1926-05-18 — Page 7

A SOUND POSITION.

INSURANCE COMPÁNY

MEETING.

USUAL DIVIDEND DECLARED.

That the Company had not suf- fered as the result of the general business depression to the marked degree of many other insurance companies, was a statement made by the Hon. Mr. D. G. M. Bernard, who presided this morning at the annual general meeting of the Can- ton Insurance Office, Limited.

· BYNG'S SUCCESSOR.

LORD WILLINGDON MENTIONED.

London, May 17. The Morning Post and the Daily Graphic understand that Lord hs Governor-General of Canada Willingdon will succeed Lord Byng

Heuter.

At present Lord Willingdon, who was formerly Governor of the Bombay Presidency, is in China as Head of the Boxer Indemnity

Commission.

ROYALTY COMING.

TOUR OF SWEDEN'S 'CROWN

PRINCE..

There were present:-Sir Rog

Gothenburg, May 17. bert Ho Tung, Mr. A. S. Gubbay,

The Crown Prince and Princess Mr. Henry Humphreys, Mr. H. P. of Sweden, attended by a suite of -White (Consulting Committee), six, have embarked for America Mr. F. C. Hall (Secretary), Messrs, where they will stay for six months EW. Itaymond, Ho Icung, Chiu and visit many Swedish settle Sui-num, P. M. N. da Silvn, R. Aments. After this" they will visit Dastur, Lo Cheung-shui, Ho Kom- China, Japan and India betere tong, A. H. M. da Silva, D. V returning to Sweden in February, Steavenson, Lo Man-hin, and P. S.

--Reuter. Cassidy (aharuholders).

The 'notice convening the meet- ing was read by the Secretary,

CHAIRMAN'S SPEECH.

The Chairman sald: Gentlemen, It is with great pleasure that your General Agents and Consult Ing Committee again present to you a very satisfactory report, es pecially as I am unable to an nounce any amelioration in the position of marine 'fnsurance generally, although there are signs that underwriters are nów taking steps to try to improve existing conditions.

The most serious problem with

F-

Cl

INCREASED BALANCE,

THE HONGKONG - TELEGRAPH, TUESDAY, MAY 18, 1926.

P.W.D. MOTORIST.

FINED.

POLICE VICTIMISATION ALLEGED.

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officers were stated to have been Allegations of victimisation against two European made by Mr. A. J. Wheeldon, of the P. W. D., who was summoned before Major C. Willson, at the Central Magistracy this morning, for allowing his car to cause an obstruction in Queen's Central on May 9th. The Captain Superintendent of Police, Mr. E. D. C. Wolfe appeared for, the prosecution. Tho defendant admitted the charge.

Rond

In opening the cuse, Mr. Wolfe said he did not quite understand the mortality of the defendunt, as he had no less than seven previous convictions for such things as obstruction, failing. to produce his licence, passing a stationary tram- car and reckless driving. The defendant went to see him, and laid a definite charge against one poller ofliver of persecution. Hot alleged the police had a "down" on him. Mr. Wolfe tried to get to

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The balance at credit of Work- asked. the defendant to produce ing Account for 1925 is $1,970,- details to prove the allegations. 269,65 and compared with $1,007, Three weeks ago he had 039.33 for the previous year, it said he could produce a wit- shows an increase of $63;210.32ness, but, so far, he had heard Our premium income, on the other nothing more about it. He had hand, is down by approximately said he was sick and tired of being $200,000. This was anticipated and prosecuted and was going to give.

we expect to recover the bulk of up driving. Mr. Wolfe' said he this decrease during the current wished to make it quite clear that year. This Working Account he had tried to get to the bottom has a further twelve months to run of, the allegations that the police and, though it is early yet to at- were trying to lead defendant a tempt to forgeast the final result, dog's life. He had, however, we are fairly confident that it win | given them no assistance. prove to be suiiafactory,

The defendant said he had given sterling stand "at un

Our assets g expressed in his licence up and was not goin

almost to drive in the Colony again. " similar figure with. last year, while. in Hongkong dollars, they show a fall of about $240,000, which is largely due to the rise in sterling exchange.

