1937-04-17 — Page 9

THE CHINA MAIL, APRIL 17, 1937.

UNION INSURANCE SOCIETY.

RESERVES CONVERTED

INTO SHARE

BONUS

OPTIMISTIC REVIEW OF AFFAIRS BY CHAIRMAN

A SHARE BONUS OF £2 PER SHARE WAS RECOMMEND- ED BY THE DIRECTORS AND APPROVED AT THE ANNUAL MEETING OF SHAREHOLDERS OF THE UNION INSURANCE SOCIETY OF CANTON HELD YESTERDAY AFTERNOON, THE HON. MR. M. T. JOHNSON PRESIDING:

at

The Chairman said:-In the past difficult to leave a profit - sufficiently our Annual Meetings have been held large to take care of the major casual- towards the end of May in each year, ties which must be provided for, and This was due chiefly to the late re-which in recent months have risen to ceipt in Head Office of Returns from a disturbing volume." distant Branches. Now, however, by The acquisition of profit from Hull altering the period for which certain business continues to be difficult

the in business is included

year's present rates and the difficulty working and by taking advantage of been increased by fluctuations in the more rapid mail facilities that are values and by substantial increases: available, your Directors are able to the cost of repairs... submit their Annual Report, to you some .six weeks earlier.

SURPLUS ASSETS

the

&

has

in:

Employers Breach Of Promise

Dublín, To-day, y

A deadlock has occurred in the building strike here, due to the employers' withdrawal of the promise to grant an in crease of a penny an hour in wages, breaking off negotia-

tions

The employers now insist that the men return to work before the negotiations are resumed Reuter,

to the

Prince Bernhard's Mother Ill

Amsterdam, To-day. Princess Juliana and Prince Bern- hard are leaving the Netherlands to-day for Germany, where they will visit the Prince's mother, who is lying ill at Reckenwalde. Castle in Eastern Germany. Trans- Ocean.

of

on the

than usual. I think I câñ also say previously credited to Minority Share that the payment last year of an in- holders in our Subsidiary Companies. terim dividend is also much appreciat- During the past year we purchased ed by Shareholders. additional Shares in these Companies The resolution was unanimously and the amounts previous credited to adopted.

CAPITAL BONUS others now become a credit

Following Society.

amendments submitted The Premium Income was more by Mr. A. Morse, seconded by Mr. A. than maintained in comparison with Stevenson and approved, the follow- Marine casualties during 1936, in the previous year and the Marine and ing-resolution was unanimously adopt- creased in comparison with 1935. The Fire balances carried to Profit and [ed: To accomplish the change certain

Returns of the Liverpool Underwrit-Loss are substantial. There is an un- "That it is desirable to capitalise the adjustments in our figures for this era Association quote the figures for favourable feature in that there is a sum of £270,000 being part year have been necessary. The ac-

November last and for the same month further decrease in the income from the unallocated reserves of the Society count chiefly affected is the Fire At the three preceding years. They Interest and Dividends. This decrease and for that purpose:— count: a section of which shows

show that total losses have steadily was due chiefly to Exchange fluctua- A. That a call of £2 per share be result of nine months working only increased in number from 9 in 1983 tions and reductions in rents. The and is hereby made on the Share- It is therefore not possible to make a to 15 in 1936, and that partial losses first mentioned is a factor beyond our holders of the Society as appearing on comparison of the figures in this Ac-have risen from 512 in 1933 to 661 control, and the position in regard to the Register of Members on the 16th count with those of previous years. in 1936. Some of this increase was the second “ 18 already showing im- day of April 1987 and that such call

A special Reserve for unexpired Fire risks has been set up to meet the due to heavier sea traffic, but abnor-provement in one important area and shall be payable on the 10th day of

mal weather conditions were respon- we are hopeful that this will be con- May 1937 to the Society at its regis situation created by the change and sible for a considerable

tered amount of tinued:

office, Union Building, Victoria, the position will be automatically ad damage. War and Strike Risks have GENERAL MANAGER'S TOUR”

Hong Kong. full 12 justed next year when a

B. The General Manager is proceeding: produced a small additional income.

That for the purpose of paying months business will be shown.

