1939-04-28 — Page 29

Friday,

HONGKONG TELEGRAPH

DONALD DUCK

DOGGONE IT, TURN OFF THE LIGHTS WHEN YOU'RE NOT,

USIN' 'EMI YA THINK

IM A MILLIONAIRE?

AND DON'T BOTHER ME

I GOTTA PRACTISE!

OKAY, UNCA

DONALD

CLICK

April 20

1939.

By Walt Disney

AUTOBRIDGE

THE PERFECT WAY

TO LEARN

or

IMPROVE

your

CHINA UNDERWRITERS' MEETING

4.44

BANG!

BONG!

EFFECT OF HOSTILITIES ON COMPANY'S BUSINESS

posent, take them as read.

DUE ALMOST entirely to the fall in the Chinese

In the Life Assurance Department} National dollar exchange, the value of Shanghai New Business premiums at $120,471 are about the same as. last year's securities showed a depreciation of almost one lakh,gure.

Renewal Premiums have increased reported the Hon. Mr. A. L. Shields, Chairman, at the and the total premium $681,417 annual meeting of the China Underwriters, Ltd., 5040,102 inst year.

shows an increase over the figure of

yesterday,

Dreyer, E. 1. R. Leitao, I. W. Shewan and Wong Ka-clioy,

Presenting the report, the Chair-

Other directors present were Dr. J. W. Anderson, Messrs. Li Tre-fong, R. A. Dastur, H. R. Sturt, and E. R. Childe (Secret-man said: sary).

of

COMPANY MEETINGS

BONU

BRIDGE GAME

LANE, CRAWFORD, LTD.

THE STEAMBOAT COMPANY

FIGHT FOR SURVIVAL

C

TO ALL

FEVER

SUFFERERS

Fever produces poisons. It's these poisons that make you feel hot and cold in turn, that cause violent pains over the eyes and thut make you desperately

Hon Mr. M. K. Lo thirsty."

These poisons waste away your DESPITE A profit of $371,239.69 shown for the past nerve and muscle tissuca and year by the Hongkong, Canton and Macao Steamboat weaken your digestive organs. That's why solld foods often make Company, Ltd., the Hon. Mr. M. K. Lo, Chairman at the you feel sick. But you must cat Canton Offica Closed

Annual Meeting this morning concluded his report with a to get your strength back or to Unfortunately, the extension of the note of warning concerning the immediate future.

word off another attack. China inde it necessary for us to! Sino-Japanese hostilities to South

Horlicks, doctors have found, "WC have benefitted," he said, With the closing of the Pearl River is easily retained by weakened close our Canton Office during the "from year. We have had a fair measure which prevailed most of last year.

the abnormal conditions the Macao line became the focus of; stomachs: it is easy to digest and

attention. Every available tonnoge! collecting renewal pre- of success

"But he must be a commission miums from this business, but in the who, in utter disregard of the portent this line; not only were there slips new strength and vitality into bold person appeared to live concentrated on at the same time pours quick circumstances there has naturally of the dark clouds gathering ahead from the Canton line, but not a few your exhausted body. Get Hor- been a considerable falling off.

compucency or optimism. of hims, would dare to view the im- of the West River steamers also made licks to-day from your store. mediate future with any degree of their appearance.

Death Claims at $87,852 show nj considerable decrease from the figure

$131,533 st

yeur, Claims by Maturity are reduced from $07.0

07,054 to $43,907, Surrenders show an increase from $124,738 to $137,413.

excluding Expenses pleasure to lay before you our Report | amounted to $210,446 which fz Shareholders

and Accounts for the year ending slightly in excess of last year. Mesara. N. V. A. Croucher, II. J.inve been in your hands for the re- an increase from $691,815 to $824,- 31st December, 1938, and, as these! The Life Assurance Fund shows M. Figueredo, Chan Hau-po, H.quired period, I will, with your 430.

present were

"

LUCILLE"

Gentlemen:-We

have

the now

Now Displays 1939's

STRIKING VARIETY

OF

BEACH WEAR

BEAUTIFUL COLOURINGS AND DESIGNS FROM JANTZEN

AND

OTHER FAMOUS AMERICAN MAKERS

PERFECT FIGURE CONTROL

WITH RELIABLE

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Also

BEACH SUITS, SLACKS,

Attractive BEACH TOILET BAGS

NECKERCHIEFS

CAPS and SHOES

+

JUST ARRIVED

ALL

JUST

HERE

WEMCO, CEPEA & FERGUSON

Latest Designs

LINEN, VOILE & SILK FABRICS

LUCILLE CO.,

CALL AT

18, Queen's

Road.

year.

