1931-05-29 — Page 24

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Copenhag

CHEERING CHERRY BRANDY

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THE CHINA SUGAR REFINING COMPANY, LTD. PROGRESS IN LIQUIDATING ASSETS.

A general meeting of the China Sugar Refining Co., Ltd. (in volun-

liquidation) was held in the boardroom of Messre, Jardine, Matheson & Co., Ltd., yesterday when Mr. A. B. Stewart presided. Shareholders present were: Mesms. J. Fleming, R. Gordon, A. Murdoch, R. E. Macilouuni, A. R. Chambers and F. C. Hall.

The Chairman's Speech. Mr. Stewart, in addressing the meeting, said:

Considerable progress has been made during the period under re- view in liquidating the Company's assets and liabilities and as fall particulars of what has been done are given in the report, there is little for me to ndd.

HONG KONG DAILY PRESS, SATURDAY, MAY 30, 1931.

INSURANCE COMPANIES AND THE

BAD TIMES.

(Continued frum Page 10.)

BRITISH TRADERS' INSURANCE CO., LTD.

£24,000 FOR SHARE- HOLDERS.

T

Mr. Lauder, is proceeding "ou | CHINA FIRE INSUR- owing to a large proportion of the

leave next week and will be return- ing here in November. He has had a strenuous time and I trust his. holiday will prove beneficial,, Dur. ing his absence our Sub-Manager, Mr. H. C. Gray, will be in neting charge of the Society.--

There is one other matter to which As I must refer before closing. you are aware, the Society's Ac

counts

are audited by Messrs. I might mention that the re- Lowe. Bingham and Matthews and muneration of the liquidators has Messrs, Linstead and Davis Each not yet been paid and will have to be met out of the, namets still to of these Firms has in the past been paid a fee of $2,000 per annum und The realised.

it is proposed this year to raise the fee to $3,000 per annum. feel sure that under existing con- ditions the increase will meet with your approval.

After the adoption of the report and necounts has been proposed and seconded, I shall be pleased to an Awer to the best of my ability any questions whirl shareholders may wish to ask,

Proposed by Mr. F. C/Hall and seconded by Mr. A. Murdoch, this was carried unanimously,

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I now propose the adoption of the Report and Accounts and when this has been seconded I shall be! glad to answer to the best of my ability any questions you may care

'SECONDER'S SPEECH.

|

ANCE CO.,. LTD.

PROFIT OF $797,000 FOR 1929.

The annual meeting of share holders of the China Fire In surance Compray, Ltd., took place at Union Building when the Hon. Mr. C. G. 5. Mackio presided. Supporting him were the Hon. Mr. W. H. Beli, Mesars J. A. Plum mer, J. P. Warren (directors) and Paul Lauder (General Manager). Shareholders present included Messra. J. W. Alabaster, A. E. S. Alves, G. S. Archbutt, J. Bontlov. B. M. C. da Canhu, F. H. Farno and H. C. Gray.

THE CHAIRMAN'S SPEECH.

Addressing the meeting, the chair man said:

were not

"It was mentioned last year that

nasets of the company being in sterling, the" accounts greatly affected by the penition of the exchange", said the Hon. Mr. C. G. S. Mackle who presided at the meeting of the British Traders' Insurance Company, Ltd., yester day. "I am glad to be able, to give a similar assurance as regards te necounts bofore you.

Sapporting the chairman were JA. Plummet, J. P. Warren the Hon. Mr. W. H. Bell, Messrs.

(dimctors) and Paul Lauder (gen- eral manager). Among the share- Archbutt, J. W. Alabaster, A. E. S. holders present were Messrs. G. S. Alves, J. Bentley, B. M. C. da. Cunha, H. C. Gray and V. R. V. Ribeiro.

