1933-05-27 — Page 13

MONEY AND

HONG KONG DAILY PRESS, SATURDAY, MAY 27, 1933

MARKETS

INSURANCE COMPANIES'

MEETINGS

(Continued from page 4.)

toya! and efficiant work. The can duct of an insuranon business in these most difficult times is a par ticularly anxious task and I think the figures before you may be con- sidered satisfactory.

You will be sorry to hear that ur Shanghai Manager, Mr. C. M. G. Burnie, who came to the East in the year 1808, will be retiring from our service at the end of this month. Mr. Burnie has done most valuable service for the Society and its affiliated Companies and I am sure you will all join with me in wishing him a jong and a very hap- py retirement.

Since we last met Mr. A. Hughes, as you will notice from the Report, has been appointed Inspector of the "Society and its feel affiliated Companies and we sure that his initative and vigour will be helpful to our business in the various parts of the world he visita.

against the sum of £253,461 5a. Od. the comparatively prosperoas in year 1931. In short, this Company was, for 1992, in the fortunate position of being able to pay well over four-fifths of the amount re-

quired to meet the cost of its 1932 dividend, out of the interest on its investments. Surely this is a very sound position.

At the same time it will be noted from one Profit and Loss Accounts that the actual profit made on the 1031 Marine Account and on the Accident Account is satisfactory.

tlemen, I propose with your per- mission to take the Report, Revenue Accounts and Balance Sheet as read. You will notice that the method in which our Balance Sheet is presented has, heen altered and your Directors believe that the pre- ent form of issuing our accounts will commend itself to you. The old form of balance sheet which the Company used for a great num- ber of years does not meet with the requirements of today and the pre- sent form of rendering our ac

MARKET.

Directors believe that the present HONG KONG STOCK form of issuing our accounts will commend itself to you. The old form of balance sheet which the Company used for a great number of years does not meet with the re- quirements of to-day and the pre- sent form of rendering our accounts will give you fuller information of our position..

The 1931 Marine Account has been

closed and the profit of £16,259 6s. sd. carried to profit and loss ac count. The Marine Fund at the end of the year including the additional reserve amounted to £131,184 19%, 40.

The fire account has been closed by setting up a reserve of 40 per cont. for unexpiréd visks and a pro- fit of £1,002 155. Od. carried to the profit and loss account.

·

The accident and general account

counts will give you fuller informa-has been dealt within a similar tion of our position..

The 1011 Marine Account has been

closed and the profit of $130,097.91 carried to profit and loss account. The Marine Fund at the end of the year including the additionn! Re- serve amounted to $1,073,476.60..»

manner to the fire account and a

profit of £4,770 199. 6. carried to the profit and loss recount.

With these remarks I beg to pro- pose the adoption of the report, revenus accounts and balance sheet

The fire account has been closed i

by setting up a reserve of 40 per cnt. for unexpired risks and a pro-ce presented. fit of 28,020.3 carried to the profit and loss account

Mr. H. C. Gray and the motion In regard to the near future, I

The accident and general account į was carried unanimously. am bold enough to confess that I

Messrs J. Owen. Hughes and T. am an optimist, and that I have has been dealt with in a similar TV.

great hopes that the World Eonomic manner to the fire account and a Conference, at which all the prin profit of $33,237.07 carried to the A. Mitchell were re-elected Directors cipal Nations of the World will be profit and loss account.

The motion was seconded by Mr. on the proposal of Mr. J. W represented, will mark a turning

da Cunha. point in the slough of depression of Leigh Garner and passed unani-Alabaster, seconded by Mr. B. M. C. the past few years, and that wise mously. measures of international ment will set the wheels of world trade going again and will improve vomanudity prices nd international pose the adoption of the Report exchange conditions, whilst reducing

the heavy burden of unemployment.

With these remarks I beg to pro-

Revenue Accounts and Balance Sheet as presented.

TRIBUTE BY SIR HENRY POLLOCK

agree.

