1932-05-28 — Page 7

SATURDAY, MAY 28, 1932.

Insurance Claims And Sterling Prices

Cost Increased Owing To Lower Value

THE CHINA MAIL

property of in uninsurable nature to learn that our Affiliated Com- We associate ourselves with, your and the Society was not involved in panies have followed their usual remarks, Mr. Chairman, in the and Losses to any extent.

practice in not paying away more loss of the late Mr. A. Macgowan Turning to the figures appearing than their interest earnings in whom most of us knew well. in the Balance Sheet I think tak-dividend and in some cases they are I conclude with best wishes for ing Into account the conditions paying away rather less. The in- more prosperous times. existing last year these will be con- terest earnings of the Society as sidered to be satisfactory. The compared with the dividend paid Society has followed its usual prac-are I think upon a satisfactory tice of writing the whole of its In-basis.

BRITISH TRADERS LTD.

MEETING OF CANTON INSURANCE ber 31 or leas and these have been of Messrs. Bradley & Company, of 20 per cent. to Contributors,

SOCIETY

HON. MR. W. H. BELL'S ADDRESS.

Gentlemen, The Report and Accounts are befora

It is es

exchange but by the value of our and Accounts as presented and ing Suspense Account.

be pleased to answer any question aufficient to meet all further

claims on the year's account. Shareholders Present

The balance of Working Account |

Your Directors re-

Market Values,

and Its Affiliated Companies' In-

T

CHINA FIRE, LTD.

The Chairman said:The Work- vestments and the Investments' of Since we last met you will have ing Account for the year 1930 Lits Affiliated Companies to the learned with regret of the death of after payment. of an Interim Divi- market values ruling as at Decem-Mr. Arthur Macgowan, a Director dend of 58. per Share and a Bonus.

translated into Sterling at the rate which took place in England last passed at the last Annual Meeting, ruling on that date. For example, month. The late Mr. Macgowan shows a balance of £72,246.0.7. Investments in Gold

Dollars are was a most yalued business friend Your Directors recommend that a converted into Sterling at exchange of the Society and had served on Final Dividend of ds. per share 3.40 and Investments in Australian ita Board and on the Boards of be paid to Shareholders, absorbing Pounds at exchange 125 and New some of its Affiliated Companies. £19,200, that £25,000 be added to We were all very sorry to learn of the Reserve Fund, increasing that That the fall in the value of sterling had added Zealand Pounds at exchange 110.

You will appreciate that our Ex- his death.

Fund from £175,000 to $200,000, to the cost of claims which had to be paid in for-change and Investment Fluctuation I have now much pleasure in pro and that the balance of £28,046.0.7. eign currencies, was emphasised by the Hon. Mr. Account is not only influenced by posing the adoption of the Report be carried forward to Underwrit W. H. Bell (Chairman) at the annual ordinary investments at the close of the year. when this has been seconded I shall timated that this balance will be meeting of the Union Insurance Society of Canton, Ltd., which, together with its affiliated companies, The market values of the Society you may care to ask. the China Fire Insurance Co., Ltd., and the British vestments as at December 31 last The following shareholders were for the year 1931 stands at Traders' Insurance Co., Ltd., was held in the Board as compared with the previous year present: The Hon. Sir Henry Pol- £131,492.3.5.

at the same date in almost all parts lock, K.C. the Hon. Mr. W. E. L. commend the payment of an In- Room of the Union Building on Friday.

of the world showed a marked de- Shenton, the Hon. Mr. T. N. terim Dividend of 58. per Share, cline but these value when convert- Chau, Messrs. G S. 'Archbutt, J. W. absorbing £24,000, that à Bonus of Chairman's Speech.