Chairman's Speech. Addressing the gathering, the chairman said:-

The Working Account for the year 1929, after payment of an Interim Dividend of $ per share and a Bonus of 20 per cent. to Contribu- tars, passed at the last Annual Meeting, shows a balance of. £50,- 285. 17. 1. Your Directors recom- mend that a Final Dividend of 4/- per share be paid to shareholders, absorbing £19,200, that £10,000 be added to the Reserve Fund, in creasing that Fund from £105,000 The Working Account for the to £175,000, and that the balance year 1920 shows a balance of of £30,085. 17. be carried for 8707,732.87. Your Directors reward to Underwriting Suspense commend that a final Dividend of Account. It is estimated that this 8000 per Share, a. Bonus Dividend balanes will be sufficient to meet all of 86.00 per Share and an Exchange further elnim on the year's ac

The balance of Working Account It is with great pleasure that I Beaus Dividend of $14.00 per rise to second the propsal madeShare be paid to Shareholders ab-

Your Directors recom- by the Chairman that the Report sorbing 280,000, and that the for the year 1930 stands at £157,-

Balance be carried forward to Un-845. 18. 8. Acronats ng presented

derwriting Suspense Account to mend the payment of an Interim and adopted.

Dividend of 6 per share, nissorb I think you will all agree with close the Account for the year 1920.

The Balance it credit of the 1000ing £24,000, that a Bonus of 20 that considering the evil times

Working Account is $1,422,795.75.rer cent be paid to Contributors of we have been going through, and

Out of this Balance your Directors business on Bonus terms, absorbing- regret to say are still expert-recommend the payment of an In- about £7,500, and that the remain- encing, it is wonderful that the Union can repeat the dividend of terim. Dividend of $3.00 per Share, der be carried forward.

absorbing $60,000, and that the ro former years; it is no menn tainment and has not been achiev-mainder be carried forward. Fed without tremendous work and

can be obtained by taking a littte

In rising to second the adoption Bisurated Magnesia immediately after eating or whenever pain is of the report and accounts, Mr. felt. This instantly neutralises V. M. Grayburn said:- the acid that causes all the trouble, stops the fermentation, heals and sonthes the inflined stoninch Tin ing, and "estores painless, normal

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package Bisurated Magnesia powder or tablets of your chemist to-day use as directe, and you will soon be telling your friends how you got rid of indigestion.

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GENERAL

ACCIDENT, FIRE & LIFE ASSURANCE CORPN., LTD.

All Classes of INSURANCE

WORLD WIDE

ORGANISATION

AGENTS,

JAMES H. BACKHOUSE

1A, CHATER ROAD, TRL 21783.-

be

al-

The Accounts before you have again been, materially affected by the fall in the Sterling value of the Dollar and you will notice the Total of ther Assets of the Company is increased by over $5,000.000 as

count.

not

It was mentioned last year that oving to a large proportion of the assets of the Company being in Sterling the Accounts wer worry on the part of our General

greatly affected by the position of Manager and Staff, who have earn-

exchanges I am glad to be able to ed our best thanks for their efforts.

give a similar assurance as re- T. am sure you will apres with

gards the Accounts now before you, our Chairman in hoping for peaco

I now propos the adoption of the and prosperity to China and In-compared with the previous year.

Shareholders will appreciate that Report and Amounts and when this dia, two countries in which we are

The explanation of this large in-has been seconded I shall be glad all greatly intorsted. At the same time I cannot help thinking that crease lies in the fact that the Com-to answer to the best of my ability to assist them to that end a gener-any has the bulk of its Assets in any questions you may care to ask. Geld Securities, the Dollar equi Mr. B. C. Gray seconded the valeat of which is materially in-motion which was carried unani- creased consequent upon the fall inously. exebange.

Other Business..

a return of confidence and pence is needed in other important parts of the world, and the sooner the fend in that respect is given the

With regard to the Dividend and Other busions included the re- better it will be for everybody.

To a mere Banker an insurance Bonuses recommended I would warn election can the board of directore company's account is somewhat dif. Shareholders that the continuance of the Hou, Mr. C. G. 8. Mackie ficult to nay:ise, but those before of the Exchange Bonus Dividend and Mr. J. Owen Hughes, and the must necessarily depend on the re-election of Messrs Lose Bing- us appear to be so good I do not position of exchange. It is of ham and Matthews and Messre. think I need criticise them in any

course inevitable that there will be Percy Smith, Beth and Fleming s way except favourably. With the

variations in the amount of this auditors at the increased fre of fall in silver the Society's reserves particular distribution.

