1949-05-20 — Page 5

t'..

Union Insurance Co's Premium Income Up

ANNUAL GENERAL MEETING

THE HONGKONG TELEGRAPH,

"Politically and economical lv. Asia, in particular, is distressed, and the outcome is undiscernible. The Society of course is concerned in this, but the worldwide distribution of its business and assets is a protection against the more serious consequences,” declared the Hon. C. Blaker, Chairman of the Board of Directors, at the ordinary yearly meeting of the Union Insurance Society of Canton, Limited, held at the head office of the Society, Union Building, this morning.

The Chairman also disclosed that the combined premium in- come in all departments exceeded £4,900,000, an increase of more than £500,000 over the previous year. All departments, he said; played their part in attaining this record figure."

Werm tributo was paid to Mr, A. W. Hughes, General Manager, who is to retire soon after 10 years in that capacity,

Addressing the meeting, the Chairman sale

wald:

shøre, thereby making the shares In extending these farewell fully paid. The Paid-Up Capital | wishes may I couple with them now stands at £1,350,000. The our welcome to Mr Stone as Morine, Fire and Accident General Manager, whom we are Funds have all increased sub-confident will maintain the high stantfully as a result of the in-standard of Managership of the creased trading.

Accompanying the printed Accounts in my Statement upon the Society's affairs. This draws attention briefly to the expan- nion which has taken place over the past ten years and mentions The United Kingdom Companies Act of 1948,

It

further our probable that steps will be taken to conform to the requirements of this Act In our 1040 Accounts.

of

On the Asseta aldo freehold House property has increased by £03,300 as a result of the purchase of properties in which to house our Staff in Eastern Ports and to provide sulable offices for the accommodation of expanding business In Canada. Practically other items have increased, repulung from investment of the addi- tional Funds.

alt

· GREAT ACHIEVEMENT there

I have

infla-

The troubled conditions the world continued throughout the year.

Economically developed an unhealthy tion that created a mirage of prosperity but concealed an un- derlying weakness and In- stability. Inevitably the mirage will disappear and, regrettably. to many, there will then come a sad awakening.

Society which has been set by his predecessors,

With these remarka I now have much pleasure in second- Ing the adoption of the Report and Accounts and Balance Sheet for 1948.

Present at the meeting were: The Hon C. Blaker (Chairman). Mesars 3. D. Alexander, · E. R. Hill, J. F. Macgregor (Direc fors). A. W. Hughes (General

W A.

Hughes (General Manager), L. 'B.

B. Stone (Assistant General Manager), M. A. Annett,

my Statement accompanying the E

E. A. Brodie, A. V. Report and Accounts, the fact R. A. Dastur, H. G. Gardner, that the total Assets of the Lam Slu-lai, H. N. Laver, H. S Society now exceed £16,000,000, Lec. A. S. MacKichan, E. and I think you will agree that this is an achievement of great moment in the Society's long history.

already mention in C. C. Blake, T. II. G. andding

Once again I wish to express our thanks and great apprecia- tion to all members of the staff whose loyalty and diligence are responsible for the splendid results achlevod.

Regrettably Winess has de prived us temporarily of the service of Mr Colin

H,

E. M.

Metha, A G Meise, LA

Osmund, A. J. Palmer. J. A Remedios, G. W. Sewell, A. R. D. Wilson and C. D.

Wales.

Mr J. F. Macgregor and Mr M. H. Turner were re-elected Directors and Messrs Lowe, Bingham and Matthews, and Messrs Peat, Marwick, Mitchell and Company were reappointed auditors,

"FANTASTIC DREAM" There, la Hitle an individual can do to stave off the blows of disillusionment, except, perhaps, by precept and example, striving to dispel the fantastic dream that the world owes everyone a living and that less work must

MR HUGHES REPLIES be rewarded with more pay.

Before the meeting ended, Politically and economically

Sword, Mr Hughes expressed thanks to Asia, In particular, is

is distressed. Manager for Canada and Mr the Chairman. and Mr Mac- and the outcome is undisconible. Henry Sutter, President of Kichan for their kind remarks. The Society of course is con- Messrs W. J. Roberts & Co. If added that he wanted to make cerned in this but the worldwide VARES

New York, Inc..

United our

one thing quite clear and that. distribution of its business and States Managers. To cach we was that although the Society assets is a protection against the UNE

our sympathy

been successful for 10 years had and more serious consequences.

individual could responsibility for that.

extend

no

assume

our sincere wishes for a speedy I now refer to some of the restoration to their normal good more salient points in the Ac-health.

It was the result of good work, counts before you.

