1919-05-22 — Page 9

COMPANY MEETINGS.

UNION INSURANCE SOCIETY OF CANTON, LTD.

THE HONGKONG TELEGRAPH

THURSDAY

mature

The

Allen

idea of the magnitude and anxiety of the opportunities which will be prosperity of the Company. of our operations when I tell you (offering. It does not necessarily The formerly- much-des- that we have paid out în actual fallow, however, that a prospised dollar has served, share- cash avantwenty million dollars perous condition of trade gener-holders well, as it is now on war risk claims alone, and Ially will" react beneficially being archanged for over 42 pence, think it will be agreed that for s on the business of marine insur-whereas a few years ago many of Company which has had the courance. The past few years have us would doubtless, have been The forty-sirth ordinary yearly age to do t its duty its con- seen the formation of many now pleased to convert our holdings meeting of the above Company stituents and write war risk at Companies, and we have to be into sterling at about half that was held at the offices of the the critical times. we have prepared not only for a reduced value. Although we are forsak- Company, to-day, at noon. The just passed through, when

premium income due to what ising the currency of the Colony, I Hon. Mr. S. H. Dodwell presided refusal would have spread dismay practically a cessation of war risk trust this will never lead to a and there were present Messrs, in shipping

and

merchant business but for keen-competition transference of the control of the A. O. Lang, J. A Plummer. sircles, no reward can be too from new comers and other insur-Society elsewhere, as I an Ross Thomson, W. Paten-great (applause).-Turning to the ance Companies who, although convinced that the Sreat den, (Directors) dr. C. H. P. Hay balance sheet, it will perhaps | long-established, have lately success of this Society, and Deputy General Manager), the not -be out of place to note increased their activities to many other local concerns," Hon. Mr. N. J. Stabb, O.BE, and the fact that our capital is stated the marine side of the is in no small measure Messrs. Ho Leung, W. Sinclair, for the last time in the currency { business.” The demand for due to the management being in G.W/Barton, P.M: Hodgson, SM, of this Colony. Our Reserve marine insurance facilities the East, where Eastern questions Chura, Ormiston. Ho Kom Tong. Fund 'remains as before, except should, nevertheless, be large and necessities are well under- Ca Hickling. W.M.Humphreys, that the gold reserve shows a enough for all to trade in friendly stood, and can be readily handled D. B. Murray, Leung Yau Po lower equivalent in silver owing rivalry without having recourse by those on the spot. (Applause) J. O. Danby, J: Arnold, W. R. to the higher Tate

to a wild and senseless scramble Hongkong may well be proud of Mansfield, Cochrane, Wexchange at which it is convert-for premium at uuremunerative its Companies in general and the Apcar, A.H.M. da Silva, H. M. H. ed. Last year the balance sheet rates. Whatever the future may Union in particular, which has Nemszee and R. A. Dastur. revealed the strongest and most bring, the widespread nature of attained such a great position The Chairman said: Gentle satisfactory financial position our business forms a safeguard and become one of the leading men, I propose with your per- it has been our pleasure to place against isolated disasters, and a Insurance Companies of the mission to follow the usual before you, and the figures now continued consolidation of our world. It is a pleasure to learn procedure and take the report as submitted show a position even position enables us to face their that we are not to lose our read. It has been in your hands stronger and more satisfactory possibility with.. increased General Manager Fet His For suficient time to have than last year. The increases equanimity. On the 12th April tactful guidance and enabled you to study it and I in our reinsurance fund is last you were notified of the judgment will be more than ever, have no doubt you have found it particularly gratifying, as it en-proposals made by the Directors desirable in the next few years. interesting reading. We are ables us to meet with confidence of the North China Insurance The shareholders owe Mr. Ede a dealing with accounts for the any untoward circumstances Company. Límited. for a great debt of gratitude for the years 1917 and 1918, and, although connected with our business and, fusion of intereste of the two ability with which he has man- our capital now actually exists combined with similar funds of Companies, The details of the aged the Society in times of ex in gold, you will realise that, as the companies with which we are procedure 10 be followed ceptional difficulty. There can the figures are made up as at the affiliated, forms a tower of streng-in submitting the Pro- have been no more difficult 31st December last when our th to protect the valuable business visional Agreement entered business than that of Marine In- capital stood in silver, the we have built up.

