June 8, 1908.]
THE CHINA MUTUAL LIFE INSURANCE CO., LTD. SHANGHAI.
The Directors' report presented at the tenth annual meeting of the China Mutual Life Insurance Company, Limited, held at Shanghai on May, 28th was as follows:-
TENTH ANNUAL REPORT.
Your Directors beg to submit four considera. tion their report for the tenth year ending March 31st, 1908.
Notwithstanding continued adverse trade conditions in China and elsewhere during the entire year under review, your Directors are again able to present a record of progress unequalled by any previous year in the Com- pany's history. Special interest attaches to the report now presented, shewing as it does the standing of the Company on completion of the first decade of its existence. It will be seen that a notable change has been made this year in the form of submitting the accounts. This has been rendered necessary owing to the deci- sion to report annually to the Board of Trade in England, the return being made according to the form required by the English Authorities.
NEW BUSINESS.
The new applications received during the year amounted to $12,258,460 being an increase over the preceding year of $1,626, 163.00. Policies were issued for $11,507,090.67. Applications amounting to $751,369.33 were postponed or declined as being below the required standard of health.
The Total Insurance in force as at 31st March 1908 amounted to $33,592,097.33 under 14,575 policies.
INCOME.
The total income for the year amounted to $2,637,194,45, a gain over the previous year of $360,235.72.
INTEREST,
The income from interest amounted to $323,563,37,
ASSETS.
The total assets now amount to $5,928,036.41.
RESERVE AND SURPLUS.
These items as required by the new form, appear this year under the heading of insur ance fund, which represents the amount held by the Company as reserve liability for the security of policyholders, and for distribution as bonuses.
is
The amount of the insurance fund $5,733,291.84. If the accounts for the preceding year had been presented in the same manner the amount would then have been $4.694.676.05, thus shewing a gain in the fund during the past year of $1,038,615.79.
The revenue account and general balance sheet from which the above figures are taken have been duly certified as correct by your auditors, Messrs. A. R. Leake & Co., who have also examined the Company's securities.
In accordance with the Deed of Settlement, Mr. J. A. Wattie retires from the Directorate, but being eligible offers himself for re-election.
R. MACGREGOR, Chairman.
C. STEPHARIUS, Director.
Lee Yung Su, Director.
|
J. A. WATTIE, Managing Director. ARTHUR J. HUGHES, Secretary.
S. H. NEILL, F.LA., Actuary.
Medical Directors:
G. E. GOODE, M.R.C.S., L.B.C.P. HERMANN, BALEAN, M.D., B.8.,
PROGRESS OF THE COMPANY.
On the 31st March 1908 the Company com- pleted its 10th year. The following is a com- parative statement, showing the total assets, total business in force, and the amount of the insurance fund held for the security of policy: holders as at the end of each quinquennial period, also the premium, interest and total income for the years ending 31st March 19,3 and 1908.
CHÍNA OVERLAND TRADE REPORT.
TOTAL ASSETS.
For first 5 years ending 31st March
1903
For second 5 years ending Slat
March 1908
For first 5 years ending 31st March
INSURANCE IN FORCE,
1903
367
RICE,
HONGKONG, 8th June, 1908:-The market con- tinues firm and prices show a rising tendency. Quotations are :—
..$ 854,401.33
5,923,036.00
Saigon, Ordinary
.$4.80 to $5.00
..$9,270,666.67
33,592,000.0)
20
Round, Good quality Long......
5.00 to
5.05
5.50 to
5.65
*"
"?
Siam, Field mill cleaned, No, 2... 4.50 to No. 1... 5.00 to
4.55
"
Garden, White,
........................................................... 5.00 to Fine Cargo........................................................
6.05 to
5.05
5.65 6.25
For second 5 years ending 31st
March 1908
1903
INSURANCE FUND.
For first 5 years ehding 31st March For second 5 years ending 31st
...
March 1908
2
***
$758,066,67
.. 5,733,292.00
PREMIUM INCOME, For year ending 31st March 1903 791,645.33 For year ending 31st March 1908 2,308,770.67
INTEREST INCOME.
For year ending 31st March 1903 For year ending 31st March 1908
TOTAL INCOME,
$39,477.33 323,562,67
For year ending 31st March 1908 2,637,194.67 For year ending 31st March 1903 $831,122,67
REVENUE ACCOUNT.
$ C.
4,705,492.37
2,308,770,95
for the year onding, 31st March, 1908.
Amount of Funds at the beginning of the
year ... Premiums received (after deduction of
Re-Assurances).... Consideration for Annuities granted Interest
Claims under policios. Surrenders
Payments to annuitants
Commission
Expenses of management Dividend to shareholders
609,720,96
AMOT.-The import for the week ending 29th May amounted to 29,164 piculs.
