1935-03-30 — Page 11

Daily Press 孖剌西報 All

A YEAR OF GOOD WORK

Reviewed at Annual Meeting

“HONG KONG FIRES" PAY

BONUS TO STAFF

Presiding at the Sixty-sixth. Annua! Meeing of the Hong Kong Fire Insurance Co., Ltd., yesterday morning the Hon. Mr. J. J. Paterson reported ʼn satisfactory year, taking into considera- lon the fact that business is at such a low ebb.

The net profit for the year was $627,223.73 and a payment of a dividend of $10 and a bonus of $1 making in all $11 per share was made. A payment of 15% upon the salaries to the staff was also approved.

Supporting the chairman were the following members of the consulting committee:

Messrs. C. Bernard. Brown, L. Dunbar, Sir Robert Ho Tung. Mesars Fellz A. Joseph, J: H. Tarrart and S. T. Williamson,

The following shareholders were also present:

Messrs. D. V. Steavenson, S. H. Ross, M. K. Lo, M. H. Lo, N. V. A. Croucher, J. Fleming, E. M. Raymond and F. C. Hall (Secre tary).

Chairman's Speech

the Shareholders should partic!- pate; however, they wish it to be quite clearly understood that #hould Exchange continue to rise and business" to fall away, there can be no alternative but to die- continue this additional $1.

HONG KONG DAILY PRESS, SATURDAY, MARCH 30, 1935.

LAID TO REST

The Late Mrs. S. L.

Alvares

A.D.Cs GENERAL

Sir A Wardrop and Sir J. Burnett-Stuart

(Special. Air Mall Service). The funeral of the late Mrs.

London, Mar. 8. Sarah Leonote Alvares, a highly His Majesty has been pleased to respected member of the local Por approve the appointment of Gen tuguese community, who passed eral Sir Alexander E. Wardrop, away on Thursday, at-her residK.C.B., C.M.Q. Colonel Comman

The deceased lady is survived by two sons and four daughters to whom the deepest sympathy is extended.

ALL

PRICES

ence. No. 1. Ho Mun Tin Street. dant, Royal Horse Artillery, Co SLASHED Kowloon took place at the Rolonel, 2nd/9th Jat Regiment, In...] man Catholle Cemetery, Happydian Arm, and General Sir John Valley, yesterday.

T. Burnett Stuart, K. C.B., .B.E., C.M.G., D.S.O., as Aidas-de-Camp General to the King, in succession. to General Sir David G." M. Campbell G.C.B., Colonel, 9th Queen's Royal Lancers, and Gen- eral Sir Archibald A. Montgomery- Massingberd, 0.0.8, K.O.M.G.. At the funeral yesterday. Father LL.D., Colonel Commandant, Royal Della Nina performed the burial Artillery, Colonel Commandant. service, while the chief mourners Royal Tank Corps, who have were . Mr. Jose Alvares (son),completed their tenure of appoint- Messrs. V. G. Xavier, P. M. Xavier ment." and J. D. Matques (sons-in-law). Both Generals are G.O,C.s-in-

The Funeral

Chief at home, Sir Alexander War- There was also a large number drop being at York for the North- of friends present among being era Command and Sir John Messrs. L. V. Xavier, Y. G. Xavier. Burnett-Stuart at Salisbury for L. R. Campos, L. Z. Marquez, L. the Southern The former is a G. Marques, H. A. Castro. E J. gunner who was in charge of the Figuereldo Jr.. A. V. Gosano, A. L. R.A of the "Guards Division. Alvares, F. Collaco, C. G. Figuerei XIV. Army Corps and Third Army and commanded in Palestine, do, E. A. Alves, A. A. Botelho, F. B. Slive, H. Figuereldo, F. G. Barbecoming Q.M.G. in India. Gea Lahore, and North China before TOS, F. B. Barros, E. G. D'Agulnoral Burnett Stuart is a Green- G. Noronha and many others. There were no towers by

