1937-05-20 — Page 4

Page

ALHAMBRA

NATHAN

•TO-DAY & TO-MORROW

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NEW ADVERTISEMENTS

PUBLIC AUCTIONS

THE

Undersigned have received instructions to sell by Public

Auction on

Friday, the 21st. May, 1937 commencing 12 Noon

at their

Room,

No. 4, Duddell Street

A Quantity of Office and Household

Furniture and Sundries

Terma: As Customary.

LAMMERT BROS.,

Auctioneers. Hong Kong 20th, May 1987.

PUBLIC AUCTION

„THE CHINA MAIL, MAY 20, 1987.

CHINA UNDERWRITERS

MEETING

BUILDING UP RESERVES

A full analysis of the opera- tions of China Underwriters was given by Mr. A. L. Shields, pre- siding this morning at the an- nual meeting of shareholders of the Company, when it was re- vealed that after transferring $45,000 to General Reserve, the balance to the credit of profit and loss account was $10,237.

Studebaker Works Closed By Strike

South Bend (Indiana), To-day.

Most of the departments of have Works the Studebaker closed as a result of a strike by several thousands of em- ployees.

The workers are members of the United Automobile Workers Union-Reuter.

The chairman said:-Gentlemen:-

the regular Before proceeding with business of the Meeting, the 'Directors wish me to express their regret at the death of Mr. G. A. da Roza, who_bas been a Member of the Consulting Com- mittee and the Board of Directors since of the Company, the commencement and has on more than one occasion act

It will be seen that the Exchange and ed as Chairman.

We have now the pleasure to lay be-Investment Fluctuation Account stands fore you our Report and Accounts for at $250,054 while the General Reserve the year ending 31st December. 1936. Account, after transferring the $45,000 As on previous occasions, Revenue referred to from the Profit and Logs

been converted to Hong Account, stands at $165,000. items have

The somewhat large amount unin- Kong Dollars or Sterling at monthly rates of exchange and Balance Sheet vested shown as "Cash on Current Ac- items at rates ruling on 31st December count &c." has since been invested in suitable securities, and at the present 1936.

The figures have then been combined time our balances available for invest-

withment are small. as 2.7/8d. at is. 1s. 3.5/8d. at 31st December 1935.

compared

In conclusion I should like to place the appreciation of In the Life Assurance Department on record our Annual Premiums at $604,477 are about valued co-operation of the Managing the same as last year, and we have in Director, the Branch Managers, Secre- addition received consideration for An- taries- and Staff. nuities of $20,060.

DEATH CLAIMS

Mr. N. V. À. Croucher seconded the adoption of the Report and Accounts are which were carried unanimously. Claims by Death at $91,096

OTHER BUSINESS heavier than the unusually light figure

Messrs. A. L. Shields and R. A. Das- to the Board of of $57,139 in 1936..

Surrenders show a satisfactory re-tur were re-elected

Directors on the proposal of Mr. H. J. duction from $152,520 to $101,234.

show a de- M. de Figueiredo and seconded by Mr. Expenses at $199,237 crease from the figure of $214,553 in Lo Chung-wan.

Messrs. Lowe, Bingham and Mat- 1935. Agency Expenses have been re-

thews and Messrs. Percy Smith, Seth duced by 50% since 1933.

The Life Assurance Fund, which, to- and Fleming were re-elected auditors gether with the Paid up Capital, repre-for the ensuing year at a remunera- Reserve against the Com-tion of $1,250 each on the proposal of sents the pany's Actuarial Capital, represents Mr. EL R. Leitao and seconded by the Reserve against the Company's Mr. Lee, Yat-ngok.

Mr. A. L. Shields was in the chair, Actuarial Liabilities, shows an increase

General from $336,427 to $572,268. Of this in- supported by Mr. R. A. Dastur, Mr. Li

Mr. H. R. Sturt, crease $27,518 represents the exchange Tse-fong, profit on the conversion of funds at the Manager, and Mr. E. R. Childe, A.LA.,

Excluding ex-Secretary. beginning of the year.

was $208,323 as The following shareholders were also. change the increase compared with the corresponding figure present: Mr. N. V. A. Croucher, Mr. of $135,831 last year, and is by far the C. A. Rickett, Mr. F. G. Barros, Mr. E. largest increase yet shown in the Life I. R. Leitao, Mr. Y. N. Lee, Mr. H. J. M. de Figueiredo, Mr. Lo Chung-wan, Assurance Fund.

and Mr. Lee Yat-ngok.

In the Fire Insurance Department Premiums at $107,379 ́are about the game as in 1935.

Claims at $75,897 show a consider- able increase over the light figure in 1935.

.

Expenses show a small reduction, and the Reserve in this account is re- duced from $86,478 to $72,586. The Ex penses will be further reduced by cer- tain economies in the departmental working which will take effect during the current year.

ACCIDENT DEPARTMENT

In the Accident Department Net Pre- miums at $48,762 show a reduction from the figure of $53,687 in 1935.

Claims at $32,876 have been heavier owing to unsatisfactory results in one agency.

INDIA COASTAL SHIPPING

Japan Declines To Discuss Issue

DELHI MAY TAKE ACTION

Simla, To-day. Mr. Yonezawa, the Japanese consul-general in Calcutta, and The Accident Funds at $47,313 show Mr. Dow, secretary of the In- a reduction from the figure of $55,356| diani

Commerce Department,

at the beginning of the year, but are yesterday discussed Japanese ample to cover the unexpired risks un- der existing policies..

In the Marine Department Premiums at $80,969 are very slightly lower than

THE Undersigned have received

Auction

Tinstructions to sell by Public the 380009 are very slightly

on

Saturday, the 22nd. May, 1937 commencing at 11 am. at their Sales Room, No. 4, Duddell Street A Quantity of Miscellaneous Goods comprising:

coastal shipping rights in India.

Official circles are most reticent regarding the outcome of the dis- cussions but unofficially it is under- Claims a. $65,243 show a very large increase on those shown in the previous stood that the Japanese Govern- years owing to two comparatively largement does not consider that the en- total losses, but show a reasonable ratio gagement of Japanese shipping in over the past 2 or 3 years. N

the Indian coastal trade is inflict-

Competent circles interpret this attitude as a refusal by Japan to. forego her coastal trading rights in India.

Expenses have been reduced and the fund has decreased from $167,890 to ing a loss on Indian shipping. $155,881. The present fund bears a very large ratio to the Premium Income and to the total claims paid during the Woollen and Artificial Silk Piece year, and is ample to take care of any claims which may arise in respect of Goods, Clothes, Elastic Braids, unexpired risks. Trimmings, Press Buttons, Pepper, Marine Delicacies, Sandal etc., etc.

and

48 Baga Mineral.

30 Cooking Stoves-New 20 Patent Commodes. Terms: As Customary.

If Japan refuses to modify her. The main item in the Profit & Loss attitude it is believed the Raj may Wood, Account is the interest on investments be obliged to consider introduction

not carried to other accounts. After

LAMMERT BROS.,

Hong Kong, 20th. May, 1937.

transferring $45,000 from this Account of the necessary legislation.—Reu- to General Reserve, there remains a ter. balance to the credit of Profit & Loss of $10,237,

INVESTMENT VALUES

The R.M.S. "Empress of Russia”

Turning to the Balance Sheet, the (from Vancouver via ports) is due value placed on Investments is within here at 6.30 am. on Friday, and the market value on 31st December will berth at Kowloon Wharf. She 1986 without taking into account the

Auctioneers. Exchange & Investment Fluctuation is due to sail for Manila at 5 p.m.

the same day

Account.