1935-05-25 — Page 6

THE HONGKONG TELEGRAPH. SATURDAY,

ONLY THE BEST is Good enough for You

We take pride in the introduction of

THE MOST: DURABLE & CONTROLLABLE BALL EVER-MADE.

DUNLOP DURONAP

FORT

with

COVER

TENNIS, BALLS

@ 2/4

"FORT"

Per Doz: 17/2 $7.40-

RETAIL

Tin of 3 4/4 $1.90

Tin of 4 5/9 $2.50

CLUBS.

Per Doz: 15/6 $6.65

Converted at the

Day's Slip Rate

STANDARD

RETAIL

@ 2/4 Per Doz: 14/11 $6.40

Tin of 3

Tin of 4.5/-

CLUBS

Converted at the

1935.

100 YEARS' PROGRESS

UNION INSURANCE

SOCIETY LTD..

of the dividend at its provious larel. In the fifth year of the Company's Many factors influence this decision, oxlatonco that is, in May 1889-all among them being the consideration | British subjects in Canton were or that tho surplus of assets bulit up in dorod to leave for Macao by Captain more prosperous days has been' in- Elliot who was the "Chief Superin crossed considerably by the reduced tendent of English Trade." The out of the decreased reason for this departure was the Income of recent years; also that by deadlock between the British and the drawing upon present day profits for local Governments over the question dividend purposes the

Beclety is of Guarantees against the smuggling aiding in some small measure to of opium. break the viciou economic circle within which curtailment of spending

ment in others to the detriment, in the last

all concerned. of

COMPREHENSIVE SURVEY GIVEN AT In one action is followed by curtail-

ANNUAL GENERAL MEETING

A comprehensive survey of the one hundred year's operation of the Union Insurance Society of Canton, Limited, one of the oldent of the British Dominion and Colonial companies, was givén by Mr. S., H. Dodwell, presiding at the annual general- meeting of the Society yesterday.

Mr. Dodwell traced the trading of the Company from 1835 when it was brought into existence by a group of merchants in Canton to the world wide business, owned by shareholders resident in practically every Continent, into which it had grown to-day with assets totalling over £6,000,000.

Afton halye facts and

The Opium Trade

A considerable quantity of opium in British and foreign ships in the rivor had been seized by the authori

in

the very handles and destroyed. The value was position of the Society, your Direc-after this the Viceroy at Canton in- sinted to be $0,000,000: Immediately tors feel justified in recommending sisted that all foreigners trading for this year a continuance of the Canton should sign a bond to the effect Society's dividend at the level of last that they would not deal in opium,

and. It would have been exceedingly the opium and the ships would be that if they were caught so doing, pleasant to have been in a position to confiscated and the persons engaged mark our hundredth birthday by in the Illicit trade executed! All the increasing the distribution, but, in non-British foreigners agreed to sign existing circumstances, such a course this bond, would be unwise.

►

it

T-

WOR

cession

bestill-

con-

or of China

It ap-

Society

would

but Captain Elliot refused, on the grounds that the oxecution One of the Oldest Firms

clause in the bond was in opposition to British law. The Viceroy replied The Society, despite slightly adverse trading compared

The Centenary of our Society is an British subjects would not be allowed that unless the bond was signed, occasion for congratulation o with the previous year, maintained its dividend of £2 per share, affords evidence of security and to trade in Canton, and this led to and the Chairman stated that a recommendation put forward stability to nur policy-holders through the general exodus to Macao in May. by the Hon. Sir William Shenton, that an interim dividend might

At a later date the Cantonese out the world. Furthermore, it draws attention to the fact that the Society kong to the British Crown. Although authorities ceded the Island of Hong-. be considered, would be placed before the Board,

is one of the oldest of the

British There were present at the meeting To review the Society's Underwriting believe there is but one that