PLANS FOR JUBILEE

Right To Offer Address

(Special Air Mall Service>

· Addressing the

meeting the $100,000 to Silver Reserve and the chairman said:—

balance of $87,223.73 to Reinsur- Gentlemen.-The Report and Ac-ance Fund. In making this... re- counts having now been in your commendation with regard to the hand for the prescribed number of | continuation of the payment of a days. I propose, with your per- bonus of $1 per share (it can no mission, to follow the customary longer be termed an "Exchange" | Quest

Bonus) procedure of taking them as read.

your General Managers Your General Managers and and Committee have felt that as Consulting Committee are pleased the year has turned out so' satis- to be able to place before you such'"' tactörlly, it is only equitable that a satisfactory Account as that for the year now under review, the more particularly so when it is taken into consideration that the whole World is at present in s most perplexing state. Nothing is more sensitive to depression than Insurance, for it is to Commerce All the Reserves are in' a sound that we look for our revenue, and position, as will be seen from a conditions of “dearth" are quick-comparison of the Balance Sheet ly reflected in our accounts. That with those of former years. The the outtur for the year is so favourable is due partly to the continued support of our many friends and partly to the fact that the percentage of profit was more than usually high; bumper- results cannot be expected every year and a review of our past Reports and Accounts will show how prosperity I trust you will approve of the appears to run in cycles. During usual bonus of 15% da their the more propitious times, we have salaries, being granted to Mem- taken the opportunity to strength-bers of the Staff, who have work en Our Reserves to the pointed well during the year. where they now stand,' which renders them more than adequate for the volume of business that

I do not think there is anything we transact and which we and it further which calls for specialį

I have already most dificult to augment in these mention by me. highly competitive days. In 1928, referred to the conditions under my predecessor in this chalr made which we are now working but we an appear to Shareholders to have experienced the Uke before afford the Company a full measure and must hope for better things of their support. I now renew that in the future, as life to-day with

a leavening of optimism would be quite impossible.

Assets as expressed in Sterling show an increase of close on £50,- 000 whereas in local currency-there is a decrease of approximately $940,000, this latter being the re- suit of the rise in Exchange of which I have already "made men- tion.

appeal and ask for all the assis-out tance you can giye us.

FALL IN INTEREST The premium income for the year, now being considered, which stands at $1,522.640.06. averages but poorly with those for the five previous years but this result is merely the natural sequence to poor trade and the higher Ex- change at which Sterling has been. taken for the purpose of our Ae- counts, as on the 31at December last; it is the highest since the close of the year 1923.

The ratio of Losses works out at 41.42% as against 50:81% for the year 1032, while that for Ex- penses fell from 47.54% to 43.84% for 1933; the percentage of profit resulting was 14.94%.

"CARRIED UNANIMOUSLY",

After the Resolution, which I am now about to propose, has been duly seconded-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 Ac- counts, as presented, including the payment of a Dividend of $10 and of a Bonus of $1, mak- ing in all-$11 per share, an addition to the Silver Reserve of $100,000, the transfer of $87.- 223.73 to the credit or Rein- surance Fund, and the pay- ment to the Staff of 15% upon their salaries, be adopted and passed."

The accounts and report were seconded by Mr. D. A. Steavenson and were passed unanimously.

jacket who was Director of Mili re-tary Operations in New Zealand, D.A.G. in France, commanded in

Director Madras,

of Military Operations and Intelligence at the War, Office, Commander of the 3rd Division and G.O.C. in Egypt. The two Generale relinquishing A.D.C. were appointed on March 1, 1971, the appointments being for four years.

London, Mar. 8. As the King has resolved that no the Royal Silver Jubilee celebra addresses to him in connection with tions-other than those from the flouses of Parliament should be received in person, the Church of Scotland will not exercise in May. its ancient and historic "right" to offer its address of congratulation to His Majesty in person.

This was intimated yesterday at a meeting in Edinburgh of the Commission of the General Assem- bly of the Church, when plans for celebrating the Jubiles were out- lined. The address is to be for- warded to the Secretary of State for Scotland for presentation,

The Royal Jubilee celebrations mitted by Mr. J. A. S. were dealt with in a report sub- W.S., on behalf of the General Ad

Millar,

ministration Committee.

