1939-04-21 — Page 29

Friday,

HONGKONG TELEGRAPH

April. 21, 1939.

DONALD DUCK

YOU'LL BE FIT TO LIVE WITH WHEN I'M DONE WITH VA !

GET IN THERE, YA

STUBBORN BRUTE!

CV may rang 1979) Walt puhti pretind

UNION INSURANCE

But China Trouble Handicaps Far Eastern Activities

REFERENCE TO world conditions during the year and the effect they have had on the activities of the com- pany, were mentioned by the Hon. Mr. S. H. Dodwell, who presided at the ordinary yearly meeting of the Union Insurance Society of Canton, Ltd., held at the offices of the company this morning.

Trade in the British Empire during the year, he said, was reasonably satisfactory, but in the Far East, com- mercial activity has been handicapped by the Sino-Japanese hostilities and, until a settlement of this unfortunate happening is reached, the existing state of uncertainty must continue.

The

Those present at

meeting with a consequent increase in Dollar were the Hon. Mr. S. H. Dodwell Premium. The decrease in volume (Chairman), Messrs. C. Blaker, J. has however been unfortunate. The Owen Hughes, K. S. Morrison, I. Veffect of the Exchange drop has the Soclety more Wilkinson, D.SO. (Directors), A. W. been felt by

and particularly in the Sterling value Hughes (General Muller).

J. Arm-its Bond and Debenture investments Messrs. J. W. Alabaster,

T. 11. G. Brayfield, C. B. and earnings, although, in Chinese Currency, there has been a Bub-

of

strom Donby lerton, stantial increase in the market value

J. D.

Brown Fahnestock,

Gibson

Leigh Garner, II.

A

IL."

ner. II. S. Lee, W. R. Mans- field, K. C. Mark, L, A. Osmund, J. Petric, L. P. Ralph, V. R. V. Ribeiro, ing,

M. A. R. Souza, F. W. Stapleton, Devents that occurred in

V. Steavenson (Shareholders).

of the investments.

Before turning to our Underwrit- wish to refer to some Important our affairs during the year. The first is the purchase by the Society of the Share Capital of The British Oak Insur- CHAIRMAN'S SPEECH

ance Company Limited. The pri The Hon. Mr. Dodwell said: Gentlemen. The Report, Revenue mary object of this purchase Accounts and Balance Sheet for the further extend the business of our ear 1938 were issued on the 30th Group in the Home and Dominion year March, an

and you will have had time bids. This was particularly desir to consider the figures. I propose able as we have in the past been therefore to follow the usual custom handicapped to some extent by the and take these, as well as the Au- misapprehension that the Society.

the word "Canton" ditors' Report, is read.

having At our last Mecting you were incorporated in its Title is adversely formed that Mr. M. T. Johnson had affected by the political happenings resigned his seat on your Board and in the For East. That apprehension on this account is entirely un- proceeding on

leave warranted has been established by Later in the year. Information was the Statements made from time to

would received that Mr. Jolinson receiv

time from this Chair to the effect remain at Home,

that the Society's business is world-

ilome

in-

WALT DISNEY

By Walt Disney

防

PROFIT DESPITE WARS

Hon, Mr. S. 11. Dodwell

Canton Fire And British Insurance Companies Meeting

OH-OH!

PANTY-

FRESH

LEGHORN EGGS

LARGE SIZE

$1.30 per dozen

LANE, CRAWFORD, LTD.

-RADIO-+

ZBW, 355 metres (845 k.c.) and 31.49 metres (9,520 k.c.) Gaston D'Aquino (Tenor) Selection (Arlen, Young and others);

From the Studio

"A Day At The Rutes"-Selection (Kuhn and Others)....Anton and ANOTHER SPELLING BEE The Paramount Theatre Orchestra with Al Bollington at the Organ: WD Twp Badlo Programme Broadenst by | Tired Eyes (Alm 'Coel O The ZU on a Frequency of 145 k.c's, North'); Wake! (alm Cock O' The and on Short Wave from 1-2.15 p.m. at the Plano with Orchestral Accom

Leslie Hutchinson (Vocal) and 8-11 3. on 0.52 m.è's, per } ut second.

paniment; Medley Of Paso-Dobles; H.K.T.