Dominion and Colonial Companies. I possession of the island was taken in Messrs. 8. H. Dodwell (Chairman), experienco in the Marine market dur

was not finally older. 1841, this During the www 3/9 $1.65 | J. Owen Hughes, M, T. Johnson, T. A.ing the past year would be merely to Nineteenth Century Institutions is the Treaty of Nanking, at unti

the Armed by early part of the

the Emperor of Mitchell and J. A. Plummer (Directepeat with emphasis the remarks not $2.15 tora),

W. A.

Hughes (General made by my predecessors in office in wo have been accustomed in mom pears that the business of:

not grow with the rapidity to which ties that occurred in

in 1842

of the W. Alabastor, G. 9, recent years. Manager), J

Underwriting capacity cent years. Their earlier growth but, as soon as the Colony of Hong- was carried on for a while in Macao, Archbutt, John Bentley, C. B. Brown, is very much in extent entre undoubtedly was comparatively slow, kong B. M. C. da Cunha, IL. A. Dastur, H.ments and the consequent keenness of but their foundations Invariably were C. Gray, J. H. R. Hance, C.

established, Messrs. Dent rates lower than well and truly iaid and progress not C. C. Knight, competition is forcing Per Doz: 13/5 $5.80 D. J. Lewis, Le Chung-want to note that in many instances Intely,

Co. and the other former Canton ever. It is perhaps some consolation Ormiston Mrs. J. A. Plummer, Mesars,

tion uneventful.

merchants arrived from Macso, and I feal L. P. Ralph, A

you will be erested in titis of the British Flog.

thereafter, traded sed, V. R. V. reductions Reed,

ded under the protection are smaller than in past Ribeiro, L

E. N. Ryan, the Hon. Sir years and in some cases are merely progress as applied to the Society, so

will now briefly review our history. Inter the Union Insurance Society of Kr Messrs, fractional. Perhaps it is hoping for In doing this I think it is desirable Canton was formed, but it

Records show that twenty years William E. Shenton, W. 1. Simmons, S. A. Sienp, M. A. R. too much to assume that we are first to mention circumstances that seem that a definite limit was put to Souza, F. W. Stapleton, A. Stevenson, reaching the end of rato cutting, but

ns it was due largely to these that Tinson and H. C. B. Way.

some of those engaged in the business the necessity arose for the establish foel there is a limit in the downward ment of a Company such as the So- scale.

clety, Fortunately the loss experienced

A Hundred Years Ago during the year was not unduly Rovere. Tidal wave in the vicinity of Kobe an 1834, enjoyed in Canton a monopoly: The disastrous Typhoon and The East India Company, and

Osaka in the month of September of trade to England, but in the was responsible for a series of claims beginning of the

century certain to falling on the Society, While these British individuals came to the City to claims were numerous they did not to trade under the and take exceed, in the aggregate, claims that

protection these, as well as the Auditors' report, have been paid in the past as the re.oroign Flugs. In 1823 there

individuals, including sult of the loss of one good class cargo Thomas Dent, who hold the position At our last annual meeting, my carrier. predecessor in office referred to the

of Sardinian Consul, and was a mesa- absence of Mr. J. P. Warren,

So far as Fire and Accident business ber of Davidson and Co. On con-

the sequent upon ill health. It is a mat-is concerned our experience on the retirement of W.S. Davidson the ter for deep regret that Mr. Warren

whole during the year 1034 Was name of the firm was changed favourable. Ruccumbed to the illness from which

Thomas Dent and Co. Amongst the the end of the last year, a further he then suffered, and by his death Your Society lower a valuable adviser

other private traders were the two Agreement for one year only--that Megniaca (partners in Magniac and is, 1868. In September of that ser and friend.

Co.) who were Prussian Consul sociation to provide for the Society's Co. afterward Jardine Matheson and however, an Extraordinary

General Meeting

altered the Articles of As Prussian Vico-Consul, Mr.

Robort

continuance in the Swedish Consul and Dr.

