Mr. N.J. Ede retired in 1899, and was succeeded by Mr. Douglas Jones, for a year, Mr. W.J. Saunders taking over in 1900. Branches were meanwhile opened in Manila and Calcutta, and the growth of the concern continued unabated. In 1903 the paid-up value of the shares was again raised to $100.
A policy of mergers was also set on foot about this period. In 1906 there was an amalgamation with the China Traders' Insurance Company, Ltd., later known as the British Traders' Insurance Co., Ltd.; while in 1915 amalgamation was carried out with the China Fire Insurance Company, Ltd., and again in 1919 with the North China Insurance Co., Ltd.
Mr. Saunders retired in 1907, and was succeeded by Mr. C. Montague Ede as manager. The late Mr. Ede (who was a nephew of one of the earliest managers already mentioned, Mr. Nathaniel Ede) had already been twenty-four years in the concern when he was elevated to the managership. He served the interests of the firm well and truly until 1924, when he retired, and was succeeded by Mr. Paul Lauder, whose period of service extended up to quite recently.
The growth of the company had meanwhile been considerable. In 1915 the authorised capital was increased to $4,000,000 by the creation of 3,600 additional shares; and in 1919 an important change was effected, with a conversion into sterling and an increase of the authorised capital to £2,000,000, in 200,000 shares of a nominal value of £10, with £24 credited as paid up. New branches and agencies were from time to time established abroad, and now exist in all the important trading centres of the world.
The Union Insurance Society of Canton might well be considered (like the Hongkong and Shanghai Banking Corporation) one of the big homegrown concerns of which the Colony can be justly proud.
Mr. N.J. Ede retired in 1899, and was succeeded by Mr. Douglas Jones, for a year, Mr. W.J. Saunders taking over in 1900. Branches were meanwhilé opened in Manila and Calcutta, and the growth of the concern continued unabated. In 1903 the paid-up value of the shares was again raised to $100.
A policy of mergers was also set on foot about this period. In 1906 there was an amalgamation with the China Traders' Insurance Company, Ltd., later known as the British Traders' Insurance Co., Ltd.; while in 1915 amalgamation was carried out with the China Fire Insurance Company, Ltd., and again in 1919 with the North China Insurance Co., Ltd..
Mr. Saunders retired in 1907, and was succeeded by Mr. C. Montague Ede as manager, The late Mr. Ede (who was a nephew of one of the earliest managers already mentioned, Mr. Nathaniel Ede) had already been twenty-four years in the concern when he was eleveted to the managership. He served the interests of the firm well and truly until 1924, when he retired, and was succeeded by Mr. Paul Lauder, whose period of service extended up to quite recently.
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The growth of the company had meanwhile been considerable. In 1915 the authorised ospital was increased to $4,000,000 by the creation of 3,600 additional shares; and in 1919 an.... important change was effected, with a conversion into sterling and an increase of the authorised capital to £2,000,000, in 200,000 shares of a nominal value of £10, with 24 oredited as paid up. New branches and agencies were from to time established abroad, and now exist in all the important trading centres of the world.
The union Insurance Society of Centon might well be considered (like the Hongkong and Shanghai Banking Corporation) one of the big homegrown concerns of which the Colony can be justly proud:
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