1934-05-25 — Page 23

THE HONGKONG TELEGRAPH. (FRIDAY, MAY 25, 1934.

11

ENCOURAGING REPORTS OF WORLD ECONOMIC OUTLOOK

UNION INSURANCE

SOCIETY MEETING

SUBSTANTIAL PROFITS DESPITE UNSATISFACTORY YEAR

prave unfavourablu iigures are available.

ACCIDENTS AT SEA.

tion proposed is in the hesi Interests of the Society,

I now have the pleasure to projione the following Special Resolution:-

"That the existing Subsection (a) of Article 135 of the Articles of Association of the Society shall be cancelled and the following Subsec tion to such Article shall be sub- stituted therefor;→→

LAST EIGHT FOR GOLF TITLE

TWO FAVOURITES DEFEATED

when the final will notice the decrease in "Interes retirement from the Society's servicmil be handled more expeditiously.

and Dividends

carne" when com- of its Into General Manager, Mr. Paul I think you will agree that the altern. pared with last year. The decrease Lataler. is due to the greatly reduced earn- ing power of money in high class MR. LAUDER EULOGISED. That accidents at Sen all occur Ir securities plus the effect of Exchange evidenced by the, total losses that took in expressing foreign Currencles in You, Mr. Chairman, bave already place during the past year. Among Sterilog. These are conditions to which referred in eulogistic-but, in my These were tho:-L'Atlantique, 12,612 practically every investment portfolio, view, by no means too eulogistic tons; Cities Service Petrol. 343 tons; that includes foreign holdings, is sub terms, to the value of Mr. Lauder's Nicolas Parquet. 8,617 tons; Guildford feet to to-dny. You are aware that services during the lengthy period of Cantle. 8,000 tons: Turones. 1.71 it has been the Society's practice to his association with the Society, and I tona: Shizuoka Maru. 70 tons; pay the major proportion of its annuni would fain add my own tribute to that "126 (a), All Deeds and Instru Coldwater. 5,110 tons; Santiago. 4,574 dividend from interest carnings. This which you have so deftly paid. tons; Mina. F. Tricoglu. 4273 tons; year such earnings fall short of the day to be precise on the 16th May, torn and countersigned by the General ments requiring the meal of the So- Ten years ago almost to the very clety shall be signed by two Dirce Exeter City, 2,029 tons,

required amount by almost £17,000. All of the above and the valuable Your Directors realize the Importanco 1924-I had the pleasure (fa seconding Manager. All chequer cargoes they carried were totally lost of this disparity, but consider that it the resolution for the adoption of the signature shall be signed by the Gen

requiring through perils of the sen. In addi-s in the Interests of the aharchoklers Society's 'report and account as then eral Managor or by any such person tion there were a number of smaller at this time to maintain the dividend. Presented) of addressing Shareholders or persons as the General Manager steamers lost, including the "Saxilly"You will appreciate however, that, Bir. C. Montague Ede, who had filled the absence of the General Manager! upon the subject of the retirement of may from time to time appoint. In abandoned in the Atlantic, "Mars-failing on

Improvement in interest land" and "Fernmoor" wrecked at earnings, a continuance of this polley the position of General Manager for all cheques requiring signature shall Nowfoundland, and the 141aleric" wrecked at Paternoster Point,

must depend largely upon satisfactory

a period of approximately seventeen be signed by the person appulated by LITTLE AND DUNLAP Underwriting results.

years, and in doing so, I added a few the Directors to perform the duties of words of welcome to Mr. Lauder as his the General Manger or by any auchi) Throughout these remarks I have successor. In that connection I person or persons as the Directors on insurance business were com-short memory of the public, added] been under the hecessity of referring stated that although I had not known may from time to time appoint." mented on by the Hon. Mr. C. G. S. Mackie, presiding matters, inclines a number of people on reductions in values, income and Mr. Ede, I had been brought into er will second the resolution.

to lack of prominence given to such constantly to such depressing subjects | Mr. Lauder ao long or so intimately ng I shall be glad if some sharchoki- at the annual meeting of the Union Insurance Society to the thought that present day in-rater, to say nothing of adverse Ex-sufficient contact with him to be made Mr. J. Ormiston seconded and the of Canton, Ltd., this morning.

ventivo genius bas practically change conditions and so forth. There aware that he was a gentleman resolution was adopted. eliminated serious losses at wen; and is however, another side to the ple-

INSISTENT DEMAND FOR WIDER PROTECTION

The adverse effects of exchange fluctuations and lowable list as I feel that the recognized I have set out this rather formid-

commodity values

rates.

extremely profitable venture for those that Marine Insurance must be natura. engaged in it.

in

present

insistent demands for wider polley protection and reduction in rates.

