1929-05-24 — Page 7

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KEEN INSURANCE COMPETITION.

(Continued from Page 1.) have a beneficial effect. There are many problems connected with marine business which it is unnecessary for me to dwell upon here, but I think what I have said sufficiently indicates the difficult times through which we are pass- ing. There is, however, an earnest desire for improvement which I hope will soon mater- ialise.

Turning to the Society's figures, you will notice that as regards the year 1927 after payment of the Anal dividend of £108,000 there will remain a balance of £40,020. 2. 5 which I trust will be sufficient to wind up the outstand ings for that 'year.

Our fire Insurance business during 1928 has resulted in a General amall profit and our Account has also "resulted

pro Atably. Fire insurance conditions in certain fields continue "very diffealt, notably in Australia and New Zealand. The profits of our Fire and General Accounts have as usual been calculated after the necessary reserve had been set up to meet outstanding claims.

As regards the 1928 Marine Account, it is too early to prophesy regarding the outcome, but I am hopeful that the year will result No Bonus Dividend,

in a profit.

You will notice this year, gentlemen,

that it has been decided to discontinue paying the bonus dividend of 5/- per share which has been paid for the last four years. This step, } may say, is a precautionary measure, as it is felt in the present state of the marine market it is not

{

and distinction the post allotted to him. Mr. E. F. Webb has been appointed Deputy Underwriter to Mr. Lee.. Mr. Webb has had con- iderable experience in the Society's Underwriting Room and your Direc tors are satisfied in the selection that has been made.

Recent Deatha.

THE HONGKONG TELEGRAPH,

KOWLOON MURDER NORTH IRELAND'S

ELECTION.

REVEALED.

NATHAN ROAD VICTIM NOW UNIONISTS GAIN INCREASED

IDENTIFIED.

MAJORITY.

FRIDAY, MAY 24; 1929.

MISSING SAILING

·VESSEL,

HOPE NOT ABANDONED OF SHIP'S SAFETY.

ARRESTS EXPECTED. ONE SOCIALIST SEAT. NOW 80 DAYS OVERDUE.

Missing for a couple of days frem bis usual place of abode nt 270,

'London, May 23. Despite the fact that the ship is now more than 80 days over- due, hope has not been abandoned of news being received this year

days

London, May 23.. With the exception of the four I am sorry to have record, the

Reclamation Street, the seats allotted to Queen's Univer- deaths of certain gentlemen In timately connected.. with our mystery of a Chinese storekcoper's sity, Belfast, the election returns business. I would first refer to disappearance was solved yester for the Northern Ireland Parlia

of the Danish training ship "Ko- the death of Sir David Yule, Bart, day when his body was discovered inent are complete.

emply bathrom at-456, They reveal little change. The|benhavn" which left Buenos Airea who was for many years a member in an

Society's London Com-Nathan Road, Kowloon. Earlier Unionist (Conservativo) Govern- on December 14th, for Adelaide. of the

The only news from her since mittee. The late Sir David Yule reference to the discovery will be ment already has a clear majority took a keen Interest in the found on another page.

of sixteen, à position which they was a wireless message picked up The unfortunate man, Wong held in the old Parliament, and on December 21st, seven Society's welfare and was always most helpful to any of the Kwai, had been brutally murder-as It is confidently expected that later, by the Norwegian ship Society's officers who "consulted | ed, according to the Poffee, and his the Queen's Univeraity seats will "William Plumer" but this gave him on finance or other matters, body bore several dagger stabs be all Conservatives, an increas- no indication of distress. The late Sir David Yule as you which ended his life.

ed majority of four as compared It is requested that any wire- are no doubt aware wnd well Information to hand this morn-with the last Parliament is al-less station which may hear known

in the financial world]ing shows that it was the inten- most assured...* Hi!

signals from the Kobenhavn will' where his opinion was held in tion of Wong Kwai to take over The state of the parties in the send full details to the Actiseba- high esteem. We record his death the ground floor with a deep sense of loss. I have Nathan Road, and a couple of days lows:

rooms at 456, new Parliament will be as fol- kabeg Siatiske Compagnie. also to record the death of Mr.ngo he went there in order to re- F. A. Kenting of Messra. Gibbs, paint the place and do other little Bright & Company who was odd jobs in his new premises. alse a member of the Society's Yesterday afternoon. 080 LI London Committee. The sad Tip and his wife, who occupy an news of his death was received apartment on the next floor of the cuts from the Socialists in the here last month with great regret. building, were greatly perturbed Belfast divisions; and it will be I am sure you will all join in any a strong odour emanating froni seen that four more seats are re-and for entering and leaving port, expression of sorrow at the loss the downstairs apartment, and quired to make up the House of but her motive power was wind,

Unionists Independents Socialists Nationalists.

