1936-05-22 — Page 7

ACUTE INSURANCE

COMPETITION

Scramble For Premium Is Reported

CANTON CO. MEETING

Mention of the acute competition among insurance companies was tnade by Mr. J. J. Paterson when he presided at the anal meeting yesterday of the Canton Insurance Office. Ltd. In the scramble to obtain busi- ness, regardless of the adequacy of rates to liability, many almost Iudicrous cases could he reported, he said.

The working account for last year, said Mr. Pater son, showeil an increased balance and he liked forward to brighter things in the future. «

HOPES FOR FUTURE

Mr. Peterson suid:--

I would preface the few remarks I propose to make by saying how

ditheult it is for me to avoid a measure of repetition at this meet- ing. which follows so closely on that of the sister company the Hong Kong Fire." The comments; I then made on the trend of fire Insurance apply equally to marine, which is the raison d'etre this office, ""

of

In both categories and on every alde, we are confronted with acute

competition which appears to stop ut nothing in the scramble to ob- tuin business; the one idea seems to be to secure premium · Income, quite regardless of the adequacy of rates to the liability undertaken. I do not wish to be more specific but could quote.cases, illustrating what I have Just said and which go to such extremes as to border on the ludicrous.

It is difficult to see any solution at the moment, but inconsequent and bad trading must reap its own ceward and then, and only then. may we look for an improvement., That we are now down to bed-rock, no one with any insurance know- ledge will dispute; present day rates leave the barest margin over cost and further cuts can end only it disaster, more particularly if any serious run of total losses should come along. This state of affairs is world-wide and our little market in Hong Kong is merely following in the wake of London and other big centres in courting the wrath, and later the vengeance, of the Gods."

FINANCES SOUND

I could not say this with such equanimity were I not reasonably well assured that your Company is In good fettle to withstand the buffets that He ahead of us. For the past 20 years we have been preparing for lean times and teel that with care and circumspection, we can hold our own no matter what may come; we are not big but our finances are eminently sound. That a change will come one day we are moderately certain and. until then, we must be content to

11

An analysis of the balance sheet. shows that the total of assota, as expressed in sterling has fallen by

€ 130.70.16.10

whereas in Hong Kong currency there is an increase of $2.570,772.06. The reinsurance fund is down by £44,676.13.2 inc sterling and up by $453.388.07 n Hong Kong currency and the in- vestment and exchange ductuation account shows shinkages of 253,- 121.16.1 and $82,263:53 in sterling and local currency respectively. It was the wish of your Directors (to which the general agents gladly acquieseed) that all Investments which were at all doubtful, should be written down and it is to this und. In a lesser degree, to ordinary normal causes that the falls in this last mentioned account are due.

Our

reserves are more

than

ample to care for the business we transact and we should welcome an Increase in the latter but only if this could be achieved, with some reasonable prospect of profit re- sulting.

DIVIDEND RECOMMENDED The surplus now to be dealt with is $1,034,433.17 out of which has been paid an interim dividend of $3.80

per share.

We

now recommend the payment of $8.40. per share, making in all $12 per share, which will absorb $800.000. We further recommend the addition of $50,000 to the reinsurance fund and the transfer of the balance, amounting tu $384,433.17, to underwriting

suspense account to close 1934 and previous years.

The balance of $2,041,518,50 at credit of 1935 account allows of thế payment of an interim dividend of $3.60 per shure for that year. You will notice that we have eliminated the bonus of $1 per share and em- bodied it in the figure of dividend.

Shareholders may think that something more might be distribut- ed out of interest in respect of the year 1934 but your general agents and consulting committee feel that it would be better to defer any increase until later when we hope the future may look somewhat less obscure. We want first to be sure that any addition made can be comfortably maintained.

sit tight. giving the best possible service to our constituents and

You will have gathered from the awalting the advent of better days.

earlier part of my speech, the These last will arrive only when

direction in which our troubles lle the bitter lesson of the years

and it reserves should be called upon 1923-1928 has been re-learned,

to bolster up working accounts, Turning to the accounts that we interest must fall: I see no present now present to you. That for 1934, prospect of this but it is in the though showing an improvement natural sequence of things if and in balance of some 540.000 over when underwriting ceases to be 1933. is not exactly a triumph of profitable. I have no wish to underwriting as no less than $707, sound too doleful but it would be 000 is derived from interest on intenseless for me to conceal from vested funds.