This income however, is not altogether on leave next week and will return in the aforesaid call of £2 per share a A further change is proposed in the a desirable addition and chance often November. While away he will visit capital bonus of £2 per share be and Resolution that will come before you plays a great part in the results gain- our Branches in Australia, Canada is hereby declared. payable in a few minutes to reduce the amounted from it. The losses in European and the United States, and I feel con- 10th day of May 1987 and that such of the uncalled liability on our Shares Waters from floating mines, and by fident great benefit will accrue to the capital bonus be applied by the Dir- by increasing their paid-up value. capture, which have arisen in recent Society from the meetings he will ectors on behalf of the persons who.

months demonstrate the War risk run. have with_our representatives and on the 16th day of April 1937, were As-Apart from such direct losses situs friends in the countries he visits, Dur.the holders of such shares in satis- The surplus of the Society's sets over Liabilities provides ample tions arising out of War and Strikes ing his absence Mr. G. S. Archbutt faction of the said call of £2 per to other will act in his stead. Most of you are share in accordance - with the Articles often contribute indirectly security to all Policyholders, conse-

losses.

acquainted with Mr. Archbutt, so you of Association of the Society and that quently a portion of the Profit Loss Account balance can very pro- An instance is a recent case in which now our interests will be in capable such capital bonus shall accordingly

hands. ***

be treated for all purposes as an in- perly be utilised to reduce the exist the Society was interested. Cargo des- ing Share liability.

I have endeavoured to give you increase in the amount of the paid, up This proposal tined for San Francisco was on-carried formation upon all matters of im-capital of the Society held by each follows the decision of your Directors] to Vancouver because of Strike condi- to adopt a policy of reducing the Un- tions at the former Port. The intenportance and interest that have sur-such shareholder and not as income.” paid Share Capital by stages until the tion was to forward the cargo by rail rounded our business during the past liability is eliminated. I feel sure from Vancouver to San Francisco, but twelve months. I trust you will agree this will meet with your approval. the Strike was called off before the with me that the position disclosed elected Director on the proposition of Turning to the Underwriting acti-cargo was discharged at Vancouver, is a satisfactory one and will share Mr. James Ormiston seconded by Mr. vities of the past year, it is with con and it was decided that it should be my feeling that we can look with con- W. B. Finnigan.. -

Messrs, Lowe, Bingham & Matthews siderable satisfaction that I am able carried back to San Francisco by the fidence to the future.

With these remarks I beg to pro and Messrs. Linstead & Davis were both same vessel. En route the vessel was to report improved results in Marine and Fire business. The pub totally lost in collision with heavy loss pose the adoption of the Report, Re- re-elected Auditors at a remuneration

venue. Accounts and Balance Sheet as of H.K. $3,000 each on the proposi lished Report which is in your hands to Underwriters.

presented.

tion of Mr. J. H. R. Hance seconded sets out the results of each Depart-

by Mr. T. H. G. Brayfield. - ment separately and I do not propose Towards the end of the year Under- to refer to the figures in detail. I will writers in most parts of the world

Johnson (Chairman), G. Miskin, T.

Present seconding

were: Hon. Mr. merely mention that the net Under- gave serious, consideration to the sub

AMitchell, KS. Morrison, R.K. writing Profit transferred to Profit &ject of War Risks; and steps are now

Valentine (Directors) Loss Account amounts to £97,760-4-5 being taken to reduce this liability on

Hon. Mr. Az W Hughes (General Manager); and which.- -'represents a substantial im- land. It has been very clearly demon-

the following Shareholders G. S provement over last year's working. I strated that modern methods of war- It is particularly satisfactory to Archbutt. J. H. Andrew, John am glad to tell you that the improved fare make insurance of War risk on learn that improvement, is reflected Bentley, T. H. G. Brayfield, J. D results are a reflection of our experi- shore one which should not be under throughout practically every field of Danby, R. A. Dastur, W. B. Finnigan, ence in practically every field.