The committee, he said, had re- ved on two things--one, that an he sent to the hing, and second, address of congratulation should that a thanksgiving service should be held in all the churches of the Charch or Scotland on Sunday, | May 12.

In addition to what might be called a state service in St. Giles' on May 3, the actual anniversary date, he took it there would be ser rices arranged in Glasgow, Aber- deen, and other cities.

Advice of Government The address, drafted by himself, had been submitted to the Mode rator, to the Rev. Dr. James Har vey, joint clerk, and to the Lord Lyon King-of-Arms. They had ap proved it.

The Church of Scotland had an ancient and historic right to pre- sent such addresses in person.

Against the above mentioned im provement in working results, would call to your notice a fall of over $15,000 in Interest, as com-

OTHER BUSINESS

He had written to the Secretary pared with the previous year, and

of State for Scotland to learn on would explain that this is almost Proposed by Mr: M. K. Lo and what date it would be convenient entirely due to the various Loan seconded by Mr. J. Fleming the for the King to receive a deputa Conversions that have taken place following were re-elected members tion from the Church, but was in- at Home and which have resulted of the Consulting Committee: Hon. ¡ formed that on the advice of the in a shrinkage in our Interest from Mr. J. J. Paterson. (chairman), Government the King bad resolved Sterling Investments of almost ex-Mesars, C. Bernard Brown, A. H. that no, addresses should be receiv- actly one third. There is likewise Compton, Dunbar, Sir Robert ed in person, with the exception of the factor of Exchange which at Ho, Tung, Mekari. Felix Joseph, those from the Houses of Parlia 1/8id, as against 1/5id. has caused T. E Pearce, JH. Taggart, 8. T. ment yet a further contraction in our Williamson.

There had been one other sugges of the address might be made tion that the actual presentation through His Royal Highness the Dake of Kent when he came as the ensuing year at a remunera-Lord High Commissioner to the Assembly later on in May. There

Bberling Interest, when expressed Messrs Lowe, Bingham and Mat in local currency; Interest from thews and Percy Smith and Flem- Silver Securities has risen by over ing were re-elected auditors for $23,000;

The balance at credit of the tion of $1500 on the proposal of Working Account for 1934 is $628,- Mr. N. V. A. Croucher and second- had been presedent for such a 214.01, an increase of $32,743.82ed by 3r. M. H. La

over the carry forward for 1933. after twelve months working. It is early yet to venture an opinion 44" to the ultimate result of this Account but, granted normal con- ditong, we have every reason, to

· hope that lù will prove to be satis- factory:"

·BOUND POSITION The surplus to be dealt with at this Meeting is $627,523.73, the ba lance of Account 1933, and we now ecommend the payment of a

THE DOLLAR

Another Drop Registered

The Hong Kong dollar dropped 1/8th on opening yesterday mor- ning, the omcial rate being two shillings Later in the morning, the rate was changed to 15 11d, he market being weak

course. On the occasion of Queen' Victoria's Diamond Jubilee, which took place in the month of June. the address of the Church of Boot- land was not presented until the month of October, when a deputa- tion was received at Balmoral,

10 Bome of the members of the Com- mission were of the view that the address should be read before be ing approved, but it was decided list the terms of the address should not be made public at that early date on

The Commission agreed to the recctamendation of the commi through the Secretary of State Boodland prior to the anniversa dato

end of 310 per share, together In the afternoon, the market the address be for

Sponts of 31, making in all took on a steadier tone, the bust which will absorb ness rate being about 2s. 0.1/8d. $440,000; the appropriation of and 28, 33/18:

Naval A.D.Cs to the King

The following officers have been appointed Naval Aides-de-Camp to the King in succession to those who have been promoted to flag Jank

Captain O.. H. Dawson, from March 2. in succession to Captain H. T. England, A.D.C.; Captain (Commodore, First Class) R, H. T. Raikes, D.5.0.. from March 3, in succession to Captain J. A. Tdgell, OB.E., A.D.C.; and Captain R. March 3, in succession to Captain H. L. Bevan, D.S.D., M.V.O.. from L. D. I. MacKinnon, A.D.C.

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