1925-05-30 — Page 4

Summit

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HONGKONG HOTEL GARAGE

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COMPANY: MEETINGS. ÚNION. INSURANCE SOCIETY OF

CANTON, LIMITED:

SOUND. ORGANIZATION..

1925

persuaded that the ultimate result of last year's working will show the Society to be in a stronger position than it has ever bean.

**1. MUST HAVE. LIBERTY "

CURRENT UNIVERSITY UNION

MAGAZINE..

"I must have Láborty

It is a pleasing idea, but most of us and that, in an organised society, therm

Events of

To heavenliest harmony reduce the seening chaos a pious prayer which might ascend from many Temples for the benefit of poor, distressed China!

I am pleased to be able to tell you that our organization throughout the world is thoroughly sound- and your Directors

Shareholders will view with satisfac- are satisfied that when the hoped for The 32nd ordinary yearly meeting of revival in trade materialises we shall tion the recommendation of. a. transfer

The latest inue (May, 1994), of the the Union Insurance Society of Canton, be in a position to take advantage of of £27,000-from the Re-insurance Fund

to the credit of Sterling Reserves, which Hongkong University. Union. Magasine opportunities which will then occur to Limited, was held yesterday at noon at extend our Business would here em

1. am sure is a sound policy. The Steri- ing Reserve Fund, it will be noticed has made, its appearanca, nade containi the Society's offices, Union Buildingphasize that the efforts of our staff will after the transfer bas berd efected, will about 130 page of · letter, proses and

The Hon. Mr. P. H. Holyoak (Chair-be materially assisted by the direct sup- maz) presided and those also present port of shareholders, and your Directors ant to half the prement paid up a number of. illustrations. On the frank were:-The Hon. Mr. A. O. Lang, Mr. confidently appeal to you to give the capital of the Company, but at the same J. A. Plummer, Mr. D. O. Russell, Mr. Society your personal assistance in this time it must not be overlooked that the cover is the quotation

Yangtze Amalgamation is not abown in T. G. Weall and Mr. G. M. Young, direction.

the Accounts under review, and text Withal. as large a character as the wind ̈*: 1.B.E. ((Directors) Mr. Paul Lauder You will I am sure have been pleasext year when these figures come into the To blow on whom. It please:!" (Cleneral Manager) Dr. J. H. Sanders, to learn that the negotiations for the books the paid up capital will be in

JACQUES Messrs. Ho Loung, Chau Siu Ki, A. H. acquirement of the shares in The Yangcreased accordingly. The wise policy Mackenzie, Chan Taun Nin, R. W. Paul taze Insurance Association, Limited, have of adding to our, Sterling Reserve will den, E. H. Summers, D. H. Cameron. been successful, and, that at the present I am sure, continue to have the cons J. W. Alabaster, V. R. V. Ribera, M. time the Society is allotting shares in sideration of our Board..

are limits to the liberty of this individual, A. Figueiredo, F. P. Silva, W. F. Gard exchange for shares in the Associa An panmination of the "Accounts shows | whether he be a writer or some "one ima ner F. P. de V. Soares, Lo Cheung tion. There is zo doubt that this com A considerable reduction in establish

more exalted position. In this case, hom Shiu, A. 3. M. da Silva, B. M. C. da bind of working interer's will prove of men charges, and it is satisfactory to Cunha, F. L. dos Remedios, A. C. Hay material strength to both Companies and know in these days of keen competition ever, we find an traces, of any whirl- M. A. R. Souza, F. R Smyth, H. But it unquestionably placer your Society when economies in working expenses have wind, but plenty of very readable articles tonjee, G. S, Arcbbutt, A. Hughes, among the great Insurance Companies of to be considered so carefully, sacha and reports of the activities of the. J. Ormiston, Ho Koru Tong, J. A. Wors the World. I would ask you to remember saving as that shown has been effected, wick, Leung Yan Po, J. Arnold E. C. that the figures before you in the pre- and to be assured at the same time thai various University Societies, Galluzzi, "R. A. Dastur, Paul Hodgson, sent Balance Sheet do not include the the Society's organization throughout the la two pages of editorial there is a A. E. S. Alves, to Ki J. M. Alves "Yangtaze" transaction, as the amalgama world is so thoroughly sound, and general plen for Harmony. W. J. Hawker and E A. Lees, *ቅ tion will be completed during the cur ready to take advantage of oppor- the past year have taught us some lessons, After the General Manager had wad rent year. In our next balance sheet tunities which will present themselves and we can only look back with pang

