1932-05-28 — Page 6

British weather-SHOWERY

Showers are inevitable and this coat will give you faithful protection. It is not heavy and can be carried in comfort. The material is a thoroughly proofed Egyptian Cotton, well cut and made to our own specification. Lined with the same material-no rubber is introduced.

$55.00

Less 10% cash discount

OTHER QUALITIES FROM $19.50

MACKINTOSHS LTD

"SUMMER CLOTHES"

WHAT AN IMPROVEMENT WHEN THEY COME FROM THE

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OUR STEAM PRESSES CANNOT SCORCH, SHINE OR SPOT.

THE STEAM LAUNDRY CO. Sanitary Laundrymen, Dyers and Dry Cleazeri HEAD OFFICE and WORKS, Mongkok. Tel. 87082, KOWLOON HOTEL DEPOT.

HONG KONG DEPOT, 60. Queen's Road, Central, Tol, 21£78, PEAK HOTEL DEPOT. Tal 29071.

PENINSULA HOTEL (Vitor only).

HONG KONG HOTEL

78, WYNDHAM STEDET.

TI

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No. 2, Peninsula Hotel Arcade. Tal, 38081.

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FACTS!

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DISTILLERY LONDON,

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It is easily digested and alds the digestion of other beverages with which it is mixed.

A "Lancel" report is on every bolila

TANQUERAY GORDON & CO. LTD. DISTILLERS LONDON

The Largest Gin Distillers in the World

Sola Agente

DODWELL & CO., LTD.

HONG KONG DAILY PRESS SATURDAY, MAY 28, 1932.

INSURANCE COMPANY MEETINGS.

HON, MR. BELL REVIEWS PAST YEAR'S WORK OF UNION INSURANCE CO.

EFFECT OF CONTINUAL BUILDING UP OF CUSTOMS TARIFFS IN BRITAIN.

Presiding at the annual general meeting of the Union Insur nice Society of Canton, Ltd., which, together with its affiliated companies, the China Firo Insurance Co., Ltd., and the British Traders' Insurance Co., Ltd., was held in the Board Room of the Union Building yesterday, the Hon Mr. W. H. Boll made re- ference to the British Government's continual building up of an elaborate system of custome tariffs On rising to second the adop tion of the report and nocounts of the Union Insurance Socisty," Mr. A. Stephenson congratulated the General Managers and staff. on the excellent year's work.

Chairman's Speech, Addressing the meeting the chair man said:-

The outstanding event of inst year was the departure of Great Britain from the gold standard but it was not possible accurately to gauge the effect this momentous decision might have upon Under- writing Accounts last year. It was vory difficult for him to elaborate on the existing disturbed financial cinditions

Last year Mr. Grayburn stated To a mere Banker an Insurance Company's necount is difficult to analysa" If a Banker Ands it so what must it be to a more Agricul turist? The suggested prospective change in the formula of the Balance Shoot appears to be a good one since it will provide detail of n' more readily understandable na- ture to the layman.

Marine Hous

It is distinctly bad luck that our ! In order to support possibly - Chairman has to report a third cient but very expensive system,!

year in succession a heavy toll by Governmenta were continually Fire loss on Marine Underwriting building up an elaborate system of Accounts including such examples customs tariffs. It was to be hop-

as the low of the as. Segovia and ed that the various Governments the motor vessel. Bermuda the total would order their finances in such value of which ran into hundreds of a way as to enable them to aban-thousands of dollars. Anant the don or reduce many of these high Fire Insurance business we should tariffa which, in the opinion of be pleased to note that the Fire

a hindrance to trade" Loss record was better than that of | many, were

1930 but with regrettable incidente in New Zealand, the Philippine Islands and Japan. The figures in the Accounts appears to be very

and acted detrimentally upon business. It seemed to him that the free and unrestricted movement of cargo, if such a thing wore possi hie, would go a long way to reaus-satisfactory and the conservatism uitate the fortunes of the world.