In

"The best that I can say of the Company's affairs is that, for the

Canton Blockade

Premiums at $102,850 compare with In the Fire Insurance Department the figure of $102,998 In 1937.

Claims at $46,257 show a reduc- tion from the figure of $55,556 last first quarter of the current year, we line hud improved considerably with It was true that the business in this have survived such competition as the intensification of the Japanese Expenses, excluding Commission, has not been our misfortune to meet blockade of Canton, but it did not have been reduced from $22,530 to' for some time. $20,356.

"Faced with

catered for by three sicamera in matter of trading to pro-normal times, could expand to the ex- creased from $70,077 to 593,148, duce an adequate return on capital tent of accommodating four Umes

In the Marine Insurance Depart- Invested,

ลส. but

to struggle to survive that number of steamers, ment Premiums at $122,942 show an from going under.

As was to Increase over the Agure of $110,303) "Until It is generally realised and developed with concomitant results be expected, cutthroat competition last year, the increase being largely appreciated that adventuring in the which due to the collection of War Risk! river trade can prove to be costly,

need not labour. premiums,

During the second and third quar- I fear must continue to expect ters of the year the earnings of Com- Claims at $48,140 show a very the worst." considerable reduction from the high

pany's Canton line steamers surpass- Amure of $102.075 last year, which, Tse-long, J. P. Braga, O.B.E. 3. Fussumed such proportions that, with Directors present were Messrs. Lied all expectations. Freight offerings will be remembered, arose largely Lo (alternate director for Sir Robert the friendly co-operation of Messrs. from the payment of Typhoon claims. Ho Tung) and D. F. Landale. The present figure is, moreover, con-

Butterfeld & Swire and the Indo- Shareholders present were Messrs. China Steam Navigation Co., Ltd., the siderably lower, than the 1830 figure. M. H. Lo, W. E. Kirby, W. A. Hung. Company was placed in a position to Expenses, excluding Commission, at Wel Tat, Luk Pak-to, Kwan Yau-charter the s.s. Wuchang and the s.s. 539,02 are about the same as last kwong. Wong Chilt and

the Fund has increased Fernandez. year, and

M. Pingwo at rates which proved profit- from $127,020 to $167,002.

able to the Company. The activities The results

Presenting the report, the Hon. Mr. of the two In the Accident De- M. K. Lo said,

steamers were chartered partment have been satisfactory

not

confined to the transportation of rice to Canton between the months of owing to a a heavy claim experienced in one section of the business which

February and May. has been discontinued.

The Fire Insurance Fund bas In- not been with such conditions, it has/seem possible that the needs of a line, i

$460,000 Profit

Macao Lino Returns

The profit for the year, after pro- A factor which contributed to the viding for depreciation of steamers great improvement in the year's Can- The Premiums show a reduction at the usual rate, repairs, etc, la ton line cargo returns may be sold to from $50,045 to $44,170, and the Fund $400,12228. From this balance the have been the disappearance of junka shows a decrease from $32,380 to special depreciation of wharves and and lighters as competitive carriers in $20,513. Bearing in mind that the Canton properties and the Reserve the river. unexpired risk, decreases with the for wharf repairs have been deduct- decrease in business, this should be ed, leaving a net profit of 5371.239.60 adequate to cover unexpired risks which the Directors recommend under the policies without any trans should be apportioned out as follows: fer from Front and Loss.

To pay In the Profit and Loss recount the

n dividend of $1 per share main lfem is the interest not carried To pay a Beaus to Shore to other accounts

amounting to $53,-

and Floating Staffs

628. After transferring $50,000 to To carry forward to the General Reserve account there re- mains a balance in Profit and Loss Account of $16,550.

Profit and Loss

Account for 1030

beginning of the year

Macao line returns fluctuated. Tho found Com- pany's steamers' carnings very zatls- $ 80,000,00 factory, but from May onward Intense competition gave the Directors 8,404,00 anxious moments. The commission-

ing of two steamers which had been laid up for years cut into our fair 282,755.00 share of cargo and paroengers then offering and, in addlilan, resulted in $371,230,69 the stoppage of a subsidy which un- til then Company's steamers had been During the year under review river receiving_from certain Macau Securities Depreciation

shipping enjoyed boom conditions terests. On the whole, Company's and suffered practical stagnation in steamers may be said to have, held. Excluding Recured by our colds sharp contrast. The extraordinary their own in that line during the Currency represented by our holding activity which prevailed for the year. in Shanghai Debentures, the fluctua- better part of the year quickly gave tions