into. for the confirmation of surance during recent years. recommendations of your Dir- The production of these figures, shareholders are still under con-though perhaps I may be per ectors are necessarily made in the magnitude of which we feel sideration, and we expect to be mitted to say Exchange Banking respect of the silver shares. As justly proud, would not have been able to issue a further circular at probably ran it very close. you are aware, our business is possible but for the loyal enthus. an early date. The war has feel sure I am, voicing your "transacted very largely, in gold. iasm of our staff. That "Union created an additional bood of opinion

when I and in comparing the figures with Spirit" so aptly alluded to by my union between the Society and its are extremely fortunate in having which we are now dealing with predecessor in the chair,has enabl constituents which we feel will such a capable man as Mr. Hay those placed before you at ourlasted them to meet cheerfully the not lightiv be severed and we con-to fill Mr. Ede's place, and that annual meeting. when the goid enormous strain consequent uponfidently look forward to an even the commands our entire confi- equivalents were shown for the the increasingly complex nature greater increase in the support dence. We learn, with much first time, you will no doubt have of our business and the depletion already afforded. You are aware. regret, of the retirement of our directed your attention especially of our staff. We have rated gentlemen, that the Society London Underwriter, Mr. H. C. to that currency, the more so them a bonus of 15% to the pro- compares not unfavourably with Saunders, who has been associat perhaps, as in our next Report, vident fund and a cash bonus the largest institutions of its kindled with the Society, for so many our figures will be presented in varying from a month's extra pay in the world, and it must be a years, and whose ability bas in gold alone. At this meeting up to 25%, based on the special source of pride and satisfaction so small measure been respons- dealing with dollar circumstances brought about by to you, as it is to us, to feel that ible for the success attained by balances. On 1917 Account the war and its effect upon the this enormous machine has been the Society. I al sure we we have $3,315.645.96, which various. places where our built up from this small though all endorse the remarks of your Directors recommend be employees are stationed. all important outpost of the the Chairman, of appreciation appropriated 4.5 follows: feel confident, gentlemen. British Empire and has been of Mr.Saunders long service, and that this will have your undivid. | controlled from here Ever welcome the news that he has ed support. Your Directors feel since the Island became abeen offered a seat on the Lon- that the Society has cause for British possession. The success don Committee. Gentlemen, I $320.000.00 great congratulation in having of that control is. I think, well have much pleasure in seconding had during the perilous period of illustrated by the figures which the adoption of the report and the war, the benefit of the long have periodically come before accounts. experience. mature judgment and you. I now beg to propose the 320.000.00 ability of its General Manager adoption of the report and Mr. C. Montague Ede; and of its accounts as circulated, and when London Underwriter, Mr. H. C. this has been seconded, I shall

we are

A final dividend to shareholders of $20 per share on 18,000 shares

A bonus dividend-to-

shareholders of $20 per share on 16,000 влате

An addition to the Reinsurance Fund of £150,000 at Ex- change 3/4-7/16 An addition to the Building Reserve. Fand of £30,000 at Exchange 34-7/16 To Equalisation of -Dividend Found. £50,000 at Ex- change 3/4-7/16 ... To be carried for-

ward to

Under. writing Suspense Account to close. the account for the year 1917

890.252.75 should

of my ability any questions shareholders may desire to ask.

I

*885 We

The motion was then put to the meeting and carried un- animously.

Mr. Ormiston proposed, and

re-election to the Board of Dir ectors of Messrs. AO. Lang and J. A. Plummer and the motion

The Hon Mr. N. J. Stabb, O.B.E said: Mr. Chairman. was carried.

New

Series

A CAR FOR GENERAL SERVICE

ནམ།

41

Business as well as serial weds were given careful consideration in designing and building the new Allen."

5

The result is a car that is ideal where máximum year-round service is demanded.

The chassis of the standard Allen 11, has been proven through use by thousands of openers. And comfort and convenience are present în big measure in this model. A rotary switch on steering eclumn controls the entire electric.system.

Fittings and body finish are of highest grade. The new Allen is as attractive "da il "is

rricable.

Many special features of this Car will interest you. Ask for a copy of the Allen:Car Book, or, better still, haiv ua demonstrate.

The supply of Allen Cars is very limited. Orders must be placed promptly if delivery is to be assured.

GERIN,

DREVARD & CO.

S PASSENGER GENERAL SERVICE CAR.

You will notice that the dividend We recommend is almost equal to our interest which is satisfactory seeing that it to add to our Reserves and enables Us

increase the...value of

our

Society of Canton.

