March 10, 1902.]
success.
men,
CHINA OVERLAND TRADE REPORT.
181
We have a reef and alluvial deposits CHINA FIRE INSURANCE CO., LD. | the adoption of the report and accounts was
Mr. PARLANE-May I ask what the directors intend to do with the nupaid calls on shares, and what length of time has elapsed since the calls ought to bare been paid?
some of
carried unanimously.
The confirmation of the appointment of Mr. E. Goetz as a director was proposed by Mr. PALMER, seconded by Mr. DAVIS, and carried without opposition.
Mr. VEITCH moved that Messrs. R. Shewan and H. W. Slade be re-elected directors.
Mr. REID seconded.
which promise well: we have a tramway to con- nect that reef with the battery; the batteries have
The thirty-third ordinary meeting of share been thoroughly overhauled and placed in good working order; the stone is of a kind easy to holders in this Company was held at the offices ou the 6th inst. at 11 30 a.m. Mr. C. S. Sharp crush and the ore not refractory; and we have a magnificent water power sufficient to provide for (chairman) presided, and amongst others preseut were Messrs. N. A, Siebs, A, Haupt, D. M. all likely wants, I must not forget to add that
Moses, II. W. Slade, R. Shewan, E. Goetz in Mr. Lester we have a manager who I am
Major BROW-With reference to the re-elec- thankful to say has a strong tendency to pessim-(directors). G. L. Tomlin (secretary), G. T. ism, and when he considers our prospects bright Veitch, E. Osborne, C. Palmer, T. H. Reidtion of Mr Shewan. I should like to bring one G. S. Roach, W. H. T. Daris, A. H. M. da
or two suggestions before the sbareholders. If we ought to be satisfied that they are indeed so.
you look in the directory of Hongkong and He is a hard worker not given to promises or Sive, E. J. M ses, R. K. Leigh, Chan Put, to many words, but he is fully bearing out J. R. Michael, R. C. Wilcox, G. de Chompeaux, China you will see that Mr. Shewan is general manager for six companies, agent, I think, for the high commendations passed upon him when J. J. Leiria, and Major H. H. Brown.
The notice couvening the meeting having fourteen, and of some others a director. Now, he left Charters Towers, and has ever since his
I ask you to consider if Mr. Shewan can have arrival at Punj m laboured steadily to develop been read,
The CHAIRMAN said-Gentlemen, the direc-sufficient time to give to the interests of this the mines. The miners under him appear to
Company after he has paid attention to the be working energetically, and though some of tors' report and statement of the company's
There is another point I accounts for the past year having been in your other companies. them have been suffering from fever, they were at last advices, 1 am glad to say, all well. On hands for some time, I will, with your p rmis. should like to bring before the shareholders, and that is, that amongst the list of companies the table before me you will observe the samples | sion, now adopt the usual custom and take them
as read. I am pleased to say that the year 1900 for which Mr. Shewan is agent the directory of gold from Swah and photographs of the new dam, as well as a characteristic group has run out leaving us with the satisfactory tells us there are the Yangtsze Fire Insurance at the wines, showing the manager, his family, balance of $186.918.54 as profit, as compared Company, the Law, Union and Crown Fire and Company the Lion Fire and the accountant. The office staff has proved with $143412.79 in 1899, the loss. ratio being Life Insurance very efficient, and the work generally is well | 41.25 per cent. as against 57.70 per cent. for Insurance Company, and some others. Now, the previous year. This result enables us to I have hoard a great deal about uniformity of and systematically performed. One word more: I should have referred to the tin deposit found recommend the usual dividend of S6 per share, rates; that there is uniformity of rates, and it Our or 30 per cent, on the paid-up capital, absorbing | does not make any difference; but no man can in the southern portion of the concession.
courince me tha, because there is uniformity manager has not yet had time to thoroughly the sum of $120,000; $207 as bonus to contri.
butors of premia and to transfer to extra resorve of rates there is no competition. Two profes- examine this find, but promises to do to
-two architects, two anybody-might at the earliest opportunity when a miner fund the balance of 866.711,54, which wil' then sional men- can be spared from the gold workings. make the account stand at $91,341.55. Ferhaps charge the same rates, but still they are to a The faot of its existence will not, however, I
you may feel that with additional profit certain extent competitors, and as Mr. Shewan can assure you, be overlooked, and a further earned in 1900 an increased dividend might have is agent for these fire insurance companies he been recommended, but after mature considera-
is to a certain extent a competitor of this and more searching investigation into the
tion your directors came to the conclusion that Company. These are the suggestions I wished chances of working the deposit with success
to bring before the shareholders. will be made when opportunity offers. That is in the best interests of the Company it was about all that occurs to me to say now, gentle-advisable to continue the same steady dividend but I shall, before proposing the adoption until a least we had built up the extra reserve und to at sum sufficient to meet a year's dividend of the report and accounts, be glad to answer
should unfortunately heavy losses wipe out an any questions you may wish to put.
entire year's profit, and with this object in view it seems possible that by the time our 1901 account has run off, this may have been attained should we have ordinary fortune I do not wish in the next twelve months.
