Rea- the Balance sheet were referred to, upon all the figures in the Balance Paul Lauder in shortly leaving for Account to close the Account for taurant Parisien, 4,30 pm.

so the restriction of Automobile Sheet and this feature may perhaps home on a richly deserved holiday the year 1925.

May 20-Dinner Dansant and Ex- he more fully appreclated by noting and I am sure I am speaking for

The Balance at credit of the 1926 hibition Dancing at Cafe Restaur- Mr. T. G. Weall presided over the Sterling Equivalent of our Sit-all Shareholders in wishing him a Account is $754(808.42. You will the meeting, supported by Mr. L, J. vor Reserve Fund of $3,000,000, very pleasant holiday away from have noticed the total Assets of May 20-Isako's European Circus, Davies, Mr. D. O. Russell, Mr. J. K. which this year stands at £293,750. the worries and cares of business, the Company stand at over $9,480.-31unghom, Kowloon, 9.15 p.m. Bausfelt (Directors), Mr. Pas against £354,687.10.0.-last and that he may return with re-1000. a considerable increase over May 20- Hong Kong Dance Lauder (General Manager), Mr. year showing a decrease in this one newed health and energy (ap-last year.

| Club' next dance, Lane Crawford's H. C. Gray (Sub Manager), und the item alone nf no less than plause).

This is mainly accounted for by Cafe, 8.30 p.m, following shareholders: Messrs, | £60,937.10.0.

Mr. W. E. Smith who he had the drop in Exchange which last May 22-Military Band Concert] B. Montague Ede, T. G. Weall, You will notice that our Interest many years experience in the So-year was taken at 28. 4 d. and at Queen's Theatre by the Maseed G. S. Archbutt, John Bentley, C. E. on Investments has somewhat de ciety's service will act for Mr. Lau-this year at 18. 111⁄2d the conse- Banda' of the Cameronians Mever. W. J. G. Whiley. R. A clined, this being partly due to der during his absence.

quent effect so far as this Company K.O.S.B.'s, 9.20 p.m. Dastur, J. M. Gortion, C. C. Black, smaller interest earnings in the I now propose the adoption of is concerned is to increase the dol-

May 26-Matinee performance by J. K. Bousfeld, J. H. Taggart, S. W. United States, and further these ne-the Report and Accounts and when lar equivalent of all Sterling the "Squeakettes," Helena May Stapleton, F. S. Dinsdale, Ho Kom, counts are materially affected by this has been seconded I shall be figures, Tong. I. J. Davies, A. McCurdie, Exchange. We hope, however, for glad to answer to the best of my

Institute, 5.30 p.m. This is effectively illustrated by 1. A. Worswick, H. C. B. Way, R. D. some improvement in the future.

ability and questions you may wish 4 comparison of the amount of the Rend, W. A. Hannibal, W. F

May 24-Kowloon Cricket Club First Class Investments.

to nek.

Extra Reserve Fund which while hold function in aid of Hospital Gardner, A. S.D. Cousland, J. Owen We have followed our usual cus- Hughes, A. H. M. da Silva, J. F. tom and taken our Investments at

Secander's Speeck.

standing on our Books at the same Comforts Fund: actual figure as last year, namely, Wright, D. O. Russell, W. Kitchell, the Market rates ruling at the close

May 25-Race for Brown Rowing C. M. G. Burnie, W. E. Smith, of the year. Our Funda, Gentle

Mr. J. Owen Hughes said: It £100,000 and $100,000 is represent-Cup, starting from Channel Rocka, H. B. L. Dowhiggin, J. Ormiston, men, are invested in first class gives me much pleasure to seconded by $1,121,276.60 as against 5.15 p.m. W. E. L. Shenton, J. W. Alabaster, securities widely distributed

the proposal mnda by the Chairman, |3945,814,98 in last year's Balance over A. Sommerfelt, A. Stevenson, our various fields of operation. The that the Report and Accounts as Sheet. E. W. G. de Gyulay, Frank Austin, Society and its affiliated Companies presented be adopted.

