270
COMPANIES.
CANTON INSURANCE OFFICE, LD.
The twenty-sixth ordinary meeting of share. holders in the Canton Insurance Office, Ld., was held at the office of the company, Messrs Jardine, Matheson and Co, on October 25th. Hon. Mr. H. Keswick presided, and there were also present Sir Paul Chater, Messrs. G. C. Moxon, F. Maitland, H. P. White, E. Shallim (consulting committee), H. Parcy Smith, P. C. Potts, Ho Kom-tong, io Cheung-shui, Ho U-shau, Fok Kam-yim, Chan Sam and Wong Leung-him.
The SECRETARY read the notice calling the meeting.
THE HONGKONG WEEKLY PRESS AND
value. Before proposing that the report and so- counts as presented be passed I shall be pleased to do my best to answer any questions that shareholders may desire to pat.
No questions were asked, and the CHAIR AN proposed the adoption of the report and accounts as presented.
Mr. Ho KOM-TONG seconded, and the proposition was agreed to unaninously,
Sir Paul Chater, Messrs. F. Maitland, H. P. White, E. Shellim and G. C. Moxon were re-elected to the consulting committee on the motion of Mr. Ports, seconded by Mr. PERCY SMITH.
The CHAIRMAN proposed that Messrs. H. Percy Smith and W. H. Potts be elected
auditors.
Mr. SHELLIM secanded, and the motion was carried.
The CHAIRMAN-Dividend warrants will be posted early to-morrow morning, gentlemen. I thank you for your attendance.
www.
The report for presentation at the fourth
By land Shanghai invest-
ment Co., Ld.'s 5 per cent debtrs...........
By Shanghai Waterworks
Co., Ld.'s 5 per cent debentures .......
By Shanghai Waterworks Co., Ld.'s 5 per cent De- bentures By Shanghai and Hongkow Whart Co., Ld.'s 6 per cent Dobtra
By shanghai Mutual Tele-
phone Co., Limited
By Mortgages on Property
in Shanghai
[October 28, 1907.
69,700.00
10,400 10 11
9,600.00
1,432 10 0
20,000.00
2,984 7 6
10,072.44
800.00
1,509 19 11
119 7 6
130,000.00
19,398 8 9
1,543 14 5
58,791.40
8,772, 16 7
By Japanese Government 6
per cent Yen Loan of 1895 10,338.65 By Japanese Government 4
per cent Sterling Loan of 1899
By London Branch-Balance, víz : London Free-
hold Premises 38,307 3 7 Cash at Ban-
kers
British Go- vernment Se. curities
11,569 7 10
.22,407 16 6
Indian Govern- ment Securi-
ties
.18,958 14 5
Colonial Go-
vernment Se.
curities. .29,829 6 1 Chinese gold
5 per cent
Loan of 1898 10,296 14 7
im.
Chinese Working
|
The Directors beg to submit, for the inform- ation of shareholders, the annexed daly audited statement of the Company's accounts to the 30th June, 1907.
1906.The Balance at credit of this account is Taels 161,959.36, and after deducting an interim dividend of 7 per cent. aggregating Taelɛ5,945.9, paid on the 1st May last, there remains a sum of Taels 136,013.41, which the Directors recommend should be appropriated in the following manner :-
A Final Dividend of 7 per cent. on the paid-up capital.
A bonus of 15 per cent, upon coutributory premiums.
The CHAIRMAN said-Gentlemen, I presume that you wish me to take the report and accounts as read. The Working Account for the year 1906 has, as you will see, closed to date with a credit balance of $496 959,27. This whilst not so good as that for the two last years compares NORTH CHINA INSURANCE CO. LD. very favourably with the results of a long succ:ssion of years prior to 1904 There is one feature of he accounts to which I would specially allude amely the proposal to inau-ordinary general meeting of shareholders, to be gurate an Underwriting cuspense Account. As held at Shanghai. on Tuesday, 22nd October you know we are requred by our articles of reads.- association to present our counts before 31st October. In October, howeve Account of the year is not fully matured, and the policy of the Buard for some years past (in view of the incomplete information as to ite final results of the ear that must exist at this date) has been to increase the amount carried forward so as to avoid the risk of paying away in dividends or of appropriating to the stand. ing reserve of the Office a sum that has not at that date actually been earned. Last year's report you may recollect witnessed a larger carry forward than that of the preceding year which again was in excess of any of its predecessors. This year also the results enable us to give a further and more marked expression to this policy by carrying forward the greater sum of $286,000 to bold in suspense agaiust the outstanding claims for 19.6 and former years. We propose however this year, with your permission, to carry this amount to a Specific Account to be called an Underwriting Suspense Account and when the working account for 1907 is presented the amount under the heading "losses and claims" will include only those claims that actually fall upon 1907 policies. Your Com- mittee are also of opinion that it is to the advantage of the Cffice, whilst keeping the major portion of its funds at Reserve, to bave a farther portion in a more liquid form and the proposal to form an Underwriting Suspenso Account affords a suitable opportunity to accomplish this and at the same time to initiate this account on a sound and substantial basis. By the transfer of $115,000 from the Reserve we achieve this dual object and place the Underwriting Suspense Account at sligthly over four lacs. I am afraid that this proposal has given rise to some apprehensions, or rather misapprehensions, that the underwrit ing results of the Office have been excep. tionally unfavourable. I am glad that the
Bome
existence of such a fear has reached me as it enables me to take this opportunity of stating that it is without justification and we do not estimate that it will cost more to close the year 1906, than to close 1905. Whether this amount of $115,000 appears under credit of Reserve Acconator of Underwriting Suspense Account its nature of a reserve is unaltered, though under the latter Account it is a more liquid asset. With a reserve account of $1,560,000 and our invested funds amounting in all to $3,000,000 I fancy that you will agree with me that our position is not unsatisfactory and we are glad to again recommend a dividend of $20 a share. The investments of the Office invite I think little comment. Our Mortgages have been well reported upon by our Surveyors, and in spite of the depression in the property market are all in a satisfactory state while the values of the respective properties show good margins over the sums advanced. Our Japanese bonds appear at the reduced book value, which is the result of the appropriation made last year, and they, as well as our U. S. Bonds now stand in our books at considerably less than their market
And the Balnoe to be transferred to underwriting reserve account, closing the account for 1906.
