1929-05-25 — Page 4

TO-DAY

IS

YOUR

LAST

CHANCE

TO GET ONE OF

MACKINTOSH'S

||

BATHING

COSTUMES

AT A THIRD OFF THE

USUAL

PRICE

SEIZE IT

IT NOW

SAY WHEN?

"Ang George!"

NOW- and at any time when Quality is the first consideration-the call is

"King George IV

"The Scotch Whisky of Good Taste'

SOLE AGENTS:

|',

TEL. C. No. 185.

GANDE, PRICE & CÓ. LTD.

HONG KONG.

THANK

GOODNESS

INSORED

LANT

This might be your house!

Insure your residence against Fire

with

PRESS, SATURDAY, MAY 25, 1929.

THE HONG KONG DAILY

HONG KONG INSURANCE BUSINESS

IN 1928.

THE GENERAL ACCIDENT FIRE AND LIFE ASSURANCE CORP., LTD.

TEL. No. 1788.

For information apply

AGENT:

BACKHOUSE. LTD.

1A, CHATER ROAD.

CARGO BUSINESS OUTLOOK NOT ENCOURAGING.'

LONDON UNDERWRITERS CONSIDERING THE SITUATION,

PROFITS ON FIRE INSURANCE.

Three Insurance Companies held their annual meetings of share- holders, in the offices of their General Managers, Union Building, yesterday. The companies in question were the Union Insurance Society of Canton, Ltd, the China Fire Insurance Co., Ltd., and the British Traders Insurance Co., Ltd., the last mecting being held in private.

„

4

The question of marine insurance was again raised by Mr. W. L. Pattenden, from the Chair, at the 58th ordinary yearly meeting of the Union Insurance Society of Canton, Ltd.. He said that while there had been some improvement in hull rates, cargo rates had remained at an extremely low level. There was one hopeful feature, the Chairman continued, that, underwriters in London and at bther centres were realising the seriousness of the outlook, and holding conferences with the object of bringing about an improve

ment.

Speaking later, at Chairman of the China Fire Insurance Co., Ltd., at the 60th ordinary yearly meeting of that Company, Mr. W. L. Pattenden said that bearing in mind the difficult conditions now prevailing in the underwriting world, he thought that the figures shown.in the balance sheet might be considered satisfactory, An interim dividend of 83 per share had been recommended.

Supporting the Chairman at both meetings were: Messrs. W. H. Beil, LJ, Davies, J. A. Plummer and J. P. Warren (Directors) and Mr. Paul Lauder (General Manager). UNION INSURANCE SOCIETY ||

OF CANTON, LTD.

4

CHAIRMAN'S SPEECH.

The Chairman (Mr. W. L. Patten-

EMPIRE DAY.

confident that Mr. Lee will CORRESPONDENCE. with credit and distinction the post! allotted to him. Mr. E. F. Wehb has been appointed deputy under- writer to Mr. Lee, Mr. Webb has bad considerable experience in the Society's underwriting room and your directors are satisfied in the [TO THE EDITOR OF THE selection-that-has-been made.

Obituary.

I am sorry to have to record the deaths of certain gentlemen in timately connected with our business. I would first refer to the death of Sir David Yule, Bart, who was for many years in member of the So. ciety's London Committee. The late Sir David Yule took a keen in terest in the Society's welfare und was always most helpful to any of the Society's officers who consulted bim on fance or other matters. The late Sir David Yule as you are" no doubt aware was well-known in the Gnancial world where his opinion was held in high esteem. We record his death with a deep sense of loss.

I have also to record the death of Mr. F. A. Keating, of Messrs.

I EONa 5030

DAILY PRESA.")

་

Sin-Referring to your article in today's issue of the Daily Press.

It appears to me that there was some very definite purpose in the naming of Empire Day, and making it a public holiday, apart from the fact that it was the birthday of her late Majesty Queen Victoria.

There are many suggestions that might be made, of what might be done, in more than one direction, but perhaps it is not worth while.

We are, a very small spot on the map, and we jog along very well.

Boy! Bring me a coffee-Yours faithfully,

WEARY.

Hong Kong, May 24.

Gibbs, Bright & Co., who was also TEETOTALLER'S DAY OUT.

a member of the Society's London Committee. The sad news of his, death was received here last month with great regret.

I am sure you will all join in an expression of sorrow at the loss the Society sustained last year by the death of Mr. LF. Townend, our Canton manager. The late Mr. Townend had served the Society faithfully from August, 1910, and by bis death the Society loses an active and efficient officer.

THE HON. MR. W, E. L. SHENTON'S SPEECH.