.34

2

1

.11. The Government gained two

The call-sign of the missing ship until January 1st was QIBA and since OYTC.-British Wire- less.

The Kobenhavn as was a five-

register, fitted with auxiliary mo- masted barque of about 4,000 tons

tor power for use in emergencies

the Society austained last year by ultimately decided to make in- 52.--Ecuter.

and she may be regarded as a the death of Mr. L. F. Townend, vestigations. In the empty bath-

sailing ship. She was built in our Canton Manager. The late room they discovered the body of report and accounts the Chairman 1921 for her Danish owners, and Mr. Townend had served the the murdered: man and immediate said: The working Account for was used as a training ship for Society faithfully from August, ly give information to the police. the year 1927 shows a balance of officers for the Danish merchant 1910, and by his death the Society loses an active and efficient officer, following up clues which it is said commend that a final dividend of would be about eighty, mostly

The police are this morning $476,636.194 Your Directors

total renavy. Her

complement will probably lead to an arrest, $0 per share and n bonus divi- cadets.

on 20,000 The distance she had to tra- there being no possible doubt that lend of $6 per share Wong Kwai Was

deliberately shares be paid to shareholders, ab- verse is roughly about 9,000 milles, urdered in cold blood as he was sorbing $300,000, and that the and the passage should have been inspecting the bathroom in the balance be carried forward to un-completed in less than eighty days, empty apartments.

derwriting suspenso account to She is now 161 days out and hope- close the account for the year lessly overdue.

1 now propose the adoption of the report and accounts' and when this has been seconded I shall be glad to answer to the best of my ability any questions you may care to ask.

į

1927.

ין

wise to continue making these bonus distributions. The Society during many years of its history

Seconder's Speech, has paid its shareholders a good *proportion of its underwriting The Hon. Mr. W. E. L. Shenton, profits but the times, gentlemen, in seronding, said:Mr. Chair call for a cautious policy and man and Gentlemen,-1 rise to we do not think it advfanble to second the report and accounts. continuo paying such a large pro- We have perused the report and

In conclusion I desire to con- interim dividend of $3 per share, portion of our profits in dividend. accounts with great interest and gratulate the Society on its suc-absorbing $60,000, and that the I may add that a number of the ure indebied to our Chairman for cess, in the past and express the remainder be carried forward.

can then be made.

not only have the personal super- vision of our General Manager, but also the very close consideration of our Board.

The balance at credit of the 1928 account is $967,311.24. Out of this balance, your Directors re commend the payment of

will

show

Business Matters,

field of specluation may be con- Assuming her to be lost, the fied to two causes-collision with an iceberg or foundering through sailing ships bound from South an broaching-to. The usual track of America to Australia would take

and

Ita periods of fury the seas which accompany it long green mountains of water for ever rolling majestically on- their progress. ward, with no land to impede

aro enormous-→ ·

FINE FILM AT THE QUEEN'S.

lending Insurance Companies his clear statement of the So- wish for its continued prosperity Bearing in mind the difficult con- her to about latitude 45deg south, operating in England practicallyciety's business and financial posi- in the future,

dition at present prevailing with ice during the long hours of the possibility of collision pay their dividends out of their tion. We desire to place on re The report and accounts were throughout thê underwriting interest earnings. You will cord our appreciation of the ser- unanimously adopted.

world, the figures now before you the antipodean night, or during notice this year that the Society's vices rendered by the General The re-election of Mr. J. Owen may, i think, be considered satia-feg, cannot be dismissed. distribution to its shareholders Manager, the agents and the staff Hughes and Mr. W. H. Bell as factory. The working account for The more probable cause, how on the basis of £2 per share will of the Society to whose loyal and directors was proposed by Mr. J. 1927 indicates an improvement ever, is that the ship foundered cost £270,000, whereas our interest devoted support the present antis-Arnold, seconded by Mr. A. Stovon-over the previous year's figures through broaching-to while run- will amount approximately to factory position of the Society is on and carried.

and I am hopeful that the 1928 ning before a heavy sea. In that £264,000.

due. We regret we are losing In this connexion I would ex- the services of Mr. A. B. Rouse Matthews and Messrs. Linstead and satisfactory results.