83,000 each per annum. ↓ smaller value. naturally show

7 now move that the Directors' when converted to gold, but against this their liabilities in silver have Report and Statement of Accounts fallen if expressed in gold, thoughs presented be adopted, and, when this of course is not shown in the this has been seconded I shall be pleased to answer any questions you balance sheet. A general fall in prices and dullness in trade must may care to ask. This was second. he sharply reflected in insurance by Mr. G. S. Archbuth and car-

ried unanimously.

accounts as in other lines of busi- ness and inevitably leads tu sen- seless competition, but we can have full confidence that the strength 'af the Union and its Affiliated Companies, with the ability and zeal of the whole ata, will, wen- ther any storm until better 'timos come round..

I am very sorry to see that an. ald Friend of mine, Mr.. W. E. Smith, is retiring-many of us will miss him sadly but will all wish him many years of happinces free from worries. Our good wishes will also go with Mr. Lauder on his well-earned holiday, during which Mr. Gray will carry on with the knowledge that he has the confidence of us all.

With these few remarks, Sir. I have much pleasure in seconding the adoption of the Report and Aceonuts.

DIRECTORS FEES.

Addressing the gathering the Hon. Mr W. E. L. Shenton Baid!-

I rise to propose an alteration. in the remuneration paid to the Society's Directors. Under Bee. tion 5 of the Articles of Associa tion the Directors shall be paid out of the funds of the Society rumuneration for their services at the rate of 82,000 each per annum or such other suma (if any) as the Society in General Meeting may from time to time determine.

OTHER BUSINESS.

The re-election to the board of directors of the Hon. Mr. C. G. S. Mackie and Mr. J. Owen Hughes was proposed by Mr. J. Bentley and seconded by Mr. F. H. Farne and when put to the vote the mo tion was carried unanimously

Messre, Lowe, Bingham and Mat thews and Messra. Linstead. and Davis were re-elected anditors at the increased fee of $1,500 each on the proposition of Mr. H. C, Gray, ecconded by Mr. A. E. S. Alves.

Other Business

On the proposition of Mr. J. D. Butcher, secunded by Mr. D. V. Stevenson, the Hon. C. G. S. Mac- kie and Mr. J. Owen Hughes wern ro-elected to the Board of directors, while Mr. A. Stevenson proposed and M. 3. M. "Gordon second that Messrs. Love, Bingham & Matthews and Mensra. Linstead, & Davis be re-elected and auditors. This was carried unanimously.

Among those present were;- The Hon. Mr. C. d. 8. Mackie (Chairman)

The Hon. Mr. W. H. Bell.. J. A. Plunuper.

J. P. Warren (Directors:) Paul Lauder (General Manager), and the following shareholders:

J. W. Alabaster, A. E. S. Alves, I think you will all agree with W. Allen, G. B, Archbutt, John me, Gentlemen, that a sum which Bentley, J. Douglas Butcher. works out in Sterling at the cur T. N. Chau, B. M. C. da Cunha ront rate of exchange at rather Chau Yus Tong, R. A. Dastur, H. Jess then £100 per annum is not B. L. Dowbiggin, John Fleming, a sufficient fee for the responsibiW. B. Finnigan, J. Gardner litics which our Directors are called {ƒ' M. Gordon, BC Gray,

I therefore have v.

Kom upon to carry,

M. Grayburn, Ho much pleasure in proposing thatthe Tong. O.B.E. W. F. Leckie, foo be raised to £200 per annum. J. H. Little, W. R. Mansfield, J. I feel confident, Glentomen, that L. McPherson, G. AL Plummer, this proposal will meet with your G. H. Potts, C. Bavard Remedios approval.

This was seconded by Mr. H. B. Dowbiggin and was carried up: animously.

(Continued on ntri Golumn.)

V. R. V. Ribeiro, Harold Seth, The Hon. Mr. W. E. L. Shenton, R-Soares, MAR Sourn, D

V. Steavenson, A, Stevenson, Il L. Stewart

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