That sounds rather de the notice convruing the meeting.

the additional Capital will be shown for extending our business when the hop-of bitterness."

pressing. Later on, however, we are The CHAIRMAN said:-Gentler.urid the Funds of the Society will beed for revival in trade eventuates,

most cordially endorse our Direc assured that to Harmony we owe this. The Report and Accounts were insedangmented by the transaction." on the 5th May and you will have had You wil no doubt join with us in tors appeal to Shareholders to give stately order of things in Templa But a Tomph: tinm to scrutinize our figurys. I propose your appreciation of the able and tactful the Society their persenal support, and of Learning." therefor to follow the usual procedure manner in which our fleteral Mannger, I think it is unnecessary for me to say of Learning is a Temple of Love: there and take them, as well as the Auditors Mr. Lauder, conducted these argotiations that in so doing they are also furthering fore, our laws should be made without recourse to force. It is easy enough; la Report, as read. The Working Account and brought them to a successful issue their own interests.

C. M. G. Burnie, the Geterni Shareholders heard with, much pleasure make the laws without recourse to force. for the year 1993, after allowing for a Mr.

In a Temple of Love laws naver require bonus, to contributors and an Interim longer of The Yangtze Insurance of the successful negotiations for the no Dividend of 24. por share, shows that Association, Limited, and who was for quirement of Shares in the Yangtze force to make them respected and obeyer. the balance available for distribution many years is the Society's employ, and Assurance Assoen: Lul, and I should As the final words of the Editorial state is 30,741, 1, 3, and your. Directors gr in whom we have full confidence has been liv, on their behalf, to express our deep commerd that this balance he dealt with appointed Branch Manager of the Society appreciation to our Geral Manager, in the following manner.

at Shanghai and General Manager of Mr. Lauder, for the able manner in A Final Dividend of les, per share plus the Nasth China Insurance Company which by conducted and brought these

The address of the Chairman of the "Bonus Dividend of 5s. per share of Limited. Mr. W. E. Smith who was negotiations to a successful issue, and the old shareholders of the Socirty and until recently, in charge of our Shang in so doing not only materially streng University Union on Dr. Sun Yat Sen to those shareholders of the Yangtze hai Business, has been appointed Inspecs thened the position of both Companies reads extremely well. It is a hopeful Insurance Association Limited who actor to the Society and its affiliated Com- but also placed the Society in the proud sign of Young China that such a well- being ranked among the balanced eulogy of a national hero was cepted the Society's offer in respect of panics. Mr. Smith has had lengthy ox position of the new shares is the Society allotted perience in the Society's series and we great insurance Companies of the world compiled by a. Chinese undergraduate I should also like to take this oppor of the Hongkong University. We cannot to then. The balance together with a sure this appointment will prove the Dividend received from the Your glaze most beteficial to the Society's interests, canity on behalf of shareholders, in ex-refrain from quoting three sentences:-

pressing our appreciation of the appoint- Dr. Sun. Yat Sen nourished a Insurance Association, Limited, in rur Office in Shanghai has been trans spicet of shares in that Association taken ferred to the Yangtaze Insurance Associament of Mr. Lautler as General Manager bitions projects for China, but he cer tion's Building and our old premises on of the Society in the place of the late tainly cannot be said to have encounter- in exchange by the Society will be car ried forward to Underwriting Suspense the ground lour of the Lion Building Mr. M. Elle. Mr. C. M. 6: Burtie,ed the same degree of success as in the. the General Manager of the Yangtze case of Lord Curzon, or indeed. of any Account. This balance is estimated at have been let on satisfactory terms.