Day's Slip Rate

ALL PRICES SUBJECT TO 10% CASH DISCOUNT

CLUB SECRETARIES PLEASE NOTE:-

ATTRACTIVE SPECIAL QUOTATIONS FOR

LEAGUE & TOURNAMENT

THE DUNLOP "STANDARD" BALL is an improvement on our previous supplies, and is offered at LOWER PRICES than previously.

AN APOLOGY is expressed to all our Patrons for the recent shortage of supplies, which we hope will not occur again with our ADEQUATE STOCKS.

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R. L. Stewart, H, Summers, G. G. N.signs are not wanting that at least existed in China in the early days, the period during which it could

Chairman's Speech

year

Moving the adoption of the repart and accounts the chairman

Hald. Gentlemen, The report, revenue ac- counts and balance sheet for the 1934 were issued on the May 15,

In As you will have

time scrutinize the figures, I propose follow the usual custom

as rend.

Satisfactory Results

Reven Auch

operato namely for the three years 1802-1804.

In the Articles of Agreement dated 1st January 1862 the following section is of interest:

"That the said until

were

shareholders severally and respectively shall and will at all times during the continuance of the sold Society use their best endeavours and utmost liligence to carry on, improve and inerenze the business, and

promote the Interests of the Society, hy all inwful ways and means for their mutual benefit and advantage."

Not for Profit Making Another Agreement was come

to for the to.

period 1865 to

1807, and, at

operation until the end

Board of Directors, an expression of In quoting figures throughout these Bom Jardine. In 1820 the Firm off of 1870. At this meeting a' certain

with the message.

from:

It

If this was done, he would withdraw

•Turning to our Accounts, I feel the By the unanimous wish of the results shown are not unsatisfactory. their deep sympathy was conveyed to remarks I

propose omitting reference the relatives of the late Mr. Warren, to shillings and pence. The combined Thomas Dent & Co. had a staff of amount of opposition by a minority and

I feel that, had the opportunity nett underwriting Income of all De-foul offered, all present at this meeting partments during tho

four, the firm of Magniac and Co. of the shareholders was apparent, would have desired to be associated £1,601,023, which is but £9,976 leas later Jardine Matheson

year, was

для Соме

and Mr. Delbanco asked "Why not By the recent departure from the than last year. Bearing in mind the six, and there were 13 other private make the Office a permanent one?

continued decrease in world trade and

British merchante. Colony of Mr. C. G. S. Mackie, your Board in deprived of the valuable commodity values, I think you will appears that tho East India all that he had previously sald”. (re- vice and assistance received

that the maintenance of income, Company, who in earlier days had garding the proposed alterations). agree him over a period of many years. at practically last year's level, is an insisting on the departure of such that the Society was not formed for jealously guarded their monopoly by Mr. Lumann (n Director) explained Mr. Mackie's Departure

encouraging featuru. Mr. Mackie's association with the! In the Marine Account the amount by them, became more lenient towards Insurance, but for the mutual benefit British subjects as were not employed the purpose of making profit out of Society dates back to 1914 when he carried to Profit and Loss on the 1933 the end of the third decade of the of the merchants who formed and who became a Member of our Shanghai account is £70,597. or 8.98% of the century. Their attitude may have contributed business to it." Committee. In 1924 he was elected a premium.-

boon the result of agitation at Homo Calms paid on account of 1034 were Director and has been closely Identi Bled with our endeavours since that £245,460. or 31.08% of the year's time. His able counsel through the premium against £216,705.. or 27.41% intervening years has contributed in for 1993. Un past experience this can no small measure to the success at be considered satisfactory for first tained by the Society during the past year settlements. decade.

