UNION INSURANCE SOCIETY OF CANTON
In the course of these articles a number of the older-established firms in the Colony have been referred to, and brief histories of their association with Hongkong published. One of the oldest of the local companies is the Union Insurance Society of Canton, Ltd., which came over here from the Chinese city in 1841, soon after Hongkong had been ceded to Britain.
The company was founded very nearly a century ago, in 1835, by a group of British merchants who were located at Canton, and the concern was mainly inspired and later controlled as its agency by the old "hong" of Dent and Company. The success achieved by this pioneer insurance firm was almost immediate, and it has steadily progressed up to the present day - almost a hundred years of as fine a record as any directorate could wish to look back upon.
It is interesting to find that the initial capital was $1,250,000 each of which $1,000 was paid up.
The profits in every third year were divided up, in those earlier times, among the subscribers, and it was not unusual for dividends of $500 on each share to be paid for every twelve-month.
On the founding of Hongkong, the Union Insurance Society came over here, and was located in offices at Queen's Road, occupied by Dent and Co., approximately on the site of the present Bank of East Asia, adjoining the former seafront. By 1847 we find Dent and Co. claiming six insurance agencies, with first place allotted to the Union Insurance Society.
Everything went well with what we might term the parent concern until 1864.
At that time Dent and Co. had as one of their assistants in the Hongkong office Mr. Nathaniel J. Ede. There was a commercial crisis, and Dent and Co. passed out of existence as from 1864, but the Union Insurance Society became a separate concern, under the control of a committee of local merchants, being representatives of the principal British firms, with Mr. O.D. Williams, as secretary. Mr. Williams retired shortly afterwards, to be succeeded by Mr. Robert Whatmore; and in 1871 Mr. N.J. Ede, who had been in charge of Dents' insurance business, was appointed to manage the Society.
Under the new management, a policy of accumulating a reserve fund, and other more modern business methods, supervened, and in 1874 the original capital was split up into 500 shares of $2,500 each, with $500 paid up. In 1882 there was another division of capital, into 2,000 shares of $1,250 with $125 paid up; and in 1888 a subdivision was effected into 10,000 shares of $250, with $25 paid up. This policy was instituted for the convenience of shareholders,
There was a big increase of the paid-up capital in 1895, out of surplus funds, from $250,000 to $500,000, effected by doubling the paid-up value of each share to $50. An expansion scheme was also set on foot, branches being established in London, Shanghai, Yokohama, Singapore and Melbourne.
UNION INSURANCE SOCIETY OF CANTON
In the course of these articles a number of the older- established firms in the Colony have been referred to, and brief histories of their association with Hongkong published. One of the oldest of the local companies is the Union Insurance Society of Canton, Ltd., which came over here from the Chinese aity in 1841, soon after Hongkong had been ceded to Britain.
The company was founded very nearly a century ago, in 1835, by a group of British merchants who were located at Canton, end the congern was mainly inspired and leter controlled as its agency by the old "hong" of Dent and Company. The success achieved by this pioneer insurance firm was almost immediate, and it has steadily progressed up to the present day - almost a hundred years of as fine a record as any directorate could wish to look back upon.
It is interesting to find that the initial capital was $1,250,000 each of which #$1,000 was paid up.
The pro- fits in every third year were divided up, in those earlier times, among the subscribers, and it was not unusual for dividends of $500 on sach share to be paid for every twelve- month.
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On the founding of Hongkong, the Union Insurance Society came over here, and was looated in offices at Queen's Road, occupied by Dent and Co., approximately on the site of the present Bank of East Asia, adjoining the former seafront. By 1847 we find Dent and Co. claiming six insurance agencies, with first place allotted to the Union Insurance Boalety.
verything went well with what we might term the paren concern until 1864.
At that time Dent and Co. had as one of their assistants in the Hongkong office Mr. Nathaniel J. Ede. There was a commercial crisis, and Dent and Co. passed out of existence as from 1864, but the Union Insurance Society became a separate consern, under the control of a committee of local merchants, being representatives of the principal British firms, with Mr. O.D. Williams, as secretary. Mr. Williams retired shortly afterwards, to be succeeded by Mr. Robert Whatmore; end in 1871 Mr. N.J. Ede, who had been, in charge of Dents' insurance business, was appointed to manage the Society.
Under the new management, a policy of accumulating a reserve fund, and other more modern business methods, supervened, and in 1874 the original capital was split up into 500 shares or $2,500 each, with $500 paid up. In 1882 there was another division of capital, into 2,000 shares of $1,250 with $125 paid up; end in 1888 a subdivision was effected into 10,000 shares or $250, with $25 paid up. This policy was instituted for the convenience of shareholders,
There was a big increase of the paid-up capital in 1895, out of surplus funds, from $250,000 to $500,000, effected by doubling the paid-up value of each share to $50. An expansion scheme was also set on foot, branches being established in London, Shanghai, Yokohama, Singapore and Melbourne.
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