C
June 15, 1903.]
CHINA MUTUAL LIFE INSUR-
ANCE CO., LD,
The fifth annual gener.1 meeting of Le above Company was held at the head office, No. | 13A, Canton Road, Shirgha', on Friday, the 29th ult. There were present: Meurs, Jelu Ford (Chairman), Leung-du (Director), J. A. Wattie (Managing Director), Wong I-ding, Zia Ze-ding, C. F. Smith, S. Knocker, J. M. Mussen. Lefferts Kad S. J. Tɛao, C. 8. F. Lloyd, R. H. Parker R. Markwick, J. E. Lemière. J. A. Lowri, F. X. Gutteries, J. McCutcheon, R. Dallas, King Chun-kee, re- presenting 4,040 shares, and also several policy- holders of the Company
On the resolution of CHAIRMAN, seconded by Mr. R. N. PARKER, Mr. R. Markwick was appointed secretary to lie meeting.
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The SECRETARY bating read the notice convening the meeting, and also the minutes of the last meeting, which were unanimously confirmed,
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The CHAIRMAN E-The report and ac- counts have been in your hands for some time and with your permission will be taken as read. In moving the adoption of the report it is certainly a very pleasing duty to call your attention to what has already been said in the report. There has been an increase in every important item and I should like to emphasise some of the features a comparison with last year. Our insurance in force has increased over 100 per cent. Our reserie has increased over 100 per cent. Our income for premiums over 100 per cent. Our income for interest increased over 100 per cent. In fact, in presenting this report we may practically say that if we were satisfed with our re- port of last year we should be doubly so this year, as almost every item has doubled on last year's statement. We had real estate to the book value of Tls, 35,106 90 This, I am pleased to inform you, has been dispos d of since the beginning of the year at a fair profit. You w I notice also that we do not take credit in our assets for any overdue interest, which goes to show the excellence of our investments. As io this year it is almost impossible for any Company to continue increasings wo hare in the past. that is, increasing over the past year at the rate of 100 per cent.m, however, pleased to inform you that since the beginning of the 6th year, April 1st, beve secured applications for new business, amounting to over Taels 1,100,000, which is a great increase over the same length of time last year. Our outlook for the coming year is very bright. I have nothing further to say and if any of you have anything to ask I will be very pleased to answer before moving the adoption of the report and accounts, There being no que tions, I have now much pleasure in moving that the report and accounts for our fifth year he pass. d. This motion was seconded by Mr. WATTIE and carried unanimously.
Mr. WATTIE-In seconding the motion I should like to draw your attention to a few things in the statement. The small unmber of death claims shows what care our medical referee bas taken in doing bis work. Our income last year was about Tl. 623, 00, which is about Tls 2,000 for every working day of the year. This year, so far our income amonuts to Tls. 105,000 as against Tls. 55,000 during the corresponding period of last year, and we therefore anticipate a very .arge inorees at the next meeting.
The CHAI MAN The next thing is the dividend. Again after mature consideration your directors have thought it proper not to ay more than 8 per cent. this year, so as to farther strengthen our position and to go on increasing our reservis, which you will see from the repo t are increasing very rapidly. I have much pleasure in proposing that a dividend of 8 per cent, be paid for last year.
Mr. Knox said that he had much pleasure seconding the motion. No other companies needed to strengthen their business more than Insurance Companies, The China Mutual bad made a phenomenal success in its fifth year, yet it was better to be more and more careful in looking after the interests of policy-holders, so as to put the agent in a position to obtain more business..
The motion, when put to the meeting, was carried nem, dise,
CHINA OVERLAND TRADE REPORT.
The CHAIRMAN said that the Company had been fortunate enough to secure Mr. Foo Chu- chun, of Penang, as a director. That gentleman had a great deal of influence in the Straits, and it was only right that there should be a director who would represent the ompany in the South. The Company had had a Chinesa gentleman veling as their ageut there before, but he had died and it had therefore become necessary to appoint some one in his stead.
Mr. KNOX proposed and Mr. F. F. SMITH seconded, that the appointment of Mr. Foo Chu-chun as a director of the Company be confirmed. This resolution was also carried unanimously.
The CHAIRMAN said that he now had a very pleasant duty to perform, and that was to propose a vote of thanks to the district agents and managers for the very able manner in which they had conducted the business during the past year. It gave him much pleasure to propose a vote of thanks and appreciation.
Mr. WATTIE said that lo had very much pleasure in seconding as it was entirely due to these gentl men that such a large volume of business had been obtained.
The vote was carried nem. diss.
ZA ZE-DING-Five years ago I was present at the first annual meeting of this Company. On that occasion with a feeling of great satisfaction I said a few words on the success the pioneers of this Company had achieved. Now on looking over the fifth annual report of this Company I am transported beyond my own sauguine expectations. As one who hes bad a hand in the formation of this Company I expected most successful results, but the results have been far greater than my expectations. We have made gigantic strides in our business. Just look at the figures before you. Taking the figures roughly, from a reserve of seven thousand taels we have now a reserve of four Lundred and fifty-eight thousand taels to- day; from our assets of fifty-eight thousand taels we have now assets of six hundred and forty thousand taels. As to the icsurance in force, from five hundred and seventy-three thousand taels we have now leapt into about seven million taels. These very successful results have not come out of themselves. There have b.en ending minds. Great battles cannot be wou without the guiding minds of great generals. This, now a gr at company, h.s had its great generals. I need Lot tell you who the people are to whom this great succ ss is due. Mr. Wut is, our worthy manag ing director, les watched and worked for the progress of this Company from its infaucy, and through the efferts of our (hairman, Mr. John Ford, and of our managers and agents in different places, we have laid the solid foundation of our (Cmpany, with the promise of a brilliant
fu'ure.