Cirena- £262.072.

Considering the adverse conditions, of and for many years in the Society's other of his contemporaries. The Balance of the Working Account trade I think you will agree that our employ, is well-known to most of us,stances, however, had rarely favoured for the your 1924 stands at £308,724 16 Present position reflects credit on the and we extend our welcome to him on Dr. Sun: he fought single handed against 10., and the Board rreozamends that an Society's staff and with heartily approve again being associated with the Uniona combined force disciplined in most Luerim Dividend of 21s, per share be our following the usual custom of voting as Branch Manager of the Society in abhorrent conservatism and corruption paid to old and new shareholders and the bonus of 13 per cent. on salaries to Shanghai and General Manager of the and, in a sense, he lost himself in

Mr. W. futility. That is one balane carried forward. This balare the credit of those members holding North China Insurance Co.

E. Smith who, we note with interest tragedies of life" is estimated at £320,924, The Board Provident Fund Agreements,

has been appointed as' Inspector, is niso The praise for Dr. Sun is restrainedă further recommends a transfer from the

well-known to us and we hear with and deserved, an address, such as this, Re-insurance Fuad of £37,000 to the You will have learned with deep regret much antisfaction that his appointment is of the type that makes us sanguin credit of the Sterling Reserve Fund, of the passing of our hate General Manu- 19 likely to prove beneficial to the of the new generation, in: China, which will increase this Fund fromger, Mr. C-Montague Ede, who was Society's interests.

As we have said the bulk of the con- Shareholders will. I know, cordially tents of the magazine consist of reporter £195,0 E902,000, and decrease the so long and honourably associated with Re-insurance Fund from £1,928,793. 1. 1. this Society and who played so large » endors the bonus of 15 per cent of various University Societies, and these to $1.001,762. 1. 1. I think you will agree part in its development.

Op the salaries of these members are chiefly of interest to the members. that the time has come to strengthen our you will desire me to convey to Mrs. Ede of the staff holding Provident Fund There are, however,

mally

original con- Sterling Reserve.

and his family the sincere sympathy of Agreements realising it is only by the tributions, one on Mah Jong Swiod- this Meeting in the great loss they have loyal en-operasion of every member that ling" by Lim is very entertaining. Mr. sustained. He was a inan of strong the Society is in the position it is. Edward Ho Tang contributes long letters Turning to the figurce in the Balance and striking personality the charm of We also desire to join with you in from London an the Imperial Conferencë Sheet, you will notice that the Re-in-, which was felt by all who came in. con expressing of deep regret in the deaths of Students held at London and Cam- surance Fund, Underwriting Suspense. and the Exchange and Investments Flue tact with him. His admiration for of Mr. C. ML Ede our late General bridge in Juse, 1921, and on the Con Hongkong and faith in its future were Manager, Mr. A. R. Lowe, our late audigress of the Confederation Internationair tuation Accounts all show satisfactory boundless. He continually worked for tor, Mr. John Prentice, late Chairman of des Etudiants at Warsaw in September.. increases over last year's figures. The Working Account Balance for the year the public weal and the Colony is the the Yangtze Insurance Association Ltd., 1994. He attended both conferences as and Mr. Harry Maitland of our London a delegate from the Hongkong Univer- 1994 shows a decrease compared with that poor for his death.

Before concluding my remarks I would Committee. of the preceding year. This is primarily also like to express the deep regret your

These gentlemen were all sity. Professor T. I Shellshear writes of them well-known to us and personal on the Recent Conference of the China Directors feel at the death of Mr. A. R. friends of many, and their deaths are Medical Missionary Society." A couple Lowe who acted us our Auditor for a to be deplored. I have much pleasure of pages of blank verse is devoted "to Professor of our American Fire commitments.