cieitles like our own. It seems to ed into, sterling gave an apprecía- Alabaster, Frank Austin, John 20 per cent, be paid to Contribu The Chairman's speech was as me that the free and unrestrictedition in that currency and you will Bentley, C. Bewley Bird, J. W. C. tore of business on Bonus terms, follows:-

movement of cargo, if such a thing notice our Exchange and Invest- Bonnar, J. D. Butcher, B. M. C. da absorbing about £5,000, and that were possible, would go a long way ment Fluctuation Account shows an Cunha, J. D. Danby, J. D. Dalziel, the remainder be carried forward. you and to resuscitate the fortunes of the increase of £135,538.19.10. Whilst R A. Dastur, W. H. S. Dent, W. B. I ргорови 'to follow the world and I hope that steps may be exchange played an important part Finnigan, J. M. Gordon, Ho Kom usual custom and take these as well taken at a not distant date to in this appreciation nevertheless Tong, A. W. Hughts, C. C. Knight, as the Auditors' Report as read. mitigate the present positions. It the Society's sound Investment W. R. Mansfield, J. Ormiston, G. H. Before commenting upon the con- is however not possible for one policy has also contributed to it. Potts, L G. Ribeiro, O. F. Ribeiro, ditions existing last year and as to country alone, to maintain a free Turning to the working Accounts Y. R. V. Ribeiro, M. A. R. Souza, how these affected the particular trade system when all other coun-you will be pleased to learn that business in which we are interested | tries are building up tariff bar-the 930 Account is running off

$592,075.21. Your Directors re- or on the figures which appear in riers against her and Great Britain favourably and there is little doubt

that

Divi- a final our Accounts I would like to say a last year was forced to abandon her that it will leave a good profit.

MR. STEPHENSON'S SPEECH. commend

dend of $9 per share, a Bonus Divi- few words concerning the form in free trade practice.

Sound Position.

dend of $6 per share ́and an Ex- which the Society issues its Balance Sheet, a.form. which, I may add, has We have all been disturbed at the it is not showing quite so favour-the proposal said the Society abahare be paid to Shareholders, Mr. A. Stephenson, in seconding change Bonus Dividend of $7 par been followed for many years past unfortunate Sino-Japanese conflict ably as the year 1930 at the same pears as usual to be in a very sound absorbing $440,000, and that the

By the Companies Act 1929, in Shanghai and we are relieved date; the fall in the premium in- position being able to pay the usual Balance be carried forward Companies incorporated in Great that the two great people concerned come which was Britisin owning more than 50 per are taking steps to compose their able has had the effect of increasing sary provisions in the matter

of course inevit-dividend besides, making all neces- Underwriting Suspense Account to of close the Account for the year 1930, cent. of the share capital of a Com- differences. The near 'geographical the charge ratio.

The Balance at credit of the 1931- pany or Companies are required to proximity of the one country to the As regards income I do not think show the aggregate amount of their other and the consequent close trade you need be unduly disturbed at the will join me in an expression of Out of this Balance Four Directors I feel sure that all Shareholders Working Account is $1,327,410,57, holdings in these Subsidiaries as a relationship make it particularly de- fall in our nett premium as it was appreciation to our

the payment of General Mana-recommend separate usset and in consequence of sirable that they should be able to quite impossible to maintain it this this Act the Companies in addition live upon terms of amity and good-year at its previous figure. You ger and Staff for the ability and Interim Dividend of $3 per share, to issuing a combined Balance Sheet will. We carnestly hope that all will realise that with large quanti hard and trying times.

loyal services displayed in these absorbing $60,000, and that the re- which includes the gross assets and differences between them will soon ties of tonnage laid up in almost year has again been under a cloud

The past mainder be carried forward.

As was to have been anticipated. liabilities of their Subsidiary Com- be removed entirely.

every important country in the panies, issue a Statutory Balance For the last two years may pre- world and with the heavy fall in state of trade and the money market considerably affected by Exchange of troubles such as the unsettled the Accounts before you have been Sheet which showy as a separate decessorn in the Chair have referred commodity prices there wia item the value at which they carry to the heavy toll on Marine Under- considerably lesa

in general, the Indian unrest and which has been responsible for un- business their holdings in the Subsidiary writing Accounts caused by fire and offering and

last but perhaps not least the Sino-avoidable fluctuations. -value to in

so close to our! Japanese conflict

With regard to the Dividend and Companies on their books.

Balance Sheet.

rule.

Sino-Japanese Conflict.

It is too early to judge the 1931) Account but on a percentage basis

from all our

Ordinary Meeting. The Chairman said:-The Work- Account for the year

F. Soares, A. Stephenson, D. v. ing

1930 shows a balance of

Steavenson and H. C. B. Way.