Intro: The Spirit of the Matador; 12.0-12.20 p.m. Reiny of Service Juanita; A girl like you....Anton

from St. Jolin's and The Paramount Theatre Orches THE ORDINARY yearly meeting of the China Fire of Intercession

Cathedral.

tro with Al Bollington at the Organ; Insurance Company, Ltd., was also held at the offices of

These Foolish Things (Marvell the Union Insurance Society of Canton, Ltd., this morning. the Drury Lane Theatre Orchestra. Strachey); Lights Out (Billy. Hill)

Yout WIL Remember Vienna A

...Leslie Hutchinson (Vocal) at The Hon. Mr. S. H. Dodwell (Chairman), Messrs. C. (Hammerstein

Rumberg). Selection.. and

"Girl Piano; of the Golden West" Blaker, J. Owen Hughes, K. S. Morrison, H. V. Wilkinson, Derek Oldham (Tenor) with Orchmount Theatre Orchestra with

Anton and The Para- AL D.S.O., (Directors), and Mr. A. W. Hughes, (General Time - Rose-Clutsum)

Lilac

Bough

Bollington at the Organ, Manager), were present besides shareholders.

Oldliam (Tenor) with Orchestra and The Hon. Mr. Dodwell said: Outstanding Losses. It is not expect Male Chorus; Ball At The Savoy

Selection (Abraham) .Drury Lane propose with your permission to ed that this sum will be sufficient to Theatre Orchestra cond. by Charles take the Report, Revenue Accounts meet third and fourth year losses, Prentice: Waltz Song A Waltz but the amount of the Fund is ample

DreamHerberi-O. Straus); Love, I for all requirements.

(Luana-Besly)

and Balance Sheet as read. Company to avoid following this un- As you will have observed, the profilable practice. War Risk cover-balance at credit of the 1937 Marine the presented inny dimculties, and Account amounting to $06,301.31 has while premium derived under this been transferred to the Reserve for heading served to swell income, the uncertainty of the future gave Under-Dollar have also adversely affected writers cause for much anxiety. the Account.

the

12.30 Derek Oldham (Tenor) and

Under

The

Derek

Satisfactory balances of $113,085.88 Give You My All the by) and $18,189,58 have been transferred chestra; "Glamorous Night" Selec- (Novello)....Drury Lane from the Fire and Accident & Gen- tion eral Accounts respectively to the Pro-Theatre Orchestra cond. by Charles

Prentice.

Frank-Sonata In A

fit & Loss Account.

10 Time and Weather, 1.03 Cesar

Majer.

Alfred Cortot (Piano) and Jacques Thibaud (Violin).

1.30 Reuter and Rugby Press, ave Weather and Announcements.

1.40 Dance Music.

Turning to the Balance Sheet, the In the Fire field it is anticipated

fall

in market values of gilt-edged I cannot close without reference to securities and the decline in the Ex- that Underwriting during 1838 will the valuable service the Society has change value of the Chinese National have been satisfactory to the majority received from its Staff and Agents dollar have not adversely affected the of Companies. Premlum income in

throughout United Kingdom and Australia able to place before you to-day, a Account to the extent that might have world. That we are Exchange & Investment Fluctuation the was maintained, while the Less ex satisfactory Statement of our affairs been expected, while the interest perience was, if anything, somewhat mynter than in 1837. In America the with which each member has carried & Loss Account are practically the Rumba-Antigua....Joe Daniels and is due to the energy and enthusiasm earnings as they appear in the Profit advance in income in recent years out his duties, slowed down somewhat, and in Čona-

With these remarks I beg to pro-

come in all sections shows an increase over the preceding year and the re- sults to date have been encouraging, profit being indicated from practically all fields.

will

as presented.

We

Blues-Barbary Coast Blucs;

2,15 Close down,

us presented.

RE-ELECTIONS Their adoption was carried un- animously, after being seconded by Mr. Leigh Garner.

0.0 Relay of the Dance Orchestra from the Root Garden of the Hong- Mr. H. V. Wilkinson and the Hon. Long Ilotel.

The

the

8,0 Tine, Weather and Announce- ments.