Largely as a resalt of this Re-insurance considerable number of years. Mr. Lowe's it. Brconding the adoption of the Re The Hongkong Flapper."

Middleton Smith writes." Some Meme- the Premium Income for the year 1924, wise counsel and ability were of great port and Accounts,

The report and accounts were carried ries of Life in the University, which bas decreased by 23,995. 12. but, assistance to us and the Colony has lost

deal with the early days of the institu- unanimously. it consequence, our liability has been one of its most valued citizens very considerably reduced, and we are of further to record with deep regret the

death of Mr. John Prentice who at the DIRECTORS RE-ELECTED.

Finally, probably to prove how up-to- opinion that the ultimate result of our

Mr. D. H. CAMERON proposed the re-date in the Magazine, there are cro Underwriting Account for the year 1924 time of his decease was the Chairman of Yangtaze Tosurance Association will leave a satisfactory profit. Further Te

olection as Directors of the Hor. Mr. word puzzles, for which Mr. Ponsonby #adjustments on the American Continens Limited. He was kindly, generous, and P. H. Helyonk and Mr. J. M. Young. For has promised a cricket bat a a

are being effected and we have every public spirited, and his death has been

Mr. I. A. DASTUE seconded, and this prim. was carried unanimously. reason to anticipate that this portion keenly felt not only by his friends in of our Bosiress will give the Society Shanghai, but by his many friends in Dr. J. H. SANDRES proposed the elec this Colony also Since issuing the pre- an improved return.

SATISFACTORY INCREASES.

dae to the fact that considerable re-

insurance has been effected in respect

You will notice that the sterling equi valeus of our Silver Reserve Fund shows

:

THE YEAR'S DEATH-BOLL

I am sure

I have

sent Balance Shout the Society has receiv. tion of Messrs. Lowe, Binham and Mair rd telegraphic advice of the death of ithews and Messrs. Linstead and Davis

tách a slight decrease as compared with last, Mr. Harry Maitland who was a mea, suditors at a remuneration of 82,000

This year. This is due to a fall in exchange, her of our London Committee

Mr. J. M. ALVES seconded and this

the rate this year being 8. 31d. as news has beer received with great regret.

The CHAIRMAN the announced that against 2.3fd. Inst year. You will revilize I now propose the adoption of the He was carried. that Exchange continua to play its part port and Accounts and when this has dividend warrants were ready, and could in the sterling equivalent shown in our been seconded I shall be glad to answer. Balance Sheet. For example at the to the best of my ability any questions, be had on application. 31st December, 1923, the Yen exchange you may wish to ask. way 26. 2d, and the Goid Dollar rate 4.33, and

A PLEASANT SUKPRISE.

CHINA FIRE INSURANCE Co.

tion.

of tho - saddest

On the whole, it is a very good number« and one that should appeal particularly

to the many graduates of the University

who are scattered over the Far East.

가

BULBS.

SAD CANTON STORY-WITH A HAPPY ENDING.

Taking advantage of the bankruptcy of a certain Chiness electric, lamp bulb

the 31st December 1924 they! Mr W. PATTENDEN, in "seconding, The 58th ordinary yearly meeting of factory in Hongkong, says the Curton were 1 and 4.73 respectively. You said: We have all followed with close the Chica Fire Insurance Company was Gazette, foreign merchants have raised will notice that our Agency Commission pattention the able speech, just delivered. held after the previous meeting: for the year 1994 show a decrease of in the Financial Statement that has been

The Hon. Mr. P H. Holyoak (Chair the price of the bulbs so high that each one was being sold for fifty cents. Fortu approximately £90,000 and Charges showplaced before us I feel Shareholders haveman) presided, and those also present nately, during the past few weeks, larg a satisfactory decline.