Even in the Far East, I seem to discern some hope in the fact that the statesmen and business men of hota China and Japan are beginning to realize that it is much wiser economic policy to trade with one another than to incur huge and

In rising to second the adoption of report and agants, the Hon. Sir Henry Pollock said:--

Mr. Chairman and Geitiemen,unreproductive war expenditure in I have very much pleasure in fighting against one another. spending the adoption of the Re- port and the Revenue Accounts and the Balance Sheet as presented and, as an old shareholder in this So riety, which has had such a long and successful career and will shortly le completing the centenary of its existence, I would crave leave to

add a few remarks,

In the first place I should like to say that it is vey gratifying to shareholders that this Company, in

Before I resume my seat, I desire, on behalf of the shareholders, to express our very hearty thanks to the Board of Directers, the General Manager and the Staff of this Society for the very able and con- scientious manner in which they

have attended

interests to our throughout the difficult year 1932.

"Other Items./

On the proposal of Mr. A. Brear- the difficult times through which we ley, seconded by Mr. T. H. G. Brny- have been passing, is able to confield, Messrs. J. Owen Hughes and tuur to pay its usual dividend of T. A. Mitchell were re-elected £ a share, which, amounts to 50%

auditore.

On the proposal of Mr. J. Bent- ley, seconded by Mr. F. H. Farne. Messrs J. Owen Hughes and T. A. Mitchell were re-elected directors.

Messrs. Linstead and Davis and Messrs. Lowe, Bingham and Mat thewa were re-elected auditors at a remuneration of 81,500 each on the proposal of Mr. B. M. C. da Cunha, seconded by Mr. A: A. Alvea.

Those Present.

Those present at this meeting were Messrs. Stanley H. Dod well (Chairman), C. Blaker, Hon. Mr. C. G. S. Mackie, T. A. Mitchell, K. S. Morrison (Directors), Paul Lauder (General Manager), J. W. Alabaster, J. Bentley H. M. C. da Cunha, A. A. Alvey, F. H. Farne,|| Leigh Garner and H. C. Gray.

*

British Traders

British Traders Insurance Co., Addressing the shareholders of the

Ltd., the Chairman said:-Gentle mission to take the report, revenue accounts and balance sheet as read. You will notice that the method in which our balance sheet is present- સ has been altered and

On the proposal of Mr. Leigh Garner, seonded by Mr. V. R. V. Ribeiro, Messrs. Lowe, Bingham and Matthews and Messrs. Linstend and Davis were re-elected auditors at a remuneration of 81,500.

Those Present.

Those present at this meeting were:-Messrs. Stanley H. Dodwell (chairman). C. Blaker, Hon, Mr. C. G. S. Mackie, T. A. Mitchell, K. S. Morrison (directors), Paul Lauder (general manager), J. W. Alabaster, J. Bentley, B. M. C. da Cunha, Leigh Garner, H. C. Gray and V. R. V. Ribeiro,

Facts speak louder than words. Jehol, so vast a territory, with so hands in less than ten days. Most huge an army, fall into Japanese

of China's military leaders are rot- tury conceptions of warfare. How can be expect them to put up a

effectual strong and

of the paid-up capital of the Com- Messrs. Lowe, Hingham & Mat-men-I propose with your per-ten to the core and have 18th cen pany. Also it is a matter for satis-thews and Messrs. Linstead and faction that our Reinsurance Fund Davis were re-elected auditors nt an additional Reserve, remuneration of 83,000 each, on the stands at the large figure of over proposal of Mr. W. H. S. Dent a million pounds sterling.

seconded by Mr. L. E. N. Ryan.

which is

*

China Fire Insurance

Another subject for congratula tion, as showing how well our funds are invested, in the fact that in the year 1932 (a year in which the dividends of so many first-rate con- cerns have shown serious diminu The meeting of the China Fire tion) "this Society has SLIITI of Insurance Co., Ltd., was then held. £230.000 2. Id. for interest and In moving for the adoption of the dividends on our investments as report the Chairman said: -Gen-

Asia Lands Limited

Gloucester Building Tel. 28380. We offer you a complete brokerage service for the purchase or sale of

New York Securities Daily quotations sent-gratis-upon request. See our investment news on the Financial Page of

The Hongkong Daily Press

Canton Agenté

#

John H. Ferguson & Co.

