1939-04-21 — Page 12

THE CHINA MAIL, APRIL 21, 1989.

War Fears And Insurance

Mr. Dodwell's Speech At Union Insurance Meeting

SURVEY OF WORLD CONDITIONS

Reference to world conditions and its effect on the Society's business was made by the Hon. Mr. S. H. Dodwell, presiding at the Annual General Meeting of the Union Insurance Society of Canton Limited this morning.

In a comprehensive survey, the Chairman com- mented on the wars in Spain and China, the European tension last September and the fall of exchange of the Chinese National Currency, all factors affecting the Society's working.

and Dominions fields.

31st December 1938, namely, £39,930.- ing Suspense Account is down by £238,- 10.8, has been transferred to the cre- 885.13.0. This is largely, due to pay- dit of the Underwriting Suspense Ac-ments in respect of the Guarantee count. This amount will not be suf- business to which, I have already made - ficient to satisfy third and subsequent reference. While the Society has been years' claims, but the Underwriting making gross payments in respect of Suspenso Account has a balance suf- this business, certain reinsurance and ficient to meet additional claims which other recoveries have yet to be effect may arise.

While it is difficult to forecast the There is an increase in the Reinsur- result of the 1938 Marine Account, the ance Fund, but the Exchange and In-

ed,

position at 31st December was a ba- vestment Fluctuation Account is re- lance in hand of £482,791.14.0. repre- duced due to the writing down to Sub-

senting 48.85% of the relative pre-sidiary Companies, including the writ- mium, and this can be regarded as sa- ing off of the sum paid for the Good- tisfactory.

will of the "British Oak.". Deprecia- It should be mentioned here that the tion of investments, and the drop in provision for Contributory Bonus which the value of the Chinese Dollar have has heretofore. appeared in the Profit also adversely affected the Account. and Loss Account has on this occasion I cannot close without reference to been dealt with in the Marine Revenue the valuable service the Society add that the cost is estimated at some-able to place before you to-day a sa-

has Account by deducting the estimated received from its Staff and Agents cost from the net premium. I might | throughout the world. That we are

what less than last year.

tisfactory Statement of our affairs is In the Fire Revenue Account, you due to the energy and enthusiasm with, Of the more important activities of,business is world-wide and the major will note the transfer of £70,077.5.7. to which each member has carried out his the Society, the Chairman mentioned portion of its Investments and Income the Profit and Loss Account and a sim- duties.

Supporting the chairman were the the purchase of the share capital or are unattected by Far Eastern difficul- ilar transfer is made in the sum of

£11,273.16.4. from the Accident Ac-following directors:-Messrs. C. Blak- the British Oak Insurance Co. Ltd., the|ues.

While the above assurance was ei-count. The last mentioned is particu-er, J. Owen Hughes, K. S. Morrison, object of which was to further extend the business of the firm in the Home rective to a large degree, the acquisi- larly satisfactory in that for each of H. V. Wilkinson and A. W. Hughes.

tion of a Home Company will undoubt the past three years this Account has General Manager.

Messrs. S. H. Dodwell and H. V. The Chairman said:-Nervous ten-ay be very helpful in further ephas- suffered a loss.

FALL IN INTEREST

Wilkinson were re-elected to the sion during 1937, due to the ever pre-ising the British character of the So-

In the Profit and Loss Account, the Board of Directors while Messrs. Lin- sent fear of war, reached dangerous ciety.

A further step in the Society's ex-

fall in interest as compared with last stead and Davis and Lowe Binghani heights in the early part of 1938, and culminated in September in a crisis pansion was the decision to purchase your is due in part to the decision that and Matthews were re-elected auditors

year at a remuneration that brought Europe to the brink o ine outstanding shares in the Beaver the newly acquired British Oak Insur-for the

ance Co. Ltd., should declare no divi- $3,000 each. war. Thereafter, political and econo- insurance Co. Ltd. This Company is

Oak" mical insecurity increased and capital.ncorporated in Canada and the Society dend this year. The "British

Paris, To-day. ́ that should have been used productive- nas owned an interest in it since 1920, earned interest as in previous years but it is considered advisable to con- FAR EASTERN TO LIQUIDATE

The French Foreign Minister, M. ly was turned over to the sterile busi-

serve its funds for the time being. For An adjustment on the other side of ness of producing weapons of destruc- tion.

the ledger is the decision to put The a similar reason the Beaver Insurance Bonnet, speaking yesterday at a în his honour by the Far Eastern Insurance Co. Ltd., into Co. Ltd., will declare no dividend for banquet

this year. The normal interest will American Club in Paris, declared Voluntary Liquidation.

undoubtedly be carned. so the " non- receipt of a dividend by the Society in that understanding and co-opera- France and the each case is purely an Accounting tion matter. The Society's interest was United States have been given a also adversely affected by the depre- new basis as well as a new ex- ciation in the Sterling value of

pression by President Roosevelt's currency of China.