Gentlemen-It is with very great Mr. P. M. Hodgson proposed Association with the Union IG- pleasure that I rise to second the and Mr. D. B. Murray seconded, surance the adoption of the reports and the confirmation of the election to The wisdom of this Association is accounts. It scarcely seems the Board of Directors of necessary for me to add anything | Mr

JUST

ARRIVED. PONGEE SILK SUITABLE FOR GENT'S AND LADIES' SUMMER

SUITS, DRESSES, SHIRTS, BLOUSES AND UNDERWEAR. LACE AND EMBROIDERED LADIES' UNDERGARMENTS. SWATOW DRAWN WORKS, EMBROIDERIES ON SILK AND】 GRASS LINEN.

grateful record OUT. thanks to these gen lemen for carrying on until its close! It is but nutural that, with the "retum 178.052.53 to normal conditions, they should express a wish to retire, and while I am happy to be able to say that the improvement in Mr. Ede's 296.754.25 | health has assist dus to persuade

again illustrated by the increase and in our premium for 1918 by over him to continue at the head of

carried. $400,000 and the percentage of the Society's affairs for a further

Mr. W. M. Humphreys pro-losses on this year's account, BEST period of years, we have not figures speak so eloquently for posed, and Mr. W. Sinclair shows a commendable reduction.. been able to induce, Mr. Saunders themselves, but I am sure that seconded,

to the very full and interesting the statement of the Chairman as the

as · you

Ross Thomson motion, was

the re-election

CHINA FIRE INSURANCE CO., LTD.

but your that

Accounts as presented be adopt- ed. After this has been seconded I shall be pleased to answer any questions that may be put rela- ting to the business before the Meeting.

LACE COLLARS, AND OTHER ARTICLES, ETC. FILET LACES OF NEW PATTERNS. QUALITIES, LATEST DESIGNS,

MODERATE PRICES.

INSPECTION CORDIALLY INVITED.

SWATOW DRAWN WORK CO... No. 14, DES VOEUX ROAD, CENTRAL. FHONE NO. 286.

HOSPITAL

SIZE

BORDEN'S Malted Milk

IN THE SQUARE PACKAGE

NOW IN STOCK

AT

remuneration of $500 each, and ALL LEADING DISPENSARIES

The

to reconsider his decision. To every shareholder must be amazed auditors, for the ensuing year of claims to come in

There are of course many more, 1,310,576.41 mark our high appreciation of at the record this Society has Mr. A. R. Lowe and. Mr. C. Directors feel confident

Mr. H. C. Saunders' long and achieved during these last four Bernard Brown, at a remunera- the final outturn of the year will $3,315,645.96 valuable services extending over years of world-wide upheaval. To tion of $1,000 each and the motion be in every way

a period of 45 years, which bare have paid away in claims during was carried.

satisfactory. I feel confident all shareholders contributed in no small measure this period of unparalled difficulty The Chairman then announced tors Report and Statements of I will now move that the Direc- will endorse these recommenda- to the Society's success, we have so large asum as twenty million that dividend warrants were ready tions. Turning to 1918, you will invited him to a seat on the dollars and ret be in a stronger and could be had on application. notice that the premium income London Committee. In the mean-financial position than ever before, is greater than that of the pre-time, we desire to record our reflects the greatest credit upon vious year, which is satisfactory, appreciation of Mr. Saunders' the Directorate, Management and especially if you take into con-expressed willingness to post Staff. As the representative of sideration the effect of the in-pone his retirement until such another great institution, to which creased restrictions on exports a date 2.5 will give us I have the honour, to belong.

Mr. D. M. Murray seconded, and imports and the falling of the ample time to consider the apend which also started its

The fiftieth ordinary yearly and the motion was carried. rates for war risk to a nominal pointment of his successor. Your life · in this Colony,

meeting of the above Company Mr. W. R. Mansfield proposed, figure upon the cessation of General Manager, is now on his feel privileged to say was held at the offices of the and Mr. C. Bewley Bird seconded. hostilities. A congestion of values way to London with a view to that such figures

Company, to-day, at 12.30 p.m.the re-election to the Board of In individual steamers continued making a personal investigation have been accustomed to receive The Hon. Mr. S.IL Dodwell presid-Directors of Mr. A. C. Lang, and and the increased employment and you may rest assured that, for years past are not so easilyed and there were present Messrs. Mr. J. A. Plummer, and the of inferior vessels brought new when the appointment is finally attained as shareholders are apt W. L. Pattenden, A. O. Lang, motion was carried. complications, frequently calling decided upon, you interests in to think-they are the result of and J... Plummer (Directors), for material reductions in our that important centre will be in careful and able management, Mr. C. H. P. Hay, Deputy Gener and Mr. C. de Cunha seconded. Mr. P. M. Hodgson proposed; retained lines. The percentage of fully capable and experienced accompanied by maar worries al Manager, and Messrs. D. Bthe re-election of Mr. A. R. Love! losses on the first year's working hands.