Mr. Wolfe-continued that if the defendant gave up motoring, t would affect his work, and he dil not wish to press for that.. If he studied the traie regulations and saw the D.W.P. he might change his opinion about his licence.

A in of $10 was imposed.

which we have to centend is that of maintaining premium income. Business there is, but business from which a reasonable prospect of profit may be looked for is very hard to obtain. From Agents in all parts of the world, we receive reports of the additional difficulties that continue daily to arise in the acquisition of business of

You will notice that the Invest- munerative character. The marinement & Exchange Fluctuation Ac- insurance market is still too big count shows a decrease of $315,- for the business available, and 82.82. This is the result of de- tntil there is a shrinkage in the former or a very considerable in Silver Investments, and to ad- grease in the latter I can see no Shanghai Taels. 1 might mention verse exchanges, both Sterling and hope of any great improvement.

that quite a large proportion of It is only necessary to examine the this suns has been recovered since accounts of the leading British Dezember 31st, at which date the hand side of the road. marine companies to perceive how great the fall of income values of our securities, and the rates of exchange were taken for the accounts.

has been during tho past six years. the figures for 1925 being in many cases considerably less than half those for 1920. "We may consider ourselves fortunafe in this respect, for, though we have also suffered, it has not been in nearly so marked a degree.

BAD LONDON MARKETS.

D

Preciation in the value of our Gold

HEINSURANCE FUND. Reinsurance Fund is over $160,- 000 up while Underwriting Sus- pense Account is down almost an identical amount,

ANOTHER CASE,

Mr. Wolfe also prosecuted in a case in which air. W.J. Stanton; of Dunbar Brothers, was charged

with passing a moving vehicle, other, than a trancar, on the left

The defendant said he had no clear recollection of it; but was pre- pared to lead guilty.

Mr. Wolfe said he did not want La press the case particularly, but he thought the traffic in the. Colony had got to such a staire when something ought to be done. The defendant had previously been flied $10 for disobeying a

The surplus to be dealt with is $1.100,081.17, out of which has been | police direction signal at the Star paid an interim dividend of $18 Ferry on March 26th, and another We now recommend case against him in the Kowloon per share.

I regret to say that the London Market has been at

about its the payment of a final dividend of worst during the past year. Bad $22 per share the appropriation trade, exersive competition and $100,000 to Reinsurance Fund the unwise departure from many 10,000 to Sterling Reserve Fund of the established precepts of and the balance of $515,499,67 to marine underwriting have brought Underwriting Suspense Account to about an unsatisfactory state of close the year 1924. The balance affairs which it may prove most of $1,970.269.65 at credit of 1925 dificult to correct.

Some under-account allows of the payment of writers. but we think there can the usual interim dividend of $18 only be a few, have indulged in a for that year. system of reinsurance by treaty. I do not think there is anything apparently overlooking the fact further that calls, for special com- that if original rates are bare, ment, but I shall be pleas they must be wholly unprofitable éd to

to answer; to their Treaty Companies after best of my ability, any question a substantial percentage of com- arising out of the Accounts which mission has been deducted. This shareholders may wish to put, policy is most short-sighted and after the adoption of the report a rude awakening must follow. and accounts has been duly second- To date the result has been mera- ed.

the

ly to reduce rates to a figure that I now propose the following re- is almost entirely unremunerative, solution:That the Report and Rates, though easy to cut, are at Accounts, as presented, including all times hard to re-establish

the payment of n fidal dividend in respect of the year 1924 of $22

A SOUND POSITION.

