1928-05-03 — Page 3

Page

ANOTHER BRITISH FILM

THE GREAT boxing drama described by the Press of London as "a triumph for the British film industry "I

THE RING

DAILY CHRONICLE. "Throughout, the picture is distinguished by the best tech- nique yet seen in a British film. "The Ring" will greatly advance the prestige of British pictures in any country in the world."

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THE HONG KONG DAILY PRESS, THURSDAY, MAY 3rd, 1928.

CHINA UNDER- WRITERS, LTD.

BUILDING UP RESERVES.

received during the year amounted to $377,053, showing an increase of #94,782 on the premijum income for the previous year. Ex- penses (excluding commission) at 813.375 are less by 81,250 than in the previous year. Claims notified. though heavier than last year, are

CHAIRMAN'S REVIEW OF THE que within the expectation in

SITUATION.

DEVELOPMENT OF LIFE.

INSURANCE DEPT.

MR. G. Shewan (Chairman) presided at the aaaaa meeting of Uhina Underwriters, Ltd., which took place yesterday in St. George's

MONEYLENDERS' PRACTICE.

JUDGE'S COMMENTS AND SUGGESTION.

SHOULD BE GIVEN,

In a money lending case heard

view of the increased volume and longer duration of the business: RECEIPT FOR INSTALMENTS The total life income for the year exceeded all outgoings (including claims) by $20,642 which we have carried to the credit of the life establishment account, thus fulfil ing the prediction made in the before the Fuisna Judge,, Mr. P. Chairman's speech two years ago. Jacks, at the Summary Court yes is anticipated that the surpluses terday morning, the defendant in of income over outgo will increnee This was the Campany's fourth rapidly in successive years, but the the action told his Lordship that he annual meeting and the Chairman surpluses will require for some had paid five instalments to the said that progress had been antis-gears to be carried to reduction of plaintiff, an Indian money lender, factory. In the face of competition life, establishment account or placed and had never been given a receipt for the money paid. The plaintif claimed that he had received two instalments only.

Building."

it was

not easy to expand the reserves.

We have now established Lite marine and are insurance depart ments, but they looked to the life Agencies throughout the Far East. and we can, I think, regard the department for their principal development and they had estab-inture of the department with ron- lished agencies throughout the Farfidence although it is unlikely that East. They did not expect to be the actuarial position wril justify able to recommend a distribution our recommending a distribution to

shareholders for some time. to shareholders for some time,

There is one item in the balance Supporting the Chairman were:- Mr. C. B. Brooke and Air. Li Tec sheet which perhaps calls for ex. Fong (Directors). Mr. Herbert R. Pianation, ris.. the item of out- Sturt, F.I.A. (Manager and Secre- standing premiums 830.305. To the tary), E. R. Childe, A.FA. extent of 833.793 this represents (Assistant Secretary) and the folle premium receipte in the hands lowing shareholders:-Messrs. G. of agents for collection, and, of the K. Hall Bratton, D. L. King, Wong balance, only about 22.300 remains Oi Kat, Allan Keith. S. F. Chubb, outstanding at the present time. A L. Shields, J. Toppix and A. W. da Roza.

CHAIRMAN'S SPEECH. Addressing the meeting the Chair-

man said:

the

His Lordship condemned practice of moneylenders of not giving a receipt for money paid on decount by debtors, and strongly commented that an acknowledge- ment should be given. His Lord- ship further suggested that, money paid should be recorded on the back of the note in the presence of both parties so that the Court could see how matters stood.

A Reserve Against Commitments.

The plaintiff in the case. Was The call of 81 per share made on the 9th May last year was satiefac- Naranjan Singh who claimed 8024 torily responded to in spite of a from Mr. Hussain. The promis certain amount of financial string-sory note was given in settlement ency in the Calony, and 98 per cent. of another action and was for 83347- As on the last occasion, we have of the call has been paid up. lonverted all silver currency figares The proceeds of this call form a Plaintiff admitted receiving two in- to Hong Kong dolars and all gold reserve

against the Company's stalments of $15 each, and was currency figures to sterling at the commitments, but it is unlikely therefore claiming the balance. parities. The gold and silver that any further capital will need Agures have then been converted to be spent or that a further call vonvenience of reference to will be required, at all events for Hong Kong dollars at the rate ruling at December 31st, 3927, namely Sa: 033. As the rate differs slightly from that at which the figures were combined on December 31st, 1996, we have, for the sake of continuity, shown the figures brought forward at last year's rate and carried the difference to ex- change acccunt.

for

The revenue accounts are being shown this year in the same form as previously but it is proposed in future in order to minimize fluctua- tions to combine the Marine, Fire and Accident Departments, fallow. ing the precedent of some of the larger composite companies trans- acting business locally.

