1941-06-25 — Page 41

THE CHINA MAIL, JUNE 25, 1941. CANTON INSURANCE OFFICE, LTD. MEETING

**

Declining Income From Investments

“I TRUST YOU WILL have taken due cognis- · | ance of the serious decrease in income from Inter- est. Were it not that the account for 1939 looks so healthy, as does the carry forward for 1940, your Committee would have been dubious about recom- mending a dividend on the same lines as last year.

"The days when we could readily obtain a re- turn of 5% to 6% on our funds are now gone, and who can say if they will ever return," remarked the Hon. Mr. J. J. Paterson, Chairman of the Consult- ing Committee of the Canton Insurance Office, Limited, in the course of his speech this morning at the annual meeting of Shareholders.

of the

payment of an

Interim

of

The Chairman said: "Before proceeding with the Dividend of $5 per share for that formal business, I would first ex-year, plain that the delay of one month in holding this Meeting is due to the late arrival of returns, with- out which it would have been unpessible to complete the Ac- counts in anything like their customary form.

leaving an umount $2.379,370 to be carried forward. "You will pardon me if I say no more, but to be quite frank I can think of nothing useful to add. I reiterate my hope of last year that when next we meet it will be in happier circumstances.

"I feel assured of your ap- proval of the donation of $25,000 the "South China Morning to

Bomber Fund which was Post"

as will made last June and

"Further, I would here wish to express the regret of the General Agents and Consulting Commit- tee at the resignation of Mr. J. H. Taggart on his retirement from the Colony owing to ill-health, be seen-has been debited to the Mr.

1940 Account. With your agre¤- Taggart served on Committee from November 1931 ment, we propose to donate

current from the until February

and similar sum

this year

the

a

BAKU OIL

.

WORKERS ON WAR FOOTING

The vast army of oil workers in the Baku oilfields have been placed on a war foot- ing since the begin- ning of hostilities, states Moscow radio quoted by Reuter.

Sudden

Death Of

Warder

year's funds to help the Bomber Prison Fund's second year.

Other Business

The many friends of Officer Dedear, be Stanley Prison, will 'shocked to learn of his

Fluring that time his valued sup- port and advice were always at our disposal; I am sure you will be glad to know that his health has greatly improved since he arrived in California.

The Report and Accounts were 'death which occurred at I am pleased to inform you that Mr. Punanimously adopted, while

Stanley during the night.

the

H. Suckling has accepted our in-appointment of Mr. P. H. Suckling

vitation to fill the vacancy on the Committee,

Most Satisfactory

P. O. Dedear, who up to a late hour last evening appeared to be in normal health, passed away in

to fill the vacany on the Consult- Ing Committee was confirmed.

Messrs. D. E. Clark, A. H. Compton, M. K. Lo, T. E. Pearce his sleep.

He returned to the Colony only and S. T. Williamson were also

months "The Statement of Accounts for unanimously

ago from Sydney re-elected

the two to Committee, the year 1939 which we now pre- Consulting

and where he had spent nine months' sent to you is, I am pleased to Messrs. Lowe, Bingham and Mat- sick leave, and the deepest sym-

will be extended to say, a most satisfactory one, the thews and Percy Smith.

1

EXAM.

Seth pathy

who are in Australia.

balance of $1,365.855 (I am and Fleming, were re-appointed widow, two daughters and a omitting all cents) being an im- auditors. provement of $137,785 on that for 1938 and this in spite of fur- ther reductions in Premium and Interest of $299,415 and $61,062 respectively. The ratio of Losses fell from 54.27% to 44.80%, while that for Charges rose from 30.20% to 32.50%.

of

PAPERS INQUIRY

"I

WILL BE QUITE PRE- PARED TO GIVE ALL INFOR- MATION AVAILABLE LATER ON

"The balance at credit

1940, Working Account

as at December 31 last,

stood at $2,629,370, an increase of $740,464 on that for 1939 at the same Although this appears to stage. be highly satisfactory much has

