1933-05-26 — Page 6

Light-weight SOFT FELT

HATS

$15.00

Less 10%

Cash Discount

Made by "Ritz" of fine fur felt in a new shape with adaptable

brim.

Grey, Fawn, Drab and Dark Brown.

MACKINTOSHS [TD

MEN'S WEAR SPECIALISTS

MALAYAN CHAMPION'S SUCCESS

due to

PHOSFERINE

PROFESSIONAL FEATHER AND

LIGHTWEIGHT CHAMPION Y. G. SONG writes :----

"SINCE

INCE the commencement of my career as a professsional Boxer I have tried many different tonics but results were disappointing. However, I was eventually advised by my Manager, Mr. Tan Ngee Yong, to try Phoslerine, and I can testify that It has been of the greatest humalis kar my training, and I recommend it to all engaged in athletic pursuits, in fact 1 HONESTLY ATTRIBUTE MY SUCCESS, TO THIS WONDERFUL PHOSFERINE.”

Y. C. Song, Penang.

PHOSFERINE

Influents

Dability

Indigestion

Sleeplessness..

Exhistlen

THE GREATEST OF ALL TONICS FOR

Neuralgia

Maternity Wass

Wank Digestion

Mantal Exhaustion

Lot of Appetita

Lassitude

Neuritis

Paintress

Brathi Fag Ansmis

Moda in Liquid and Tabiats, each sold in' 3 sisest

the larger does are the more economical.

Herve thock Mafaris Rheumatisms Headache Sciatica

Also take Phosterine Health Salt, the TONIO salloe-it Tones as it Cleanses. Proprietors 1.PHOSFERINE (ASHTON & PARSONS) Led.. Ludgate Hill, London, England. Agenta: W. Loxley & Co., Hong Kong.

EMPIRE WEEK

AT

WHITEAWAY'S

DISPLA

SPECIAL DISPLAYS

OF

EMPIRE MADE GOODS IN

ALL DEPARTMENTS.

SEE WINDOWS

FOR

OUR SPECIAL VALUES.

WHITEAWAY, LAIDLAW & CO, LTD,

HONG KONG DAILY PRESS, FRIDAY, MAY 26, 1933

CANTON INSURANCE OFFICE LIMITED

therefore recommend

SATISFACTORY YEARS WORK REVIEWED | thebr

AT ANNUAL MEETING

SHARES SPLIT INTO SMALLER DENOMINATIONS

The Hon. Mr. J. J. Paterson presided over the annual meeting of the Canton Insurance Office yesterday and in the course of his remarks observed that the year's working had been satisfactory and that the results of 1932 were the third best in the history of the Company.

Supporting the Chairman were Messrs. A. H. Compton and J. H. Taggart (Directors), Mr. R. A. Wadeson (representing legal advisers) and Mr. F. C. Hall (Secretary);

Shareholders prosent were as follows)-Messrs. Ho Leung, Lo Cheung Ip, E. M. Raymond, J. H. Seth, D. V. Steavenson, Ho “ Kom Tong, J. Fleming, M. H. Lu, Hornce Lo, W. L. Mackenzie, M. K. Lo and Hon. Mr. T. N. Chau.

THE CHAIRMAN S SPEECH

The Chairman said: Gentlemen,, Account to close 1931 and previous The Report and Accounts having years. The balance of 92,122,180.49, been in your hands for some days, at credit of 1932 account, allows of I propose, with your permission, to the payment of the usual interim follow the customary procedure of dividend of 818 for that year. taking them as read.

The account for the year 1931, which we now have pleasure in presenting to you, ranks as the third best in the history of the Company, the surplus of $1,416,684.04 having been surpassed on but two occasions, riz, 1917 and 1916; in reality, a though such figure is somewhat less than those for the two years I have mentioned, 1931 may be considered the best we have yet had As it is free from the congestion of, unad- justed claims which the other two were carrying at their close.

A comparison of the working account now under review with that for 1830, shows approximate in creases in premium and interest of 8337,000 and 301,000 respective ly; against these gains, losses have risen by about 8272,000 and charges and commissions by 875,000. The surplus for appropriation is great- Pr by 850,419.90.

