1935-05-25 — Page 7

HONG KONG DAILY PRESS, SATURDAY,

THE UNION INSURANCE SOCIETY

one? If this was done, he would withdraw all that he had pre- viously said" (regarding the pro- posed alterations). Mr. Lemann (a. Director) explained that the Society was not formed for the purpose of making profit out of Insurance. but for the mutual benefit of the merchants who formed and who contributed bus. ness to it."

In 1867 Mr. C. D. Williams was

in appointed Secretary place of Messrs. Dent & Co., who were in liquidation, and he was succeeded

1 1868 by Mr. Robert Whatmore who held that office until 1871.

In the period 1888 to 1876 the Capital was $1,250,000 In 250 shares of $5.000 each. of which S1.000 per share was paid up.

In 1871 Mr. Nathaniel Ede was

appointed. Secretary in place of

and ณ

(Continued from Page 6)

took

to carry on all classes of insur- ance other than Life Insurance.

In 1925 an amalgamation place with The Yangtze Insur- ance Association, Ltd., and in this connection 24.000 new shares were issued, bringing the total shares issued up to 135,000 of which £4 per share was paid up, and this Is the issued Capital to-day.

The assets of our Society at the present time, as shown in the Consolidated Balance Sheet now before you, exceed £6,300,000,

EXPANSION

AMERICA-

EMPIRE DAY

Dinner and Dance Last Night

MAY 25, 1935.

FROM THE GAZETTE

Appointments, Etc.

It is notified that Mr. W. J. Car- rle resumed the duties of Head of Sanitary Department on May 18.

Ou original entry into the United States was made a number of years ago through the medium of Agents. and it was not until In connection with the Empire 1518 that steps were taken to de- Day celebrations yesterday, a din- velop the business by more direct ner and dante was held at the representation. In that year Peninsula Hotel at which there Dnited States Managers were up- was a large gathering present In- It is notified that Dr. Li Shu Fan, pointed and a Fire Insurance concluding Lady Southorn, who was J.P., M.B,, (h.B., DTM & H, nection established In common accompanied by Capt. R. F. Walter, FR.C.S. (Edin.), has been duly with the experience of other Com- His Excellency Major-General O. elected as a member of the Sani- panies at the time the Society's | G. Borrett, with Capt. Clough- | tary Board. initial efforts did cot produce Taylor, ADC., Hon. Sir Henry favourable results, and in due Pollock (Hon, Corresponding Sécre- His Excellency the Omcer Ad- course a change in the method uf | tary of the Royal Empire Society) ministering the Government has operation took place.

and Lady Pollock, His Honour Mr. | #ppointed Mr, Thomas O'Connor to

act as an Inspector of Mui Taal,

The foregoing brief history is 0. made interest, but no mention is

It is pleasing to be able to staté | A. D. A, MacGregor and Mrs, Mac- herein of the Society's fortunes in

that present endeavours are pro- 1.Gregor, and Commodore and Mrs. the conduct of its business of Insur-

and al-C. G. Sedgwick. ance. To grow from a small Com-ressing satisfactorily. pang. brought into existence" by

•

.

The name of the Luen Wah Co., though the business is not large. Other celebrations in the course Ltd.. has been struck of the re- group of merchants in Canton o 1 is being built on sound lines. or the day included the laying of gister

by

a world-wide business owned further

'Shareholders resident in practical-

Mr. Whatmore. three year period of operation" occurred.

SHAREHOLDERS' COM- PLAINTS

During these trienplal periods the allotments of shares in new "otices" as they were called,,, were trade in accordance with the can-

tributions Jade by Shareholdersomentous move, for

New York Branch Offices, pre maintained in San Francisco and in Seattle.

OTHER PLACES

a wreath on the Cenotaph by Capt. R. F. Walter, on behalf of the Government while another one was laid at the memorial outside the Cathedral All the ships in harbour were "dressed."

MUSICAL TREAT

ון

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At the expiration of three months from the date thereof the name of The Mayen:Co., Ltd., will be struck off the register and the company dissolved, unless cause is shown to the contrary!