ENCOURAGING OUTLOOK.

It is pleasing to be able to inform

THE CHINA FIRE INSURANCE CO. ·

Rednetion in Gonus Dividend At the annual meeting of the China

ARTISAN

GIANT

KILLER

THROUGH

London, May 24.

A new name will this year

be inscribed on the trophy awarded to the winner of the British amateur open golf championship.

Three ex-holders

possessed of the attribute which Increased competition caused by the comparatively

Carlyle described as “Genlus" namely, sparse movement of cargo and its low value was also re-

"the infinite capacity for taking pains,” to which I added that M ferred to, whilst in speaking of marine losses Mr. Mackie the vast sum of money that Under- you that reports received from a

If you will endeavour to visualize

Lauder hnd had a lengthy experience in the Company's service; and I felt said even under the most favourable circumstances the writers have had to contribute

Kuru merited the confidence reposed in margin of profit in underwriting in this field was so small paying for the above losses, and, and last month or six weeks, refer in tara by the Society's Board of Direge Unio à Butthes Company Ltd, held in to-day over a dimewere defeated that one could only view with alarm the present insistentecidonin that do not Involve

that, contributions for the many

further stated I felt Building this morning, a profit total encouraging terms to the economic certain that the future would show of $83,201.67 on the Marine Account, Prestwick, when the competition demands for wider policy protection and reduction in o, I think you will realize that outlook for the immediate future in that such confidence had

not been $73,054.74 on the Fire Account and was carrier to the last eight stage, Underwriting to be carried to a profit ference in each case is, of course, to

the respective territories. The replaced.

$40,055.00 on the Accident and General The two most faneled candidates able conclusion to-day requires a very local conditions, but, as the number of

Account were reportedl SUCCESSFUL BUSINESS MAN, There were present the Hon. Mr. man, of the United States, and for honedra this year, John Good- high degree of skiit. Even under Notwithstanding the abnormal conditions, however, favourable circumstances the margin centres from which these cheering re Thereafter, I became much moro Mr. J. Owen Hughes, G. Miskin, K. S-Scottish champion, were both

C. G. S. Mackle (Chairman), Hon. Jock the Society was able to report substantial profits, and re-jof profit is so small that one can ports arise is quite high, it is not out intimately acquainted with Mr. Lander, Morrison, D. O. Russell (Directora

McLean, the brilliant refers, will grow to the point where his many sterling qualities. Hia was Messrs. J. W. Alabaster, A. A. Alves, only view with alarm the

side the hourds of reason to hope that and learned to appreciate to the full A. W. Hughes (General Manager) defeated, the localized condition to which cach

LAST EIGHT. it overflows and becomes International of great foresight, filled with indomit- da Cunha, F. H. Farne and H. C. in the last oight, although .A. truly a very fine character. Poncased G. S. Archbutt, J. Bentley, B. M C. Some little-known names appear able courage (born of his innate Grey (shareholders). In the Fire and Accident felda the

I may say this in the first time honesty) hardworking, painstaking,

CHAIRMAN'S SPEECH.

Bourn and two of the American de decrease spurred In-noted in even a small percentage of embodied all the attributes which and accounts the chairman n the fourth and decrense in insurable values prevailed for a number of years that we have patient and courteous to a degree, he

Moving the adoption of the report].

Walker Cup team emerged from fifth: rownel surance Companies the world over to reporta encouragement such as is into the making of a successful business For the purpose of our accounts the struggles to-day. greater competitive setivity; with dicated this year.

Įman, as you, Mr. Chairman, have

Osterling value of the lungkong Dollar resultant incrense in

The successful players are: Loptly demonstrated, of In concluding theso remarks 1 de Despite the onerous dutles of his This compares with a corresponding nt December 31 was laken 1/5%.