8.03 Albert Sandler Trio. No. 3); Dusty Violin (Vernon and Rustle Of Spring (Sinding-Op. 32, Brooke); Shy Serenade (Scoit Wood); Vielor Herbert Melodies.

8.15 Studio Rocial by

Gaston

Shaw Tor) with E. O'Nell

at the Plano. M'Appart from Marta (Flotow); 3. 1. Caro mio ben (Glordani); 2. Cangia, cangla (Fasolo); 4. Il segno (Manon-Massenet); 5. De miei bollenti spiriti

Traviata"... ('La Verdi): 6. Princesita (Padilla); 7. Granadinas (Alvarez); 8. Farolito (Unknown).

8.45 Studio"Spelling Bed-4 English Schools v. Scottish Schools.

for Thoughts

0.15 London HeJay-Tho Nows 9.30 London Relay-More Food Short talks on matters of topical interest.

0.45 London Relay-Sports News and Market Notes.

9.50 B.B.C. Recording-The Heart of England.

the Midlands

(Purcell, Chaconne

(John Field 1702-1037). Frank

Russell,

with Plano);

same as in 1937, da there was some decrease on lastpose the adoption of the Report, standing Losses reflects

His Hot Shots in "Drumnnaticks"; The decline in the Reserve for Out Fox-Trois-You Couldn't Be Cater year's Ogure,

the recent falm 10 am pleased to say our own In. Revenue Accounts and Balance Sheet | unsatisfactory condition of the Marinom Joy of Living'); Just Let Me At You (alm Joy of Living") market.

Look Bert Block and His Bell Music; SECONDER'S SPEECH Seconding the proposul, Mr. H. J. dend of $12.- per share and a Bonus questa Tipica Francisco Canaro; Fox- Your Directors recommend a divi-

Lorenzo....Or- Tangos Relintin;

A programme from Armstrong said:

Mr. Chairman and Gentlemen, year,

dividend of $8, being the same as last Trots-Moonlight In Wolkid; It's arranged and produced by Robin

Whitworth. Our Accident and General business I have much pleasure in rising to

The Little Things That Court. With these remarks I beg to pro-

10.20 A programme of English has been well maintained and the second the adoption of the Report pose the adoption of the Report, Re- Jan Carber and His Orchestra; Fox-

Music. Trots-I'm Reading Your Letters; sections that have called for so much and Accounts and Balance Sheet as venue Accounts and Balance Sheet I'm Sorry I Didn't Say I'm Sorry'..

1050-1805) attention in recent years now show presented. a distinct improvement.

We have heard with interest the

The Organ, The Dance Band and...American Society of Ancient In- As regards the Revenue Accounts, Chairman's survey of world condl-

Me (Piano).

struments directed by Ben Stad; Air And Hornpipe In the Marine section tions during the year, and

Edith (Purcell). you

having that the balance of the 1937 Account these in view, it is apparent that the

Penville (Flute) with Ronald Revell on 31st December, 1938, namely

namely, business of the Society as disclosed

at the Plung; My Lovely Cella (Monro), Nan Maryska: (Soprano) the credit of the Underwriting eminently satisfactory seat Mr. Dodwell: were re-elected to the (a) High Society; (b) There! Necturne in Flat Major, No. 1 Mr. Johnson has been one of your wide and the major portion of its Suspense Account. This amount will

Board of Directors on the proposal of come a time; (e) Waters of Mine- A Directors for the past three years Investments and Income are un- not be sufficient to satisfy third and we appreciate that the fall in the Mr. A. J. Palmer, seconded by Mr. L. tonku: (4) A Song of Old Howall.

value of

of the Chinese dollar must have A. Osmund, and was Chairman of the Board in affected by Far Eastern difcuties. subsequent years' claims, but the affected the value of the Society's in-

6.14 Record: Sweet Sue, Just You Merrick (Flano); Four Jolly Sallor His advice and 1935 and 1936.

Underwriting Suspense Account has vestments in that currency, and the field, seconded by Mr. F. H. Farne, fy (Golden and Hubbell).... While the above assurance was

On the proposal of Mr. W. R. Mons- (Harris and Young); Foor Butter- men (from A Princess of Kensing- to large degree, the a balance sumelent to meet addi-Society's earning power in all cases Messrs. Lowe, guidance have been of the greatest effective benent to the Society and I would acquisition of a Home Company will Lonal claims which may arise.

ton)nymon Jones. Bingham and Mat- Dixie Devils with Vocal Chorus. are paid in Chinese thews and Messrs. Linstead and Davis

Newell and Pay where premiuing like to record the regret the Direc- undoubtedly be

While it is dimcult to forecast the National currency. very helpful in

0.21 (u) Ride Tenderfoot Ride; Dearth (Quartette) emphasising tors feel that they will no longer further

the British result of the 1938 Marine Account,

were re-elected Auditors.