Messrs. Lowe, Bingham and Account

equally region of the world of waters known to seamen as wind Southern plain that the interest for the year who has worked for the Society Davis were re-elected auditors, on

I now move that the Directors' Ocean, the great west wind pre 1928 of £192,059 shown in the for such a long period and we the proposal of Mr. G. E. Meyer, Report and Statement of Accounts vails throughout the year, and in balance sheet will be increased hope that his justly earned re-seconded by Mr: J. Ormiston.

as presented be adopted and when to approximately the above men- tioned figure by the close of the tirement will be a long and happy Those prosent were Mr. W. L. this has been seconded, I shall be "Account at the end of the second one. We extend to Mr. C. O. Lee Pattonden (chairman), Mr. W. II. pleased to answer any questions year. For the general informa- and Mr. E. P. Webb our hearty Bell, Mr. L. J. Davies, Mr. J. A that may be put. tion of phareholders, I may here welcome on assuming their new Plummer, and Mr. J. P. Warren and the resolution was carried Mr. J. W. Alabaster seconded inform you it is considered that offices and are sure that our inter- (directors); Mr.

Paul Lauder unanimously... the present distribution amounting ests are in safe keeping and cap-(general manager), and Messrs. J. to £2 per share can be maintained able hands. We deeply lament Arnold, G. S. Archbutt, A. E. S. Mr. J. Owen Hughes and Mr. and as the Society accumulates the deaths of Sir David Yule, Mr. Alves, J. W. Alabaster, C. Bw. H. Bell were re-elected direc- profits and invests them, ils in. A. Keating and Mr. L. F. Town- Brown, B, M. C. da Cunha, R. 4tors on the proposal of Mr. A. A. terest will increase and an in end and we desire to convey our Dustur, Leigh Garner, W. F. Gard-Alves, accended by Mr. F. H. crease in the permanent dividend sympathies to their respective ner, Hó Kom Tong, E. A. Lees, M. Farne.

families. Mr. L. F. Townend Manuk, A. S. Mitchell, C. E. Mr. V. L. dos Remedios moved JOHN BARRYMORE IN "WHEN Conservative Policy.

will be remembered by most of us, Meyer, J. Ormiston, John C. the re-election of Messrs. Lowe,

A MAN LOVES." These are the lines which your Society, but also 28

not only as a capable officer of the Oswald, V. R. V. Ribeiro, V. Ia Bingham and Matthewa Directors think it wise to adopt, friend for many years.

One of the best characterisa- a personal dos Remedios, R. D. Read, O. F. Mesura. Linstead and Davis an

Ribeiro, the Hon. Mr. W. E. L. auditors. This was seconded by Mr. Lions by John Barrymore is soen this decision being prompted by the

Shenton, Messrs. F. W. Stapleton, M. A. R. Souza and carried, in his latest production "When a difficulties experienced in the busi- Unprofitable Competition. D. V. Steavenson, A. Stevenson, V. Those present were Mr. W. L. Man Loves" which tops the cur- ness and the consequent call for a conservative policy. I feel certain tion of the insurance market, as Stuart Smith,

The present unsatisfactory posi-F. Soares, M. A. R. Souza and K. Puttenden (chairman), Mr. W. H.rent bill at the Queen's Theatre. Bell, Mr. L. J. Davies, Mr. J. A. As the young Chevalier Fabien Plummer, and Mr. J. P. Warren des Grieux, he is seen as a fashion- full and studied consideration of regards rates, is known to many

CHINA FIRE MEETING,

(directors); Mr. Paul Lauder able figure during the regime of our shareholders they will endorse of us, and it is a matter for regret

that unprofitable

The annual meeting of the (general manager), and Messrs. the licentious Loule XV, whom a the policy laid down."

China Fire Insurance Company. A. A. Alves, A. E. Alves, J. W. trick of Ltd, was held at Union Building Alabaster, G. S. Archbutt, B. M. C. from a devoted aspirant to holy fate had transformed this morning. Mr. W. L. Pattenden da Cunha. F. H. Farne, H. C. Graz, orders into an ardent lover and presiding.

V. L. dos Remedios, V. R. V. Riblero a trickster at the gambling tables. Proposing the adoption of the and M., A. R. Souza.