In the Balance Sheet the Underwrit-1 message. Trans-Ocean.

no-

wurs in Spain and China continued

This Company, throughout the year without cessation, and although the first mentioned has a subsidiary of The Yangtsze insu

the latter continues ance Association, has never boen real- now terminated with increasing destruction.

y active and its contmuation was the These disturbing factors have

cause of unnecessary labour and ex- cessarily had their influence on Inter-pense. national trade and it is rather remark- In my remarks last year I referrea able that the detrimental effects have to Claims paid in connection with our

that not been greater than is apparent at Guarantee business, and stated the moment.

negotiations for a readjustment of the Unfortun- EMPIRE TRADE

matter were in progresa. Trade in the British Empire during ately, it has not been possible to reach the year was reasonably satisfactory. an agreement and the points at issue In the early months there was a fall-will have to be referred to the Courts

considerable an- for a decision. ing off that caused

normal

difficulties

xiety, but a steadier condition develop I now turn to the Underwriting. The ed and prevailed until the year closed. In America there were welcome signs the end of the of recovery towards year and it is sincerely to be hopeu that these will develop sufficiently to re-establish the confidence of the in- vesting public, for until this occurs i

of this business were accentuated during 1938 by the need for increased care in selection due to the hazards inseparable from an in- volved international political situation. In the Marine market the London Hull Agreement of 1937 which provid-

is diincuit to fcel assured that theed for an increase in rates was supple- Trade revival has a really solid foun-mented in 1938 by a further Agree-

risks The working of the Anglo- ment under which dation.

that had

the

between

ARMOURED CARS ARRIVE

AT WINDHOEK: SMUTS ON

NAZI TACTICS IN AFRICA

Windhoek, To-day.

of

American and other Trade Agreements brought bad results in the past would Four hundred police from the Union, armed with a should provide a freer interchange o. pay a further increase, The addition goods with benefit to many parts of al premium acquired under these Agree- ments will in some measure offset the the world.

large number of Bren guns and accompanied by four armoured cars, arrived here yesterday. This is in accordance with the scheme for amalga- máting the South-West African police force with the Union police force.

In the Far East, commercial activ- increased cost of repairs and the heavy ity has been handicapped by the Sino-casualties the Hull market has had to Japanese hostilities and, until a set- face during recent years. tlement of this unfortunate' happening

IMPROVING TENDENCY

show Cargo "results is reached, the existing state of un-

an improving certainty must continue. Its effect tendency although rates are at a low

for the move was the that South-West Africa would not upon the Society's business has been level and the practice continues of in- rather curious, for in some cases the cluding extraneous risks in Policies receipt of reports that sabotage so easily succumb. fall in Exchange of the Chinese Na- without adequate compensation. It is was to be attempted in South-West tional Currency has had the effect. of regrettable that the competitive factor providing higher insurable value in makes it impossible for any one Com- Africa by Nazis.

Reason

However,

Germans in

South-

HERTZOG SPEECH

The Premier, General Hertzog,

many would do no harm. ›

consequent pany to avoid following this unproft- National Dollars, with increase in Dollar Premium. The de-able practice. War Risk coverage pre- West Africa celebrated Hitler's very strongly criticised a Nation- crease in volume

has however been sented many difficulties, and while pre- birthday by flying swastika flage alist member who suggested that unfortunate. The effect of the Ex-mium derived under this heading served change drop has been felt by the So- to swell income, the ur zertainty of the from their homes and offices and the return of S.W. Africa to Ger- ciety more particularly in the Sterling future gave Underwriters cause for the town otherwise presents a value of its Bond and Debenture in much anxiety.

normal_appearance. vestments and earnings, although, in . In the First field it is anticipatedAll is quiet and there have been Chinese Currency, there' has been a that Underwriting during 1938 will substantial increase in the market have been satisfactory to the majority value of the investments,

of Companies, Premium income in the NEW COMPANIES

Reuter, no. disturbances.

NAZI TACTICS

Says Trans-Ocean, General Hert- 20g, after condemnation of the principle of peace at any price, declared: I maintain that the giv- ing up of South-West Africa would be the giving up of the Union.

"We shall, defend our citizens in South-West Africa just as in any other part of the Union.”

United Kingdom and Australid was General Smuts, the Minister of Before turning to our Underwriting, maintained, while the Loss experience Justice, introducing the Bill for I wish to. refer to some important was, if anything, somewhat lighter events that occurred. in our affairs dur- than in 1937. In America the advance incorporation of the two police ing the year. The first is the pur- in income in recent years slowed down forces, declared that the Union chase by the Society of the Share Ca- somewhat, and in Canada there was would not countenance Nazi in- pital of The British Oak Insurance some decrease on last year's figure. filtration tactics in South-West

ORDER CANCELLED Company Limited. The primary ob- I am pleased to say our own Income Africa.vat

Johannesburg, To-day. ject of this purchase was to further in all sections shows an increase over

He declared that there was evid- A detachment of 200 members of extend the business of our Group in the preceding year and the results to the Home and Dominion fields. This date have been encouraging, profit be- ence to show that hundreds of the African police force which were was particularly desirable as we have ing indicated from practically all young Germans had been sent from under orders to leave Pretoria yes- in the past been handicapped to some fields.

South-West Africa to the Reichterday evening for South West Afri- Our Accident and General business extent by the misapprehension that the Society, having the word "Canton" has been well maintained and the sec and had returned fully educated in ca found, at the last minute, that incorporated in its Title is adversely tions that have called for so much at the National Socialist ideology and the journey had been cancelled. The is that conditions in affected by the political happenings in tention in recent years now show a as the same time having completed reason the Far East. That apprehension on

distinct improvement.

Africa are not now such this account is entirely unwarranted

General Smuts compared these as to justify the despatch of fur- has been established by the Statements As regards the Revenue Accounts, made from time to time from this you will see in the Marine section that "tactics" with those pursued by ther police reinforcements.-Trans- Chair to the effect that the Society's the balance of the 1887 Account on Germany in Austria, but declared Ocean.

REVENUE ACCOUNTS

a full course of military training. South Siven

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