The amount from the Fire Do-

ז

In 1807 Mr. G. D. Williams

wab

were

in

Against monopolies generally, and appointed Secretary in place of fear that, in consequence, any action Besar, Dent & Co., who on their part, to insist on the deliquidation, and he was succeeded. In parture of other Eritishers, would 1868 by Mr. Robert. Whatmore whe endanger the renewal of thair held that office until 1871, Monopoly, which was to expire in

In the period 1968 to 1870. the 1834.

capital "Was $1,250,000 in 250 shares am sure sure you will desire me partment carried to the Proft. and

The private merchants, to record our appreciation of the Loan Account after providing. fór all

$5,000 each, of which $1,000 per however, of sistance rendered by Mr. Mackie, and known outstanding losses and setting licence from the Company, so that a

were permitted to trade only under share was paid up. with me, you will wish him abundant, up the necessary reserves was £38.873. certain amount of control existed. health and happiness in his retire or 0.75% as compared with £51.430. ment (Applause).

In 1834 the monopoly of the East or 8.46% the previous year. The Society suffered another loss Claims pald and outstanding showed

India Company terminated, and the during 1934 through the resignation a allght increase to 47.29% as against se "Free Merchants" were able

private Britishers, who were known During these triennial periods the of Mr. W. J. Saunders from his posl47.03% the previous year. I have no

to allotments of shares in now "offices" tion on the London Committee.

carry on their

without as they were called, were made in doubt that Mr. Saunders had been associated satisfactory percentage.

this is a Avill you

licence. It is interesting to note that accordance with the contributions with the Society for over 50 years; The percentage of Acquisition Cost to London, the s.s. Sarah of 488 tons, stance, of complaints by shareholders the first "Free Ship" From Canton made by shareholders to the former

"Office. first on the London Staff in 1884 and at 48.25% was an increase over the was dispatched by Messrs. Jardine,

We rend in 1871, for In- then in the Far East from 1880. He

appointed Secretary

Was

to

ngren

business

In 1871 Mr. Nathaniel Ede was ap pointed Secretary in place of Mr. Whatmore, and a further three year "period of operation" occurred.

the years total of 45.0456, Watheson and Co. on March 22 1834. tant, they had not been allotted the.

Society 1900 and carried this posi

piecegoods, nankeens,

caused by the rise in Ex- Tho cargo consisted of silk, silk number of shares applied for and tion until his retirement in 1907. In

cassin bark, their complaints were answered by 1908 he became a Member of the

A reference was made in the rhubarb, China-root and sundries; the Directors that the allotments had London Committee, and for the past Chairman's speech last year to the and the value of the silk and all been made as indicated above. twelve years has acted as its Choir- effect Exchange had on our total ex-piecegoods alone +xceeded one million

penses, and I do not proposo to dollars. The Society

repeat the remarks then made, but gratitude to Mr. Saunders for his un-diture is very carefully scrutinized.

you may rest assured that all expen- failing care of and interest in

גוון

awes 2 debt UL

the

Change of Policy

www

Birth of the Society

In 1874 the policy of the Society Facilities

changed, in that the three year for the protection of Society's affairs over so many years,

such cargo by Insurance were avail- period was abandoned, and Aceldent and General

able, but there was only one

Articles of Association were drawn firm and I am sure you will Join me in

no period of wishing him many years of good

which paid claims under its policies Up, which included The amount of Profit available from in Centon. In 1835 Dent and Co. duration, health and happiness. (Applause). the Accident and General bustness decided to found a second, the Union

It is pleasing to note that staff was smaller than in

In order to preserve the support changes of importance have been year, the figure being $11,945

the previous Insurance Society, which was to be of shareholders a clause was included few during the past year.

or under their exclusive management. | in the now Articles to the effect that 4.52% 18 against 32,577 or 15.34% Unfortunately the Manager at Kobe retired after more due to our reserve

survive the bank-

fit, cancel shares owned by. ruptcy of Dent & Co. in 1862. who were not supporting the than 30 years service in

unexpired For risks requiring to be considerably in- Nevertheless the following firms,

and re-allot them to other In the present year I regret wor

ercased

to meet the increase

Income, which rose from in Canton in 1884, and who are re-

Mr. Hope for many years Branch the previous year. This is largely the Society did not records of the Directors could, if they thought·

the

Enat.

