1935-05-27 — Page 17

|| KING'S ||

OPENING

WEDNESDAY

Young Love Throbs in the Iron Ar- teries of the Fastest Train on Earth

.. and youth is

at the throttle in the most dramatic race for life ever filmed... the history mak- ing dash for Boulder Dam!'

SILVE STRE

The pulse- pounding saga of the age of speed, tuned to

a tempo of clec-

tric excitement.

With SALLY BLANE

CHARLES STARRETT 'HARDIE ALBRIGHT WILLIAM FARNUM

RKO

RADIO Picturo

Darstedty Themes Aline

DAWLPLUGS

RAV

VAS WALL

PLUOJ

RAWIPIÜG HOUSEHOLD OUTFIT

RAWLPLUGS

(36)

STOCKS OF rawlpluGS AND TOOLS

THE

G.

ARE HELD BY

E. C.

OF CHINA

Queen's Building. Phone 30247.

A

?

THE HONGKONG

TELEGRAPH. MONDAY,

INSURANCE CO. MEETING

CHINA UNDERWRITERS

OUTLOOK

EXPENSES TO BE

.

REDUCED

Presiding at the eleventh annual meeting of shareholders in China Underwriters, Ltd., Mr. A. La Shields stated that the Profit and Loss Account" showed a credit balance for the first time. He said the accounts In many ways_com- | pared favourably with those of pre- vious yours, but added that the reserve required against Hife policy linbilities formed a inerenains charge against the Company's paid- up capital, and it was therefore proposed to efféet further reduc- tions in expenses.

Addressing the meeting, the Chairman anjd;—Gentlemen,--We

have now the pleasure to lay before you our Report and the Accounts for the year ending 31st December, 1934, and, as these have been in your hands for the required perjod, I will, with your consent,

take them as rend,

In the accounts, rupees and Straits dollars have been converted to sterling at the paritics. Silver currencies have been converted to Hongkong dollars and other cur- rencies to storing at the current monthly rates for revenue purposes and at time market rate

31st December, 1914, for balance sheet purposes. The figures are then combined at, 1/8d, as compared with 1/54d, last year.

The effect of the conversion of golf dollars in the silver account ni the higher rate of exchange is, of Cet", to reduvo the combined figures shown on both sides of the account. I will therefore enkaj vour to indicate the netural trading results in each Department inde- pendently of exchange..

LIFE DEPARTMENT

MAY 27,

1935.

ing

SHARE PRICES

rencies while the gold figures have, been maintained. The claima have beon slightly higher than last year, but in small account of this character fluctuation in claim rates share quotations issued this morn- The following is the list of local are bound to arlac. The expenses have been decreased. The reserves show a decrease consequent on the heavier clim rate. After making the transfer to Profit and Loss of $20,000 the ratio of reserve to premium income should be ihan adequate to cover the reserve for unexpired risks.

mure

It will be noticed in the Profit and Loss Account in the first place that cerlain amounts have been transferred from the various de- partmental revenue accounts amounting to $100,000. It has been our practice in the past to carry surpluses in the Fire, Marine and Accident Departments to the credit of reserves in these particular de- partments. These reserves have. however, become a good deal larger than would under ordinary circums tances le required for unexpire risks, and it has therefore been thought advisable to carry some portion of the excess reserve from cach fund, through the Proft and Logs necount, to a General Reserve The Fund in the balance sheet. still left in the respective depart- reserves against unexpired risk mental nccounts are as already stated more than adequate for their purpose.

CREDIT BALANCE

occasion 601

The Profit and Loss Account in- cludes the interest which has not been taken to other departments, and it will be seen that the account shows a credit balance of $1,360,

is being the first which the account has shown a This result is not credit balance. affected by the transfer from the other departments, as an exactly similar amount has been trans- ferred from Proill and Loss to General Reserve In the balance sheet.

There are several items which call for contment in the balance sheet.

In th first place, there is a heavy deprecintion in our silver invest- ments arising from the fall In values on Jural stocks. These have heen more than covered by the dif- ference between the book values. and the markets of gold securities. In the Life Assurance Depart-We have therefore on this occasion ment, the improvement shown in revealed all the securities at market the Straits last year has continued, prices at 31st December, so that but our Ceylon figures have been the balance sheet shows consider- somewhat disappointing and Jarably increased figures in respect of has not recovered in any way-Trom gold investments and a considerablo the depression. In Hongkong and decrease in respect of silver invest- South China the conditions havements. The balance between the in- certainly not improved, but they crease in gold investments and the have only slightly affected the Com-decrease in silver investments hus pany's results. New business gold been carried to the Exchange and premiums are higher than Tast Investment Fluctuation Account. year owing to the recovery in the

The account shows the General Straits and gives premiums are Reserve Fund already referred to only slightly reduced. Total set up from the

varicus depart- came has also slightly increased in

mental accounts. gold currencies and slightly de- erensed In silver currencies. Claims by death again show a very considerable reduction

from the

previous year, being only about a

Loans on Company's policies show an increase in both gold and silver, CASH BALANCE

The large balance of cash on third of those for 19:3 In this jeurrent account, etc., shown in the igure we have deducted the amourt balance sheet is due to our having of St.$15,000 reserved last year to keep available balances at our against a claim which has Since various branches and agencies, and been repudiated for fraud. Sur-in part to the proceeds of redempis renders of gold policies show a tion on the last day of the year of marked decrease, and, whib sur. $46,000 Shanghai Council Deben- rondors of silver policies show an tures. It is, of course, our policy increase, the net result is again ato keep all cash us closely invested gratifying decrease, Expenses, ex-au possible having regard to eur cladding commission, show

rent cash requirements. decrease from £1150 to £8,729 in gold, and from $13425 to $122. 2003 in silver, Reductions have ben made both at Head Office and at branches.