APPEARANCE 'IN COURT WITH BANDAGED HEAD.

Charles Southam, aged thirty, a Tooting clerk, who was a teetotaler,

went out with friends-and woke up in Hersham Police Station.

His tead was heavily bandaged Police Court accused of assaulting when he appeared at Kingston

Police Constable. White. Mrs. Gwendoline. Buckley, and Mr. Harold Godwin.

Police canis up.

Southam beard in the evidence- that Mrs. Buckley had left a train Bonus Dividend Discontinued. The Hon. Mr. W. E L Shenton at Oxshott Station, when he went You will notice this your that it seconding the Chairman's proposal to her and caught hold of her has been decided to discontinue for the adoption of the report and throat and shoulder. She scream- paying the bonus dividend of bs. per accounts, said: We have perused ed, and Mr. Godwin went to her share which Has been paid for the the report and accounts with great help. Southum persisted that Mrs. last four years." This step I may

interest and are indebted to our Buckley was his wife, and seized say is a precautionary measure as

Chairman for his clear statement of Mr. Godwin by the neck. it is felt in the present state of the Society's business and financial Constable White then the marine market it is not wise: position. We desire to place on Southam slapped his face.

Mr. S. C. T. Littlewood, defend- den) addressed the meeting as fol- to continue making these bonas ecord our appreciation of the ser

distributions. The Society during vices rendered by the general man ing, said that Southam had re- He drank whisky with his The working account for the year any years of its history has paid ager, the agents and the staff of seived news that hit brother was 1947 after allowing for a bonus to

Its shareholders a good proportion the Society to whose loyal and dead. of its underwriting profits but the devoted support the present satis.friends at Victoria Station, and he contributors and an interim dividend times call for a cautious policy and factory position of the Society is did not know how he reached of 948, per share show a balance of we do not think it advisable to con- duc.

Oxshott. He had never been there £148,020.2.5 available for distribu-tinue paying such a large propor

before. We regret we are losing the ser-

Southam expressed regret, especi- tion and your directors recommend, tion of our profits in dividend. T vices of Mr. A. B, Rouse who has that this balance be dealt with ia may add that a number of the lead- worked for the Society for such ally to Mrs. Buckley, a stranger to

lows:-

the following manner.

the three charges. him. He was fined £3 on each of

ing Insurance Companies operating a long period and we hope that his in England practically pay their justly earned retirement will be n dividends out of their interest earn long and happy one. We extend to ings. You will notice this year that Mr. C. O. Lee and Mr. E. P. Webb the Society's distribution to our hearty welcome on assuming were re-elected auditors on the pro their new offices and are sure that Posal of Mr. C. E. Meyer, seconded our interests are in safe keeping and by Mr. J. Ormiston. capable bands,

A final dividend of 188, per share on 133,000 shares to be paid to shareholders absorbing £108,000 and that the balance remaining be car ried forward to underwriting sus-shareholders on the basis of £2 per pense account to close the account share will cost £270,000 whereas our for the year 1907.

interest will amount approximately The balance of the "Working Ac- to £254,000. count for the year 1928 is £436,179 19. 5d, and the board recommends an interim dividend of 24/: per share be paid to shareholders ab- sorbing £15,000 and that a bonus of 20 per cent. be paid to contribu- tors of business on bonus terms ab- sorbing about £20,000 and that the remainder be carried forward..

Marine Insurance Business.

Fresent Distribution to be Maintained.

Shareholders Present.

We deeply lament the deaths of The following shareholders were Sir David Yule, Mr. F. A. Keating present:-Mesars. J. Arnold, G., S. and Mr. L. F. Townend and we Archbutt, A. E. S. Alves, J. W. desire to convey our sympathies to Alabaster, C. B. Brown, B. 1.C.

Convenient

T

TE

R M

YOU have always wanted

an Orthophonic Victrola in your home. Today, for a surprisingly, reasonable down payment we will de- liver the model which you select. There you can en- joy marvelous music as you pay for the Instrument. Visit us and look over our stock. Select the model you like best and hear it play the latest Victor. Records, Come in soon...

In this connection 1 would ex- their respective families. Mr. L. E. da Cunht. R. AB Vastur: Leigh S. Moutrie & Co., Ltd.

plain that the interest for the year Townend will be remembered by Garner, W. F. Gardner, Ho Kom 1928 of 2192009 shown in the most of us, not only as a capable Tong, O.B.E., E.-A. Lees, . balance sheet will be increased to officer of the Society, but also as a Manuk, A. S. Mitchell. C. E. Meyer, J. Ormiston, John C. Oswald, V, R. approximately the above mentioned personal friend for many years.

figure by the close of the account

V. Ribeiro, V. L. dos Remedios, Semi-Public Institutions." at the end of the second year. For

R. D. Read. O. F. Ribeiro, the Hon. The present unsatisfactory posi, į holders I may here inform you it is

1

present position,

Insurance

CHINA FIRE INSURANCE CO., LTD.