The general agents and consult ing committee trust that share holders will continue to take cogni- zance of the note appearing in the Report with regard to the ex change" bonus, for should our friends across the Pacific be success ful in

wishing" the price of silver up to any material extent this. bonus must necessarily disappear.

Increase in Director's Fees,"

There are two other matters which I have to bring to your at tention, though already advised to you by means of the Notice conven. ing this meeting; the first is the suggested incrense ju.Directors' fees from $2,000 to 80,000 per annum (totalling $21,000 against $18,000 as previously), and the second the raising of the Anditors' remunera- Lion from $1,250 to $1,500 per

31.

the

In spite of the fall'in_exchange the members of your Consulting The more satisfactory results Committee have received no aug obtained

Undermentation of their fees since the Marine from writing, over the period of the last year 1921 and, in view of the three years, are undoubtedly due growth of the Company's assets to the many improvements brought since that dutn I think you will about in Londonduring 12/12 allow that an increase is more than and this is borne out by a review justified, The, addition to of the accounts of the many Com Auditors' fees of $250 per annum, panies which confine their activities for each firm, brings their re- almost entirely to the Home marauneration up to the figure paid by kets. Unfortunately these improve other Companies of our standing. ments are not being maintained and we learn, from our London friends that rates and values of Hulls are beginning to slip; this is unfortunate and we can only trust that a pull will again be taken the before conditions revert to parlous state of affairs that ruled between the years 1923-1928.

Since we last met, the Marine Insurance Markets of the World have received two very severe shocks by reason of the burning of the Georges Philippar" in June 1932 and "L'Atlantique" last January; this Office being interested on both In- steamers for material sums. vestigation has been made into the hrobable cause of these disastrous fires and,, it is to be hoped. will re- sult in improved fire protection and fire-fighting appliances being in- stalled in these colossal luxury liners.

Confidence in the Future.. Again I cannot venture to predict am hopeful as to the future but that, whatever betide, by carrying along quietly and maintaining our connections, we may continue to derive a modest margin of profit from our operations.

Working account for the year -1939, after 12 months, shows a balance of 82,122,160.40 or $217,406.38 more than that carried forward for same the year previous at the stage. It is early yet to comment on the progress of this account but we have every reason to hope, even if it does not run off as sathfactorily as did 1931, that the final, outturn will make a good showing,

I do not think there is anything further that calls for special men- tion by me but after the resolution, which I am now about to propose, has been duly seconded, I shall be pleased to answer, to the best of my ability, any questions which shareholders may wish to ask.

I now propose the following, re- solution:

#

That the report and recounts, As presented, including the pay- ment of a final dividend in res pect of the year 1931 of 837, to- gether with an exchange bonus of 5 per share and an interim, dividend in respect of the year 1032 of $18 per share; in addition 8336,684.01 to Reinsurance Fund and of. 8480,000 to Under- writing Suspense Account, be adopted and passed."

of

The Hoo, T. N: Chau seconded and the motion was adopted.

Sir Robert Ho Tung, Messrs. D. E. Clark, A. H. Compton, L. Dun- bar, T. E. Pearce, J. H. Taggart and A. II. White were re-elected members of the consulting com- mittee.

Messrs. Towe Bingham and Mat thews and Percy Smith, Seth & Fleming were re-elected auditors.

EXTRAORDINARY GENERAL

MEETING

QUESTION OF SHARE PRICES

An extraordinary general meeting of the company followed in which to resolutions were adopted. The Chairman addressing the meeting in

aid: connection with theso: resolutions

An analysie of the balance sheet shows that the total of assets, as expressed, in sterling, has increased by £120,169 18:9d. while as shown

Gentlemen,The Notice convening in Hong Kong dollars. the rise amounts, to 84,073,087.82. The in this meeting, which the Secretary. vestment and exchange fluctuation has just read, deals fully with the account discloses an appreciation of objects for which the meeting has $2,251,520.0 owing to the marked been called, but before, the Resolu improvement in the value of our tione are put to you there are sterling investments as calculated certain points on which I should at prices ruling on December 31 like to enlarge, as to the reasons last. Reinsurance Fund is up by which have induced your general Bome 8273,249.93 and our Under-agents and consulting committee to writing Suspense Account by suggest subdividing the shares and amending the articles of association! $252,002.95.