*

I trust you will find the accounts submitted are satisfactory as in

any ways they compare favour-" ably with these of previous years. Th reserve require. however, The Life Assurance Fund, after winst lite policy hatutities forms taking up an exclave adjustment incrasing clatge against the of 892,367 arising from converting Company's paid-ups epital; and it last year's gold balance at the new is proposed in effect further reduc Fate, shows an increase from $189.tions in expemus in so far as this can be done without impairing the 082 to $200,786. The increase in

Company's ability the Gold Punt amounted to £10,244,

to extend the while there was a decrease in the up of its business when condi Silver Fund of $16,046. But

tions generally show improvement, For the

In conclusion 1 Shoal ke exchange adjustment the Pund woul! geve shown

place on record our appreciation of increase of over $100,000.

The co-operation of the Managing Director, the Branch Managers, Secretaries and staff, and I have) now the pleasure to propose the In the Fire Usurance Depart-adoption of the report and accounts nent the premium income shows for the year ending 1st December, a small reduction in gold premiums, 1934. When that has been reoul. while the silver premiums are very shall be pleased to answer nearly up to last year's ligare any questions Waten shanehumers Claims, less salvage reauveries, may wish to ask. show a decrease and represent e Air. W. G. Piriz reconded, and the very moderate proportion of the motion was carried. premiums. Both gold and silver) expenses have hour reduced. The

FIRE BUSINESS

SWAN, CULBERTSON & FRITZ Reserve for unexpired risks, before

Invertment bankers and brokers in securities and commoditi

Daily New York and London Stock Exchange Service. Commodity Futures on the principal American markets

Members of:

New York Cotton Exclinnge. Chicago Board of Trade. Commodity Exchange, Inc.

(Silver, Rubber, Silk, Coppar, Hides and Tin). New York Coffee and Sugar Exchange. Canadian Commodity Exchango Inc.

Winnipeg Grain Exchange.

Manila Stock Exchange.

Correspondents for Hayden, Stone & Co.

"Telephone: 80244, 80245, 80245. Cable Address: Swansto

9, Queen's Road Central'

(Corner of Ice House Street),

3

OTHER BUSINESS...........

making any transfer to Profit and

Messrs. Li Tse-fong and Mok Loss, shows an increased ratio to Ching-kong were re-elected Dires- premiums as compared with last tors on the motion of Mr. R. J. M. year. After the transfer of $16, Figueiredo, seconded by Mr. Wong 000 to Profit and Loss Account Hung-ho. referred to later, the reserve shouldingham and Matthews and Messrs. The re-election of Messrs. Lowe, be more than ample to take up the Percy Smith, Seth and Fleming, as unexpired risks.

auditors for the current year was The Marine Insurance premiums eqrried on the motion of Mr. Wong received show a small increase in So, seconded by Mr. W. J. Carroll, goki premiums, and a small deerense Amongst those present were Mr. In liver premiums. Claims are A. L. Shields (Chairman), blessrs. somewhat in excess of last year. Li Tae-fong, C. A: da Roza, Mok: Expenses are reduced both in gold Ching-kong and H. B. Sturt (Direc- and silver; and the Reserves betore), Mr. E. R., Chillo (Secretary)- fore carrying anything to Proft Mr. I. W. Shewan (representing and Loss, how an increased ratie Messrs. Shewan Tomes and Co. to premium income as compared general agents), Mesere. W, G. with last year. After carrying Pirle, Wong So, E. Rouillon, A. $60,000 to Profit and Loss (referred Gillard, J. Hind, W. J. Carroll, E. to later) the Reserve should be Loltao and H. J. M. de Figueiredo, more than ample to cover the unexpired risks in this account.

ACCIDENT INCOME

The speaker. at tomorrow's 'meat- ing of the Rotary Club will be Mr. The Accident Premium Income "Recollections of a

L. W. Amps, who will speak on

Visit to

CMI- shows some decrease in silver cur- forníu.'

Banks.

JK. Banks, $1,000 sa.

HI.K. Banks (Lon. Reg.), £123.

n.

Chartered Bank, £14% n. Morcantile Bank, A. and B.

£31.

Mercantile Bank C., £131⁄2 n. East Asia Bank, $81 m. Am: 0. Finance Corp., Sh.- China O. Fin, Ord, Sh.- China O. Fin. Pref. Sh.-

Insurances.

Capton Inn, $203 ù. Union Ins.. $322. b. and sa, ex,

div.