32, B. C. Shameen.

Tel. 18624

PACIFIC ORIENTAL

MONTHLY CARGO AND PASSENGER SERVICE

M.S. "SELANDIA" Sailing on or about

FOR MANILA

10th JUNE

FOR SAN FRANCISCO, ETC. 20th JUNE

via SHANGHAI

CARGO, AND PASSENGERS ACCEPTED FOR MANILA, AND SHANGHAI, SAN FRANCISCO, VANCOUVER, SEATTLE, LOS ANGELES, ETC. THROUGH BILLS OF LADING ISSUED TO OVERLAND POINTS.

Excellent Passenger Accommodation

Passenger fare Hongkong/San Francisco G8120 (1st class only) For Freight and-Passage, sto, please Apply to i

The East Aristie Co., Ltd. The Chinese American Shipping

Agente

JOHN MANNERS & CO., LTD.

Company Agents HONG SLING

Ofice: MURCANTILE BANK BUILDING (TOP FIOGA), 7, QURER's BD., UnwTRAL, TELEFONE:/$4071.

resistance against invaders.-CHE FU SHENG your in China Weekly Review,

NEW YORK STOCK EXCHANGE

ASIA LANDS, LTD., QUOTATIONS

(INCORPORATED IN HONG KONG.)

WEEKLY OFFICIAL REPORT

After a slow opening in the ear- liar part of the week, the market considerable latterly developed strength, and with a broadening demand for the investment issues, an advance in rates generally hus been established.

The lower-priced issues also maintained their position through- out the period, and just towards the close, China Lights appear to be coming into favour again, and show a slight advance on the week.

BUSINESS DONE DURING

THE WEEK.

Hong Kong Banks, $1,720, 81,797) Union Insurances, 8530, 85-15. Raubs, 30.90, $10. Benguet Explorations, 31 cents. Providents (Old), 84, 83,05 Hotels, $7.10, $7.03 Lands. $75, $781 876, 876), 877 Humphreys,, 813}.

Tramwaya, 21.30, $21.00, 821.80 Star Ferries, 802.

China Lights (Old); $12.30, 812.40 Electrics, $72.60

Telephones, 828), $28.65 Cementa (Combined), 88, 88.10 Dairy Farms, 828). Entertainments, 812)

Ewo Cottons, Sh. $14.80 Shanghai Cottons, Sh. 8103 Govt, Loans, 3 per cent 1 per

cant. Prem.

CHANGES (3.15 p.m.) CLOSING

QUOTATIONS..

Buyers...

Hong Kong Banks, 81,720 Ven: Goldfields, 84.40 Hong Kong Lands, 876) China Lights (Old), 812.40 Lane, Crawfords, 84.65 Constructions (Old), 84 Constructions (New), #1 Ewo Cottons, Sh. 415

Bajen.

Hong Kong Banks, 81,727 Hotels, $7.05

Hong Kong Lands, 877 Telephones, "899.65

LONDON STOCK · EXCHANGE

[BRITISH WIRE ENS BÉRVICE)

Paris New York

PRESED

મ.

13%

(CHIYODA BALBOA

Weekly Sailings Transpacific

To San Francisco, Los Angeles & New York

via. Panama da Fortnightly sailings on Wednesdays Pres. Wilson June 7 Pras, Coolidgo. June 21 Pres. Jackson July 5 Pres. Hoover ...' ..................

July 19

To Seattle' and

Victoria

Fortnightly sailings on Saturdays Pree. Jefferson...

Pres. Cleveland ..... Pras. Tait...

Inne ......June 24 ...Jaly 8 Pros. Jefferson...........July 22 ROUND TRIP FARES TO EUROPE & AMERICA, Special through rates to Epropo via United States. Direct connections with all Atlantio lines. Choice of rail lines morosa United States and Canada, liberal stop-over privileges for Sight-seeing. Full particulars upon application.