Reserves.

to

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SAMUEL GOLDWYN

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HELEN HAYES

UNITED ARTISTS

PICTURE

AN

· COMING! COMING!

laat year was no exception to this aure and it was not possible for the doors; with regard to the latter it Bonuses recommended you will re Very considerable sums of Society to maintain its income. Awould appear that peace is not far call you were warned at the last It will interest you to know that money have been paid away by heavy depreciation in premium distant.

Annual Meeting that a continuance the Society's practice has been to Underwriters to meet claims caus.income is reported show its Balance Sheet in total fol-ed by this paril. Two outstanding Branches. How long this state of It is a fact that a Society such of the Exchange Bonus Dividend lowing the Statutory basis in that examples of this may be given, affairs will continue largely depends as ours is very dependent on trade would depend on the position of Ex- It only brings into its figures its The 8.8. Segovia whilst building upon how soon a trade revival will conditions and in consequence we change and further that it was in- holding of shares in its Subsidiary at New Orleans for the United take place. At the

moment the very earnestly hope for peaceful and evitable that there would be varia- Companies on the basis of their nett Fruit Company at a cost of U.S. financial state of the whole world more prosperous times with a free tions in the amount of this parti- value and does not show in its $3,500,000 was burnt to the waters is so obscure and labouring under movement of all classes of goods cular distribution. You will Balance Sheet the gross assets and edge. The vessel was nearing com- such immense difficulties that it and produce. Our Chairman from the Report before you that

liabilities of these Subsidiary Completion. panies.

It is a matter of study as to whe- ther it would not be desirable in future to draw up our Balance Sheet

in form as well as in total upon the

basis laid down in the Act referred

understand the

would be idle to make any prophesy.

refers to

most

equn-

see

the Customs tariffs the Exchange Bonus Dividend re- commended Is at the rate of $7 aa tone of regret.. compared with $14 per share last

1 ideal if year.

Extraordinary Meeting.

applied in BA The motor vessel Bermuda, 19,000 You will understand that at present tries with a West Indies Steamship Company Accounts the premium income of its all countries would similarly open

Free trade is the

gross, owned by the Bermuda and the Society does not bring into its

gave rise to two separate losses. Affiliated Companies.

The nott

On June 16, 1981, after unloading premium income of the Society and much to expect.

their doors but that, I fear, is tool An extraordinary general meet-

its cargo at Hamilton Dock, Ber-jof the Group controlled by it

completely de-} The vessel later pro-

A Trade Revival.

was

ing of the China Fire Insurance to and, following the usual practice muda, the vessel caught fire and amounted last year to £1,988,274. To a mere Banker an Insurance allotting the reserve fund to the Last year Mr. Grayburn stated was also held for the purpose of in Great Britain, in addition, to as a result her passenger ac-19. 11. issue a combined Balance Sheetcommodation was

Company's account is difficult to unpaid capital, which amounted to

The proposal bringing in the Society's proportion|stroyed.

analyse," if a-Banker finds it so $1,600,000. You will appreciate that the suc-what must it be to a mere Agricul- carried. of the gross assets and liabilities ceeded to Belfast for repairs cess of the Society and its Affiliat turist? of the Subsidiary Companies. This and in November, when these re-ed Companies is dependent upon the

The suggested prospective The Chairman was supported by question is under consideration and pairs were nearing completion, an-support it receives from the mer-Balance Sheet appears to be a good chell, J. A. Plummer and J. P. War- change in the formula of the Mesars J. Owen-Hughes, T. A. Mit- I only mention it now as it is pos-other fire broke out, the vessel be-chants and we earnestly hope that sible the form of our Balance Sheeting a total loss.

business will soon become less dif

one since. It will provide detail of ren (Directors) and Mr. Paul Lau- ficult for them. It does not seem ture to the layman. within the next year or two may be

Fire Insurance.

a more readily understandable na-der (General Manager),

The Chairman said: This ex- changed and if a change is made the With regard to Fire Insurance possible that a trade revival and Shareholders will

business, world wide trade depres- the consequent increase in com- Chairman has to report a third year been summoned for the purpose of It is distinctly bad luck that our traordinary General Meeting has

reason for it.

sion combined with low values of modity prices can be a rapid one as Gold Standard.