Wallace (Troon) are to refer na in previous years to office, Mr. Lauder, as we all know, value the previous year of 1/3, and

Lawson Little (U.S.A.) the benefit that accrues to the Society found time to render public service you will appreciate thint this differ-

George Dunlap (U.S.A.) through the endeavours of its staff to the Colony in more than one ence in exchange has had a consider-

T.A. Bourn (Sunningdale) being supported by Shareholders. capacity in a manner which commandable effect on the figure before you.

F. Francis (Sunningdale). John Neal (Moor Park) A. Garnett (Addington) Walker (Delamere Forest)

McLEAN'S DEFEAT. Mclean, who holds both the

ports from several of the Society's branches in different parts of the world referred in encouraging terms to the economic.outlook for the immediate future.

Glowing tributes were paid by the Chairman and Mr. J. Scott Harston to the former General Manager, Mr. 'Paul Lauder.

STAFF CHANGES.

FIRE AND ACCIDENT.

greater,

expeneo

in scope,

material extent

10

th

GLOWING TRIBUTES TO MR. LAUDER operation and decrease in income.

Fire lozes in the United Kingdom Inst year

were somewhat greater than in the previous year. In the United States and Canada losses have welcome decline, and,

I would specially appeal to alied the respect and admiration of all The drop in the amount of interest although there wan

in the shareholders of the Society not only who came in contact with him in con received for example is due amount of premium written, the to support the Society with their own nection therewith.

exchange and as a decrease in lores was comparatively influence business in its direction. I as a lover of Literature; the more so that while your Directora recommend business but, also, to endeavour to To myself, he particularly appealed consequence you will have noticed You will readily appreciate that in cannot sufficiently emphasize that In- because he was one of the very fly the same dividend and bonis dividend Scottish and Irish championship, the face of falling income and the surance sa influenced, however small Scotsmen have met who fully as last year the amount of the necessity for meeting competitive; it may seem to individual Sharehold-recognized the greatness of his fellow exchange bonus dividend is rates, a continuation of favourable, ers, aida in building our business and countryman Sir Walter Scott, alike as from $7 per share to $2 per share. against the American challengers, results is more than ever dependent in pernitting a continuance of gatis- a man, a novelist, and a Pact,

He has more than fully earned the right to retiroment, which I fervently hepo ho may long be spared to enjoy farm, his deportes comt te ale leaves a void which cannot be filled. MR. HUGHES APPOINTMENT. Before concluding this speech, would like to add a few words of wel- come to Mr. Hughes as Mr. Lauder's

all the office of General Manager of successor in office, and to congratulate him upon his appointment.

The fact that he has been chosen to

care.

CHAIRMAN'S SPEECH.

duties early in

1934.

With these remarks I beg to pro- pose the adoption of the Toport, revenue accounts and balance sheet as presented.

Hughes in qualified in every respect) carried to Profit and Loss on the 1932 It is with great pleasure that I rise

In reviewing events pertinent to the business of insurance during the past year I am confronted with inny factors.

MANY FACTORS.

7.79%%% last year.

1

up

ກ

STOOD THE STRAIN WELL. Mr. J. Scott Harston acconsed and sald, Mr. Chairman and Gentlemen:

count and balance sheet of the Society to accond the proposal made by the Chairman that the report, revenue ac as presented to this meeting be ad opted..

does

reduced and was the main British hone

you will see that the 1932 Marine Wallace, the Troon artisan golfer, Turning now to the revenue accounts succumbed in the fifth round to Account has been closed and the profit who is a ship-plater from Glasgow. of $83,201.87 carried to Profit Lean Account. The Marine Fund at peared prominently in goining nerve

and and 32 years of age. He last ap the end of the year including the in 1930 when he was runner-up in. additional Reserve amounted

to

The Ac-

Mr. G. S. Archbutt seconded and the

OTHER BUSINESS.

on

the

BRITISH TRADERS"-

COMPANY

GOODMAN BESTED:

round,

A wealthy Londoner, Garnett, put paid to the hopes of John Good- man, the American open champion. Goodman played good golf and led

Goodman's fall was, however, foreshadowed. He had had an exceedingly narrow escape in the fourth round when playing Me- Callum (Troon). McCullum was on the top of his game during the

talonsent of accounts showing a profit Goodman came back splendidly, best part of the match, and be- A satisfactory balance sheet and came dormey two on the sixteenth. in all departments was presented to winning the next three holes in tha shareholders of the Beritis

Saticaetery report at Meeting

There were present the Hon. Mr. of deep appreciation for the valuable C. G. S. Mackie (Chairman), 1on1ervice rendered by Mr. Lauder Mr. J. Owen Hughes, Messrs.