Fortnightly via Suez to Europe & Anierica

Fortnightly sailings on Saturdays via Manila, Straits, Colombo, Bombay. Suez Canal, Alexandris, Naples, Genoa; Marseilles, New York and Boston

8 a.m.

Pres. Polk......May 27 Pres. Adams

Next Sailing.

June 10

Bm Pres. Harrison ..................... June 24- Pres. Hay05................ ..July 8

MANILA

Pres. Polk May 27, 8 a.m.

TO

Pics. Jeferson.ronment Pres. Wilson

May 27

Pres. Cleveland........

May 30

Pres. Hariison

June 10

Pres. Jackson amate

„Juno 13

Pres, Taft - ............. ...........

...Jaly

Pres. Adams

Pris, Coolidge

11

JUDA 17

June 24

June 27

Connecting with 8.8. MAYON 7% CEBU," ILOILO, ZAMBOANGA

DOLLAR STEAMSHIP LINES

AMERICAN

MAIL LINE

PEDDER BUILDING-HONGKONG.

+

CANTON BRANCH:—4, SHAKES ROAD.

SHIPBUILDERS,

SHIP REPAIRERS,

BOILER MAKERS,”

FORGE MASTERS,

OXY-ACETYLENE AND ELECTRIC WELDERS,

MECHANICAL AND

ELECTRICAL

OF HONG KONG, LIMITED.

THE TAIKOO DOCKYARD & ENGINEERING COMPANY

SALVAGE Tug "Taikoo"

-WIRKLess Call

V.P.ON. 600 Merzas

ENGINEERS.

Ruoay, May 23.

831

3.91

Montreal

4.483

Brussels

84.27

Geneva

17.52

Amsterdam

8.30

Milan

14 13/32.

Stockholm

19.45

Helsingfors

Madrid

30%

High-1932 26.76

Low: May 24. May 25,

41.22·84.20

Change

Lisbon

110

83.73

.50 down

Athenis

7500

41.30"

13.23 40.28

40.23

,05 down

570

38.11 83.96

16.53 28.70 23.52 65.78 82.30 89.82

.19 down .43 tip

Belgrade,

250

Rio

41 nom.

414 official

34 nom.

Tel. 28380-Gloucester Building, Room 306.

{REUTER'S AMERICAN SERVICS.]

New York: May 25.

Dow Jones Averages:

30 Industrials

20 Utilities

40 Bonds

20: Raile

Asia Landa, Limited, has received the following report from their New York correspondents, E. A. Fierce & Co. The market acted as though it was somewhat tired, yet there are no plain indications of a general reaction. We would watch the list carefully tomorrow morning par. ticularly in respect of the volume of trading. If the volume slows on irregularity we think it will be a favourable sign. However, it is the general opinion that the market is getting somewhat close to top levels. Wheat: Liquidation caused weakness but the market rallied at the close. North-Western crop news is very favourable. Cotton: This market is in sympathy with the reactionary tendencies of the Security and commodity markets. The Red Cross is still selling. The weather is better in the Western Belt. Silver: Steady though quiet. There has been some trade and foreign buying. Business Done: 4,010,000 shares.

"

fi

LAST BALE

Berlin

Bucharest

Buenos Aires Montevideo

Bombay Shanghai

Hong Kong

Yokohama

1/6 5/64

-DRY DOCK-

Length 787 Fest. Length on Blocks' 750 Foot. Depth on Centre of SUI (IL.W.0.8.T.) 84 ft. 6 ins.

THREE SLIPWAYS.

Capable of Handling Ships Up To 4,000 Tons Displacement.

Electric Crane At “Səf Wall, Capable of Lifting 100 Tow at 70 Feet Radius.

BUTTERFIELD & SWIRE, Agents,

HONG KONG, CHINA & JAPAN.

T. Andamus: "TAIKOGDOCK, Hono Kows. TELEPHONE: 30211

Cars Pras: “0” OYER "Áng. Pruna

1/3

1/42

1/27

Silver (Forward) Warloan 31%

18 11/16 182 98)

Silver (Spot)

BREMEN

HAMBURG AMERIKA LINIE .