are to lose by retirement two more

af our valued-officers. Mr. Franklin

for

in who were known to be in exhstones [ from whom business was foHTE

Dent

Matheson

In January 1874 a Branch Office in 1939 to £251,323 The corded, ar contributors to the Society was opened in London From this our Branch Manager at Shanghai, percentage of claims paid and out in 1862, were probably among the time onward, the Society made rapid who also fills the position of General standing was 47.72% as against original subscribers:-Messrs,

Jardine, Manager of our Subsidiary Com-48.51% the previous year, while Com and Co; Messrs Jay

progress as

as is shown by the fact that the assots which were $345,000 \nt: pantos-The Yangtze Insurance mlation and Expenses of Management and Co.; Mesars Turner and 40. the end of 1874, increased to · OVER". Association, Ltd., and The Far East amounted to 41.56% as against Messrs Russell and Co. orn Insurance Co., Ltd., and

..:: | $500,000 at the end of 1876: to over The first three of these were British $1,000,000 by the end of 1877 and to Mr. 43.40%. Clark at present Assistant London the Pront and Loss Account. and the last American. Again it is nearly $1,500,000 at the end of 1882.. Manager.

you will find we have thought it interesting to note that only the To Mr. Hope, Mr. Franklin and desirable to write down Property second named is still in existence, al- Mr. Clark your Directors express ap-Values by £75,000.

though the successors to the last ard preciation for their, services, over long periods, and wish each many years has been mado for depreciation of

Pooling of happiness m his retiroment, our properties, there can be no ques formed with a view to pooling the The Society appears to have been (Applause),

100 Years Progresu, Before reviewing the results of.

.our

While in the past ample allowance in Hongkong to-datazards

Registered in Hongkong

On October 24, 1882 the Boclety was rogistered under the Hongkong pany limited by shares." The essets Companies Ordinances 'as “a „Com- Lioh but that throughout the world, valuss have fallen, to an abnormal hazards which each of the founders steadily increased during the next extent during the mat for years had to undertake in shipping his few years. paksing the $2,000,000

ports to the United Kingdom and mark in 1802 and roaching

$3,000,000 Your Directors considered it on other parts of the world. Records are by the end of time, 1897- Mr---

In the meantime, in available to show that the procedure

Additional provision.

Wa are faced again with decrons.

activities during the past year I wish therefore to meet this position by liquiůsting the Company at the Nathaniel Ede retired from K to remind you that this year, marks nubstans action has your approval end of every three years, which of Socretary, which ha, had hold fort! very importent stage in the history Trust their of our "Society. We have now com-lad Income from Investment därnings,/existed up to 1874, was in force from over a quarter. of "cantury, and wAS!! pleted ane hundred years of continuous

the foundation of the Society, In

Innucceeded operation. Indeed I feel wo are en-ho decrease this year when com- this way the Shareholders who were in turn was succended by Mr. WAJ ty Mr. Douglas Jones, who iitled to refer to it as one hundred pared with last year is small; navor- also the clients of the Society, Saunders in 1900. years of continuous progress.

netheless it increases the breach between operated for their own beat the with the China The occasion undoubtedly calls for Interest earned and the Dividend. an account of the various phases of our business during this long period.

Dividend Maintained

In 1000 an amanders took pla

Old documenta indicate that

up capital of the original Com- Company, Limited, which astrocoris prior to 1982/wore in the

-hande-of-the Secretarios, Dent:~ and prior to the-amal capacity. After deliberation it was in 1882, continuous documentar les end of 1008. decided to recomiendia' continuation tory is not available Continued on

paid Your Directors considered the ques-pany was very probably $60,000, but, Tinders);

I shall endeavour to give, this to you, tion of the insofar as our records permit, would re briefly as possible after. I haya, donlt finanelal st with our activities during the part year

strength de cou who falled in the financial trash | $8,500,000.

Insuran

(now the Britli