We have felt for some time that The surplus to be dealt with is the price to which our shares have $1,418,884.84, out of which has been risen is possibly detrimental to the paid an interim dividend of $18 per true interests of the Company, by share. We now recommend the pay- reason of the fact that it must ment of a final dividend of 837 nocessarily restrict the number of which with an "exchange" bonus of shareholders. The proposed sub , making 800 per share in all, will division, will have the effect of absorb 8000,000; we further recom-grahally widening the field over mend the addition of 6336,684.94 to which our shares are distributed Reinsurance Fund and the transfer and so increase the number of per of the balance, amounting to sous in whose interests it is to sup $480,000, to Underwriting Suspense port the Company's Activities. We

the subdivision

for your approval, as we have every confidence that it will materially assist in maintaining the present prosperity of the Company.

With regard to the "articles of Association, a revision has been somewhat forced up on us by the new Companies Ordinance," which' comes into force on July 1 next.. The articles have therefore been! amended so as to comply in ali! respects with the provisions of this new Ordinance and, in addition, certain alterations have been mado sons to ensure the more convenient working of the Company.

All Alterations of any substances have been fully indicated in the Notice convening this meeting which was circulated to all shareholders; further, the suggested alterations to the existing articles have been upen to inspection at this, Office since May 3 and I do not think that the new articles call for any special comment from myself.

However, I shall be pleased to answer any questions shareholders may desire to ask and further, if any one has an amendment to sug- gest, coming within the purview of the resolution, then same can be put to the meeting in the form of a re- solution and, if passed, can be in corporated in the copy of the articles which I shall sign for iden tification before the resolution is proposed.

I now propose the following re- solution:

1) That the existing 10,000 sharea in the capital of the Com- pany of the nominal value of 8250 each, upon which the sum of-8100 has been paid up, be divided into 30,000 shares of the nominal value of $30 each upon which the sum of 820 shall be credited as paid up.".

Seconded by Mr. Ho Leung the resolution was carried.

I now propose the following re- solution -

"(e) That, as on and from 1st day of July 1933 the regulations contained in the printed document submitted to the meeting and for the purpose of identification sub- scribed by the Chairman thereof he approved and adopted as the Articles of Association of the' Company, in substitution for, and to the exclusion of, all the exist ing Articles thereof." Seconded by Mr. M. K. Lo the resolution was carried.

As you know the two resolutions just passed at this meeting require confirmation at a further extraordi nary general meeting which will be convened-at-thie Office at noon 67- June 9 and I would ask you all to attend such meeting for the pur- pose of confirming the two resolu- tions just passed. That concludes the business of this meeting. Gentle men, and I thank you for your! attendance. *

KAILAN MINING ADMINISTRATION

HOUSEHOLD COÁLUNUME Supplies may be obtained at the following prices delivered in quantities of not less than half a ton.

Peak District (above Bowen Road) Bowen Road and Lower Levels. Pokfulum

.$20.

$18.

$20.

.::825.

...$16.

Repulse Bay and Shek O

-Kowloon

All prices are per metric ton and deliveries

- will be made in this unit.

DODWELL & CO., LTD, Agents.

Florists

FOR

BARON. J. HULET &

OTHER BULBS

Flower Baskets :--

Flowers for every occasion

at moderate prices

CALL AT THE

HOLLYWOOD FLOWER SHOP

PENINSULA' HOTEL

Phone Orders Promptly Executed

32. HANKOW ROAD,

PHONE 57778.

Beer through the ages

Sebasti PENINSULA HOTEL,

PHONK 48081"

THE GREAT WAR 1914-1918

OT

Beer was issued to the soldiers who fought

war

malt and yeast content was recognised by the military authorities on both sides. Beer is the greatest restorative of expended energy, and the best

insurance against exhaustion after prolonged strain and

The value of Beer with it's hit the great

DRINK H. B. BEER NOW MATURING-ON ŠALE NU

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YEAST

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REGULARLY

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