consider AD to convey, however, that we
finally extra reserve fund of $120,000 as sufficient, but merely that when that figure has been reached it will in the opinion of the board be time erough to think of dis- tributing more of our profits and setting aside less against bad times. Turning now to our balance-sheet, there is nothing calling for Rural special remark except the new item of “* Building Lots Nos. 42 and 84," which stands es an asset of $7.500. This was an old standing mortgage in our books, originally at 10 000, and when the mortgagor died it was found advisable for us to take over the property in liquidation of the debt; but I hope that we will eventually be able to dispose of the property without loss to the Comiany. Our holding of debentures has been reduced by those of the Shanghai and Hongkew Wharf Co., Ld., being paid off on the 31st December last, and our mort- gages in Shanghai are also less than shown in our last report. Our working account for 1901 shows aa increased carry forward of $20,122.75 as compared with 1900, made up principally from gains in premia and interest and a small falling off in losses, and we hope that the amount of $237.319.21 now carried forward will not be seriously diminished by ur liability under 1901 policies during the current year. Since the 31st December last we have incurred Mr. GEORG proposed that Mr. Fullarton
Mr. losses to the extent of $9,388.49, of which Henderson be re-elected auditor, and
I should not MOSES seconding, the motion was carried | $7.456.83 fall on the 1901 account.
fail to mention, in concluding my remarks, that unanimously.
the Company's surveyors bare carefully reported on our advances under mortgage, and I am
Mr. SHEWAN---.
-Perhaps I may say a few happy to assure you that the same are quite
will now move that the direc-words in vindication of the position I am in at tors' report and s a'ement of accounts for the present. I may say at once that this point year 1901 as presented be adopted. After this has has already been discussed and was brought to the notice of the secretary by myself when I been seconded I shall be pleased to answer any questions that may be put relating to business joined the board Major Brown is perfectly right in his remarks: it is a point that would before the meeting.
strike any man not familiar with the insurance business, and particularly in this colony; but the more insurance business I have to do the more business I shall have to give away, and it was considered by the China Fire should get the business I have to give away instead Insurance Company that it of my giving it to others, so that I am not
The CHAIRMAN-Most of the old calls have been well met, but of course on the last call a considerable sum is still outstanding.
second call On the
$392 remains out standing, on the third call $1,692 and on the new capital $32,932. This amount we hope to get in within a reasonable period, and I trust that the report we have been able to lay before the shareholders to-day will quicken them in responding to that call.
Mr. MICHAEL-How much has been collected since the accounts were made up?
The CHAIRMAN Between five and six thou- sand dollars.
There being no further questions, the CHAIR- MAN proposed the adoption of the report and
accounts.
Mr. HOUGH-I beg to second the adoption of the report and accounts for the year 191. We have had a very lucid speech from our worthy Chairman, and it leaves nothing for me to say except to express the hope that he may not be disappointed in his expectatious for the success of the company.
The motion was then put to the meeting and carried unanimously.
The next business was the re-election of directors, and on the motion of Mr. PARLANE, seconded by Mr. MICHAEL, Messrs. T. Howard and W. K. Hughes were re-appointed.
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The CHAIRMAN-That terminates the busi- ness of the meeting, and I have to thank you for your attendance, gentlemen. I hope that on another occasion we shall have a more satis-satisfactory. factory report to give you, and I should be very glad indeed to say that the dividend warrants will follow in due course.
A telegram from Hanoi, dated the 9th Feb- ruary, to the Opinion, of Saigon, says: Lillie, l'ancien directeur du Siam Free Press, est décédé ce matin à l'hopital d'Hanoi des suites de la dysenterie Mr. Lillie, who was an Irishman with, we believe, French blood in him, was a strenuous worker in Siam for the cause of French influence and French aggression.
Mr. CSBORNE-I beg to second the adoption of the report and accounts, and I am sure that the shareholders will be gratified at the in- creased profits for the previous year. I also feel sure that every shareholder in this Com- pany will endorse the policy of the directors in building up a substantial extra reserve fund.
There were no questions, and the motion for
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on these
various
Mr. OSBORNE-With regard to the remarks which have been addressed to the shareholders by Major Brown, they are highly interesting, no doubt, but, at the same time, if the directors were to follow Major Brown's suggestions no man could be a director of any company who was not also at the same time a competitor, and I think we should have to abolish every board in the Colony. As regards Mr. Shewan's qualifications for sitting on this board, Major Brown has a very poor opinion of Mr. hewan's - abilities if he thinks that he cannot spend the short time required boards, and the mere fact of Mr. Shewan being on these various boards gives him a status he would not possess if he was not ou them; it gives any man a statos to be connected with various businesses in this Colony, and he is therefore able, in that position, t› bring his sound judgment and advice to bear upon questions connected with the China Fire In- surance Company, all of which he has learnt in his experience with other companies. The arguments adduced by Major Brown I don't think will meet with the approval of share- holders, and I shall certainly. vote for the re election of Mr. Shewan, and I hope the other shareholders will too
The CHAIRMAN-I don't think this is a ques- tion which calls for any, or many, comments from
me.
It is simply a question, as far as I under- stand, of voting for or against the re-election. I m quite sure that Mr. Shewan can, if nec- essary, take very good care of himself, and is able to amply reply to all that Major Brown has said. It strikes me, amongst other things I might mention, that the fact of Mr. Shewan being agent for a number of other insurance companies would therefore enable him to give greater support to this Company in the way of re-insurances. However, it is merely a question of voting for or against the re-election.
The motion was then put to the meeting and carried unanimously.
No comments yet.
Private notes are available after approval.