HAMBURG

3

NORDDEUTSCHER LLOYD

FAR EASTERN MAIL PASSENGER AND FREIGHT SERVICE

THROUGH BOOKINGS TO AMERICA via EUROPE

AND EUROPE vis AMERICA. BOOKINGS AROUND THE WORLD.

NORD

DEUTSCHER

LLOYD

BREMEN

1932

Hion

Drv. € Low PER SH.

May 24. May 26.

301

3.00 "Air Reduction

8741 8754

941

42)

6.00 Allied Chemical & Dye

1071

109

824

200

4.00 American Can

86

844

30

American Smelting....

904

Sof

1378

701

9.00 American Tel.

111

110

801

44

5.00 American Tobacco

834 8.1

19

3

Anaconda Copper Mining

13

131

1017

281

2.00 Auburn

52

501

431

18 1.60 Borden Company ..................

33

33

200

71

· Canadian Pacific

13

1.2

654

102

J. I. Castroen

£3

61)

47

17

2.00 Chase National Bank

264 bid 25 bid

311

5

1,00 Chrysler Motors

22)

THROUGH BOOKINGS TO LONDON,

681

314

4.00 Consolidated Gas of N.Y.

57

.23.

3.00 Drugs, Inc.

473 481

591

2:2

200 Du Pont de Nemours

081

871

35

3.00 Eastman Kodak

1747

48

5

6% 8. Electric Bond & Share

201

0.40 General Electric,

ARRIVALS FROM EUROPE SAILINGS TO NORTH CHINA & JAPAN

BAILINGS

201... 20

198

2.00 General Foods

321 331

249

74

1.00 General Motors

342

100

1. Gillette Safety

34)

10

.108

682

7.00

23

104

80)

341 4.00 Liggett & Myers

0.60 International Harvester

International Tel. & Tel.

B

13 :34)

(Preferred)

100 bid 100 bid

844

B

1.00 Loew's Ino.

181

18

3

Montgomery Ward

22

21

201

2.60 National Biscuit

52

52

1.00 National City Bank

371

301 bid

2.00 Pacific Gas & Electris

93

0.50 Pennsylvania Railway

251

Radio Corpo,

Sears Roebuck

Jersey

309

1.00 Standard Oil Co. of New

16 1.20 Union Carbide & Carbon

JEBSEN & CO., Agents,

0.40 Socony Vacuum Corpa,

10397

12, Pedder Street, Tel 28868.

TO EUROFE

80th May ...(HAL) M.S. "SAUERLAND"

4th June ....(NDL) 8.8. "TRIER"

((NDL) 9.9. "HOLSTEIN"...... 12th June

...(HAL) M.S.HAVELLAND!......14th June (HAL) M.8. "LEVERKUSEN 22nd June. 26th June :..(NDL) 9.8. "AACHEN

2nd June. (NDL) 8.§.“ SAARBRUECKEN" 2nd July'

DESTINATION

Genoa, Rotterdam, Hamburg Genoa, B'lona, C'bkaca. E'dam. H'burg, Bremen, Genos, Marsailles, Oran, Havre, Rotterdam,"

Hamburg, Bremen,

Genoa, Marseilles, Rotterdam, Hamburg. Genoa, Barcelona, B'dam, H'burg.

Tripolis,

Genos, Miles., Oran, Havre, Dunkirk,

MA'worp, R'dam, H'burg, B'men. Genoa, Blona, L'ben, E'dam. H'burg. Bremen

NDL. Hongkong/Bouth Sea Islands service; 8.8. "BREMERHAVEN" 16th June, 1988 to HABAUL,

HAMBURG AMERIKA LINIE

TULAGI, GIZO and porta Nordeutscher lloyd MELCHERS & CO., Agents

Queen's Handler. Tel. 96578,

4.00, Union Pacifo

100

CANTON AGENTS

United States Steel Westinghouse E. & H.

CARLOWITZ & CO., Shakee Road:

30)