CHAIRMAN'S SPEECH.

Mr. W. L. Pattenden," Chairman

of shareholders of the China Fire

meeting as follows:--

the general information of share-tion of the Insurance market, as Mr. W. E L Shenton, F. W. "As regards marine business "gea-considered that the present dist regards rates, is known to many of Stapleton, D. V. Steavenson, A.! erally for the past year I wish Ibution amounting to £2 per share us, and it is a matter for regret Steevenson, V. F. Scares, M. A, R. were in a position to sound a really can be maintained and as the that unprofitable competition should, Souza and K. Stuart Smith. hopeful note but whilst there has Society accumulates profits and in.have brought Insurance business to been some improvement in hull vests them its interest will increase its rates, cargo rates have remained at and an increase in the permanent Companies, holding the position our an extremely low level and it has dividend can then be made. These Society does, must be regarded as not yet been found possible to

are the lines which your directors semi-public institutions, essential to bring about any material increase. think it wise to adapt, this decision the conduct of the world's trade, Several of the marine, tariffe have being prompted by the difficulties insurance being an essential element recently collapsed owing to com- experienced in the business and then almost every mercantile transac petition from non-tariff sources and consequent call for a conservativa tion. It is, therefore, a matter of of the 60th ordinary yearly meeting the outlook, as far as cargo business policy: I feel certain that as this public interest, that a basis of rates Insurance Co., Ltd., addressed the is concerned, is therefore not very matter receives the full and studied should be arrived at, which will encouraging. With the keen com- consideration of our shareholdets enable insurance business to be con-

The working account for the year petition for business that at present they will endorse the policy laid ducted on lines' satisfactory to all 1927 shows a balance of $478,638.19. exists it seems to me to be essen- down.

concerned.

Your directors recommend that tially a time when the head offices

final dividend of 89 per share and of marine companies should exercise

As shareholders" we naturally re-la bonus dividend of 88 per share very close supervision of their ae I think you will agree that the tivies throughout the world and thus figures in the balance sheet indi gret that you have not been able on 20,000 shares be paid to share to continue the bonus dividend of holds, absorbing $300,000, and assist in placing the business on cate a very strong position. As re- a more stable basis. There is one gards our investments the Society shillings per share, but we fully that the balance be carried forward hopeful feature in the whole situa and its affiliated companies con appreciate the principles which have to Underwriting Suspense Account tion and that is that underwriters tinue to invest their funds in actuated you in arriving at this to close the account for the year apparently realising the seriousness keeping with the position the Comwell recognised tradition of in-

A Very Strong Position.

Confidence in Directors' Policy,

in London and at other centres are securities of a high grade nature in decision. We are aware that it is 1927.

The balance at credit of the 1928

Chater Road,

HONG KONG" FINANCES.

TREASURY STATEMENT FOR JANUARY.

The following figures are publish- ed in the Government Gazette

dated May 23:-

Revenus and Expenditure. Balance of assets and

liabilities on De cember 31, 1928 ....$ 8,091,033.87

1 to 31, 1920...... 2,153,258.04 Revenue from January

$10,244,801.01

Expenditure from Jan-

H

uary 1 to 31, 1920... 1,040,997.81

Balance..

.8 9.203,904.00

Assets and Liabilities on January 31, 1929.

LIABILITIES,

4,283.43

7,077.70

account,

508,908.60

886,130.00

ex-

trade loan Overdraft, trade loan. 3,991,206.25

change

143,022.57 Adjustment of

Total liabilities...8 6,680,600.53

Balance

9,203,604:00

815,803,104.50

Total:

of the position and conferences are panies occupy. We have followed surance institutions to pay dividends account is 8987,311.21. Out of this being held from time to time with our usual custom and taken our only out of the interest derived from balance, your directors recommend we the payment of an interim dividend accumulated investments and the object of bringing about an im- investments at the market rates believe that in following this pre- of $3 per share, absorbing 880,000, provement. Underwriters I believe ruling at the close of the year. ›

cedent you are placing the affairs and that the remainder be carried are also operating on a more cau- The position of the Society re- tions and restricted basis which fects much credit upon its general conservative basis and one which

of the Society on a most stable and forward.

