1938-05-16 — Page 16

RANWAY

ÖDAYS

10 DAYS

S DAYS

GO EMPRESS to America, Europe

Hong Empress Kong

of

Leave

Naga. Shang-

hai

saki

Arrive Leave

Japan May 27 May 29 Asin June 10 June 12 June 14 Canada June 24 June 26

Kobe

Leave

Yoko- hama

Leave

June 1 June 3

Honolulu

Leave

June 10

June 16 June 18 June 29 July 1 July B

Van-

conver Victoria Arrive

June 15 June 27 July 13

17 Days HONG KONG to VANCOUVER By DIRECT EXPRESS ROUTE FROM YOKOHAMA 18 DAYS VIA HONOLULU, PARADISE OF THE PACIFIC

Air-conditioned equipment on C.P.R. Trans-Continental Trains, Frequent Canadian Pacific Atlantic sailings to European ports.

TO MANILA

Empress of Japan on Friday, May 20th.

Canadian Pacific

Union Building

SPANS THE WORLD

Telephone 20752

G. FALCONER & CO (HONG KONG LTD.)

WATCHMAKERS & JEWELLERS, DIAMOND MERCHANTS,

UNION BUILDING (opposite G.P.O:)

Agents for:- ADMIRALTY CHARTS,

·ROSS' BINOCULARS and TELESCOPES, KELVIN'S NAUTICAL INSTRUMENTS, ENGLISH SILVERWARE Direct from Manufacturers,

High Class English Jewellery.

THE CHINA MAIL, MAY 16, 1988.

CHINA UNDERWRITERS MEETING

The Hon. Mr. A. L. Shields pre- aided this morning at the annual meeting of shareholders of China Underwriters, Limited, when ex- pansion of the Company's 'business in Malaya and the Dutch East In- dies was reported.

The Chairman said:-

Claims at $88,724 are somewhat heavier than the figure of $32,876 last year.

Expenses at $16,606 - are somewhat higher than last year corresponding to the increased income,

The Fund stands at $32,386 showing a considerable reduction as compared with the figure of $47,818 at the be- ginning of the year, but the reserve should be sufficient to cover the unex- pired risks under the policies.

re-

In the Profit and Loss Account the main item is the interest not carried After to other accounts of $53,893. carrying $50,000 to General Reserve Account, here remains a balance in Profit and Loss-Account of $12,307. * INVESTMENT FLUCTUATION

Turning to the Balance Sheet, the principal. feature calling for comment is the question of the depreciation of In the Life Assurance Départment Stock Exchange Securities, which, New Business Premiums at $126,939 show a satisfactory increase over the ferred to later, amounted at 81st De-

apart from Shanghai securities, figure of $77,584 in 1936. The increase cember to some $50,000 as compared was mainly due to improved New Buai-with the values at the beginning of neas it the Straits, Dutch East Indies

the year. The principal items in ques- and Burma, and, in the latter half of tion have been written down to their the year, in Hong Kong.

values at 31st December 1937 corres- more than offset the The increase falling off in the latter half of the Ponding to a reduction in the Invest- ment and Exchange Reserve from year in business in Canton.

$250,054 to $200,850. There has been considerable recovery in the shares since the date of the accounts.

2

The total premium income at $648,- 182 compares with total premiums in 1936 of $604,477. We have also receiv- ed consideration for Annuities amount- ing to $49,408.

DEATH CLAIMS HEAVY Death Claims at $181,533 have been heavy, compared with $91,098 last year, while Maturity Claims at $67,954 com- pare with $23,151 in 1986.

Surrenders at $184,738 show an in- crease over the figure of $101,234 in 1936.

In conclusion I should like to place оп record our appreciation of the valued co-operation of the Managing Director, the Branch Managers, Secre- taries and Staff.

Mr. N. V. A. Croucher seconded the Chairman's proposal and the report and accounts were adopted.