Three English Dances, orchestra Shareholders will, I am sure, ap-

(b) There's a Brand New Picture; the position at 31st December was prove the action of the Board in oc- of his

Light Symphony have the benefit

collaborn-character of the Society.

was burning: (e) While

cond. by J. Ainslie Murray;

ray: Fill' A tion.

A further step the Society's balance in hand of £402,701.14.0.

(d) Mayfair

gund Before referring to our own affairs, expansion

Glass With Golden Wine (Quilter).... Was the deelsion to

quiring the share capital of the

6.35 Records: Let's

Put Some Hubert Elsdell (Tenor) with Piano; I think it desirable to make a brief purchase the outstanding shares in

People To Work (Goodhart, Hoff "Nell Gwyn Dances" (Edward Ger- reference to world conditions, during the Beaver Insurance Co. Ltd.

man);

I'm Sull the year and the effect they have Company is incorporated in Canada had on our activities. Nervous ten-and the Society has owned an interest slon during 1937, due to the ever in it since 1920, It is a small but present fear of war, reached dan- successful Company and, with the gerous heights in the early part of larger measure of control 'It will now 1930, and culminated in September receive from our Canadian organiza- in a crisis that brought Europe to tion and the support that we can the brink of war. Thereafter poli-render it in other fields, there is tical and economical insecurity in- every Justification for the hope that creased and capital that should have in course of time it will develop into been used productively was turned a very valuable adjunct to our busi- over to the sterile business of pro-ness.

An adjustment on the other side ducing weapons of destruction,

Wars in Spain and China continu- of the ledger is the decision to put ed throughout the year without ces-The Far Eastern Insurance Co. Ltd.

Voluntary Into

Liquidation. This sation, and although the first men-

subsidiary of The tioned has now terminated the latter Company, continues with increasing destruc-Yungisze Insurance Association, has tion. These disturbing factors have never been really active and its

continuation Was tre cause

ол

n

UNDERWRITING

This

representing 40.85% of the relative premium, and this can be regarded na satisfactory.

British Traders' Insurance Co.

:

The British Traders' Insurance

Sull Dreaming (from

New

"British Oak" and the "Beaver" In- surance Companies.

Although we It should be mentioned here that the regret that dividend declarations by these Companies are being postponed,

When Knights were bold")....Jack, man); 1, Country Dance; 2. Pastoral Dance: 3. Merrymakers' Dance.... provision for Contributory Bonus wha which has heretofore appeared in the we have no doubt that it is a proper Company, Ltd., also held its ordinary Buchanan (Vocal) with Orchestra Jack Hylton and His Orchestra

increase the financial yearly meeting at the offices of the Jan Klepura Film Melodies....Fred Profit and Revenue Account by de strength of the Companies. We leak Union Insurance Society of Canton Stein at the Plano, ducting the estimated cost from the forward to satisfactory

6.44 (a) Tell results In this inorning. Present were the Hon. net premium. might add that the future years. The decision to write Mr. S. H. Dodwell (Chairman), Kisses; (b) It's a Lonely Trait; (e) cost is estimated at somewhat less off at once the goodwill of the Messrs. C. Blaker, J. Owen Hughes, Feelin' no Pain: (4) Mabuhay.

than last year.-

Courso

me 'with

your

In the Fire Revenue Account, you valve policy that I feel sure will re-D.S.O.,

"Brlush Oak" Indicates conser-K. S. Morrison, H. V. Wilkinson, 2.0 Closing local Stock Quotations.

will note the transler of £70,077,5,7. | |

It

is a matter für

congratulation

.Magyari Imre.