6. the Society, and in wishing him many 3skin, K. S. Morrison. D. O. Rus years of happy retirement. sell (Directors), Mr. A. W. Hughes, (General Manager), and Messrs. J. W. Alabaster, G. S. Archbutt, J. D. Butcher, N. V. A. Craucher, B. M. C.

After careful deliberation your da Cunha, J. D. Danby, R. A. Dastur, Board appointed Mr. A. W. Hughes H. B. L. Dowbiggin, O.D.E., John to succeed Mr, Laudor, Fleming, i. C. Gray, J. II. R. Hance, Mr. Hughes has been in the Society's J. Scott Finraton, Bo Kom-tong, | service for the past 14 years, prior to on a sulisfactory loss' experiènce. factory annual atatements. D.B.E., C. C. Knight, J. II. Little, which he had spent 18 years in In- In your consideration of our AC- Le Cheung-ahlu, J. L. McPherson, G. nurance. Since Joining the Society counts I am sure you will have found C. Moxon, Ormiston, V. R. V. Mr. Hughes has occupied the position mach that gives cause for satisfaction. Elbeiro, R. Sander, W. F. Simmons, of branch manager at some of our The total "net Underwriting Income M. A. It. Souza, F. W. Stapleton, A. most important Branches and Jast from all departments was £1,011,308. Stevenson, R. L. Stewart, H. Sum-year made an extended inspection of 17. 10. which although 8.15% less than

$877,147.51. The Fire Account has the Scottish champion. mem, M. H. Turner and R. c. B.the Society's interests in London, the last year is as entlefactory as present

been closed by setting up a reserve Way, shareholders,

|United States, and Africa. It. Is the day conditions permit,

Wallace has been a giant-killer opinion of your Directors that Mr.

tho present tourn In the Marine Account the amount

of 40% for unexpired liability and throughout

crying in full for all known out ament, his victims including Egan Moving the adoption of the report duties of General Manager of your the premium against £77,474. 6. 2 or

dealt with in a similar manner to the hole, in a tense duel, McLean after- to carry out successfully the exacting Account in £56,684. 14. 4. or 6.27% of

$43,66471 ster and leaves a profit of (U.S.A.) and Cyril Tolley, na well

which has been carried to Profit and Losa Account.

as McLean. eldent and General Account has been and accounts the chairman mid:-( Society,

He defeated McLean by one Gentlemen:The report, revenue ne- At our last meeting reference was Claims paid on account of 1933 counts and balance sheet for the year made to the pending retirement of were £210,706, 3, 0. or 27.11% of the

the Society is of itself, I think, a suf Fire Account and a profit of $46,666, wards bitterly complaining of the 1083 were issued on May 7. As you Mr. C, 3. G. Burnle. Mr. Burnie has year's premium against £280,815. 17. We are all aware of the economie ficient "Hull Mark" of his merits, and to carried to Profit and Loss Account, partisan attitude of the crowd, who will have had time to scrutinize the since retired, and has been succeeded, or 31.000 for 1932. This is Ratis difficulties which business concerns of the further fact that he has spent at With these remarks 1 beg to propone cheered his errors... #igures, 1 propare to follow the usual by Mr. G. G. Franklin, who has had fatory for first year settlements. overy Lype have had to face during together thirty-two years in the world the adoption of the report, revenue custom and take these, as well as the many years experience as branch The Fire Department profit carried the past few years, and consequently of "Insurance" would appear to show accounts and balance sheet as present- had defeated the American O

Mclean, in the fourth auditors' report, an ressed.