Marins Underwriting,

as is shewn in the conversion of different monies is to be commend ed. The increased sum of £135,596. For the last two yours his pre-19. 10. as shown in the Exclynge decessors in the chair had referred and Fluctuation Account should to the heavy toll on marine under appeal to all of us as an admirable writing accounts caused by fire and

reault. last yead was no exception to the rule, but the are loss record was better than in 1930,

The Chairman referred to the disastrous earthquake in New Zea land, and the abnormal flooding of, the Yangtae river in Chine, stat ing that they caused widespread less. Much of the damage was to property of a uninsurable nature, and the Society: was not involved in losses to any extent.

Their Exchange and Investment Fluctuation Account showed an in-

grease of £136,038. 19. 10d. The Working Account of 1930 was run ning off favourably and there was little doubt that it would leave a good profit..

Praise for Stan,

He added that they would ap. preciate that the success of the Society and its affiliated companies "was dependent upon the support it received from the merchants. The figures spoke well for the excellent work done by the Society's staff in all parts of the world. He tender ed his hearty congratulations to the General Manager and his staff for

such good results.

Since they had last met they had learned, with regret, of the death of Mr. Arthur Macgowan, a direc tor of Messrs. Bradley & Co. which took place in England last month Ho had served on the Society's board and on the boards of some of its affliated companies, and he was amoat valued business friend. .,

In Sound Position.

}

It is proposed that this sum shell

be taken from the undivided profits BETTER of the Company and that the Extra- Reserva. Fund, which to-day consists of £100,000 and $100,000, shall be | 44 utilised for this purpose.. I this. sum, however, is insufficient, it is proposed to take the balance from the Reinsurance Fund,

Proposed Call on Sharos,

It is proposed to make a call of F 350 per share and to meet this call by the declaration of a special Dividend of the same amount. Under our Articles of Association it is necessary to give. 14 days' notics of the call and it is there- fore proposed to make the call, dug and the spesial Dividend payable on Fung 18 next,

I now hays the pleasure to pro- poro the following Resolution -

That it is desirable to capitalise a sum of $1,600,000 being part of the undivided profit of the Com pany standing to the credit of the Extra Reserva Fund and for that

purpose:--

(a) Should the Hong Kong Dollar

equivalent of the Extra Ro surve Fund on June 13, 183A, ba nob of the value of $1,000,000 then there shall be transferred from the Re insurance Fund to the Extro Resorve Fund such a sum as will with the amount now standing to the credit of the extra Reserve Fund make up the sum of $1,000,000. •·

(b) A call of 880 per sharo is hereby made on the Share holders of the Company ap pearing on the Register of Shareholders on May. 97, 1989; and auch. call shall be payable on June 13, 1993, to the Gén eral Manager at the Register- ed Office of the Company, (a) That for the purpose of pay- ing the aforesaid call of 880 par share a special dividend of 850 per share is hereby de-- rlared payable on June 13, 1032, and that such special dividend be applied on behalf of the Bharaholders, by the Directors in satisfaction of the call of 880 per share. The resolution was carried

Your

BRITISH TRADERS, LTD.

The Chairman said: The Work- There is a pessimistic expressioning Account for the year 1030 after with regard to the premium income payment of an Interim Dividend but we must try and remember that of 58. per Share and a Bonus of history repeats itself or that there 20 per cent to Contribhtors, passed is invariably a chim after a storm at the last annual meeting, shows. we would that we could have the a balance of £72,946.0.7. optimism of the late Capt. Dollar Directors recommend that a Final as per bis remarks in speech he re. Dividend of 40 per share be paid cently made. We pin our faith in to Shareholders, absorbing £1,300, the able management of our Society that £25,000 be added to the Reserve by the senior and responsible men Fund, increasing that Fund from and we must havo satisfaction in £170,000 to £200,000, and that the the knowledge that there are several balance of £98,048,0.7 he carried for young men. with the ability to fill word to Underwriting Suspenso senior posts when the time is op Account. It is estimated that this balance will be sufficient to meet all portune.

further claims on the year's ne

We associate ourselves with your remarka, Mr. Chairman, in the sad loss of the late Mr. A. Macgowan whom most of us knew well.

I conclude with best wishes for more prosperous times.