11.0 Clanc, down...

SHOP TO BEST ADVANTAGE AT

THE

ASIACOY

FOR GROCERIES BUTCHERIES FRUITS GREENS

Alpar

& SUNDRIES

(Directors), Mr. A. W. 3.02 Kalmar Pal (Vocal) with of Share- Hughes (General Manager), and Magyarl Imre and His Hungarian to the Profit and Loss Account and selve the commendation

holders.

shareholders.

Gypsy Orchestra. a similar transfer is made in the sum

It is to bo

The Hon Mr. Dodwell said; regretted that a success-

Pale Yellow Rose; I Love You' of £11,273.16.4. from the Accident

The Report Revenue Accounts Beautiful ful conclusion could not be reached Account. The

(Sandor); PussingTHE Inst mentioned is

Lady particularly satisfactory in that for

negotiations to adjust the and Balance Sheet have been in your The Church; Lilac Flowers Mourn Guarantee losses, but we trust that hands for some time, and I propose For each of the past three years this

(Zoltan). For Me the final outcome will be favourable with your permission to follow the and His Hungarian Gypsy Orchestra; Account has suffered a loss.

usual procedure and take them as Tik Tak Tik Tak Ut. Az Orn-Daij 01-KWAN BLDG. DESVCEUX RD, C. In the Profit and Loss Account, the to the Society,

Fead. foll in interest as compared with last

Legenyek || (Frigyes); Leanyok, You will have observed that the Csardas (Gyula); Kek A Buzavr necessarily had their influence of unnecessary labour and expense. of

year is due in part to the decision that the Accident and General Busi-balance of the 1037 Marine Account Csardas (Kodas)....Kalmar Pal ac that the newly acquired British Onk ness shows a proat in place of the amounting to £8,094.12.10 has been

Inte International trade and it is rather

and His In my remarks last year I referred Insurance Co. Lid, should declare no losses which have been incurred on transferred to the Reserve for Out- Hungarian Gypsy Orchestra: MY

by Magyari comp. remarkable that the detrimental!

year. The "British this account for some years. Further standing Losses, dividend this

It is expected that Sweetie la Roaming About; How I effects have not been greater than to Claims paid in connection with

our Guarantee business, and stated Onk" carmed interest as in previous more, we are pleased to learn that third and fourth year settlements will Cold Lament. You Can't Forbid A is apparent at the moment.

that negotiations for a readjustment years but it is considered advisable premium income in all sections of exceed that sum but the amount Trode in the British Empire dur- of the matter were in progress. ing the year was reasonably satis- Unfortunately, it

to, conserve its funds for the Umethe Society's business during 1038 standing to the credit of this Reserve Flower; The Sleeves of My Jacket haa not been being. For 2 similar reason factory. In the early months there possible to reach an agreement and

the chows an increase over the preceding is more than sufficient to meet all Are Tied Up....Magyari Imre and Beaver Was a falling off that caused con- the points at issue will have to be

Insurance Co. Ltd.,

year and that the results to date are demands that may be made upon it is Hungarian Gypsy Orchestra.

7.22 Songs by Gitta From the Fire and Accident and declare no dividend for this year. encouraging. siderable anxiety, but, a tendier referred to the Court for. .n decision, The normal Interest will undoubtedly I should like to endorse most General Revenue Accounts £14,- (Boprano). condition developed and prevailed

be earned, so the non-receipt of a heartly the Chaleman's reference to 015.9.1 and £2.254.16.4 respectively No More (from C. B. Cochran's until the year closed. In Amerlea

Sing there were welcome signs of recovery The normal difficulties of this busi- I now turn to the Underwriting.

dividend by the Socialy in each case the work done by the Society's Staff have been transferred to the Profit Revue Home and Beauty"); is purely an Accounting matter. The and Agents throughout the world and Loss Account After several Something In The Morning (from towards the end of the year and it is

Society's Interest was also adversely and to extend our thanks to the years of very difficult trading it is C. B. Cochran's Revue Home and sincerely to be hoped that these will ess were Recentuated during 1930 by the need for increased care in develop sufficiently to re-establish

affected by the depreciation in the General Manager, Branch Managers, Butisfactory to report that a profit Beauty)....with Orchestra cond. by 'Sterling value of the currency of Staff and Agents.

has been made in the Accident and G. Walter.