It is a

manager at Singapore and elsewhere. to Profit and Loss Account after fully appreciate that the effect of good reason for his appointment to ed. matter of great regret that one of your Director, Mr. J. P. Warren, Ismanager of our Affiliated Company, losses and setting

amateur champion, Jesse Gullforil, Mr. E. H. Hutchison the branch providing for all known outstanding such difficulties must necessarily be carry out what you, Mr. Chairman, have-doubticas appositely termed necessary reflected in the resulta shown by the

motion was curried. hot with us to-day, Quite recently the Yangtze Insurance Assorintion, reserves, amounts Mr. Warren was stricken with at Seattle also retired during the 8.155% as compared with 15,141, 1. of an Insurance Company, particular anger of the Society"--phase- 451,130. 1. 1. or operations of such a business as that The cracting position of General serious acas and it was necessary year. Mr. Hutchison was with the 1. of 83% the previous year.

Mr. K. S. Morrison and the Hon, for him to proceed Home for medical "Yangtzzo"

ly so in the case of one which includes ology, which reminds me that when 1 for over 30 years, and Ciui paid and outstanding show in its undertaking, as this called at the Officer of the Ilongkong Mr. C. G. S. Mackie were re-elected

to the Board of Directors I am sure you will join me in his services during that period are a considerable decrease being 17.034 Society, that of Marine Insurance. If and Shanghai Banking Corporation to expression of sympathy with Mr. very much appreciated.

of the premium as ngainst 55.32% in we were not so aware, the various congratulate Mr. Grayburn upon his motion of Mr. J. W. Alabaster second-by one hole at the ninth, but Warren and in the hope that we shall

1932, commequently the account closes matters mentioned in your Speech Mir, appointment as Chief Stanager of thated by Mr. F. B. Farne. hear son of his permanent recovery,

with a much improved result.

On the motion of Mr. B. M. C. da Garnett thoroughly outplayed him Chairman-upon which I desire to renowned Institution, he enquired of I will now place before you a short review of the progress made by your

Reference was made from the take this opportunity of congratulat me whether I ought not to commis-Cunha seconded by Mr. A. A. Alves, on the journey home and finally

Messrs. Lowe, Bingham and Matthews won by three and one. chair last year to certain classes of Ing you should be sufficient to bringte with him thereon! Society during 1933, and of certain

our Fire business which had not given those difficulties home to our minds, From what I Have seen of Mr. and Messrs. Linstead and Duvis were Important conditiona relative there-

satisfactory results. to. In the latter part of the year

pleased In the circumstances which you Sir, Hughes I have no doubt that he will re-elected andliters. now to be able to state that steps have so clearly stated it must be very rise the occasion, prove himself to your Directors were advised of the World affairs, cenulently, und taken to improve the position have gratifying to the Society's Shareholde worthy successor to Mr. Lauder desire of the General Manager, Mr. politically, were in an abnorinal con- Paul Lauder, to be relieved from his dition, and the difficulties of con-ench instance,

brought a change for the belter in cran it certainly is to myself to and thoroughly justify the Board in Mr. Lauder trolling an international business, in-

find that our Society has stond the Kard to his appointment. I extend brought to the attention of the Board uenced very largely by such conli-end of the year including additional writing, but also in the matter of itsof all present here to-day, for a The Fire Insurance Fund at the strain so well. not only in its Under to him the best wishes of myself, and also as I feel I am justified in doing the fact that he came to the Eust in tins, in no way diminished when Reserve amounts to 67.32 of our investments. 1900 and that the intervening years compared with preceding years. Ex-Premium Income as compared with

long and prosperous career as the had taken their toll upon his health. change fluctuations

were wide, and 57.01% in the previous year.

NO EASY TASK.

| Society's General Manager. Having in mind the great strain Mr. Insunile values were seriously affect-

The report and accounts Lauder had been under in the diffeuli 4 thereby, Furthermore, commity ACCIDENT AND GENERAL years of his General Managership of terms of their own currencies which

values remained at

This sad but very impressive list adopted. a low level in

of Ocenn casualties which you have the Society, the Directors, with great further affected adversely the mount shows

Accident and General business again dealt with in your speech serves as a rehustande, agreed La necept Mr.nf insurance businers available.

satisfactory result. The reminder, perhaps not ill timed, that Mr. K. S. Morrison and the Hon. G. G. S. Mackie (Chairman); largest following, including the Lauder's resignation #14 from

Premium Income declined by some to obtain profits from Marino Insur Mr. C. G. S. Mackio were re-elected to Mr. In the Mavine feld Hull values did £12,000, but this class of busincan is ance to-day is a far from easy task, the Board of Directors on the motion, G. February 24, 1984.