During the year we lost, strenuous work, done by every- The combined premium in- through retirement, the services one. It would be entirely wrong come In all departments

of Mt G. S. Archbutt, Mr Arch-for him to assume that he had ceeded £4.000.000, an increase butt loined the Society's Staff played any more than his part of more than half a. million from the Ching Fire" at the in it. He expressed appreciation pounds over the previous year. time of acquisition of that Com-to the staff for the work they

departments played their pany on May 1. 1910. He is too had done und

All

ex-

to the directors

them and

the

SIDE GLANCES

3-14

| COPA, CH49 NÝ NA SIRNOE, WG. 1. M. REG, UL. 4. FAT, OFF.

FRIDAY, MAY 20, 1949.

By Galbraith

"Towser won't perform any tricks today-do you want to hear grandpa do his funny imitation of you giving a

sermon?"

Malaya Asks For Financial Aid From Britain

London, May 19.-The Malayan Federal Legislative Council today decided to ask the United Kingdom to consider the Federation's serious financial situation and render speedy aid whenever needed.

The Prime Minister of Johore, Mr Dato

Onn, has moved a motion asking Britain to pay the full cost of the Malayan emergency, Reuter reported from Kuala Lumpur

Lack of action by Home Government · had put Malaya into the "mess and dire trouble" in which she found herself today, he said.

India To Challenge

Security Council

Hyderabad Issuo

Lake Success, May 10---India will, it is understood, challenge the competence of the Securi- ty Council to. deal with 'the Hyderabad question when it meets today.

Sir Denegal Rau has received instructions from his Govern- ment to appear briefly before The Council. The Indian dele- gation had previously indicated that it would not take part in the proceedings.

The Indian delegate will, effect. not take part in any dis cursion on the substance of the Desue.

Sir Benegal will merely dis pute the right of the Council to Intervene In a matter which the Indian Government consid- ers to be purely of domestle

concern.

This view is also expressed in

a letter which Mr M, Gopala Menon, First Secretary of the Indion delegation, handed to Mr Trygve Lic

the Secretary- General today.

After drawing attention to previous letters from the In- dien delegation on the subject, Mr Menon states "I am to cm- phasise once again that there was never any dispute or

or altuation

In Hyderabad likely to endanger the maintenance

international peace and security or to lead to International friction; and since

the withdrawal of the complaint; by the Nizam of. Hyderabad, there has never been even the semblance of any such dispute or altuation.

is only a dispute or situa- tion of such an international character that can be dealt with by the Security Council under the Charter,

"Pakistan is, therefore, not competent to Invoke the jurisdic- tion of the Security Council on this question."—Reuter,

Increase In Fees For Directors

The Attorney General, Mr. 8. is no use being pro-Chinese or Directors of the Hongkong und An increase in the fees for the Faster Sutton, referring to pro-Malay. The ventilang of Kowloon Whart and Godown Chinese support for the motion, racial viewpoints to The de- Company Ltd was approved in a said that he was amazed at the triment of the other side will special resolution at an extra- audacity of the Members who not help to rebuild that friend- had demanded

ordinary general meeting held in Britain ship between the two races that the Board Room of Messrs Jur- should pay the full cost of the we all wish to see and which, dine, Matheson this morning.

Indeed, is essential to the future of Malaya."-Reuter,

part in Attaining this record well known to most of you to for the assistance he had re-emergency.

figure.

respectively.

necessitate detalled mention ofceived from

requesis

that

the many positions he has filled sympahetic consideration they ife considered it the height In the Society-terminating at had given to various the Ume of his retirement with made by him to them. that of Assistant General Mon-

many

Mr

LETTERS TO

Shortly THE EDITOR

עות

ANSWERS TO

and the transfer to Profit & wishing him and Mrs Hughes Fallacious Citation? Loss Account of £80,829

of impertinence from a com- munity from whom the majori- ty of the terrorists came.

The Chief Secretary, Sir Alox Newboult, said that if the emergency continued at the present rate the estimated cost at the end of this year would be $93,000,000. He saw little hope of the emergency ending without co-operation from the still being withheld, he added. people of Malaya. This was

In proposing the resolution, the Hon. D. F. Landole, Choir- man of the Board, sald:"

You will recollect that at the

UK Seamen Annual General Meeting, held

Defeat Alien

Resolution

Douglas, Isle of Man, May 19. The National Union of Sea-

don today that whatever hap The resolution was moved by pened in China, Malaya could Mr T. White (Tilbury) "in view never become Communist while of the declared intention of these Engilsh-educated Chinese re-two countries to leave the Bri- mained in the country.