It is unnecessary for me

to

Court was withdrawn at his own request. It was hardly fair to prosecute in that case, as the offence occurred on April 10th, and Mr. Stanton did not receive the summons until May 7th, almost a month later. That was not the fault of the police, but had to do with the "Kowloon Magis.. tracy. If the summone had bee received when it ought to have been, the case would have bee proceeded with. Under those cír cumstances, he suggested the Magistrate should deal with it is the ordinary manner, and .h: would see Mr. Stanton afterwards. The defendant was fined $20.

MINOR STRIKES IN SHANGHAL

EGG TESTERS CEASE WORK.

The strike in many of the smaller. Shanghai plants and fac- per share and an interim dividend tories continues to be a matter of comment on the local position,

in respect of the year 1925 of $18 small groups of labourers walking and that prevailing in Norther share; an addition of $100,000 out and groups in other concerns China, further than to point out to Sterling Referve Fund and of says the N. C Daily News. Most to Reinsurance Fund, of £10,000 returning to work unconditionally, that this is to us, as to all other $515,499.67 to Underwriting Sus of the trouble is over the wages Far Eastern Companies, a source of considerable anxiety. How-pense Account be adopted and received, There have been no

.passed."

serious outbreaks, in which police have had to take a hand, the atrikes, as a rule, being peace-

the

ever, this Company has weather- ed storms in the past. and thanks to the conservative policy that has been, and is be and unanimously carried. ing, followed it is now in a sound position and can view with a cer tain amount of equanimity the difficulties confronting us.

Mr. Ho Kom-tong seconded, and there being no questions, the re- solution was put to the meeting ful.

Turning to the accounts, it will

be seen that the premium income

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Yantszepoo Road, who struck on Two hundred boatinen, employ Nankow when it became part of Mr. Ho Leung proposed, Mr. May 12, 35 resumed uncondled to transport cargo for local Steavenson seconded, and It was tionally last week. carried, that the retiring members. tatives of the strikers met at a enforce an increase of 25 per cent. have taken refuge in a cave be Represen Iron firms, struck on May 12 to the fighting zone are reported to of the Consulting Committee, the teashop on Thorburn Road last in their wagos. The strike has hind the Fu Yen Temple 40' 11 for 1924 shows" an increase of ap- Han. Sir C. P. Chater, Sir Robert Wednesday evening and made not yet been settled. The strike. proximately $50,000 over that for Ho Tung, Mr. A. H. Compton, threats of violence to anyone who of Chinese dyers in Nantao, which

west of Sulyuan. Shortly after the previous year, while the final Mr. A. S. Gubbay, Mr. H. Hum- went back to work. Four of the started on May 1, still continues. balance is better by some $61,000. phreys. Mr. T. 5. Pearen and Mr. ringlenders were arrested.

these refugees had installed them- But for the rise in exchange from H. P. White 'be re-elected for the

The strike at the San Sin Cotton selves in the cave, it was visited 2/3 to 2/4 8/8, both these figures ensuing year,

Twenty-nine of the Go workers Mill (Chinese), involving more by local bandits, who took all would have been even better.

of the Hwa Yang Printing Co., on than 3,000 men, continues. On the The auditors, Messrs. Lowe, Miller Road, who struck on Wednes other hand 160 women resumed their clothes and food supplies. The ratios for Losses and for Bingham and Matthews, and day morning returned to work employment at a match, factory Thus the victims are reported to Commission and Charges work out Messrs Porey Smith, Seth and later. Thirty-one of the strikers in Pootung. Tho. management have been left without food and at 50.15 and 20,34 per cent res- Fleming, were re-elected on the wore dismissed and grungements refused to grant their demands delled to and if their lives at HALL, LAW & Co., Ltd. pectively, as against 62.15 and proposition of Mr. E. W. Raymond, are being made to replace them, 10 but paid them in full for the period relief is needed if their lives are 17.97 for the year 1928.

seconded by Mr. F. M. N. da Silva, appointments having already been of the strike, which was two days, to be saved.

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