and anxieties, backed up by the Murray, W. R. Mansfeld, J. shows a gratifying decrease, and During the year the Board wholehearted, co-operation of a Cochrane, P. M. Hodgson, and Mr. C. Bernard Brown as we have no reason to believe that have confirmed the appointment loyal staff, without which assis Bewley Bird, B. M. C. da Cunha, auditors for the ensuing year, at the final outturn will compare of Mr. C. H. P. Hay as Deputy tance

a 110 concern сад be V. L. das Remedies, A. E. 8. unfavourably with the preceding General Manager. Mr. Hay was successful-and I

sure Alves, V. R. V. Riberio, M. A the motion was carried. year The figures for fire in charge here at the outbreak we all

Chairman then zunounced that thoroughly endorse Souza, and W. Gardener. and other classes of insurance of war and at that critical time the payment of the bonus to The Chairman said: Gentle dividend warrants were ready now transacted by the Society and while in charge upon other the Provident Fund and cash bonus men-The report has been in and could be had on application are of course included, but this occasions since, he has conduct to the Staff. The Management your hands for some time and and the meeting terminated. branch of our business is in itsed the affairs of the Society with of large and important concerns will, therefore, with your permis. childhood. Its development is a coolness and ability fully like this Society bear great sion, follow the usual procedure proceeding upon satisfactory justifying the confidence your responsibilities, as they are, so to and take it, as well as the Audi-

inos and your management feel Board repose in him.

speak, trustees, not only for the tore Report, as read. I have first Justified in awaiting with con- It is not usual to make any shareholders, but also for the to deal with 1917 Account in re- fidence its gradual growth to detailed reference to the future prestige of British enterprise in spect of which we have an avail robust maturity. As in the past, at our Annual General Meetings, their particular line. Needless to able balance of $452,600.13, which we have subscribed varying sums and many opinions are held as to say,- the Union Insurance your Directors recommend be to such charities as your Directors the prospects of the business of Society, of Canton worthily dealt with as follows; felt you would wish them to insurance in the years before us, fulfils its duties in both these Dividend of $7 and support, which action I have no but I think it is generally admitt directions. The variona subscript- Bonus of $2 per doubt has your approval. Out of ed that, as a result of the successions to Charities to 'which our share on 20,000 shares. $180,000.00 the balance of $6,239,222.94, we ful emergence from the war of Chairman "has made reference, To add to Reinsur recommend the payment of an in- Great Britain and her Allies, will I know meet with universal ance. Fund $130,- i terim dividend of $30 per share vast openings will soon present approval, and I am sure we are

000.000 and a Bonus of 20% to contributors themselves, and the areas acces- only too pleased to give the To write off Furni- of business on bonus terms. The sible throughout the world offer Directors a perfectly free hand in

ture Account increase in our premium income inviting prospects. There are such matters. We now come,Po carry forward to during recent years has been very few places of importance Gentlemen, to the parting of the Underwriting Bus- due largely tower risk where you will not find a repre- ways; the Society casta aside business, the hazardous nature sentative of the Society of of its silver and enters the field of gold,

pense Account of which has been emphasis-affiliated Companies, and the or- and to enter it emblazoned with ganisation we have built up should such reserves is indeed z gratiff- enable us to take full adventassing sugaty for the continued.

am

130,000.00

1,425.00

I

GENERAL NEWS.

SALE OF ART/COLLECTION. The three days' sale of the first portion of the collection of Japanese and Chinese works of art, formed by the late Mr. Wil- son Crewdson, of St. Leonards. on-Sea, held at Sotheby's, brought £2,343. BB.

"INFLUENZA DRATHE IN INDAR.

Deaths from influenza, in India.

as a whole in 1916 ara at 5,000,000 for Britis | 1,000,000 for India 141.175.13 Bombayxlons

bered

THE

BEST FOOD

FOR

ASK

BORDENS Malted Milk

FOR THE

BABIES

AND

INVALIDS

SQUARE

PACKAGE

TAXE

NO OTHER

IT'S PURE THAT'S SURE

CONNELL BROS AHEA