As outstanding risks bave been running off satisfactorily, it is proposed to transfer £15,000 from Cáderwriting Reserve Account to the permanent Sterling Reserve, thereby bringing this Fund up to £125,000.
1907.-The Balance at credit of working account to 30th June amonats to Taels 201,424.46.
Directors. In accordance with the provisions of the Articles of Association the Directors all retire, but being eligible, offer themselves for re-election
Audit.-The accounts have been audited by Mr. Hayter, Mr. Wingrove being absent on
leave.
Messrs. Wingrove and Hayter again tender their services to the shareholders.
By Order of the Court of Directors.
WM. GEO. BAYNE. Dr. BALANCE SHEET 30th June, 1907.
Taels To capital account:
£
8. d. 10,000 shares at £5
£50,000 at 2.11.36 335,078.53 50,000 0 0 To sterling reserve fund 737,172.78 110,0* 0 0 To silver fund
100,000.00 14,921 17 6
To underwriting reserve ac
count
perial railway
per cent Loan of 1899 4,600 0 0 Chinese impe- rial railways (Shanghai- Nanking) Japanese Govt. 4 per cent Loan of 1905 4.325 26 Royal aud§8
Govt. 4 per cent Loan
English railway
8,000 0 0
3,000 0 0
securities 5,214 11 Indian railway
1
securities..... 18,482 14 0 Canadian Pa
cific railway
5
per cent 1st
mort. deben- tures Furniture BC- counts-Lon. don & Man- chester Premia
out- standing, bills receivable,
policy stamps and drafts in course of col. lection
5,375 0 0
175 10 0
6,101 1 10
£186,841 2 4 Less-due to
sundries...... 1,213 2 4
By balance at branches By furniture at Head Office
and Branches
By sundry debtors
-1,243,999.27 185,628 0 4 58,055.16 8,662 18 4
1,966,86 28,800.57
248 14 6 4,281 3 5
Taels.......1,943,142.50 £289,953 511
WORKING ACCOUNT, 1906.
Taels.
691,031.14
74,922.31
(Ex. 2. 11-13.16 per Tael)
Dr.
30th June 1907.
To Net Premia..
To Interest
376,622.91
56,199 4 0
To transfer and certificate fees
66.00
7,303 3 9
Taels...... 896,019.65
Cr.
169,602,84
4,900.00
To exchange and invest-
ment fluctuation account 48,942.83 To working account 1906:
Amount
brought forward
from be.
low .Tls. 161,959.36 Deduct-
Interim
To working 1967 :
By commissions and charges at Head Office
branches and agencies
By directors' and auditors' fees
By income tax
By depreciation furniture account
By losses and claims
By balance carried forward
9,804.07
155.39
349,549,99
161,953.36
87,801.69
Shares
Divided Tls. 25,945.95
Taels...... 696,019.65
136,016.41
20,295 15 0
Amount brought forward
from below
Dr.
WORKING ACCOUNT 1907.
30th June 1907.
To net premis To interest.........
Taels. 316,191.60
To transfer and certificate fees
34.00
Taels 353,527.38
78,895.22
2,150,00
2,322.38
65,485.87
204,484.46
Thela...... 353,627.38
204,424.46 30.503 19 3 To Sundry Creditors
4,887.58 7:29 6 5 (Ex. 2 1 11-36 per Taels 1,943,142.50 £289,953 5 11
current and By cash on
deposit accounts Shanghai By Chinese imperial Gort. Loan of 1886 (E. Issue)... By Shanghai Municipal
Loans...
101
By Shanghai land invest- ment Co., Ld.'s 5 per cent debtrs
185,866.16 27,731 14 4
13,500.00 2,014 9 1
95,062.00
By commissions and charges at Head Office,
branches and agencies
By directors' and auditors' fees By income Tax .. 14,185 0 8 By losses and claims
By balance carried forward..
7,000.00
10,141 10 8
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