China Underwriters, $1 n. China Fire, $400 n. H.K. Fire Ins., $200 n. Internat'l Assce., Sl. $41% n. Shipping.

Douglas, $38% n. H.K. Steamboats, $4 n. Indo-Chinas,, (Pref.), $30 n. Indo-Chinas (Def.) $33 n. Shell (Benrer). 72/6 n. Union Waterboats, $11 n.

Mining.

Antamoks, 68 cts. n. Halatoes, $34 n. Baguio Gold, 21 cts. n. Benguet Consolidated $11 n. Benguet Exp., 10 cts. n.

Benguet Goldfield, 10 cta. n. Big Wedge, 8 cta, n. Gold Crock, 30 cla, n. Gold River 7. cts, n. Ipo Mining, 80 cts. n. Itogona, 30 cts. n. Sulacot, 12 cts. n. Kailan, 17/4 n.

Langkats (Single); $14 a. Shn Explorations, Sh. $4 n. S'hal Loans, Sh. $5% n. Raubs, 34.10 h.

Venz: Goldfield, $5 n.

Docks etc.

II.K. Wharves Cum, rta. $85 n. ILK. Wharyes Ex-rights, $84 n. 1.K. Wharves, Rights, $5 ». II.K. Docks, $94 m. Providents (old), 75 ets. n. Providenta (new); 20 cta, n. Hongkews (old), Sh. $207 n. New Engineerings, Sh, $5 ni. Shanghai Docks, Sh. $110 n. Cotton Mills,

Ewa Cattons, Sh. $8.30 n. S'hai Cottons (old), Sh. $70, n. S'hai Cuttons (new), Sh. $43 n. Zoong Sings. $814 n.

Wing On Textiles, Sh. $55 n. Landa, Hotels, etc.

I. and S. Hotels, $4 b. I.K. Lands $31 n.

H.K. Land 4% debentures, $100

11.

n.

S'hai Lande, Sh. $20 Metropolitan Lands, Sh. $10 Humphreys, $8 n. H.K. Realties 5-14 a. Asin Renities "A" Sh Asin Realties "B" Sh Chinese Estates, $90 n. China Renities, Sh. $7 n. China Debenture, $123 n.

FROM the shadows of a murder mystery springs romance, as two lovers solve the most baffling crimes! You'll thrill with its excitement, howl at its comedy!!

Publle Utilities. H.K. Tramways. $11.80 s. Peak Trams, (old), 38% 1. Peak Trams, (new), 80 n. Star Ferrica, $77. Yaumati Ferries, (old), $20 n. China Lights, $7.00 sa. II.K. Electrics, $65 b. and ea. Macao Electric, $204 n. Sandakan Lights, $0 8. Telephone (old), $18 n. Telephone (new), $8% 8. China Buses. Sh. $11 n. Singapore Tractions, 10/0 b. Singapore Pref. 22/0 b.

Industrials

Malabon Sugars, $8.50 n. Cald: Macy. (oli), Shi- $19% n. Cald: Marg. (Pref.), Sh. $13 n. Canton Ices, $1.80 n.

Cement (Converted), $6.20 s. II.K. Ropes, $2. 1.

Stores, &c.

Dairy Farm, $12.00 8. Watson, $3.50 n. Lane Crawfords. $38. Mackintosha, $9 n. Sinceres, $8 n..

Wni. Powells, 70 cts. n. Wing On (K.) $100 n.

Miscellaneous. Amusements, $1.85 n. II.K. Entertainmonts, $0.40 n. 8. C. Enterprise $1.85 n. Macao "Greyhounds," $2 n. Constructions (old), $1.40 . Constructions (now), 45 cts, E. Vibro Piling. $0 n.

Ch, Govt. 5% 1926 G. Bonds

$2% n.

II.K. Govt. 4 Loan 5%% prom.

and sa

ILK. Gavi. 34% Loan 25% prem.

b.

Wallace Harpers $6 s.

BECAUSE I

WAS A SHOW- GIRL... THEY ACCUSED ME!"

You'll never quess the answer... and never stop roaring grandest "thrill and laugh picture of the year!

RICARDO CORTEZ VIRGINIA BRUCE

SHADOW

Matra Gollwyn Mayt

PICTURE

OF

DOUBT

CONSTANCE!

ISABEL

COLLIER JEWELL

ARTHUR

BETTY

BYRON FURNESS

From the Collier's Weekly Mystery Tâcilios By Arthur Somara Roche

QUEEN'S

Directed by OLORSE.D. BEITZ Produced by LUCIEN HUBBARD

TO-MORROW

GILMAN'S

-FOR-THE-BEST-

LUBRICATION

ON EARTH.

GILMAN'S SERVICE SATISFIES.

Owing to the extreme rise in the value of the dollar, we have now reduced our prices, on all CARS, to:—

Complete Lubrication Chassis Spraying

$2.00 1.00

GOOD LUBRICATION IS THE LIFE OF YOUR CAR.

DURO MOTOR CO., LTD.,

132, Nathan Road, Kowloon. Phone 57226.

GILMAN MOTORS,

Hennessy Road, Wanchai, Phone 22614.