Deposits not available.$ 1,351,300.20 Satisfactory Position,

House service account a beneficial effect, manager, agents, and staff who con must commend itself not only to the

7,894.51 should have There are many problems connected tinue to give thoroughly loyal and general investor in your shares, but

Bearing in mind the difficult Postal agencies with marine business which it is devoted service at the many centres is the contributors and con- conditions. at present prevailing Coal accounts... unnecessary for me to dwell upon from which our worldwide business stituente of the Society. We have throughout the underwriting world. Suspense account here but I think what I have said is conducted...

not failed to note the hope express the figures now before you may, I Suspense sufficiently indicates, the difficult

Mr. A. B. Rouse to Retire. ed, that the present dividend can think, be considered satisfactory. times through which we are pass ing. There is, however, an earnest Mr. A. B. Rouse, the Society's be reckoned on for the future also The working account for 1927 indi- desire for improvement which I London underwriter, retires from the possibility that the interest from cates an improvement over the pre- hope will soon materialize.

his post on June 30 next. Mr. our investments may enable thevious year's figures and I am hope- Tuming to the Society's figures Rouse has served the Society faith shareholders of the Society to re-ful that the 1998 account will show The adoption of the report "and you will notice that as regards the fully from December, 1900, in the ceive in due course a large return. equally satisfactory results.

The balance sheet for last year in-

W28 proposed by the year 1827 after payment of the final East and in London. He was in the dividend of £105,000 there will re- Far East until February, 1913, dicates the strong financial position accounts main a balance of £40,020 23. 5d. when he proceeded home, joining the of the Society and we note with Chairman and seconded by Mr. J. which I trust will be sufficient to staff of the London underwriting pleasure that the investment of our W. Alabaster.

He was appointed under: Burplus funds, not only have the wind up the outstandings for that room.

writer in January, 1920, and if spite personal supervision of our general year.

of the difficulties encountered dur manager but also the very close ing his term of offices, he has carried consideration of our board. tors on the proposal of Mr. A. A. Buliding loans

In conclusion I desire to CO Alves, seconded by Mr F. A. imprest..... Our Fire Insurance business dur- out the very onerous dutica entrust-

+Crown agents deposit a small ed to him with much credit. We all gratulate the Society on its success Farne. ing 1998 has resulted in

Messrs. Lowe, Bingham & Mat account. profit and our general account bas join in wishing Mr. Rause a very in the past and express the wish for

its continued prosperity in the thews and Messrs. Linstead & Davis Unallocated also resulted profitably. Fire in happy retirement,

future.

481,309.20 were re-elected auditors, at a re- (P.W.D.)

Atores The report and accounts were muneration of $750 per annum each, Unallocated surance conditions in certain fields continue very difficult, notably in Mr. CO. Lee, Mr Rouses adopted unanimously and no-que on the proposal-of-Mr-V-dos (Bailway)

142,813, 40- Australia, and New Zealand. The deputy, who has had wide experi-tions were asked.

Remedios, seconded by Mr. M. A. Investment account... 1,281,141.08 /-442.98 profits of our fire and general scence in marine insurance is being

R. Souza

Lorry haulage account counts have as usual been calculat promoted to the senior post and

Balance at banks,241,542.73 Mr. J. Owen Hughes and Mr. W.

Shareholders, Present, ed after the necessary reserve his early this year he arrived-in Hong

Trade loan outstanding 4,687,345.20 Shareholders present been set up to meet outstanding Kong where he had a conference H. Bell were re-elected to the board

were: Crown agents, current with the general mannger on the of directors on the proposal of Mr. Mesers. J. W. Alabaster, A. A

account,

8,505.18 As regards the 1928 Marine Ac-future of the Society's underwriting J. Arnold, seconded by Mr. Alves, A. E. S. Alves, G. B. count. it is too early, to prophesy in London. In Mr. Lee we have a Stevenson.

Farne, H. C. Gray, V. L. dos Re regarding the outcome, but I am carefal and efficient officer and not- Mesars. Lowe, Bingham & Mat. Archbutt. B. M. C. da Cunha, F. H.

www.webrading the datetimehe then and Messrs Linstead & David de Ribeiro and M

R. Souza. in a profit.

(Continued on next Oğlumn). business in passing through I feel

claims.

יר:

Fire Insurance_in_1828.

Hopeful that the years

Mr. 0. 0. Lee.

OTHER BUSINESS.

ASSETS.

Other BurkiESH, Mr. J. Owen Hughes and Mr. Subsidiary coins

H. Bell were re-elected direc- Advances,

.8 1,840,108.10 85,212.73 1,402,787.83

~84,731-54-

*** 4,061,443:30 storės

Total

815,893.604.50

Gash lepsat interest. £220,000, Cash on deposit”