The CHAIRMAN
N-in accordance with onr articles of assoc afion Mr. Wattie is this year the retiring director. I have much ple sure in proposing that he be re-elected a director of the Company.
Mr. KNOX seconded this resolution, which was carried unanimously.
It was then proposed by Mr. MUSSEN, seconded by Mr. LEMIERE, and carried unanimously, that Mr. R. F. i astlack be re- elected auditer.
The CHAIRMAN-That concludes the business of the meeting, but before going away I must ask you to accord a very Learty vote of thanks to Mr. Wattie. It is primarily due to him that we find our Company at the end of the fifth year in such a flou ishing condition. The agents in the untports know that from the very frequent letters which he writes to them. I trust that he will be long with us and continue to fulfil his multifarious duties in connection with this Company,
Mr. LEE said that since he had been on the board of directors the business had been doubled every year. This was due to the managers and agents and to the confidence which policy- holders felt in the Company.
The rote was carried with applause, and Mr. WATTIE thanked those present for their kind- ness. lle said it was due to the representatives which the Company had in the field that it was in such a flourishing condi iou. They were the people who deserved praise and they could not be spoken of too highly.
The CHAIRMAN-I agree with Mr. Waltie
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to a certain extent, but he is bashful with regard to his own share of the work.
Mr. Knox-I think the credit is due fo Mr. Wattie and the head office. Mr. Wattie's assistance puts the agents into the way of doing what business they do.
The meeting then adjourned.-N.-C. Daily News,
SUPREME COURT.
Monday, 8th June.
IN OLIGINAL JURISDICTION.
BEFORE HIS HONOUR SIR H. S. BERKELEY
(ACTING CHIEF JUSTICE),
HO CHU TING. THE WING SHING.. This was a claim for a partnership account and to wind up the business of the Causeway Bay Dairy. Mr. H. E. Pollook, K.C., instructed by Mr. F. P. Hett, solicitor, appeared for the plaintiff, aud Mr. M. W. Slade, barrister-at-law, instructed by Mr. F. X. d'Almada, solicitor, for the defendant.
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Mr. Pollock read the pleadings on both sides, and said the plaintiff, Ho Chu Ting, had been employed for about ten years in Kennedy's Dairy. Some time in April, 1992, he was approached by the defendant's son, Ting Lap King, who suggested that the plaintiff should give up his employment in Kenn dy's and take a share in the defend int's dairy farm at Causeway Bay, known indefinitely as either the Wing Shing or the Wing Shing Po. It would appear that several conversations took place between the plaintiff and the defendant's son regarding the matter, and eventually the defendant's son asked the plaintiff to come down to Wanchai and see the defendant himself, Ting Shing Po, at his house The plaintiff went, and it was stated to him that there were 42 cows at this Wing Shing da ry farm at Causeway Bay, that the business w.s valued at $8,000, and that if he the plaintiff, would pay $4.000 he could have a half- share in the business with the defendant. The plaintiff agreed to this, but said he could not find the money immediately. Then and there it was arranged that as soon as the plain. tiff could obtain the meney and should hand it over he would be entitled to one-half share in the business. In pursuance of that arrangement, the plaintiff set about obtaining the money. From one Ho Chak Wai, a brother of the Hon. Dr. Ho Kai, he borrowed $3,000 on & promissory note, and from another Chinese gentleman with whom he had previon ly deposited $1,000 he recovered that sum and $45 interest thereon. On 31st May, 1902, having then sufficient money to buy a half-share in the Wing Shing dairy farm, he paid the sum of $1,000 to the defen- dant's son at 22, Cochrane Street, the town depôt of the dairy, aud at the latter's request wrote onl a receipt which was chopped by the defendant's son. The case for the plaintiff was that, although the defendant denied that any partnership existed or ever did exist, the defendant agreed in that house in Wanchai to admit the plaintiff to a half-share in the Wing Shing busiress, that the plain iff obtained the necessary sum of $4.000 in the way de cribed, that the money was paid over by the plaintiff to the defendant's son in pursuance of the previous arrangement entered into in the house in Wan- chai, and that the defendant's son stamped the receipt for the money with the chop of the Wing Shing dairy.
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The proceedings continued until one o'clock, when the Court adjourned.
The N.-C. Daily News of the 4th inst writes: -It is with very great regret that we have to announce this morning the death of Mr. R. B. Moorhead, Commissioner of Customs at Ningpo, from which port he arrived here last mouth in very bad health. Mr. Moorhead, who was a native of Ireland, joined the Customs in July, 1868, and attained the rank of Commis- sioner in October, 1877. He was given Civil Rank of the Third Class by the Chinese Govern. ment, sad the decoration of the Double Dragon, Third Division, Iirst Class. Mr. Moorhead was always kind and courteous to all, and was very much liked and respected. He leaves widow, four sons, and three daughters, with whom deep sympathy is felt in their loss,
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