-you the fact that the struggle for existence to-day is just as great 23 in any other insurance branch of commerce.

11

HONG KONG DAILY PRESS, FRIDAY, MAY 22, 1936.

PRIZES FOR ANIMAL

LOVERS

System Outlined By S.P.C.A.

ANNUAL MEETING

A system, of prizes to en- courage kindness to animals. was announced by Sir Henry Pollock when he presided at the annual meeting yesterday of the Society for the Praven- tion of Cruelty to Animals, ` In moving the adoption of the report and accounts. Sir Henry said:-

Ladies and Gentlemen.-1 pro- pase. as President. to review briefly the Society's activities since our last Annual Meeting" in May. 1935.

Generally speaking. We have carled on our work of educating Chinese who have the care of animals in regard to what consti- tutes cruelty, and although we have still to deplore the fact that animals and birds are kept under unsatisfactory condicions, in the bird-shops and eàäng-houses. I am satisfied, not only from the reports of our Inspector but also from the visits of members our Committee who have been good. enough to undertake this work. that there has been some improve nent in the conditions under which animals and birds are being kept. In order to encourage the owners of ealing-houses to keep their live-stock in clear and better condition, the Society are awarding 3 money-prizes. Mem- bers of our Committed visit these eating-houses periodically, and at the end of the year the shops with the least number of complaints against them will receive the re- wards.

וי

F

CRUELTY TO PIGS Our attentior. has been directed lutely to the cruelty which takes place in the handling of pigs | between the landing-stages વ Kennedy Town and Mataukok and the slaughter-houses

those at places. Pigs which are thus in transit and are unable, owing to get injured legs or cramp. along, are cruelly prodded, and I take this opporunity of "stating that in future prosecutions will be Instituted.

to

I hope that the Committee of the Hong Kong Live Pig Merchants Association, who have recently in- proved the conditions under which live plas are transported in boats from Hong Kong to Kowloon, will promptly take steps to see that sufficient carrying coolies or lorries are provided to put an end to this form of cruelty.

During the course of the past year the Society, had to bring be fore the Officer Administering the Government the very unsatisfac- tory conditions in which the dogs under observation, were housed and kept at the Kennels in Ken- nedy Town. As a result of our representations considerable struc- tural alteradons and improve- ments were made, which have secured a certain amount of com- fort to those dogs which have to spend there.

A periód of observation

The Dogs Home, near Kowloon City, which is under the sole and very able managemen of Mrs. Loscby who has now devoted her- self for nearly 18 months on end to this task; continues to do ex- cellent work. Our most hearty thanks are due to Mrs, Loseby for

her labours.

THE ESSAYS

The Girl Guides were invited to write essays, the subject for com- petition this year being:

wäs

REPORT ADOPTED Mr. Paterson's proposal seconded by Mr. Hu Kom-tong and carried unanimously.

On the proposal of Mr. M. K. LO, seconded by Mr. J. D. Danby, the following consulting committee was re-elected:-Sir Robert Ho Tung, Messrs. D. E. Clark, A. H. Compton, L, Dunbar, BA, Joseph T. E Pearce, J. H. Taggart and 8. T.

Comparisons of the various items of the working accounts for 1933 and 1934 show that premium for 1934 was up by $838.104.66 as also CAREFUL UNDERWRITING were losses by $665,156.67, For-

Beyond once again voicing our tunately interest turned the scale in favour of 1934 with a rise of appreciation of the careful manner $164.413.28. Charges fell from 34.21 in which our, underwriting in Lou per cent. in 1933 to 30.45 per cent. don is being conducted in the midst in 1934. The balance of working of many difficulties. I do not think was 10.02 per cent. as against 17.32 there is anything that calls for per cent, in 1933 and the account further mention by me but after

Mr. J. EL R. Hance proposed and in question can be regarded as only the resolution, which I am now Mr. M. H. Lo seconded that Messra. moderate when

compared with about to propose, has been duly Lowe, Bingham and Matthews and some of its more recent predeces- seconded. I shall be pleased to Messrs. Percy Smith, Seth and answer to the best of my ability Fleming be re-appointed auditors. any questions that shareholders The proposal was carried unani- may wish to ask.