Circular, dated 29th May, report that the market closes quiet. Quotations for July and August delivery are as follows:-
SAIGON.-Messrs. Wm. G. Hale & Co.'s in their
No. 2 White sifted (trié) steam milled
round
No. 2 White unsifted (ordinaire) steam
milled round
10
$8.76
5% Cargo steam milled round 4,83
Cargo steam milled round 20% Cargo steam milled round
...
3.26
3.22
• Prices according to terms and conditions. The following is a statement of this year's Ex- ports of White Rice, Cargo Rice and Paddy:—
Since the Destination. Previously
Total
pos. 3rd April. 1,656,500 210,100 1,866,600
4,860.13 Hongkong.
323,563.37 Shanghai
Ningpo
(76,400
76.400
45,300
45,900
$7,342,680.82 | Manila
330,800 51,800
382,600
Iloilo
57,000
23,100
80,100
$ 576,119,51
0.
Cebu
227,000 24,700
252,600
130,092.25
Japan
641,000
263,900
904,900
1.350.93 Singapore
Batavia.
251,600 28,400
278,000
85,500
23,500 109,000
284,063.41 Samarang
107,800
107,800
8,047.92
Passoeran
81,000
31,000
Sourabaya
514,200
614,200
Noumea.
24,000
24,000
$7,312,686.82
Reunion Europe
185,100
185,100
1,373,000
578,000 1,951,900
C.
Total...... 5,422,000 Same period of last year......
1,336,600 6,759,500
...9,166,400
follows: 10
Amount of Funds at the end of the Year 5,733,291.81
GENERAL BALANCE SHEET.
Shareholders' Capital:-
Subscribed
Less not called up....
Insurance fund.
Claims admitted but not paid Sundry creditors
Tonnage. Quotations stand as cents to Hongkong; 21/22 cents to Java; 22/23 cents to the Philippines; 20/21 conts to Japan and 10/11 cents to Singapore.
Charters.-The following are the settlements :-
Ger. 8.8. Signal .30,000 to H.K, at Ger. 8.s. Hilary......33,000
piculs
LIABILITIES.
$
.666,666.67
.600,000,00
06,666.67 6,733,291.84 58,533.33 69,541.57
ota. per
$5,928,036.41
pioul
11 Ct.
$ C. 2,206,650.17
11
32
"
11
417,13).72
Br. s.s. Nam Yong...30,000 S'pore 10 Br. s.8. Taishan ......32,000 to H.K. at 10
FE
"
"
22
110,699.27
450,541.61
1,475,092.19
210.497.00
118,118.23
541,962.75
ASSETS.
Mortgagos on Property in Shanghai Loans on Company's policies Loans on stocks
Investment:-Stocks and shares Debentures, Shanghai Municipal council
and others...
House property, company's building.. Agents Balances.. Outstanding premiums Outstanding interest Deferred premiums....
Accrued interest Cash on Hand
Cash in bank, current account
Office furniture, Head Offico & agencies.
COMMERCIAL.
IMPORTS.:-
OPIUM.
Quotations are:- Malwa New Malwa Old Malwa Older Malwa Very Old Persian Extra Fine Persian Fine Quality . Patna New
Patna Old
|
Benares New
Benares Old.......................
YARN.
SHANGHAI, May 28th-Bombay spinnings have 184,311.81 undergone some fluctuations during the week, 3,408.20 more under the influence of the silver market 40,578.37 than that of demand, of which there has been a 68,951.52 fair amount for all counts. Japanese yarn is im-
72,082,57
28,000.00
$5,928,036.41
proving and local is firm.
From Messrs. Tata, Sons & Co.'s report, dated Shanghai, May 25th-The gambling propensity of the Chinese has been strongly in evidence for the last few days and the heavy selling operations they indulged in for three or four days consistently without any incident to warrant this action brought about a somewhat sharp reaction in Silver which has been forced up to 2.41fd. Whether this artificial state of things is going to last is open to gave suspicion, specially as there is no visible chance of India buying for some time to come; and a re-actionary tendency has already set in since Saturday last.
The following statistics of Cotton spinning and weaving in the Indian mills, during the nine months ending December 1907, compared with $980 per picul, the corresponding period of 1905 and 1906, may be found interesting, as tending to show the steady diminution of export of yarns to China, and the increasing absorption of the same by mills themselves for weaving purposes.
HONGKONG, June 6th.
$1000
do.
$1030
do.
$1070
do.
8800
do.
.$880
do.
$1140
per chest.
do.
$1070
do.
do.
lb, Yarn.
1905-512,832,861.
lb. Cloth,
1906-500,199,491..648,801,469
.437,845,906
.......620,456,116
1907=479,566,431.........................
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