WHEN EVERYTHING yet to be paid out in respect of COMES TO LIGHT, BUT UN- second year Losses and Taxation; TIL THE INQUIRY INTO THESE it is impossible in these times to

ALLEGATIONS HAS BEEN make forecasts and any attempt COMPLETED, THIS IS AS FAR on my part would

be purely AS I guesswork. This Account dis-

WOULD LIKE TO GO," | SAID MR. C. G. SOLLIS, IN closes a yet further shrinkage in REPLY TO AN ENQUIRY INTO Interest of $67,958 pared with 1939, also at the end of twelve months.

when com-

Assets Up

"Scrutiny of the Balance Sheet will reveal the fact that the total

js

Mortgages, Loans and

THE REPORTED LEAKAGE OF CERTAIN QUESTION PAPERS IN CONNECTION WITHE THE SCHOOL CERTIFICATE EX-

the

son

P. O. Dedear, who was 47 years of age, joined the Prison staff in 1921 after having served with Royal Artillery In the Great War.

of

He used to do a good deal boxing, as a welterweight, in the old City Hall and was a Corporal) in the Stanley Platoon, H.K.V.D.C. The funeral will take place this evening, passing the Monument al 5 p.m.

ROOSEVELT

GIVES HIS

BLESSING

AMINATIONS WHICH COM-[SPECIAL TO “CHINA MAIL"] MENCED ON SATURDAY.

Mr. Sollis added that the report

the

President Roosevelt yes-

of Assets has risen by $1,343.113, that new papers in Mathematics terday gave his hearty en-

had been set or £83,245 as expressed in Sterland English

was dorsement to the British ing. This

due mainly

to incorrect because, to be on increased Cash and

Agency safe side, It was decided to re-set appeal for volunteer tech- balances against which must be the complete list of papers. nical experts from the set our now reduced holdings of The examination in dictation, United States.

Saturday, Deben- which was held last tures. On the Debit side the main will be considered null and void differences will be found in res- and a new test will be made in pect to the Investment and Ex- this subject... change Fluctuation and Under- writing Suspense. Accounts, to- ! gether with material increases in the figures of Accounts Payable, and the balances from the two Working Accounts.

"As customary, all Investments and Mortgage Loans have been brought into the Accounts at-or under the market prices or

31 last. ARASWAT

£40,000 OFFERED FOR WINES

Britain has asked for between 15,000 and 30,000 Americans to join a British civilian technical corps, and the President sald yesterday that any American not otherwise committed in the Unit- ed States, has the blessing of the President if they desire to join the Canadian or British Army.

He was unable to say whether radio technicians would be exempt from the American con- scription legislation if they volun- teer for the British technical

face values ruling on December - One of London's gayest corps. International News Ser

"The surplus to be dealt with wartime restaurants, vice.

from the 1990 Account is bombed in a recent raid. $1,360,855, out of which has been

j

will not be reopened.

GIRL, 16, BOY 12,

LIVED IN SHELTER

paid an Interim Dividend of $5 per share. We now recommend a This decision was taken at a final payment of $7 per share meeting of debenture holders and making in all $12 per share

others financially interested in it. which will absorb $600,000 and The principal director was killed the transfer off the balance of outright,ve received two her twelve-year-old brother lived $705,055 to Underwriting Sus- The staff have pense Account to close 1939 and weeks salary in lieu of notice, for five months in a public shelter previous years. This payment The meeting considered bids while their father was in lodgings. necessitates. $10,030 being taken amounting to £30,000 and This was stated in Birmingham from Working, whereas in 1037 £40,000 far the stocks of wines. Juvenile Court

to spare.

girl and

we were able to finance a similar when the final list of casuni Inspector Goddard said that some time amount entirely out of income ties was compiled it was found their mother died from Interest and with $182,000 that among the dead was a con- ago and their father had lived stable of the Metropolitan Police, with them in the shelter before It was stated that he attended the going into lodgings restaurant in plain clothes that The boy was sent to an approv- night in the course of his official ed school and the girl was put back for a medical examination." duties.”

Interim Dividend "The balance of $2,029,870) cait of the 1040 Account allows

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