"There Chinese

on April 11, 1940, the Hon. T. N. Chau in seconding the mo- Lion for the adoption

of the Report and Accounts for the year 1948, remarked on the in- adequacy of the existing Direc tors Fees, and suggested that steps should be taken to amend the relative clause

in Articles of Association,

our

The Marino account shows premium Income of £2,558,231, compored with £2,300,640 in 1047. While claims paid were uger. We shall miss his sound slightly lower than last year, Management ex-

in percentage counsel, but wish him pennes showed a small increase years of health and of happiness in ratio.

la his retirement,

Our General Manager, From this account £75,000 A. W. Hughes, and £200,000 have been trans-caving us on retirement and I

lo ferred to Provision for Taxation and the Profit & Loss Account wish to take this opportunity of paying a special tribute to We were fortunate during the him. Mr Hughes has now com- Year in escaping serious major ploted 19 years - General CORRESPONDENTS marine casunities. Although Manager. His zealous lender-

men, at its conference here to- This suggestion was sub- port conditions have Improved ship and resourcefulness, parti-

Temin Yelin.-It is suggested

Mrs B. II. Oon, an unofficial day, heavily defeated a resolu- sequently supported by other in some countries,

claims for cularly during the very difficult that the best source for the in-real Legislative Council of exclude seamen from India and before you today, of which due representative on the Malayan lion calling for ferblation to Shareholders, and the motion pilferage of cargo represent o period of the war, have been formation you require Is the sizeable proportion of claims

?nid

an inspiration to the staff and Education Department, Windsor professional, educational and Paklatan from employment от

nolice has been given by cir- and remain a cause for consider of inestimable value in the pro-House, 3rd floor.-Ed. HKT.. cultural Interests, sald in Lon-British vessels,

cular to every, Shareholder, is able concern to all underwriters.gress of the Society. I know

designed to give effect to that premium Income in you will join me and

suggestion. The motion is self- crensed by more than £200,000 colleagues on the Board In

elaboration by me, I therefore and requires no explanatory

formally move, 0s a

Specini Mr F, S. Wagner, a trustee, shall be substituted for Clause Resolution, that the following are nearly 1,000,000

quesions were 05 in the Articles of Associa- in Malaya, excluding said that such

Bubject of

very delicatetion of the Company: by the British negotiation

and the

"Each, Director of the Com- Government,

Unión pany shall be paid out of the should not intervene.

The conference also defeated

funds of the Company muneration for his services al a Glasgow resolution calling the rate of $2,500.00 per annum for the exclusion of all aliens and such further cums as the cmployment on Brition Company in General Mesting may from time to time doter- mine."

The Hon. T. N. Chau second- ed and the resolution was eat- ried unanimously.

Present at the meeting were. the Hon. D. F. Landale (Chair- man), the Hon. Sir Man-kam Lo, Messrs Horace Kadoorie, E. Offenberg, J. D. Alexander. E. B. Hill, H. D. Benham and T. B.

Mr C. E Mr A. LG. Easiman (Secretary),

prescals

every happiness in the years

л 1 satisfactory profit to come.

from this Revenue Account.

TO

Sir, Mr Percy Chen's cita- In succession to Mr Hughes tion of Port au Spain in Trini-

Directors

are appointing dad us a precedent Stan:

voting for ns General mitting allen

yous

fallacious.

tish Commonwealth."

In the Accident & General

for periSingapore," she told Reuter. "Of the Account while the ratio of pro- Mr L. B. at shown in 1947 has not been Manager. We are confident that Municipal Council is entirely the adult population, about 10 maintained, the underwriting Mr Stone will carry on the high pront is nevertheless entistac-standard set by his predecessor tory,

and wo extend a welcome to The Pront & Loss Account him. this year has been sub-divided into two sections;

panies

420.

YEAR'S PROFIT

SECONDER'S SPEECH

息

not

percent-a large percentagere In the Arst place

English-educated, I should say Port au Spain is only the Capital city that not one percent is Com- of an area of some

200,000 munist, square miles, with a population of about 600,000. The Hongkonglomcially to be 3,000 strong. They ships...

"The terrorists are estimated from In seconding the adoption of the report and balance sheet Me scheme would

embrace the are said to be mostly Chinese. The first section shows that, A. S. MacKichan sald:

whole area of the Colony.

