April 27, 1908.]
Mr. Li Hong Mi, Second Interpreter, con. tinued to act as Chief Interpreter until the 22nd January, bis place being taken by Mr. N. G. Nolan, Interpreter at the Magistracy.
Mr. A. B. Suffed, 1st Grade Clerk of Court and Clerk to the Chief Justice, resumed bis duties on return from 4 mouths vacation leave on the 1st April.
Mr. J. U. Mirza, 2nd Grade Clerk of Court and Clerk to the Paisae Judge, proceeded on 3 months vacation leave on the 10th December, to be followed by 3 months leave of absence on half pay, the discharge of the duties of his office being arranged dep rtmentally.
Mr. A. J. Mackie, L nd Bailiff, Lond Registry Office, New Territories, was on the 3rd July appointed on six months probation to the newly created office of Third Interpreter. He took up his duties on the 10th July.
Mr. U Hang Tok, Temporary 4th Grade Clerk, resigned on the 16 h April.
Mr. Wong Po Fuk, Librarian, was appointed on three months probation in his stead, and was confirmed in the appointment as from the 17th July.
Mr. Wong Kiu Wo was on the 18th April appointed Librarian on three months probation place of Mr. Wong Po Fa. He took up bis duties on the 22nd April and was confirmed in the appointment as from the 22nd July.
COMPANIES.
UNION INSURANCE SOCIETY OF CANTON.
:
The thirty-fifth ordinary meeting_of_the Union Insurance Society of Canton, Ltd, was held on April 23rd at the society's office., Mr. A. W. lade presided and there were pre-ent, Messrs. W. Helms, E. Ormiston, J. A. Plummer, E. G. Barrett. J. W. C. Bonuar (director) C. Montague Ede (Secretars), E. C. Lane, Á. B Rouse, W. Hatton Pots, D. R. Law, J. A. Jupp, H. M. Tibbey, P. C. Potts, II. E, R. Hauter, F. P. Hett, Capt. Clarke, J. Barton, A. R. Lowe, C. E. H. Beavis, Hon. Basil Taylor, Ho Fook, an! A. V. Apcar.
The SECRETARY baring read the notice convenin the meeting,
CHINA OVERLAND TRADE REPORT.
269
The CHAIRMAN-Before patting this resola. tion I woolt like to refer to the suggestion made by Mrį Law as to paiting Mr. Saunders ou the London committee. This matter has not ben brought before the directors yet, but it will rec ive their consi lerati›a.
The report was adopted.
ward of the balance of $430,000 to underwriting | sider that the results achieved are preeminently suspense to cover outstanding loss-8. The satisfactory and I hope the Board will never figures for the year 1997 as shown in the report lose sight of the importance of continuing to are satisfactor: as far as they go; there have build up our reserves. With these remarks, been a gord many minor lesses but no abnormal Gea lemon I have much pleasure in secondine ones sinc the close of the year, and although the report and accounts for 1906 and 1907. trade -howed no improvement during 1907 I am happy to say that we have every reason to bliere that the acconat when rua
off will compare fa ou ably with its predecessor. We therefore have no hesitation in recommending the payment of an inte im dividend of 80 pr share on account of 1907 These results, gentlemen, are matters for congra'n'ation, and you will be glad to hear that we have not forgotten the officers whose work has brought | them about; we thought it right to vote a bonus to the Society's servants in the form of an addition of 15 per cent of a year's salary to the provident fund of each member who is in our service at the end of this month as well as a cash bonus to Mr. Saunders who left our service at the end of last year, and I feel sure that you will approve of our having done so
On the motion of Mr. BARTON, seconded by Mr. BEAVIS, Messrs. Slade and Ormiston, the retiring directors, were re-elected.
Mr. JOPP proposed, and Mr. TIBBEY second- ed, the re appointment of Messrs. Hatton Potts and D. R. Lowe as directors. Carried.
í he HAIRMAN-That is all the business, gentlemen. Dividend warrants will be posted ibis afteroobo.
CHINA TRADERS INSURANCE COMPANY,
!
The forty-second ordinary meeting of the shareholders in the China Traders Insurance Company Ltd. took place on April 23rd at the Company'sfices under the shairmanship of Mr. H. W. Slade. There were also present Mesure. W. Helm, E. Ormiston, J. A. Plummer, E. G. Barrett, J. W. C. Bonnar directors), C. Montague Ede (Secretary, E. C. Lane, A. B. Rousa, H. Hunter, H. M. Carvalho, B. M. C. da Canha, V. L. dos Remedios, A. E. S. Alves. J. F. Á. Barros, J. Gardner an i A. R. Lowe.
The SECRETARY having read the notice onvening the meeting,
Our amalgamation with the China Traders has worked smoothly and our anticipa- tions as regards the reduction in our charge ratio have been realised. With the exception of Australia our branches, especially London, bave been economically and profitably managed. It was known to us that business in Australia had not been going well for some years past, but in the hope that matters would improve automati cally after the amalgamation of interest with the China Traders no stop was taken in 1906; last year however it became apparent that radical changes were neo-ssary and Mr. Ed was sent down to study the situation on the spot and report; since his return and ao ing on his recommendations we have not only placed the business under new management but we have adopted a policy of retrenchment and have decided to dispense with the services of t-u m-mbers of the Australian staff. This step. while in no way imparing our efficiency there, will show an annual saving of som £5 0; this saving will not however be felt until next year. It may be, and indeed has been said, that no compensation is due to the Australian staff whose combined work has not produb-d any profit in the past, but this, gentlemen, is not fur view, ror, I am sure, will it be yours. The fault lay more with the system of work- ing in Australia than with the individual worker and in view of our undertaking to treat bina Traders' servants as if they were the Soci-ty's servants of equal standing we have decided
floer whose service to pay sach terminated on the 31st March last, one month's salary for every year of service, conditional y on his doing his best uut to estrange the good-thereto £5,000. will; this will cost some £7004, but as we are in future saving £5000 annually the Society recoups itself in its outlay in eighteen months and I am sure our action will met with your approval. Before proposing the adoption of the report an accounts I-shall be glad to know if any shareholder wishes to ask any questions.