The fact that the Company trans- H. Ruttonjer, F. B. Silva, V. R. V. has for example at date over One In doing so I feel sure that acts business in both Sterling and Ribeiro, L. E. N. Ryan, M. Manuk, Million Sterling invested in British express the opinion of Shareholders Dollars, combined with the ques- D. F. Ribeiro, John Fleming, Government and British Dominion that the result of the Society's tion of Exchange, makes a com- B. M. C. da Cunha, Sum Pak-ming. Government Securities.

operations cannot be considered parison of individual figures diffi May 21-Messrs. Lammert Bros. J. M. dos Remedios und A. E. S. During the past year there has other than eminently satisfactory, cult, and no particular comment will auction at Godown No. 51 Low- Alves.

been a further curtailment in that bearing in mind the adverse trail-appears to be called for.

er, the H.K. & K. Wharf & Godown Chairman's Speech.

part of the Society's business tran-ing conditions obtaining the world The Working Account Balancos Co., Ltd., Kowloon, 250 cases Bel- Mr. T. G, Weall said: In the absacted in the United States which over, during the past two years or are some what Iess than the gian Window Glass,

we have found unprofitable. I re-more. and Insurance business Balances for corresponding periods May 21, 23-Ladies' dress wear, sence of the Chairman I have been fer particularly to the Automobile generally has been no exception. last year, but can I think be con- and sundries, Mesars. Lammert called upon the president this

At first sight-the drop under the sidered satisfactory,

Bros. Sales Room, 10.30 am. Meeting, and fore dealing with Account to which reference way

the heading of Exchange and Invest- I now move that the Directors' May 28-Household furniture, 4, the Report and Accounts, I would made by my predecessor in

Chair last year. Hike to say how very pleased I am

ment Fluctuation Account seems Report and Statement of Accounts Armend Bidgs, Kowloon, by Messrs. Lo have this opportunity of wet-

During the year 1924, we rein rather heavy-but those Share-as presented be adopted, and when Lummert Bros. 2.45 p.m. coming Me. Gyulay, the Society's sured a portion of this account and holders resident in the East at any this has been seconded, I shall be May 25-The whole of Measrs. General Manager for Australasia, effected, whilst during the

in 1926. further reinsurance was rate will fully appreciate that such pleased to answer any questions Sheriff Bros. Shop Atlings, and who has arrived from Sydney on a under review, the Society reinsured glad to observe,

year fictuations are inevitable. I am that may be put.

sundries will be auctioned by short visit to the Colony.

however, that

Other Business.

Messrs. Lammert Bros. at 69, Gyuiny has rendered the Society liability

the whole of its outstanding!

lavainst this there is the satisfac The report and accounts were Queen's Road. Central, 2.30 p.m. On this account and faithful and valuable service for lessed to transact Automobile busi. tory increase of £24,000 and £50 000 unanimously adopted on the pro-

Meetings. period of nearly 20 years, and I am

May 22-Combined meeting of sure we are all glad to have himness in the United States other than the Reinsurance Fund and Un- position of the Chairman, seconded

a very limited extent on

members of the China Coast Off- derwriting Suspense Account res by Mr. Archbutt. nectively.

The Chairman reported that, cera' and Marine Engineers' Guilds Pacific Const. am further very pleased to see that Mr. C. M. G. Burnie,

Whilst it is always unpleasant since the last General Meeting, Mr. of Chinn (H.K. branches), 67, Des Automobile Insurance. Shanghai Manager, is also present, We have been writing this class field which at one time held promise and the Hon. Mr. A. O. Lang. Mr.

having to curtail business in a W. H. Bell had joined the Board Voeux Rd., Ct., 10.30 a.m.

May 27-First General Meeting Applause).

of insurance in the United States) The Report and Accounts have since the year 1918, and whilst the of fruitful operations, I feel sure W. L. Pattenden and Mr. W. H. of Creditors of Wong Wai-shing been in your hands for some daya] underwriting results

Mr. L. J. (deceased) formerly trading as this that Shareholders will, in view of Bell had resigned. over

Davies, Mr. D. O. Russell and Mr. Sang Loong & Co.; City Hall, 2.30 which will have given you time to period do not show a favourable the explanations given, fully ap- examine the figures and propose outturn. the loss entailed has been prove the action taken.

J. K. Bousfield had joined the p.m.

May 31-Fourth yearly meeting therefore to follow our usual cun- offset to a considerable extent by Gentlemen, it is a sound and con- Board. tom and take them as well as the the Interest gained on the Premium seryative polley that has placed Mr. J. A. Plummer ad Mr. T. G. of Prince's Bldg. & Land. Co., Ltd.,

Reserve. I was felt however, that British Insurance Companies in the Weall retiring directors, were re: Prince's Bldg. 4 p.m.