I will now refer to the various departments in the same order as on previous occasions.

↓

come years.

Debit Reduction.

We have on this occasion applied" the amount of 803,300, shown inį· the last statement as Premium on Shares Account," in the first place to write off the items of $3,618.5 preminary expenses, and $10,000 underwriting commission, and the the nei balance, together with

balance from the Fire, credit Marine and Accident Departments, has been" applied to the credit of The debit to Profit and Loss.

is reduced from Prost and Loss 8116,382 to 847,213. This substan tial reduction, the elimination of the two items referred to, and the reduction in the life establishment account indicate an improved posi tion. We think that on the whole progrèse has been at least as satis-

Defendant said that he had paid Ave instalments and that the plain- till had refused to give, a receipt for the amount he had received.

His Lordship commented on this practice as stated above and added that debtors would be quite just- fed in refusing payment until a receipt was given. To the defend- at his Lordship said that it was useless coming to Court and making statement which he could not prove

Judgment was given against the defendant who was ordered to pay monthly instalments of $12.

UNIVERSITY LECTURE...

The Marine Department. factory as we had reason to hope, H.E. THE GOVERNOR ON AN In the Marine Department the and we may consider we have left

not premiums have been reduced four moet dificult years behind. by the discontinuance of business' It is felt that the position of the an unprofitable source refer- Company is now such that the

from

tion in Gur

ANALYSIS OF THOUGHT. "

His Excellency the Governor, Sir

red to last year and by the reduc-Manager will be able to take his Cecil Clementi, K.C.M.G., deliver- net retentions as a leave without prejudice to the Com-ed yesterday evening the last of monaure of precaution also then pany's interests, and he proposes the course of three lectures which referred to. The gross premiums on

ls return journey, in six

sasune

His listeners found this lecture of a less technical nature than the two first and he brought hit argu- ment to a masterly concision

Mr. W. W. Hornell, Vice-Chan- cellor of the University, after thank- ing His Excellency for the lectures expressed the hope that others would follow Sir Cecil's lead and come forward to deliver public lectures at the University.

Kotewall, C.M.G.

of

on the more profitable part of the monthe time, to visit the Southern he has given in the Great Hall of business bave increased in a satis- Agencies with a view to consolidat the University on "An analysis of factory manner and in total the ing our interests there. During his thought and its activities." bet premiums stand at $120,271 absence Mr. E. R. Childe, the against $145,163 last year. While Assistant Secretary, will the net premium income showed charge of the Company; zome." decrease we can safely any As you are aware we have during that the constitution of the busi- the year altered the Company's Ness is much mare aatisfactory. Arficies, and the business of the The steps taken with regard to this Company is now conducted by & department last year, and referred Board of Directors elected in a to in my speech, have proved effeccordance with the Articles by the tive, and the result in reflected in shareholders, a form of constitu- the revenue account for the current tion which is undoubtedly more year. Reserved set up last year for antic factory from every point of outstanding and unexpired risks view for an insurance company than

Among others present were Lady have proved more than adequate, the constitution which it replaced.

Clementi, Six. Shou Son Chow, and, with a satisfactory underwrit

In conclusion I ebould like to Bishop Valtorta, the Hon. Mr. H. ing experience in the current year, express the Directors' appreciationT. Creasy, C.B.E., The Dean we show credit of $15.694 to of the loyal and energetic support Hong Kong (the Very Rev. A. Profit and Lose after setting up given by Branch Managers, Resi- Swann) and the Hon. Dr. R. H. full reserves, against a debit of dent Secretaries, Agents and Staff 880,709 in 1926. I believe that the in our variona Branches. reserves now set up are ample to The Chairman then formally cover outstanding claims and un- moved the adoption of the report expired ricks.

and accounts of the Company for the year ending December 31st, The Fire Isurance Department 3097, as presented. premiums amount to 881,819 against Mr. G. K. Hail Brutton seconded $85,770 in 1920, but the account and the resolution was carried, no shows a debit balance of $4,141. questions being asked. This is attributable to the fact that A Temporary Director Elected.." larger reserves hare been set up

Mr. Shewan. "In aeking * for outstanding and unexpired risks shareholder to propose the election than on the previous occasions. of Directors I should like to say In the face of competition it is that, in inviting Mr. Brooke to join not easy at the present time to the Board as an additional Direc- expand the Marine and Fire Detor, it was not intended to increaee 1920 ACCOUNT.-After" payment of partmente very rapidly, though we permanently the number of Direč an interim dividend of $18 per are making all endeavours to do tora.

on May 17th, 1997, this 90. This being" so I do not ́anti-· A8, however, several of the

shows account

4 surplus of cipate any very considerable profit Directors have been unexpectedly 8 202.75, and it

recommended from these departments in the near called away at the same time it that this sum be appropriated as fature but the business is sound and was felt that Mr. Brooke's assist follows:-To pay a final dividend

Fire Insurance.