There being no questions,
The CHAIRMAN taid-Gentlemen, before passing to the business of the meeting I should like to notice the absence of three familiar faces. Messrs. Siebs and Weed have retired after many years service on our Board, during which period by their experience and sound advice they have afforded the greatest assistance to the management of the Society. Mr. Saunders, our late Secretary, has also retired and the best proof I can give you of his able and careful conduct of affairs is to recall to you the yearly increase of dividend paid to shareholders and to refer you to the balance sheet now before you for a statement of the sound position of the Society at the time of his giving over charge. As these gentlemen have now retired from China I feel that I ат but veicing your sentiments in wishing them long enjoyment at home of the fruits of their labour.
We will now proceed with the business of the meeting. The report and accounts have been in your hands for some weeks and as you have no doubt carefully considered them 1 propose to follow the usual procedure and take them as read. In comparing the figures with those of the previous report you must bear in mind the fall which has taken place in the gold value of the dollar; this has counteracted, as far the appearance of the account goes, the shrinkage in takings consequent upon the almos unprecedented period of trade de ression through which we have passed, and from which we are even now suffering but happily to a legs extent. Our profite, however, whether viowed | from a gold for silver standpoint are very satisfactory and we are able to recommend the payment of a final dividend for 1906 of $15 per share, The interim dividend of ÷ 30 d-clared at our last meeting was paid when exchange stoud at 2/14; the full dividend for the year therefore shows a steady increase both to shareholders resident in gold using countries | and those living out here; it must also be borne in mind that this payme t is made on ar increased capital, which is very significant. We further recommend the addition to the gold reserve fund of £20,000 and the carrying for.
a8
old
Mr. D. R. LAW said-Mr. Chairman and gentlemen, I rise with much pleasure to second the adoption of the report aud accounts for 1906 and 1907. It is very gratifying to ss0 that the Society continues to prosper even in these bad times through which we are passing. Last year I bad reason to congratulate the Board the Secretary and Staff ou the results of thei- labours and I am sure every shareholder will agree that there is better reason for again, doing so on the present occasion. I list-n-d with pleasure to the Chairman's announce. inent of a bonus to the stuff Year by year they have reaped most satisfactory harvests for us and we are glid to mark our appreciation of their ability and la ours, That a banus should bire also been voted to our lite Secretary is most fitting. Mr. Sanuders has re ired from China bu Ithin it would be a vast pity fr the Society to lose touch with him, and I feel that I am expressing the wishes of all share- holders when I suggest that the Board should offer him a seat on the London Committe suggest his, not so much on his account as on cars, as I feel that we should not lose the ad. vantage of his rip experience. The steps which the Board have taken in relation to the Australian business are characteristic of the Union's sound and vigorous management. I con-
I
The
I find in
The CHAIRMAN said-Gentlemen, report having been issued for a sufficient tims to enable you to study it carefully I will now with your permission take it as read. It is not possible to compare the years 1915 and 1-06 from the published reports as during the former y ar the figures for the last eight months only were shewa separately, but I have taken out the items from our books for the first four months enabling me to make a fair comparison of twelve months working in each year, 19 16 an increase in takings of $454,00 | while the losses on'y exceeded those of the previous twelve months by $86, 0). We have paid on 1906 ace unt a bonus of 20 per cent to contributors against 15 per cent for the previous year. 1905 we were obliged to trench on reserve fund where s for 1906 we are able to
fund addingTM WB are also able to strengthen the reinsurance fund by £10,000 aud further to carry forward the sum of $12,000
inaugurata a sterling reserve
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our
auderwriting suspense account to cover outstanding losses. Altogether, gentlemen, we can congratulate ourselves upon the first full your's working since the amalgamation of our interests with those of the Union Insurano › Society of Canton, Limited. We recommend the payment of a final dividend of $1.50 per share which with the interim dividend of 23 per share paid last April should it prove satisfactory to you. The outturn for 1907 promises to ompare favourably with that of 1906 and we therefore recommend the payment of an interia dividend of 3 per share and a bonus to con- tributors of 20 per cent. carrying forward the balance.
There being no questions,
The CHAIRMAN proposed, and Mr. Eos seconded, the adoption of the report, which was carried.
On the motion of Mr. EDs, seconded by 'Mr. ROUSE, the appointment of Messrs, W. Helms, H. A. W. Slade J. W. C. Bonnar and E. G. Barrett, and J. A. Plummer to the directorate, was confirmed.
Mr. EDE moved, and Mr. F. LAN® seconded, the re-election f the retiring directors Mesars. Slude and Ormiston. Carried.
Messrs. Jeffces and Low, were re-elected anditors on the mɔtion of Mr. EDE, seconded by Mr. UNTER.
Tuis concluded the business.
Of the declared as-ets of bankrupts during 19 7 amounting to $860,309,89, only $90,595.14 were realised.
No comments yet.
Private notes are available after approval.