I would not admit for a moment, Mr E. Kerrigan (Glasgow) Including Interest and Divi- Our Chairman has portrayed Secondly, Trinidad is a however, that all of them are ad that Goanese stewards in

the Con- with clarity the activities of the mole island, with dends of £202,343,

stable Chinese. I am told that a lot of certain ships sailing from the solidated profit of the Com-Society over the past year and 1 population, unaffected by waves Japanese are hand in glove with Clyde were paid at higher rates of alien Immigration from the for the year was £335,- do not propose to offer further of

than British seamen, but work- mainland, and, therefore

directing their comment on the results.

them,

operations The present-day world is exposed to the hazards of anti-with knowledge gained during ed 18 to 18 hours a day to the The second section shows how fraught with unusual dificulties British agitation

detriment of the Union hours' among more the Japanese invasion. the proportion of such proft ap- and uncertainties, especially in thun a millon

ex-agreement-Reuter. "In Britain I have seen residents who, pertaining to the Society, which Eastern Countries, so that the even under the Port au Spain pressed in newspapers or heard amounts to £334,988, Ime been steady advancement by the Sn- franchise, would not qualify expressed elsewhere a fear and appropriated. also includes ciety in its worldwide organiza- for the vote.

suspicion that the Chinese mighti the balance brought forward tlon and the strong financla) Anyhow, what right has Mr claim Malaya as the 18th pro- From the latter section you and Accounts at this time is the of a Chinese political party, 10 an idea. We proved our loyalty position displayed by the Report Perey Chen, self-styled leader vince of China. There can he 16 no possible foundation for such will observe, that £82.502 has more commendable. heen retained in the Subsidiary

On behalf of all Shareholders all un how we ought to govern to Britain during the Japanese British Colony? Under the Companies to strengthen their I would like to offer my con new Ordinance relating to allen hesitate to do so again

occupation. We should Пot reserves, while

£40,000 has gratulations to been transferred to the Society's the Management and the Staff be advisable for him to keep out the Directors, political parties, would it. not General Reserve and £10.000 on the very excellent figures of

of politics in this British Colony? has been set aside by the Society which their efforts have pro- as a provision for Staft pensions, duced, and to express apprecia-Am. I correct, in assuming that In addition, to the transfers tion to all concerned on the pro-administration he would not be the Board recommend

achievement angress and

which

qualified to vote for, much less crease in the dividend from have warranted the payment of to serve

upon, the Municipal twenty-seven ahillings and six-jan Increased dividend.

Council? to-thirty shillings pence

Now that three years of post- por

HONGKONG BRITON share.

The cost of the Dividend war rehabilitation have passed, recommended is £202,500, which the Executives of many In is covered by Interest & Divi-surance Companies are finding

'from' the previous year.

po

the reins of office to those ready

even under the Port au Spain

But it

Man Shot At

Happy Valley

Ede Shares Anxiety Over Eisler

Secretary: Mr Chuter Ede, sald

May 10 The Home

the

erry trilin

Mannors),

and

the

following shareholders: the: Hon, T. N. Chau, Messrs P. Morrison. Wong Sik-kuen, W. Hyde und- Mrs W. A.. Fenny.

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888 is approximately the retirement which, after the

Rome. May the same as the balance brought stresses and strains of the last Italian newspapers

10-Several proved fruitless. "No report wou

would contain

London Relay) "Hikni or, today do had been recolved of any shoot against the

fill charges what is the truth about the dang forward from the previous year. ter years, they so richly deserve manded the realgnation of ing in the district".

by Dr ♣ Bronowski; 635. (Entere Balance Sheet, on the Lieblilties 1 Joln dur, Chairman In

ex-Foreign Minister, over the Ita-quarters, it was possible to obs barrage of questions for the Dances Tofino Golchallan and

The Becretary-awtouder-800-rom the Editorials

(London-Mala7):-9.10; -"long-Kong alde you will see that the Ex-tending to Me Hughes and Mr lian colonies istue. change and Investment Fluctua= |Archhutt my

tein a very brief account of the second time since Eisler was, zile Ambasadors Ballroom Orches very best wishes

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arrested bboard the Pollsh liner the show murto on Musi

tra. Vocal: Klaby... Darlings - 5.40: tion Account now stands at for many years of happiness in Bevin-Storza plan *£#56,917 after the transfer to their retirement.

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near the Race Course at about | 14,4 Capital Account, of £40,000, Mr Hughes as General Mana-by the United Nations General 9.30 this morning. One of the Mr EAs admitted that the A Short Programme of the Munde You will remember that by co-ger hat, if I may say so, most Assembly and gave an unmen was slightly wounded when Eater case was unprecedented in solutions at the Extraordinary successfully guided the Society's favourable reception to the As the Police opened fire. All three Britain and said, he shared the General Meeting last year the policy through probably the most sembly's decision to refer the were arrested, the wounded man "axiety" of some members con Bociety's PR-Up Capitalrewan dimeult period sinca, its incep- problem to its next regular being taken to Queen Mary. Berning the increased from 20 to £10 per

tion.

session in September-Reuter, Hospital for treatment,

Preze

Turning to the Consolidated The Society je no exception and Count÷Carlo-Storza,-the-Italian-Later-from-Police Head-atter,lleged Communist | garn of Atomia Tombina.“ A Talk

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