taken by private enterprise.

the Society's activity which seems to John Fleming Leigh Garner, J. H. R. The general experience in Fire indicate a general economic recovery: Hance, Harry Owen Hughes, H. S. In London very substantial business business in important centres through- We note with satisfaction the ex-Lee, Lo Chung-wan, W. R. Mansfield, has been maintained and in spite of out the world was that while the low planations you, Sir, have given us in S. Mason, A. Morse, J. Ormiston, L. many difficulties and the keenest com-loss ratio of the previous year was reference to the Fire Accounts and A. Osmund, John A. Plummer, L. P petition it continues to show satis- not entirely maintained Underwriting I am sure we all appreciate the earl- Ralph, V. R. V. Ribeiro, M. A. R. factory results a tribute to our Un results were reasonably satisfactory, ier date at which this Meeting is Souza, F. W. Stapleton, A. Stevenson, derwriter there and the Staff general and this was our own experience. held, enabling us as it does to receive H. Summers, Sum "Pak-ming, M. H 17.

** The income shown in the Fire Re- our Dividends some 6 weeks earlier Turner, R. L. D. Wodehouse. In Canada, Australia and New Zea-

venue Account before you is consider land, we have been equally fortunate. ably less than was the case last Increased prices for agricultural pro- year, the reason being the inclusion, ducts and increased trading have help to which I have previously referred, ed in this respect, but these factors of but 9 months working, instead of have had to be supplemented by hard the customary 12 months. If studied work and killed guidance.monda in the light of this information you In the United States also we have will see that the Premium income and had a satisfactory experience and our balance carried to Profit and Loss are

Four: Managers and quite satisfactory.

LONDON BUSINESS

thanks Bre

Agents

given our

Our

shown

these fields-indi

فرا

WAR-RISKS

the care they have. It is regrettable that again there is a loss in the Accident and General usiness has also Business. The endeavours 'made dur- In all ing last year to correct unsatisfac- exist, tory features of this Account have Competition is not been aás. effective as we had hoped, common to them all and my appre but an improvement is apparent and ciation of the work done by our Man I am in hopes that the current year agers and Staff is expressed because, will show some reward for our lab during a period of difficulty and in-hours. A tense competition, they have proved

but the factor of

MARINE MARKETBAL

AACCOUNTS GOOD

that

Fire

their ability to maintain the Society's Viewed as a whole the Revenue Ac business intact and in many instances counts are good, and call for specific to Increase it. For this they deserve comment only in respect to thend- our congratulations and thanks. ditional Balances and Reserves appear in each of the Marine, In the marine market there has pro and Accident Accounts, «^ As is ex- bably been a smaller drop, in cargo, plained in the footnote, these addi- rates than in former years and I think tions are necessary in consequence of they must have reached bottom. They our taking into the Accounts the per- are however at a level at which it is centage of such Balances and Reserves

ROUNDING CORNER Mr. J. A. Plummer, said: It would seem at last we may be rounding the corner of a long period of depression and can look for ward with some - confidence towards better times.

OTHER BUSINESS Hon. Mr. M. T. Johnson

was re-

Why Be Miserable With A Sore Throat?

Of the commoner ailments few make one more miserable than a sore throat. There are many cures for sore throat «but none to surpass Respiroids, the cure which goes direct to the seat of the trouble.... At the first signs of soreness slip 8 Respiraids tablet into the mouth....... and allow it to dissolve slowly; thus highly antiseptic and curative vapours, are released which find their way through the wind-pipe to the lungs, quickly dispelling the germs, whilst the saliva, impregnated with curative elements, gently flows down the throat,

othing the affected parts.

· For a sure and speedy remedy for affections, of the throat use.

RESPIROIDS

Obtainable at all chemists.