Mr. Thomas Maynard Hazelrigg. M.C.. has been appointed director of Widows' and Orphans' Pensions, vice Mr. H. K. Holmes, CB.E.

and I have no doubt that 你 course of time it will be a source of increasing Income, and Proft. ly every Continent, needed fore-

In addition to representation by sight and initative. That this was nut lacking in our predeces- our United States Managers in sors 1s evidenced by Our pasi- tion to-day. The initial step to- wards extension Overseas was taken in 1868 by the opening of a Branch in Shanghai. This was Our business in Canada is of

to extend comparatively recent growth," but Mr. Dimoff To Give Recital beyond the confines of one's own is nevertheless substantial a to the former "Office." We read

territory in 1868 was s matter volúme and quality. "It is con-

A treat is promised music lovers In 1871, for instance, i complaints calling for much more considera-

FINANCIAL STATEMENT trolled by qur own Branches in

when the Hussiari virtuoso, Mr. D. by Shareholders that they had

In the financial statement for tion and enterprise than is the Toronto, Vancouver, Montreal and Dimoft will give a recital this not been alloted the number of

case in 1935. Furthermore, as it Winnipeg.

evening at St. Andrew's Church month of February 1935, published shares applied for and their com-

Hall, Kowloon on the "balalaika" the Government Gazette," the affected the Society, it marked plaints were answered by the

instrument.

Revenue and Expenditure Account Directors that the allotments had definitely a policy of expansion

a policy that was to lay the foun-

mainly oz works by Schabert, sisting of excess

Mr. Dimoff's repertoire consists shows a favourable balance, con- ΟΙ Assets Over dation of a business that I ven-

Chopin, Tchaikowsky, Liabilities, of $13,350,74171. This ture to suggest our predecessors

Paganini, Kreisler, etc., which are figure is obtained, after deducting those early "days could rot

generally given by violinists. Efe Total Liabilities visualize.

of $7.603,640.31 will be assisted by Madame Nura from Total Assets amounting to Kanis (pianist), Miss M: Gomez $20,954,382.02. I think you are aware of our (vocalist) and Mr. D. Wolf progress in places not so distant. ('collist), well known to local In India, the Straits Settlements, audiences. The concert will begin Japan Java and the Philippine at 0.15. Ter per cent of the total Islands our Branches are operat-proceeds will be given to the ing successfully and

there are Russian Church Fund record innumerable

Agents throughout the world, working in the interests of the Society.

"been made as indicated above.

In 187 the polley of the So- elety changed, in that the three year period was abandoned, and new Articles of Association were drawn up which included no per- iod of duration.

ת!

THE SHANGHAI OFFICE

It is recorded that Mr. Samuel

In South and East Africa an in- business is developing creasing under the control of our Generai Manager for South Africa,

the

In the French field also Manager for France is extending our business with gratifying re- sults.

Brown was the first representative of the Society" in Shanghal bat, as in the case of many

persons connected with our early days. there is unfortunately no of Mr. Brown other than, that he was the Arst representative out- side of Hong Kong. It does not I have endeavoured to give you need much imagination however,

a word picture of our Society as i to conclude that Mr. Brown would has developed up to its one hun- be surprised

he could see dred birthday. You can rest as Shanghai, to-day, with a populasured however, your Board regard tion of more than 31 milion peo- the completion of this period as ple, with ships of from 15 to 20 but a milestone in the Society's thousand tons, of all nationalities. moving dafly up and down. the Whangpoo River-right to the

In order to preserve the support of Shareholders. a clause was in- cluded in the new Articles to the effect that the Directors could, if they though fit, cancel shares owned by parties who were no supporting the Society and re- allot them to other parties from whom business was forthcoming. In January 1874 a Branch Office was opened in London. From this time onward. the Society made rapid progress as is shown by the fact that the assets which were $345.000 at the end of 1874. in- creased to over $500.000 at the end of 1875: to over $1.000.000 by the end of 1877 and to nearly $1.500,-famous Bund 000 at the end of 1882.

INCREASE IN ASSETS

On the 24th October 1882 "the Society was registered under the Hong Kong Companies' Ordinan ces as a Company limited by shares." The assets steadily in creased during the next few years, passing the $2.000.000 mark in 1892 and reaching $3,000,000 by

with its modern buildings one of which is that of the Society.

The extent

of the Society's Shanghai business in 1868 must have been small. To-day a Staff of some 60 people are kept busily employed. The Society's business on the coast and in the interior of China has developed to-day "to a point that would certainly be a revelation to Mr. Brown could he see it. In every Coast Port there In the meantime, in 1897, Mr. are axerts and Representatives, Nathaniel Ede retired from the and in Tientsin, Hankow. Pelping post of Secretary, which he

and Canton the Society's Branch held for over a quarter of a cen-Offices are engaged in developing tury, and was succeeded by Mr. the business that Mr. Brown start- Douglas Jones, who in turn was ed in such a small wey. succeeded by Mr. W. J. Saunders in 1900.

the end of the century.

had

In 1906 an amalgamation took place with the China Traders' In- surance Company, Limited, (now the British Traders" ").

The assets of the Society, which prior to the amalgamation exceed-

ed $3.500.000, reached $10,000.000

at the end of 1908.