not, I think, decrease to a large ex-subject not only to intense conpati- and I am sure that all shareholders of Mr. J. D. Danby, seconded by Mr. D MR. LAUDER'S SERVICES. tent as compared with the previous tive conditions but also to fluctuations will join me in expressing not only A. Stevenson.

year in terms of their market price. caused by variations in the demand gratification at but also appreciation These are the bare facts of the posi- but the necessity for economy that for cover for extraneous perils such of the skill in that relation displayed tion, but it would not be right of me nwners were under, forced them to to allow much an occasion to pass find the most economical

as War Risk, Earthquake Shock etc. by our General Manager, our London neans of without conveying briefly to you an obtaining insuranco

Claims paid and outstanding were Underwriter, and our various Branch protection. In 43.51% of the premium as against Managers. impression of the value of Mr. Lau- many cases, I fear, the amount of 40.04% the previous year, with the der's work to the Society during his such protection was not all that pru- result that the proßt on the account, by means of that skill to carry again That the Society has been enabled, 34 years' service,

dent owners under normal circum-, carried to Profit and Loss, Afr. Lauder first came to the Far stances would desire.

after a substantial amount to its Profit and providing for all known outstanding Loss Account is Indeed satisfactory. East for the "China Traders," and It is pleasing however, to be able to loaseA and getting up necessary The improvement in this year's Fire served with that Company until 1000 report Improvement in the reserves, was £32,577. 14. 0. da against Account is also a matter for congru- when the Company became affiliated volume of Hull business towards the, 23,179, 18. 11. the previous year. with the Society. Thereafter he pan end of the year is, after a lengthy

tulation, and tho paurance we have The Aceldent and General Fund In- received regarding the successful out.

Meeting Approves of ed through the various ranks of the period of idleness, a number of vessels cluding additional Reserve at the end roma of the adjustments mado in the Service, until in 1919 he was appoint were again put into cominfasion.

Alteration cd to the Head Office Staff. The very

of the year' was

to £127,003,18.2. The Fire Accounts follows: 02.75% of the Fire Underwriting after the 1932 ex-

has been closed by notting up t Premium Incomo as against 01.49% nerience would seem to justify the At a

Dunlap subsequent extraordinary nerve of 40% for unexpired lability the previous year.

hone that futura Underwriting will general meeting a special resolution and reserving in full for all known)

Little continue to produce good results. altering a sub-section of the Articles outstanding Losses and leaves a profit the retirement of the General Man-zed by the abandonment of the sta

of Association of tho Society was

of £10,051.11.10 which has been carried ager in 1924, Mr. Lauder was np-Lilizing "respect the lead" Agreement, have made no mention

In my analysis of each account I

FUTURE DIVIDENDS.

passed.

to Profit and Loss Account. Tho pointed to fill the position.

Moving the adoption of the resola. Accident and General Account has of expense. and a sorious reduction In Insured This omission is made with Intent, financial affairs it should not be sur said: Gentlemen, This extra-to the Fire Account and a profit of The plitical and economic inimicul- values and rates resulted. The Agree as the incident of Exchange in this rising that the Society Board of ordinary

To anyone conversant with current tion, the Hon, Mr. C. G. S. Mackiebeen dealt with in a similar mannor ties that have prevailed since that ment difficulties year are very well known to you, and some extent later in the year, and a to the Society

were overcome to connection was unusually favourable Directors have deemed it prudent to been summoned for the purpose of Account

general meeting han £6,755.6.9 carried to Profit and Loss you are aware nise that Insurance modified form of Agreement reached; total expenses were £205,807, 1, 8 of the present rate of the Society's Subsection (a) of Article 126 of the revenue account and balance sheet as With there remarks I bog during 1033. Our intimato that the future maintenance passing a Special Resolution altering to propose the adoption of the report, Companies in common with commer-the market as a whole than settled as compared with £428,033. 1. 1. individonda must be donendent upon ini- Articles of Association of the Society. presented. elal institutions of all classes perionced, during that time, possibly stable.

down to conditions slightly more 1932. While the steps we have taker proved Interest narnings and a con the most difficult poriod of operation

to economize have shown very helpful tinuation of prostable Underwriting. ciation