է: mously:

sors.

INCREASE LAST YEAR

Williamson

A review of the working account for 1935, after 12 months, as com- solution:-That the report and ac- pared with that for 1934 at the counts, as presented, including the same stage, reveals a more cheer-payment of a final dividend in ing state of affairs with an increase respect of the year 1934 of $8.40 in the balance carried forward of per share and an interim dividend Mr. F. C. Hall (secretary) and $537,882.18; there is yet a long way in respect of the year 1935 or $3.80 Messrs Ho Kom-tong. W. H. Choy, to go but, granted reasonably good per share; an addition of $50,000 M. H. Lo. Ho Shal-cheung, M. K, fortune, we are hopeful of being to reinsurance fund and of $384, Lo, H. J. Armstrong, J. H. R. Hance, able to place before you a satis- 433.17 to underwriting suspense J. D. Danby, W. M. Mackenzie and factory result about a year hence. account, be adopted and passed. J. Fleming (shareholders).

I now propose the following re- Those present at the meeting were Mr. J. J. Paterson (chair- man), Messrs. D. E. Clark, L. Dun- bar. J. H. Taggart and 8; T. Wil- 11amson (consulting committee),

CHINESE

WEDDING

CHAN TUNG

Mr. Chan Sing-kan and Miss Stella Fung, members of two well- known Chinese familles in the Colony, were united in marriage at the Registry yesterday.

HEROIN

PILLS

GAOL TERM FOR OFFENDER

||

One woman and two men, Choi Pin-hing, Yip Chi and Ho Yui ap- peared belore Mr. Burgess at the Central Court yesterday chargea with the possession of 8.100 heroin

Mr. Kwan appeared for the first and third defendants and entered pleas of "Guilty" and "Not Guilty" respectively.

The bridegroom is the son of Mr. Chau Man-chi, the well-known pills. philanthropist who was solely res- ponsible for the erection of the St. John Ambulance Brigade head- quarters at Tai Hang, and Mrs. Chau, and the bride is the daughter of Mr. Fung Kong-un, principal of the Arm of Fung Tang and Co., and Mrs. Fung.

1

Mr. D. McCulium for the second

defendan! pleaded not guilty also. R. O. Grimmitt for the prosecu- tion sald that the only evidence Mr. W. J. Lockhart-Smith, Re-against the second and third de- gistrar of Marriages, officiated, and fendants was that they were on the Hon. Sir Shou-son Chow was the premises at the time of the the witness.

After the ceremony, a reception was held at the Hong Kong Hotel at which a large number of rela- rives and friends were present to offer their felicitations to the happy couple.

DONATIONS &

S..J. A. A, and B.

ון

The Director of Ambulance has the honour to acknowledge with grateful appreciation and thanks the following Donations:- Directors of Po Leung Kuk

for 1936....

Per Mr. Fung Ping Fan, Mr. Tang Pak Kau, Kam Tin Thank Offering)..... Per Miss Pun Yuen Ching. Mr. Tang Chlü Lam, Kam

Tin

Per Miss Fun Yuen Ching. Mr. Tang Moon Tong, Sek Kong Wi, Ma Tsuen ...... Per Miss Kwan Wai Chaen. Mr. Tang Tak. Fook, Tung

Tau Wel, Ha Tsuen ......... Per Miss Kwan Wal Chuen. Stadt of the Hong Kong

Treasury...

Per Hon. Mr. Edwin Taylor, Donations per "9.C.MP."

(Already acknowledged)... Staff of Siemens China Co., (Already acknowledged). Anonymous

(Already acknowledged). Mrs. Whittaker

(Already acknowledged).

$100.00

10,00

2.30

22.80

12.00

I

52.80

13.40

roid. He would therefore accept their pleas.

The second and third defendants were then discharged.

Outlining the case R. O. Grim: mitt said that on May 13 n lady was arrested in Fenwick Street with 3,000 pills in her possession and she said that she lived at No. 351, Hennessey Road. This house was accordingly raided and when arrived the officers

there they found the door locked and could

The doar not be opened.

Was broken down, but before this was done R.