7.30 Next week's programme. also feel that the Board is to be General field, while the results from for until this occurs it is difficult to ule from an involved international

7.38 Anton and The Paramount congratulated on the excellent show- Fire business continued to be good. feel assured that the Trade revival political situation.

Turning to the Balance Sheet, 1 Theatre Orchestra. with Lealle Hu has a really solid foundation. The

In Uie Balance Sheet the Under. ing of the Report and Accounts for

would explain that the decline in chinson (Vocal and Piano), working of the Anglo-American and

the past year. vided for an increase in rates was

writing Suspense Account is down by

1037"... "The Gold Diggers of With these remarks I have much the amount standing to the credit of provide a freer interchange of goods

£230,305.13.0. This is largely due to pleasure in seconding the Report and the Exchange and Investment Fluc- with benefit to many parts of the had brought bad results in the past Agreement under which risks that

tuation Account is due to deprecia the adoption of the Report, Revenue payments in respect of the Guarantee Accounts and Balance Sheet. business to which I have already

tion in the quoted prices of gilt-edges | Accounts and Balance Sheet as pre- world.

OTHER BUSINESS・・ would pay a further increase. The made reference. While the Society FAR EAST TRADE AFFECTED additional premium acquired under has been

een making gross payments In

The resolution to adopt the report, securities and the decline in the sented.

sterling value of the Chinese National of this

Seconded by Mr. W. R. Manefjold, Far East, commercial these Agreements will in some mea In the

business, certain accounts and respect of

Was dollar. It is noteworthy, however, their adoption was carried unani- activity has been handicapped by the sure offset the increased cost of re- reinsurance and other recoveries carried unanimously.

that interest earnings as they appear mously. Sino-Japanese hostilities and, until pairs, and the heavy casualties the have yet to be effected,

Mr. H. V Wilkinson and the Hon.

Proposed by Mr. L. A. Osmund and a tettlement of this unfortunato Hull market has had to face during There is an increase in the Rein- Mr. S. H. Dodwell were re-elected to in the Profit and Loss Account how

seconded by Mr. V.. R. V. Ribeiro, happening is reached, the existing recent years.

The surance Fund, but the Exchange and the Board of Directors on the pro-an increase over those for 1037

Reserve for Outstanding Mr. H. V. Wildnson and the Hon. state of uncertainty must continue. Cargo results show an improving Investment Fluctuation Account isposal of Mr. J. D. Danby, seconded Losses is also down for the reason Mr. Dodwell were re-elected to the Its effect upon the Society's business tendency although rates are at a low reduced due to the writing down of by Mr. C. Bernard Brown.

that settlements in respect of earlier Board of Directors. has been rather curious, for in some level and the practice continues of Subsidiary Companies, including the.. Messrs. Lowe, Bingham and years have been unusually heavy.

Mosca. Lowe, Bingham cases the fall in Exchange of the! Including extraneous risks in Policies writing off of the sum puld for the Matthews and Messco. Linstead and Your Directors recommend a Matthews, and Messrs. Hastead and Chinese National Currency has had without adequate compensation. It in Goodwill of the British Oak". Davia were re-elected Auditors on dividend of 7s. per share, being the Davis were re-elected Auditors on RETAIL, & ACCOUNTS DEPI 20416) the effect of providing higher regrettable that the compettive fac- Depreciation of Investments, and the the proposal of Mr. R. A. Dastur, same as last year.

the proposal, of Mr. A. 3. Palmer WHOLESALE & GENERAL OFFICE 22358 Insurable values in National Dollars, tor makes it impossible for any one! drop in the value of the Chinese seconded by Mr. T. H. G. Braydeld. With these remarks I beg to proposo seconded by Mr. A. A. Silva, de sa

the confidence of the investing public, selection due to the hazards Insepar China.

other Trade Agreements should

In the Mariae market the London

Hull Agreement, of 1937 which pro-

supplemented in 1038 by a further

BALANCE SHEET

balance sheet

and

DELIVERIES

LEAVING

DEPOT

[7. A.M. 12.NOON 4.PM.

NO EXTRA CHARGE FOR:

MONTHLY CREDIT

TELEPHONES.