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am myself of opinion that it should be a per- manent one, but some of my colleagues perhaps are of the opinion that the arrangement should be from year to year. However, it is a matter for you, and whatever opinion you may express will no doubt be carefully weighed and carried out by the stewards you elect this afternoon.
Mr. HART BUCK-I would suggest that the arrangement be a permanent one. I think you all know the gymkhanas have given a great deal of pleasure to the people of Hongkong, and particularly to sporting men; and I think it would be better now if we could re the gymkhanas kept up throughout the year. we do not know we cannot make dr arrange- ments; if we do know at this meting that we are going to have the gymkhas we shall be able to make our arrangemata for the year. I propose that the gymkkinas be held next year under the auspices of fie Jockey Club and run by the Gymkhana Committee.
The CHAIRMAN-I may point out to you that that is exactly were the difference is-whether the arrangenent shall be permanent or from year to var. If I understand your proposition, you wuld rather have them from year to year.
M. HART BUCK-We should decide now hether we are to have gymkhanas next year under the auspices of the Club. It is a matter which interests riding men, and if it is decided now that we shall have gymkhanas next year it will give much satisfaction to the community.
The CHAIRMAN-Only for next year. Is that your proposition ?
Mr. HABT BUCK-Only for next year; and it can be decided again at the next annual general meeting.
Mr. FRANCIS-I beg to second. It seems to me there would be practical difficulties 'in passing any resolution now sanctioning a per. manent arrangement. I hardly know what the Committee would understand by that. It will be always in the power of the Club at any time for sufficient reason to revoke, and it is not permanant arrange. necessary to use the term " ment." I think for all purposes it would be far better that the matter should come up at every meeting of the Club and the arrangement be renewed from year to year. (Applause).
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THE HONGKONG WEEKLY PRESS AND
[October 24, 1895.
with a clean sheet, and I may also inform you run of misfortune which might possibly arise that the requisite funds for these buildings by having a large amount of surplus funds to have been promised us at 6 per cent. per annum, fall back upon. The premia income shows an to be repaid from year to year, according to the increase over 1893 of, approximately, $190,000, state of our finances. As regards the finan- and I would mention this is not due to any cial side of the matter, the sum now paid fluctuation of exchange, but to a general yearly by the occupiers of mat sheds is about improvement at nearly all of our agencies. A $1,000, but I think that considering the matter specially worthy of attention in the work- superior accommodation and the increased ing of this Office is that charges, commissions, conveniences which will be provided by the directors' fees, and other disbursements on the buildings we now propose to put up, we ought debit side of the account, taken together, only to get sufficient rent at all events to meet the amount to $203,786.80, being equivalent to interest on our capital expenditure. Having 14.08 per cent of the net collections, or s ratio, given you full particulars gentlemen, I should of expenses to premia far below the average
know whether von are
ion paid by other Marine Insurance Companies l-established in the East. The General Agents ald hope to continue third or expomaga
that the
ately after on, like to have a de unless the buildings &
fter die races
we probably will not have them ready and dry for the following season. (Applause). Has any gentleman any proposition to make? Or would you make any suggestions ? I shall be very pleased to hear any suggestions, or would you prefer to leave the matter in the hands of the stewards you elect this afternoon? I would very much like an opinion expressed at this meeting whether you are in favour of it or against it, or whether you prefer to leave it in the hands of the stewards you elect this afternoon.
Mr. FRANCIS-I beg to propose that this meeting cordially approves of this proposal of the stewards with reference to the erection of permanent stables.
Mr. GOOSMANN seconded. Carried.
The CHAIRMAN-The next business before us is to elect the stewards for the ensuing meeting. The present stewards are-Hon. J. J. Bell-Irving, Hon. C. P. Chater, Messrs. Gillies, Gray, Grote, Hobson, J. D. Humphreys, and T. Jackson. His Honour Sir Fielding Clarke has consented to be a steward if elected, and the Hon. Mr. Whitehead, who was a steward the year previous, is back in the co- lony, and Mr. Michaelsen, who was a steward in Shanghai for three years, has agreed to act if elected.
A ballot was taken, and the following gentle- men were elected :-Hon. J. J. Bell-Irving, Hon. C. P. Chater, His Honour Sir Fielding Clarke, Messrs. A. Coxon, R. M. Gray. M. Grote, J. D. Humphreys, T. Jackson, R. Shewan, and Hon. T. H. Whitehead.
This concluded the business of the meeting.
CANTON INsurance (FFICE, LIMITED.
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regard the estimate for the first nine months of the present year's underwriting the balance at credit is not so favourable as the position of the 1894 account to a similar period, owing to heavy loss sustained recently on lines by several steamers, but more particularly the Cattherthun, in which the office was nearly fully interested. It is too early to speculate as to the probable outturn of the 1895 account, but if our losses during the approaching winter are not unusually large, I think we may anticipate that the result of the present year's underwriting, when closed, will at least approach the average of recent years. I am pleased to say no losses of importance have been sutasined since the report was issued. Our surveyors here and in Shang- hai have made their usual annual reports and valuations of the properties mortgaged to the office, and from their statements shareholders may rest assured that the various securities are ample for the advances made. Before closing my remarks I desire, on behalf of the Consult- ing Committee and General Agents, to ex- press their high appreciation of the manner in which our various agents have assisted in bringing about, by successful underwriting, the results obtained during the period covered by the report. The adoption of the report and accounts I shall propose, after answering any questions shareholders may desire to put. (Applause).