OTHER BUSINESS

Messrs. A. L. Shields, Li Tse-fong and Dr. Durrani were re-elected direc- Expenses, excluding Commission, tors on the proposal of Mr. C. H. Bas- amounted to $212,225 compared with to, seconded by Wong Tat-choy, and $199,237 in 1936, the increase being Messrs. Lowe, Bingham and Matthews mainly due to the expenses in connec-and Messrs. Percy Smith, Seth tion with the acquisition of the in- Fleming were re-elected auditors on creased New Business in the Straits the proposal of Mr. R. Johannessen, and Dutch East Indies.

seconded by Lo Chung-wan.

and

The Life Assurance Fund shows an The following attended:-Messrs. A. increase from $572,268 to $691,815. L. Shields, Li Tse-fong, Dr. Durran, This increase is not as large as last Mr. H. R. Sturt (directors) E. R. year, due to the heavier claim rate and Childes, (secretary) and the following increased surrenders.

shareholders:-Messrs. N. V. A. Crou- In the Fire Insurance Department cher, C. H. Basto, Wong Tat-choy, R. Premiums at $102,996 show a falling Johannessen, Lo Chung-wan, I. W: off from last year's figure of $107,879. Shewan, H. J. N. de Figueredo and E. Claims at $55,556 show a decrease com- Leitao. pared with the figure of $75,897 in spite of claims amounting to $9,673 having been paid in connection the Typhoon in September last.

with

Expenses at $22,539 show a marked

LOCAL DOLLAR

The demand rate on the Hong decrease as compared with the figure Kong dollar this morning was of $31,396 last year.

Reserve for unexpired risks at $78,-1/2-13/16.

077 shows an increase over the Reserve "Spot" silver was quoted in at the beginning of the year which was London on Saturday at 18- and $72,586.

forward at 18-7/16.

TYPHOON CLAIMS

The London on New York · rate

U.S.$4.96-15/16.

In the Marine Department Pre- miums at $110,363 show an increase was quoted at £-U.S.$4.9712 and over last year's figure of $80,969. the New York on London rate at

Claims, however, at $102,975 show a large increase over the figure of $65,- 243 last year. The claims figure in- cludes about $47,000 paid in respect of typhoon claims.

The expenses at $35,095 are some- what heavier than the 1936 figure of $81,763, and the Fund stands at $127,-

Singapore Raw

Rubber

Messrs. H. B. Joseph and Co.,

020 as compared with $155,881 at 31st have received the following quota- December 1936. The present Funds is

ample to provide for unexpired risks, tions in Straits Currency for Raw being in excess of one year's pre- Rubber: miums, and considerably in excess of

a full year's claims.

In the Accident Department Pre- miums at $50,945 “show a small in- crease over the figure of $48,762 in 1936,

INDO-CHINA

July/Sept. 20-% b. down 3. Oct/Dec. 20-%. b. down 3⁄44. Jan/March 20-4 b. down 4. Market: Nominal.

Ng On, aged 52, master of junk: No. 2228H, has reported the seizure- of his junk by the Japanese. He left Macao on May 12 with two other junks. His junk was loaded with firewood, valued at $300. When.

STEAM NAVIGATION COMPANY LTD near Tai O, a Japanese motor-boat

To SHANGHAI, via SWATOW, CHEFOO and

TIENTSIN

"Tingsang" 19th May 2 p.m. "Fooshing" 24th May 2p.m.

To SINGAPORE, PENANG

and CALCUTTA

“Suisang”

“Islami”.

23rd May 2 p.m.

31st May 2 p.m.

To KOBE and OSAKA

To TIENTSIN via CHEFOO "Hosang" -“Leesang”--~16th May Noon "Mausang"?

"Kronviken" 25th May 2.p.m. "Sandviken" 29th May 2p.m.

"Fingal" 31st May 2 p.m.

TÒ SANDAKAN

"Tai Seun Hong”

28th May 10 a.m.

"Hinsang" 10th June 10 a.m.

18th May 9 a.m” 25th May 9 a.m.

JARDINE MATHESON & CO., LTD TELEPHONE ZOZIL GENERAL MANAGERS

came along-side and about 10 sai- lors boarded. The crew was put on- to a sampan and the junk was tow--

ed away by the Japanese.

SATURDAY'S SOLUTION

ELEGANT

NOR RI STATINI

L S DES ADIT

TRO STE

SHEA

R CHEMIST

RER SEAT OS EARNERS EER SETTERS RESIDES