Mr. H. C. Gray, seconded, and the in their history. Meeting and over-ment of cargo and its low value were our annual expense could not show a ports received from a number of the 125 provides that all cheques requir The comparatively sparso move results, it will bo obylous to you that trust, however, that the encouraging existing Subsection (a) of Article

will, inform you that tho motion was carried. coming the difficulties that arose call-responsible for increased competition reduction of approximately £32,000 oriety's Branelies (referred to by the ing signature shall be signed by two Mr. C. G. S. Mackle woro re-elected to

OTHER BUSINESS. ed for exceptional qualities of pro- in the matter of ite. Insurance, and when expressed in sterling, had not chantems) regarding future economie Directors and countersigned by the the Board of Directors on the motion Alr. K. S. Morrison and the Hon.. fcasional skill and courage, and I have rates lower even than those current Excluango an important bearing on conditions in their respective area General no hesitation in saying that the sound in 1932 had to be mot. The loan ex- the result. The gure will, however condition of the Society to-day is an perience of the market during 1933 give you some indication of the effer that the termination of the Society's enr 1873 at a time when cheques re-

Manager. This provision of Mr. J. Bentley seconded by Mr. B. may prove to be well founded, and was embodied in the Articles in the M. C. de Cunha, outstanding testimony to the manner does not give great encouragement that Exchange kas on a world wide rent fronciat year will show In which fr. Lauder met these to the hope for ultimate prost, but business during abnormal

Mesara, Lowe, Bingham and Mat quirements. I am sure you will join present indications are that the ox-times.

enquiring signature were probably few thows and Messrs. Linstead and Davis financiamprovement over 1038, narticularly. In number. It is considered advisin- were ro-elected auditors on the motion with your Directors in an expression perience of the Soceity should not In the Profit and Loss Account you!

In regard to Interest Earnings. ble new to amend the Article to proof. Mr. 3. W.. Alabaster seconded by

I now wish to make reference to the vide that the dulall of cheque signing i Mr. V. IL Y Albeiro,

able manner in which he carried out

the duties there assigned to him were

вете

MARKET MORE STABLE.

Early in the year the London Hull

recognized by the Board, and upon underwriting market was disorgani

ཞ¡-་མའི་

FAVOURABLE EXCHANGE.

OTHER BUSINESS.

were

F

Trailers' Insurance Company, Limited, row to qualify for the fifth round at the annual meeting of the company at the nineteenth, at Union Ballling Uis morning. WETHERED v. DUNLOP.

There were present the Hon. Mr.

Messrs.

The match which drey the J. Owen Hughes, Miskin, K. S. Merrison, Prince of Wales, was that between 0. Russell (Directora), A. Geo. T. Duninp. the American W. Hughen (General Manager), amateur title holder, and Roger thews and Messrs. Llustead and Davis Archoutt, J. Bentley, N. V great fight but was defeated on the

Messrs. Lowe, Bingham and Mat- and Messen. J. W. Alabaster, G. S. Wethered. Wethered put up a.. were re-elected auditors on the motion Croucher, B. M. C, da Canha, H. Clast green, one-down. of Mr. W. F. Simmons unconded by Gray and V. It. V. Ribeiro (share John Neal earned his entry into Mr. M. H. Turner.

holders).

The adoption of the report and the quarter-finals when he defeated. accounts was proposed by the chair-Martin-Smith, ex-holder, by four man, who said: The 1932 Marino and three. Account has been closed and the TA. Bourn defeated another ex- profile of 212,040.18.0 carried to holder, Dr. Tweddell at the seven- Profit and Loss Account. The Marine teenth, 2 and I in the fifth round. Fund at the end of the year includ- The quarter-finalists are paired ing the additional Reserve aniounted)

ARTICLES OF ASSOCIATION

A reference to the Articles of Aaro.

rd-

."

West

Francia V Walince

v.

Walker.

v." Bourn

Garnett

V. · Neal

Router.

WATER LEVELS.

FOR WEST, NORTH AND EAST RIVERS

The River Conservancy Com notifies that the height mission for Kwangtung Province of water In English feet in the West, North and East Rivers is ad follows:

May 23. May 24. River Shiuhing i North River Tsingyuen North River

Samahui East

6.4

nt

10.0

at

2.9

River at

Sheklung -

6,9