There is much elaborate care manifest in the direction of the production and the splendour of its settings in the opening episodes. The story is then taken into a different atmosphere, and we are given an insight into a convict ship of those days with its load of wretched humanity trans- formed into raging fiends by tho hardships they are called upon to edure.

that as this matter receives the

competition I think you will agree that the should have brought insurance figures in the balance sheet indicate business to its present position. a very strong position. As regards Insurance companies, holding the our investments, the Society and position aur Society does, must he its affiliated Companies continue | regarded as semi-public Institu- to invest their funds in securities | tions, essential to the conduct of of a high grade nature in keeping the world's trade, insurance being with the position the Companies oc- an essential element in almost cupy. We have followed our usual every mercantile transaction. It custom and taken our investments is therefore a matter of public at the market rates ruling at the interest, that a basis of rates; close of the year.

should be arrived at, which will The position of the Society reonable Insurance business to be flects much credit upon its General conducted on linea satisfactory to Manager, Agents, and staff who all concerned, continue to give thoroughly loyal and devoted service at the many centres from which our worldwide business is conducted.

Official Changes.

As shareholders, we naturally regret that you have not been able

to continue the bonus dividend of five shillings per share, but we fully appreciate the principles 'Mr. A. B. Rouse, the Society's arriving at this decision. We are which have actuated you in London Underwriter, retires from his post on the 30th June next. Mr. Aware that it is a well recognised Rouse has served the Society faith-tradition of insurance institutions fully from December, 1900, In the to pay dividends only out of the East and in London. He was in the interest derived from accumulated Far East until February, 1913, Investments, and we believe that when he proceeded home, joining in following this precedent you the staff of the London Under-are placing the affairs of the writing Room. He was appointed Society on a most stable and con- Underwriter in January, 1920, and servative basis and one which in epite of the difficulties encounter-must commend itself not only to ed during his term of office he has the general investor in your carried out the very onerous duties shares, but also to the contributors entrusted to him with much credit. and constituents of the Society, We all join in wishing Mr. Rause a very happy retirement.

Mr. C. O. Lee, Mr. Rouse's de-

Future Hopes,

We have not failed to note the

paty, who has had wide experience hope expressed, that the present in Marine Insurance is being pro dividend can be reckoned on for moted to the senfor post and early the future, also the possibility that this year he arrived in Hongkong where he had a conference with the the interest from our investments General Manager on. the future of may enable the shareholders of Society's underwriting in the Society to receive in due course

a larger return.

the

London.

In Mr. Lee we have a careful and The balance sheet for last year efficient officer and notwithstanding Indicates the strong financial the difficult times the businosa le position of the Society and we passing through I feel confident note with pleasure that the in- that. Mr. Lee will with credit vestment of our surplus funds,

DIKA BY HOS SERVIC

REQ. U. B PAY, OFF.

"They say motor cara have speeded things up, but I used to go through here without waliing for a coloured light.”

and

Throughout these scenes, the character enacted by John Barry- maro moves, giving us a poignant | sense of the shortcomings of the Bourbon regime of those days, and of the false-minded people who surrounded its representatives with an atmosphere of flattery and' badinage,

John Barrymore has never acted better since his appearance ax "Beau Brummel." The present picture assuredly lives up to the notices that have been written of

it.

THE WEST AFRICAN

REGIMENT...

PRINCE OF WALES RECEIVES THE COLOURS.

London, May 23.

H. R. H. the Prince of Wales, In the garden of St. James' Palace, today received the colours of the West African Regiment.

Ex-officiers of the Regiment at- tended in: khaki and ex-membora. of the Regiment In plain clothes. They were cacorted on their way. to the Palace by the Scots Guardé,

British-Wirelages

POWELLS

10, Ice House Street.

NEW STOCK OF

LIGHT WEIGHT

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just unpacked.

These are in Wool, Lisle and Cotton. The latter we particularly draw your attention to. The man who has worn Silk will and these for more comfort». able and will not fray like Silk, thus, always keeping their smart appearance.

Price $2.50 per pair.

We allow 10% Discount for Cash. They are stocked in Plain White and Khaki, also many other Shades with plain and Fancy tops.

KODAK

And afterward it's all in the album.

Whatever the day's sport happens to be, you'll want a Kodak to keep the story. For making the pictures is only the first pleasures having them is a later enjoyment, that lasts.

Ask a dealer

EASTMAN KODAK CO.

24 Yuen Ming Yuen Road,

SHANGHAI.

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AT THE

MAJESTIC

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