LONDON

In the days to which reference is now being made, London,„,” a. now, was the centre of the com- mercial world, so it was only a matter of a short time after the establishment the Shanghai

of Branch that the active offices controlling the Society realized

In 1907. Mr. Saunders retired the necessity of going even fur- and Mr. C. Montague Ede was ap-ther afield than they at first-con- pointed Secretary. Mr Ede's title templated. was in 1916 changed to "General Manager."

Insurance.

career and that those now respon- sible for your interests will strive energetically to follow in the path of progress so successfully troa- den by their predecessors.

Before I conclude I am sure you will wish me to record our ap- preciation to the Staff throughou: the word for the splendid work they have done in the past and still are doing in meeting success- fully the competitive conditions of the present time (Applause).

With these remarks I beg to propose the adoption of the Re- part, Revenue Accounts and Bal- ance Sheet as presented. (Ap- plause).

SECONDER'S SPEECH

The Hon, Sir William Shenton, on rising to second the adoption of the Report, Revenue Accounts and Balance Sheet, said:

Mr. Chairman and Gentlemen. I regard it as a great privilege on the this important occasion to have adoption of the Report Revenue

honour

of seconding the

Accounts and Balance Sheet 25 presented.

Mr. J. P. Warren's demise was o matter for deep regret. He was an old and valued coleague of

many of us, and he leaves behind him a number of real friends.

one of

Liszt,

reflects the state of trade as that of insurance.

No business thrives better on a

M

Revenue from February 1 to 28 amounted to $2,008,596.42 and Ex- penditure to $2,051,833.28, but the excess of Assets over Liabilities on January 31, 1935, amounting to $13.395,878.57 was also taken into consideration in preparing the ac-

count.

putation.

Our Chairman's history of the Society's progress over the past 100 years is not only intriguing to an of us but a record which any Company wherever situated might well be proud.

*

free flow of international trade; crganization of world-wide re- consequently with WAIK and rumour of wars. prevalling low commodity values, the very small rate of Interest earned on capital, the instability of currencies, the gyrations of foreign exchanges cuotas, rising tariffs and the general adoption of almost every form of trade barrier, it is most gratifying to find that the 30- counts now presented to us are ag satisfactory as they are. It cer tally reflects great credit those who are responsible for the direction of and carrying out of the Society's policy.

M

Or

The periodical silcing up of the melon, In the very early days hardly contributed to stability or the building up of reserves, how- ever, satisfactory it may have been to the participating shareholder's of that period.j

We wish you continued success" and although nome of us here to- day will be present when the next ENVIABLE ASSETS

Centenary comes round, we have The detalls of the invested as- every reason to believe that when sets as shown in the consolidated it does arrive it will be found that balance sheet" indicate an enviable the Society has continued to pro- position. They amount to about gress as in the past and that it 26,400,000, and presumably as will still be holding the enviable regards the silver securities have position it does to-day. substantially increased in sterling I have very great pleasure in qwing to the considerable rise in seconding the adoption of the and exchange since the end of last Report. Revenue Accounts

Balance Sheet as presented. (Ap- plause),

year.

I think this 15

opportune place to congratulate our General

position which has all Manager on his first year in that

the

ap- pearances of having been a suc-

cessful one, under very difficult circumstances. (Applause)..

The Chairman:. The two points raised by Sir Willam Shenton a reduction of the racalled amount due on our shares by a transfer from the reserves, and the pay ment. of an interim dividend-will receive the consideration of the Board.

}

!!

The fact that, after a careful consideration of all the circum- stances, the Board of Directors statement of accounts was carried The adoption of the report and have decided to recommend the

unanimously. fame dividend as last year is a a happy augury for the future.

OTHER BUSINESS" We shareholders would not have Mr. J. Owen Hughes and Mr, G. been human if we had not wished Miskin were re-elected Directors that our centenary could have on the proprosition of Mr. J. H. been celebrated with some in-R.. Hance, seconded by Mr. 9. A. crease of dividend but we realise Sleap. 45 that in these difficult times a Messrs. Lowe. Binghain & Mat- policy of caution is most desirable. thews and Messrs. Linstead and We do however, look forward to Dav's were re-elected Auditors at an increased dividend when con- a remuneration 'at $3,000 each on ditions are more favourable and the proposition of Mr. L. E. N. we should like to see a reduction, Ryan, seconded by. Mr. at a favourable opportunity of Ormiston. the uncalled amount due on our

The Chairman: That is all the shares by a transfer from the business; Gentlemen. I am obliged reserves.

to you for your attendance. Dividend Warrants are now ready and may be had on application at the Secretarial Ofice

that of As I have already mentioned, à Branch Office was established in In March 1909 the Memorandum, London in 1874. This was a bold and Articles of Association were step, for there were many large again amended in order to extend and influential Companies caring