June 7-Forty-ninth annual our prospects in the Automobile leading position occupied by them elected on the proposition of Mr. field were not of a sufliciently at-to-day, and whilst I know that thia J. W. Alabaster, seconded by Mr. meeting of shareholders of The Working Account for

China Sugar Refining Co., Ltd., the tractive and promising nature to policy being pursued by the So- B. M. C. da Cunha. year 1925 after payment of an 1-warrant our continuing the busi-ciety I feel equally assured that Messrs. Low, Bingham and Mat- Messrs. Jardine's Offices, noon. terim Dividend of 243, per share ness except upon very conservative whenever, or whereever, satisfac-thews and Messrs. Linstead and

Miscellaneous. and a Bonus to Contributers of lines.

May 20-Band of 18t/Cameron- tory business offers, the Society's Davis were re-elected auditors at a business shows that the balance; available for distribution amounts operations in the United States, unan to obtain their fair

As regards the Society's Fire officers and Agents can be relied remuneration of $750, cach, on the fans will play at the Kowloon Dock Lo £208,936.15.4., and your Directors these have also been largely cur- of it. recommend that this Balance should

tailed during the current year, and beppropriated as follows:—

here among us. (Applause).

t

Auditors' Report as read.

Working Account.

Mr.

our

the

Sound Securities.

Auctions.

the

share proposition of Mr. J. Bentley, beach, 5.30 p.m.

May 21- Band of H.M.S.

seconded by Mr. F. H. Farne.

This concluded the business of the meeting and the Chairman-an- A Final Dividend of 16s, per at the present time, the main ac

I am glad to observe, and ac-nounced that dividend warrants share and n Bonus Dividend of 68. count, apart from a restricted and per share on 135,000 shares he paid profitable business transacted on cept your assurance that our Funds could be obtained on application. to Shareholders, absorbing the Pacific Coast, has been rein are invested in first class securi £141,750, and that the Balance, Bured in full.

ties over a wide field, and especial- be carried forward to Underwriting This reinsurance has only recently that over One Million Sterling Suspense Account to close the Ac-ly been effected and while it willis invested in British Government count for the year 1925.

naturally entail some falling off in Securities.

The Balance of the Working Ac- Premium Income, we are satisfied Shareholders will I am sure fully

£500,000. IN VEST POCKET.

Dack beach, 5.30 p.m. "Hermes" will play at the Kowloon

May 23--Party given at Nam Tong Restuarant in honour of Sir J. H. Kemp.

May 24-Special Services "In two! Cathedrals (as in previous years),

a.m.

May 27-Kowloon Chess Club re-i turn match: Kowloon v. H.M.S

count for the year 1925 amounts to that this, will have no adverse endorse all you have said in regard INDIAN MERCHANT PRINCE IN "Hermes," 8 p.m.

ward.

ment.

LONDON,

London, April 26-After tra-

FALL-SINCLAIR TRIAL,

P

£418,245.11.10, and your Board re- effect on our underwriting results. to the situation in China, and hope commend that an Interim Dividend In the meantime I think it right for a speedy ending of the present of 24s. per share should be paid to that you should know that our Fire trouble and for the establishment velling over. 8,000 miles with Shareholders, absorblag £102,000, liability in the United States has of Peace, order and good Govern jewels worth £500,000 in his vest that a Bonus of 20 be paid to been reduced to a low figure,

Washington, May 13. Contributors of business on Bonus

I am confident there will

shadowed I think you will agree, Gentle

be pocket, always

by

The trial of A. B. Fall, former terms absorbing about £20,000, and men, that, bearing in mind tratie general approval of the proposal Indian private detectives who that the remainder be carried for-conditions at home and difficulties that a Bonas of 15 per cent.

be more than once, thwarted the Secretary of the Interior, and abroad. the figures before you paid on the salaries of those mem- sinister plans of international Harry Sinclair, oil magnate, on Heavy Settlements. speak well for the care of your in-bers of the Staff holding Provident crooks, Ganesh Lall, an Indian charges of conspiracy to defraud the Government in connection The Year 1926 has not been a terests by the Staff and you will Fund Agreements..

merchant prince, has arrived in with the Teapot Dome oil lease, good one for marine insurance bus-heartily approve, our following the

1 would like to congratulate Mr. London from Philadelphia with has been postponed in the dis- ness in general, and towards its usual custom of voting a Bonus of H.-C. Gray upon his appointment probably the most valuable in-trict court of Columbia from end there were several major 16 per cent. on salaries to the cre- as Sub-Manager.

dividual collection of jewels casualties which will make thedit of Members of the Staff holding Mr. Gray has had a wide