cause for congratulation, not only in were: The Hon. Mr. AO. Lang, Mr consignments of bulbs have been impert The conditions of Trade throughout that the figures show the Society to be Plummer, Mr. D. O. Rossell, Mred to Canton from Japan and Holland the World during the past year. are too in a very strong position in spite of T. G. Weall (Directors). Mr. Paul Lauder and consequently the price has dropped well known to you to recessitate lengthy the general world depression, and as (General Manager), Meaars: Fmuch lower. comment from me, but you will appreciate marked the Society's progress is largely Townend, J. A. Worswick, J. W. Ainbas sold at thirty cents only. the fact that the Society's progress is dependent on general trade prosperity, ter, A. E. S. Alves. M. A. R. Souza, largely dependent upon genere cot-but furthermore, that our Directors, iny. L. dos Remedion, V. B. V. Ribeiro, mercial prosperity and until more favour addition to the usual final and interim. S. Archhutt, E. A. Leca, A. C. Bay, able circumstances prevail, we must re- dividends for the years ending 1923/24,

At present each bulb in

cognize that a large expansion of our are able to recommend a bonis-di-idend. C. de Cunta, W, F. Gardner. Turning to the Balance Sheet you will

cotice that Sterling Exchange this year" business is not possible,

of 3/s per share in respect of 1923, which and F. H. Faroe

Alter the "General Marager had read in 2/3 na ugainst 2/37 Inat year. Thes At the end of 1323 there were indica am sure is vagy welcome to shareholders,

balance at credit of the 1924 Account is tions that rates had reached their lowest partienlafly go, perhaps, during these the notice convening the meeting,

The CHARMÁN said:Gentlemen-$1,020,256.97. point and it was anticipated that an im- hard times, and has, I think, come in

I now move that the Directors' Report provement would set in. I am sorry to the nature of a pleasant surprise to The Report and Accounts were issued on Bay that this has not materialised and many of us. Although the return of the 8th May and, subject to your ap and statement as presented bo adopted." competition in all branches of Insurance Premium Income does zot show up as proval, I will follow the usual procedure and when this has been seconded I shaft and take them, as well as the Auditors' be pleased to answer any questions that was even keener during 1924 than in largely as a previous years, this, as

may be put. previous years, and this has forced a sub pointed out by our Chairman, is mainly Report, and read."

The Working Account for the year Mr. G. S. ALCHETT seconded, sud the stantial reduction in rates. Marine In due to the beavy reinsurance our Dire surance, in particular, has been the sub tors have considered advisable it. respect 1923 shows a balance of 3,30101 to motion was carried unanimously.

Your Directors recoin- Mr. B. AC da Cuna proposed the fect of interse competition, and in com of our American business, which it is be dealt with man with other Underwriters of ex satisfactory to learn is anticipated will mend that this balance be appropriated re-election of the Hon Mr. P. L Holyonk and Mr. D. O. Russell na Dizer- perience, the Society, on occasions, has show the Society, an improved return, as fellows: found it necessary to allow business to The wisdom of a cautious policy under pass rather than continue at rates known the present adverse tradu conditions will. unprofitable. The competition does I think, be appreciated by shareholders not cease at rate reduction, but her ex who will realise that a large Prcinium tended to the acceptance of liabilities Income does not necessarily mean a cor- under, insurance policies that were, Lever respondingly large profit. Speaking" an cort mplated in the pre-war days of sound an old Director of the Society, after underwriting.

careful scrutiny of the Accounts, I am

to

Dividend of 87.00 and Bonus

of 83.00 per share or 20,000 shares00,000.00. To carry forward to Under-S

writing Bazpense kecount 723,301.01.

8923,301.01.

(Continued at foot of next Colume)

Mr. F. H. FARE seconded, and this was carried anacimously.

Mr. A. WOESWICK" proposed the re- election of Mesara Lane Bizgham and Matthews and Mesra Linstead and Davis na auditors at a remuneration of 8750 each.