CANTON INSURANCE OFFICE, LTD.

ANNUAL REFORT.

The annual report of the Canton Insurance Office, Ltd., for presenta- tion to the meeting of shareholders which will be held at the offices of the Company on Thursday, May 17th, statee:"

share

$508,202.75.

5

if, as I hope, we are able later on ance, as an original member of of $22 per share, 8220,000; To add to extend our operations, these the Consulting Committee of this to Reinsurance Fund, $100,000; To departments should, in course of Company, would be valuable dur- add to Underwriting Suspense Ac- time, contribute their share to the ing the absence of Measze. Cameron, count to close the year 1926, profits.

Marcel and do Roza Accident Department.

"I Mr. Brooke is elected it is 1997 ACCOUNT.-The amount stand- The Accident Department pro his intention to resign as soon as ing at credit of this account is duced premiums of $13,145, thereby the return of one or more of the 82,504,881.60. Out of this eum, it doubling the income for the second Directors makes this practicable. ie further recommended that an year in succession. The expenses and I should like, on behalf of interim dividend of $18 per share at 85,971 are very slightly in ex-myself and the other Directors, to be paid, absorbing $180,000, the cers of those for, the two previous thank Mr. Brooke for acceding to balance of $2,324,081.58 being car years. After setting up reserves of our request."

ried forward 85,238 & eum of $1,348 is carried

Mr. Allan Keith proposed and CONSULTINO COMMITTEE. - Sir to the debit of Profit and Loss. Mr. Wong Of Kut seconded the Robert Ho Tung, Messrs. A. H. The claim ratio has been moderate re-election of Messrs. Alian Compton, L. Dunbar, A. 5. Gub- and the small debit is attributable Cameron, La Tee Fong and C. B. bay, Henry Humphreys, T.E. to setting up full reserves on a Brooke.

Pearce and H. P. White retire but, rapidly expanding business, At

Auditors Re-elected,

being eligible, offer themselves for the Pame rate of progreÁS We

Mr. S. F. Chubb proposed and re-election. should very soon be able to show Mr. D. L. King seconded the re- AUDITORS.-Tho" accounts have election of Messrs. Lowe, Bingham been nudited by Mesers. Lowe, The Lite Department." & Matthews and Meeers. Percy Bingham & Matthews and Messrs. I will now refer to the Life Do. Smith, Seth & Fleming as auditors Percy Smith, Seth & Fleming who, partment, where we look for our for the ensuing year at a fee of being eligible, offer themselves for principal development. The pre-1 8760 each firm. This was carried.. re-election.

a profit in this department.

BEYOND ALL PRAISE! -

ACTUAL German officers and sailors played in this splendid British film which redounds to the fine courage of both sides in a manner beyond all praise !-

2

The BATTLES OF CORONEL AND FALKLAND ISLANDS

A MAGNIFICENT picture made with the fall co-operation of the Admiralty and the Navy League. The greatest naval spectacle the world has ever seen 1–

NOVELTY GAZETTE, "OUR BRITAIN," WITH MISS AILEEN WOODS AS VOCALIST.

AT THE

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TO-DAY TO SATURDAY

At 280, 5.10, 7.15 & 9.20.

A BEAUTIFULLY artistic and delightfuly appealing

picture dealing with a great theme I-.

D. W. GRIFFITH

presents

THE WHITE ROSE

With

MAE MARSH AND IVOR NOVELLO

AT THE

WORLD TO-DAY TO SATURDAY

Orchestra 5.00 & 9.80. Interpreter 2.30 & 7.15.

AN EXCITING melodrama of the Carolina bills.

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PATSY RUTH MILLER

In

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ASPIRIN

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RUBBER PRICE FALL.

SERVICE TO READERS,

PLANTERS ASK FOR BOUNTY. THE HONG

【THROUGH REUTER'a-¿CENCY.]

SYDNEY, May 1st Rubber planters in Papus are alarmed at the fall in prices, and are appealing to the Government for a bounty.

They declare that if the price remains below a shilling they must abandon the industry.

DAILY

to

available

KONG PRESS, LTD., and the HONG KONG WEEKLY PRESS, through their London Offico, at 21, BrixDE' LATE, FLEET STREET, LO. 4., are prepared give Subscribers and Visitors advice regarding

facilities, motoring centres, etc.

when at home, they will call or telephone to the above address, they will rective the utmost assistance and the latest available information on all ab jects of enquiry will be placed at theiz disposal.

acou hopping