No questions were asked and the CHAIRMAN moved the adoption of the report and accounts.
Mr. A. Ross-I rise to second the Chair.”
The
The resolution was carried unanimously. The CHAIRMAN-Gentlemen, now that the report and accounts have been passed, there is
man's motion for the adoption of the report another matter we wish to bring before you,
and accounts, and I do so with much pleasure, which we consider to be of very great im-
for, as has been pointed out, the results shown portance-I refer to the construction of per-
are not only calculated to satisfy but to gratify manent stables at the course. You must all
all connected with the Company, whatever be recognize the very great danger from fire there
their peculiar habit of mind. The man of exists with the present system of matsheds. It
great expectations will find the report through- is impossible to prevent Chinese from smoking
out a most congenial study; the man that everywhere, and when he sees his master coming
is most resistent to a sense of gratitude can. a mafoo will throw the end of his cigarette any-
not quarrel with what he gets in the Way where he hopes it will not be seen, as likely The fourteenth ordinary general meeting of of dividend; while that excellent but ineror- 8.9 not into Ü heap of straw. The the Canton Insurance Office was hold on Satur-able gentleman the trustee for the present and danger is serious enough during the training. day, at noon, in the offices of the General future generations, whose special concern is the but it is enormously enhanced during the races Agents (Messrs. Jardine, Matheson & Co.). reserve fund, cannot shake his wise head and by the oooking that is going on all day long. Hon. J. J. Bell-Irving presided, and there were say it is not enough. (Applause). So, gentlemen, and the large crowd smoking among the mat also present Hon. C. P. Chater, Messrs. S. G, I think the report, viewed from every stand- sheds. A fire under such circumstances is ter- Bird, H. L. Dalrymple, D. R. Sasoon (Consult point, has all the elements of a good one. rible to contemplate, and the stewards have longing Committee), N. J. Ede, J. Thurborn, A. Chairman called our attention specially to the been considering the advisability of erecting per-
economical management of the Company com- manent stables such as I have spoken of. The
pared with kindred institutions doing business opportunity now seems a good one; our debit
in the East. This feature is worthy the at- balance has been considerably reduced, and
tention of shareholders, for if the management we hope that by the end of the year it
had been more expensive such a large amount will have been wiped off. (Applause). We
could not possibly have been placed to the re- have therefore had plans prepared, which
serve fund to bring it up to its present opulent we now lay before you. If you sanction this
position. I think that all connected with the scheme, we propose to put them in the Grand
Canton Insurance Office may say, without Stand, and leave them there during the races,
suspicion of boasting, that it is a goodly so that there will be ample opportunity for all to
heritage; and let us hope that in the future its study them. Any suggestions will be gladly
lines may not only continue but extend in places received and carefully considered by the
as pleasant as in the past. I am sure I express stewards. You will see from the plans that
the sentiments of all the shareholders present the general ides of the scheme is that we
and absent when I congratulate the General should construct a two-storied building, the
Managers and the Consulting Committee on ground floor to serve as stables, and the top
the excellent account they have given of their as private stands, as with the mat sheds.
stewardship for the year 1894. (Applause). Large rooms will also be provided for tiffins, &c. The stables will be divided by moveable partitions into blocks containing the requisite number of stalls and the same system will be followed in separating the stands. Stabling will be provided for about eighty ponies. The total cost will be about $25,000, but as I have said before, we hope by the end of the year to have wiped out our debit balance of about $7,000, and so we will be able to start,
Ross, K. McK. Ross, C. S. Sharp, A. G. Morris. W. H. Ray, G. C. Anderson, E. Burnie. R. M, Mehta, J. B. Coughtrie, W. A. Cruickshank, J. C. Peter, H. C. Gotta, B. Byramjee, G. Remedios, R. C. Wilcox, Jas. McKie, R. Inglis, Sang Cheong Leong, Ho Fook, Ho U Shang, Cheu San, and R. H. R. Burder (Acting Secretary).
Mr. BURDER read the notice calling the meeting.
The CHAIRMAN said-Gentlemen, the report has been in your hands since the 4th instant, and propose, with your permission, to take for granted that it has been read. I am pleased to say last year's account is the most satisfactory that has been issued since the reorganisation of the Office in 1882, for after paying dividends of 22 per cent. to shareholders and a bonus of 20 per cent. to our valued contributors, the Consulting Committee and General Agents propose to place the sum of $175,000 to reserve fund, which will then amount to $1,200,000, and carry forward the balance of 843,761.68 to the present year. I trust this proposed division of profits, but more particularly the addition to the reserve, will meet with your approval, for we consider it a a matter of importance that our Company should be prepared at any time to face any exceptional
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The CHAIRMAN-It having been proposed. by myself and seconded by Mr. Roas that the accounts as presented be adopted, will those in favour signify in the usual way?
Carried.
Mr. W. H. RAY-I beg to propose the re- election of the Consulting Committee Messrs Dalrymple, Sassoon, Gillies, Chater, and Bird,
Mr. BYRAMJEE seconded. Carried.
No comments yet.
Private notes are available after approval.