In succession a heavy toll by Fire passing resolutions calling up the commodities has had the natural a great deal of reconstruction work The outstanding event last year effect of diminishing premium in- has yet to be done.

loss on Marine Underwriting Ac-unpaid Capital of the Company, We can only

The Capital of the Company at was the departure of Great Britain | come."

continue to do our best under the counts including such examples as from the Gold Standard and it is I am glad to be able to say how difficult conditions existing. In the the motor vessel Bermuda the total of the nominal value of $100 each, the loss of the 88. Segovia and present consists of 20,000 shares not yet possible accurately to gauge over that so far as concerns the meantime I think the Shareholders value of which ran into hundreds of of which $20 per share has been the effect this momentous decision United Kingdom and the United have reason to be satisfied with the thousands of dollars, Anent the paid up, hetkel on my may have upon Underwriting Ac States of America the Fire Loss figures before them and may rest Fire Insurance business we should Your Directora have given the counts last year. You will realise record was better than in 1930. assured that no effort is being that the fall in the value of Ster- In Canada while a decline In spared on the part of the General be pleased to note that the Fire business and financial affairs of ling has added to the cost in Ster Losses accompanied a decrease In Manager and the Staff in doing Loss record was better than that of your Company their careful con- ling of claims which have to be Premium Income nevertheless the their utmost to keep the Society in in New Zealand, the Philippine the conclusion that it is in the 1880 but with regrettable: incidents aideration and they have come to paid in foreign currencies and there average Loss ratio was slightly a position that will enable it to Islands and Japan. The figures in interests of the Company to call is no doubt that damage to vessels, higher. ANSE STREAMING AN benefit from the revival when this the Accounts appear to be very up the unpaid Capital amounting the repairs of which have to be car- Leases were somewhat lower in once takes place 44 697)

Australia during 1981-as compared I think our figures speak well satisfactory and the conservatism to $1,600,000.00 with recent years nad no outbreaks for the excellent work done by the different monies in to be commend shall be taken from the undivided as is shown in the conversión, ofi It is proposed that this sum a good deal more money when trans of outstanding importance occurred. Society's Staff in all parts of the ed. The increased sum of $186,638. pronts of the Company and that láted into Pounds Sterling. Bes In, New Zealand Fire Losses con world and I would like on your be

Turning to world conditions gen tinued on a high level in compari-half to tender our congratulations 19. 10. as shewn in the Exchange the Extra Reserve Fund, which, to erally it is unnecessary for me to son with other countries.

and hearty thanks to the General and Fluctuation Account should ap day consists of $100,000 and elaborate upon the very disturbed An outstanding disaster in New Manager and his Staff for mich, food peal to all of us as an admirable 200,000 shall be utilised for this financial conditions existing for 1 Zealand was the Earthquake in the results. Our senior members are result purpose. If this sum however, is There is a pessimistic expression insufficient it is proposed to take am sure the Press and your own Hawkes Bay District of the North doing good work in a very dimenit with regard to the premium dede the balance from the Re-insurance experience will have kept you in Island in February last year. The period in maintaining the Bociety's

but we mde

and remember that Fund. formed upon this difficult subject. actual, material loss was large but business and I am pleased to be statory at Half of that there

In order to support possibly the amount recoverable from able to tell you that we Have soveral efficient but very expensive systems, Underwriters loss was relatively young men who are gradually be Governments are continuing to small, the Society's interest being ing worked into the more important a man of the late Chi build up an elabora

unimportant.

w posts and who I am confident will „Nearer' at hand there were Imably carry on the very fine traditions fortant individua. Losses both in of the Company

ried out abroad will in many in

stances cost British Underwriters

customs tar

that the various

order their finance:

„as to enable ther duce many of; chul

in the G

Jayan and the Fhilippine Islande,

ina the

Fixou well notion?"

flood

We wou

T

affera storm (could;

(Continued on!

HOWARD HUGHES

PRESENTS

Cock

OF THE

AIR CHESTER MORRIS

UNITED ARTISTS PICTURE

SAMUEL GOLDWYN

GREEKS HAD

AWORD THEM

HOM THE HOVEN SINCLAR

LEWIS

* UNITED ARTISTS PİCTUREAY

DCL

AS

"D. C. L."

MALT EXTRACT

WITH

COD LIVER OIL

la made from the fuest

THE DISTILLERS COMPANY LTD.

EDINBURGH

PricePer

SOLE AGENTS

Per 2, 15:

$1:20

he re alth In

OPEL

GANDE PRICE & CO.