Shareholders Present.

count.

At

IC-

The balance of Working Account

1831 stands. for the year £131,482.3.5. Your Directors commend the payment of an In- terim Dividend of s. per share, The following shareholders were absorbing £24,000, that a Bonus of present-The Hon. Sir Henry Pol- 90 per cent, be paid to Contributors. lock, K.C. the Hon. Mr. W. E. Lof business on Bonus terms, absorb. Shenton, the Hon. Mr. T. N. Chau,ng about £1,000, and that the re- Mesurs. G. S. Archbutt, J. W. Alabaster, Frank Austin, John mainder be carried forward. Bentley, C. Bewley Bird, J. W. C. Bonnar, J. 13. Butcher, B. M. C. da Cunha, J. D. Banby, J. D. Dalziel, R. A. Dastur, W, H. S. Dent, W. B. Finnigan. J. M. Gordon, Ho Kom Tong, A. W. Hughes, C. Onter, the Chairman said-The Knight, WR. Mansfield, J. Ormis- Working Account for the year 1630 ton, G. H. Potts, L. G. Ribeiro, O shows F. Ribeiro, V. RV. Ribeiro, M. A. R. Souza, V. F. Soares, A. Steven- son, D. V. Stevenson and H. C. B. Way.

CHINA FIRE, LTD.

Extraordinary Meeting.

At an extraordinary meeting held

2

Mr. A. Stephenson, in seconding the proposal said the Society ap pears as usual to be in a very sound position being able to pay the usual dividend besides making all neces An extraordinary general meeters, absorbing $440,000, and that the sary provisions in the matter of ing of the China Fire Insurance Reserves.

was also held for the purpose of allotting the reserve fund to the un- paid capital, which amounted to $1,600,000. The proposal was car

balance of $882,075.91. Your Directors recommend that a final Düdend of 86 per share, a Bonus Dividend of e per share and an Exchange Bonus Dividend of 87 per share he paid to Sharehold-

Balance be carried forward to Underwriting Suspense Account to close the Account for the year 1930, The Balance at credit of the 1931 Working Acedunt. is $1,397,410.57. Out of this Balance your Directors. recommend the payment of an Interim Dividend of $3 per share

I feel sure that all Shareholders will join me in an expression of appreciation to our General Mana ger and Staff for the ability and ried. loyal services displayed in these The Chairmann was supported by hard and trying times The past MonsTs. J. Owan-Hughes, A. Mit year has again been under a cloud shell, J. A Plummer and absorbing $80,000, and that, the re of troubles such as the unsettled Warren (Directors) and Mr. Paul state of trade and the money Lauder (General Manager);

A was to have bron aistiriputed raarket in general, the Indien uns The Chairman said This extra the Acounts before you have been rest and last but perhaps not ordinary General Meeting has been considerably afected by Exchange least the Sino-Japanese... conflict so close to our doors; with regard summoned for the purpose of pass which has been responsible for an to the latter it would appear that ing resolutions calling up the unavoidable fluctuations.

paid Capital of the Company, peace is not far distant.

mainder be carried forward.

With regard to the Dividend and It is a fact that a Society such The Capital of the Company at Bonuses recommended you will re- Be ours is very dependent on trade present consists of 20,000 shares of call you were warned at the last conditions, and in consequence we the nominal value of $100 each, of annual meeting that a continuance very earnestly hope for peaceful which 820 per share has been paid of the Exchange Bonus Dividend. would depend on the position of Ex and more prosperous times with a up

change and further that it was in- evitable that there would be varia cular distribution. You will sco from the feport before you that the Exchange Bonus Dividend recom mended is at the rate of X com- pared with $14 per share last year.

free movement of all classes of Your Directors have gives the goods and produce. Our Chairman business and financial affairs of refers to the Customs tarifis as your Company their careful con- tions in the amount of this parti- applied in most countries with a sideration and they have come to tone of regret. Free trade the the conclusion that it is in the ideal if all countries would simi Interests of the Company to call up larly open their doors but that, I the unpaid Capital amounting to

$1,600,000, fear, is too much to expect

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