The principal feature in the Bal- ance Sheet calling for comment is the valuation of securities.

in-"

Once again the Directors wish to in the value of securities place to almost a cessation of trade thank the Staffs, both Ashore and approximately balanced out, but the value of the Shanghal securities in with the capture of Canton and the Floating, for their loyalty and willing

whole-hearted Chinese National Dollars show a declosing of the Pearl River to naviga-and

co-operation, preciation nearly H.K.$100,000,

of

tion on October 13, 1930.

which la really appreciated. The period under reyimy was one of un- almost entirely due to the fall in the

Irregular Returns

usual National Dollar exchange. This de-

activity and anxiety and the preciation is given effect to in the As was to be expected from the staffs, one and all, gavo of their best Balance Sheet as a reduction in the unsettled conditions, passenger re to serve the interests of the Com- Investment and Exchange Reserve periods when all available bottoms grailication also when I say that turns were irregular.. There were pany I feel sure that 1 voice your. which stands at $107,419 compared were needed to cope with the abnor-nothing gives the Board greater plea with $200,350 last year.

There has been an increase in the mal truffle resulting from the ensuing sure than to be in a position to re- loans on Company's policies from panie which followed the bombing of comment the payment of the

.pro- $400,001 -10 $687,036,

the city of Canton and the cessation Posed bonus to the Staffs. of. the_rallway service,' and others. Your Directors have, as usuni, been Mortgages show an increase, and when the exodus travelled overland unremitting in their efforts towards the total assets of the Company

the economical running of your appear at $2,919,087 compared with because of dangers which were

Cust of coal and stores, $2,781,213 at the end of last year..

rumoured to exist in navigation in steamers, It will be noticed that the un- the river.

unfortunately, Was considerably higher than in the previous year, the first-named in particular having in-

invested

Cash stands at only $176,270

as compared with

the figure of 5247,- to us without our having to call any creased nearly $10.00 per ton,in cost, 107 at the end of 1937 as our Funds evidence. were more fully invested.

The amount of $25,070.30, that in

The actual net amount at risk to proposed should be writter of the

A enll of $1 per share was made us, after allowing for reinsurance, value of your steamers, representa on the Company's shares on the lat was small, and any balance of costs the usual five per cent, of their book December 1930 payable on or before which may prove irrecoverable is valuc,

the 15th March 1930. The response more than provided for by the re-

to this

may

be considered to have serve include under the leading of Canton Proporties Written-off been very satisfactory as practically Claims.

Concerning the Company's Canton.

1930.

references in the local Press to a

the whole amount has been received, In conclusion I should like to place properties, the Directors have con- A small Rem of $3,175 le shown on record our appreciation of the sidered it advisable to write off a in the Balance Sheet as "Colls pald valued co-operation of the Managing part of their book value. They trust der die Gall before 31st December tarles and Staff, and I have now it is their considered opinion that o in advance," being amounts paid un- Director, Branch Managers, Secre- you will approve their decision as, having regard to existing conditions, pleasure in proposing the adoption of Unsuccessful Claim

the Report and Accounts for the year more conservative estimate should bo You may have noticed the recent that has been seconded, I shall be in. Conton went up in smoke in the

ending 31st December 1938.

taken of the value of the properties... When

In October last, Company's Godown pleased to answer any questions Fire claim which was contested by which shareholders may wish to ask, confegration which lasted several the Company on grounds of fraud.

days. The book value of 'the 'old The Claim was in respect of total Mr. N. V. A. Croucher seconded building has been written off and the Insurances to the value of $150,000 the report and accounts which were amount is Included in the sum of which this Company, among sbe,unanimously adopted.

charged to depreciation of the whole held the leading share. By ree Messrs. I. A. Dastur and Li Tec Canton properties. The godown ment the Action Instituted by the fong were re-elected directors, and was Insured, but not against War Insured was in the nature of a test Ziesta, Lowe, Bingham and Mat Risks, as covers for such were not action against us as the leading Comthews, Chartered Accountants,

obtainable. pany, and I am glad to say that the Messrs. Perey Smith, 'Seth ond In connection with that lie the result was entirely. In our favour, Fleming, Incorporated Accountants Directors are pleased to, bo blasto Judgment with costs being awarded were re-elected auditors.

PLEASE Tum To Pago:12,

and

Rosemary Lane,

ster of Warner Bros. Pictures, appearing In "Four Daughters"

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