E. L. Doheny were recently accond year's settlements somewhat Provident Fund Agreements (ap: perience in the Service of the Se-brought into the country, includ May 23 to October 17. Fall and Ing the Shah Jehan Emerald acquitted on similar charges in lause).

ciety, and I feel aure he will carry The same scramble for good cargo

out the duties of his new office with valued at over £60,000.

connection with the lease of the The collection was displayed at Elk Hills oil reserve in California. lines continues and in consequence It is needless for me to make credit (applause). · rates have steadily declined. We long reference to the disturbed con- Shareholders will also be glad to the Sesquicentennial Exhibition can only hope that the steadying in-ditions existing in China, as these know that Mr. A. W. Hughes has at Philadelphia, after the closing fluences which are at all times at are well known to you all. Whilst successfully established himself. as of which it was, guarded for tempting to keep the market from the Society is not dependent on the our Pacific Coast Manager at San eleven days by police. making wild reductions in rates will business it doos in the China field Francisco, and we wish him every Lall leaves for Indin at the end prevail and that increased premiat nevertheless has a good account success.

of the London season. may be available in the future.

heavy.

Conditions In China,

I smoked my first cigar at the

I have never borrowed or lent any money in my life. Mr. Rhys

Davies, M.P.

of

Taxation and rates are throttling Клезн no others then-Lord our, Industries. The Duke

Northumberland.

As regards the Hull Market, it here and we naturally all hope that I am sure we all join with the would appear that several very conditions In China will soon right Chairman in wishing our General necessary reforma have been affect themselves and that the trade of Manager. Mr. Paul Lauder, a plea age of 18, and it cost a penny. I ed, but whether Hull business as a the Country will enter upon a new sant holiday and we hope he will whole will leave a profit we think cra of prosperity. The Society, return thoroughly refreshed to con- Birkenhead. is very doubtful.

am pleased to tell you, is privileged tinue for many years the invaluable by a continuance of loyal support service he has rendered the So- from its Chinese Cliente. As re-ciety.

Other Business.

Underwriting Profits.

were

The balance standing to the gards the political situation we credit of the Society's 1926 marine would only say that we are indeed The report and accounts account is less than the balance of very sorry for the great suffering unanimously adopted. the 1926 account at a corresponding which the Chinese poeple are en- On the proposition of Mr. W. A. date, but we nevertheless unti- during at the present time and we Hannibal: seconded by Mr. W. J. G. cipate a fair margin of profit. The earnestly hope that the state of un-Whiley. Mesars, J. A. Plummer and Fire and General accounts, owing rest and Civil War which is un. G. Weall, retiring directors, were to adverse results in Canada, Aus- happily passing over the Land may re-elected, tralia and the United States of Boon be lifted and that the Coun- America, are not altogether favour-try may be allowed to enjoy the Dowbiggin, seconded by Mr. I.E. N. On the proposition of H. B. J. able, and the total underwriting profits for the period are therefore leasings and safeguarda of an en-Ryan. Messrs. Lowe Bingham and somewhat less than those of the pre-lightened Government,

ceding year.

Staff Changes

Matthews and Mesars. Linstead and Davies were re-elected audi torn at a rémunération of $2000 ench

ready and could be obtained on ap- plicating at the Secretarial Office,

Turning to the figures In the During the year, Mr. H. O Gray, Society's Balance Sheet you will who has had long service with the notice that our Sterling Reserve Society and its affiliated Company, This concluded the business of now stands at £300,000, which is the British Traders' Insurance Com the meeting, the Chairman announce cludes the amount of £78,000 trans-pany Limited, has been appointed in that dividend warrants were ferred last year from the Refosur to the Post of Sub-Manager.

In keeping with the practice of ance Fund.

"After taking this transfer into as other of the leading Insurancà Com- count you will 'sotice that the Relne ninies of the World, your General súrance fund shows an apprecia- Manswer has considered that cer tion of some £24,000 over last year's tain Head Office posts should be es- figure.

tablished and you will notice from Underwriting Suspense Account the Balance Sheet that we have The annual meeting of the Chins compared with last year's figure now an Inspectory a Sub-Manager Fire Insurance Company Lid fol shows an increase of nearly £50,000 and a Fire Manager, I think you lowed the: Unton Insurance Meet which may be considered satisface will agree that this jolleg is a wise for entrands GoWendigen UEN.

Dope..

In the chair,

China Fire Insurance

OPEN

ALL

NIGHT

COLUMBIA

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NEW PROCESS

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Ukulele Lullaby.

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AT

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MISA'S

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#135