By the retirements of Mr. C. G. S. Mackie and Mr. W. J. Saunders, the objects for which the Society for the Insurance requirements was incorporated. The new Arti- of that great City, and

the Society loses two staunch and a young

able supporters. Mr. "Mackie we gles enabled the Society, among, Company from a far of land other things to

can describe as of our generation undertake Fire could not hope "Immediately to make its presence felt. The cour-

and an intimate friend of all of At the end of 1913 the assets age that lay behind this step has

us here, to-day. Our Society is exceeded $12.000,000 and reached been well rewarded, for

many institutions to-day only $17,000,000 at the end of the first the Society has its Staff housed which has benefitted by his sound year of the Great War. In 1916 in its own splendid Building In and able advice. Mr. Saunders. an amalgamation took place with Cornhill with its Underwriter's left this Colony before many of us The China Fire Insurance Co., Office in Lloyd's Building. Ltd and the Capital of the So- The ablity displayed by suc-reputation and work are never- ciety was increased to $4,000,000 ceeding Underwriters, the success-theless well known to us, issuing 3.600 shares ($100. paid ful outcome of

We wish both Mr. Mackie and

Whilst on the matter of dividend their operations up),

and the sound condition of the Mr. Saunders many years of happy perhaps the Directors would con. sider the desirability of paying on financial structure have won for retirement." the Society a place in the London

The Accounts chew a decrease interim dividend. I realize that Insurance world of which' all 88-

of net underwriting income but there would be a loss of interest but it nevertheless makes the sociated with it have every reason

this is understandable and it is a matter £2,- to be proud..

for congratulation that shares a more attractive Invest- ment. there is not a greater decrease. Fortunately for us our fleld of

יו

CAPITAL CONVERTED

AUSTRALIA

.

started our careers here but his

L

A GREAT EPOCH · I now come to our centenary, a great epoch in our career, and on behalf of all the shareholders I

J.

CHINA FIRE INSURANCE CO., LTD.

The annual general meeting.of the China Fire Insurance Co., Ltd.,' was then held.

In 1919 the Capital of the Com- pany was converted into Sterling, the, nominal Capital being 000,000 divided into 200,000 shares et £10 each. This is the nominal! Capital of the Society to-day. The Following the opening of the operations is a wide one, so that Issued Capital was 86,000 shares of London Branch there was a lull in a depression in one direction may

hose present were: £10 each. of which £4 was paid the expansion programme for it be counter-balanced with more

Messrs. S. H. Dodwell (Chair- up. In the same year an amal- was not until 1883 that the Bo-prosperous conditions in another. most heartily congratulate the man); J. Owen Hughes, M, T. gamation with the North China ciety made its entrance into the I gather it is the Society's fixed | Board and the management on Johnson, T A Mitchell, J. A Insurance. Company, limited, took Australian field. A Branch was policy to pay particular attention this most auspicious place and for this purpose the opened in Melbourne during, that to business throughout the British You have succeeded to a great Society issued a further 13,000 year and to-day we have a Branch Empire with the result that our in each Capital on the Continent Far Eastern busmess forma a In 1922 the Memorandum and of Australia, In the North and relatively small portion of the Articles of Association were re- South Islands of New Zealand also totál drafted, one change being that our Branches have been establish-

There can be no form of com- authority was granted the Society ed for many years.

mercial activity that go clearly

shares.

occasion. Plummer (Directors);~ AD W

Hughes (General Manager); J. W. Alabaster, A. A Alves, G. s Archbutt, John Bentley, B. M. C. da Cunha, and F. H. Faine (Share- holders).

heritage-a reputation for Tair dealings and straight trading-a history almost unique, Inasmuch as the Society has never looked back, but progressed from stage to stage until It has become an

Continued "on" Page 12).

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GIVEN

SPECIAL

QUOTATIONS

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ON THE FOLLOWING LINES

WILL

ALLSTEEL CARD INDEX DRAWERS

ALLSTEEL FILING CABINETS (QUATO SIZE)

* ALLSTEEL STORAGE CABINETS (SINGLE DOOR)}

11

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CARBON PAPERS

LANE, CRAWFORD, LTD.

OFFICE EQUIPMENT DEPT.

COLUMBIA.

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DB1385

እነ

BY

LUCIENNE BOYER

SI PETITE

SANS TOI

NE DIS PAS TOUJOURS

DB 917 { QUAND TU BERAS DANS MES BRAS

DF1532 {

DF1629

COMME UNE FEMME RIAN

DITES MOI JE YOUS AIME L'HOTEL DES AMOUBS FACILES

The Anderson Music Co., Ltd.

Ice House Street.

Tel. 21822.

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