Grimmitt 0.6

looking through the door saw defendant running into the bath

the Arşi

room with a packet.

She reap- peared without the packet. 500 pills were found in the bathroom.

In pleading extenuating circum- stances Mr. Kwan said that the woman was not the owner or the actuai culprit in the case but merely a tool. She had told the Prosecution unhesitatingly that she paid $10 for the cubicle which she was keeping for another man. who gave her the money. She was "a young girl with no one to rely on and in a state of desperation accepted the tempting offer made to her, little thinking of the con-

sequences,

R. O. Grimmlit said that he had been instructed by the Superin- tendent of Imports and Exports to ask for a serious view to be taken

of the case.

1 She admits that man named Li Kwong paid for the 25.00 rent but the fact that the door cd not be opened and was not 3.00 opened when asked, the fact that she threw the pills away in the Lathroom, of which all were not recovered, were serious matters.

Defendant Was sentenced three months.

"What animals would be suitable for pe's and how should they be kept?" A considerable number of essays were sent, both in English and in Chinese and Lady Pollock presented the winners with small silver cups which were miniatures of the Challenge Cup

Six months ago an Ordinance for the prevention of Cruelty to Animals was passed in this Colony. This measure is based to a great extent upon the provisions of the Straits Settlements and English laws concerning cruelty to anima's, combined with the Live Stock) Impor: and Export Ordinance, 1903, and the Regulations made thereunder.

Sheep and goats in this Colony are humanely stunned before being kuled. Recently a letter has been

sent to the Government urging that bullocks and pigs should be humanely stunned before being slaughtered..

FENWICK STREET'S AFFAIR

"

In connection with this case the woman who was arrested in Fen- wick Street, Yeung Sul Ngor, was aned $2.500 or three months. This woman was also paid by the same

man.

FORGED NOTE CASE

GUILTY KNOWLEDGE

NOT PROVED

Keung Chik-kwan," 47, a fish store ok, appeared before Mr. Burgess at the Central Magistracy yester- day charged with the possession of two forged $10 bank notes of the The Accounts - of the Society, HK. and Shanghai Bank and öne which have been kindly audited forged $10 bank note of the Char- "Eratis by Messrs. Thomson & Co.. tered Bank of India Australia and

are being laid upon the table. We China, take this opportunity of thanking Det.-Serät, C. Byron was for the the Government for having put up prosecution. dollar for dollar the amount re- ceived by our Society in donations. We also thank Mrs. Hole and her fellow-workers for carrying out a successful Flag Day.

Yesterday Ian Whg-chan," a clerk of the HK. and Shanghai Bank gave evidence regarding the salient points were of the forgery.

Mr. J. M. Piana of the Chartered In conclusion I desire to thank Bauk gave evidence to, the effect the Officers of this Society and that the remaining note was on also Members of the various Com paper of a poor quality, the front ltrees and Sub-Committees for and back of the note had been their co-operation and assistance printed sepurately. and struck to- during the past twelve months.

I now beg formally to move the adoption of the Report and Ac- counts.

GOVERNOR PATROV

Sir Henry, announced that "His Excellency the Governor had con- sented to become patron of the Baclety.

gether, the Roman head and the water mark were blurred, the num berk were unevenly printed and the paper had an olly feeling.

The evidence of Chan Hong D.W 44 was that he arrested the ac- fendant with the notes on him at 2 Tea House in Gage Street where he had gone on information:

The defendant stated hat the notes were given him by a friend Officers elected for the coming named Chul Hing, who had asked year were:-President, Sir Henry him to the tea house. While there Pollock; Vice-President, Mr. F. H. the friend had given the defendant Loseby: Treasurer. Mr. N. M

1 packet wrapped up in brown Cockle; Secretary. Lieut. Andrews. paper which was supposed to con- Last year's committees were re-

tain "po pul" tickets. appointed.

Det-Bergt. BYTE sald that the Among those present at the defendant was 'a partner in a fish meeting were Sir Henry Pollock, store and had been working there Messrs. F. HL Loseby, J. Russell, R. | for about 15 years

Defendant was discharged witli a Pestonji, M. P. Talati N. M. Cockie, Lady Pollock, Mr. F. H. warning on the lack of evidence to Loseby and Miss U. Mitchell,

prove guilty knowledge.

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