March 29, 1909.]
UNION INSURANCE SOCIETY OF
CANTON, LIMITED.
The Report for presentation to the share. holders at the thirty-sixth ordinary meeting is as follows:-
The Board has now to lay before the share- holders a balance sheet containing a summary of the property and liabilities of the Society on the 31st December 1908 and a statement of accounta to the same date. ·
CHINA OVERLAND TRADE REPORT.
By amount at debit of branches
and agencies By sundry debtors By office leases
By bills receivable
By 23,018 shares in the China Traders' Insurance Company. Limited, at $90 per share
265
for the confirmation of shareholders. Messrs. 1,097,725.13 C. R. Lenzmann and W. Helms retire by
204,330.11 rotation and offer themselves for re-election.
50,503.17
AUDITORS. 18,217.11
2.071,620.00
$ 11,088.642.07
WORKING ACCOUNT, 1907. On 31st December, 1908.
1907 Account. After payment of the interim dividend of $30 per share and the bonus of 20 per cent. to contributors passed at the las❘ To nett premium annual meeting there remains a balance of To interest $680,126.17 as per annexed statement.
The Board recommends that this sum be appropriated as follows:-
A final dividend to shareholders of
$17 per share on 11,400 shares...$210,800.00 To be carried forward to under.. writing suspense account to close
the account for the year 1907 469,326.17
$680,126.17 1908 Account. The balance of Working account оп the 31st December 1908 was $2,464,901.61 as per annexed statement.
The Board recommends that an interim dividend of $30 per share be paid to shareholders, absorbing $372,000, and that a bonus of 20 per cent. be paid to contributors, absorbing about $250,000, and that the remainder be carried forward.
DIRECTORS.
Since the last general meeting Mr. J. A. Plummer has resigned his seat and Mr. A. Forbes of Messrs. Bradley & Co. has joined the Board,
In accordance with clause 86 of the Articles of Association Mr. C. R. Lenzmann and Mr. W. Helms retire, but offer themselves for re-election.
AUDITORS.
Messrs. W. Hutton Potts and A. R. Lowe retire, but offer themselves for re-election.
E. ORMISTON, Chairman.
Hongkong, 24th March, 1909.
BALANCE SHEET.
On the 31st December, 1908.
Dr.
To capital 12,400 shares of $250 each $3,100,000 upon which $100 per share called and paid up
To reserve fund :-
Silver
$3,000,000.00 Sterling £90,000-1,037,837.84
To unclaimed bonus and dividend To exchange fluctuation account To investment fluctuation account To working account 1907 balance To working account 1908 balance To reinsurance
fund...
£105,249. 14.7
To underwritting
suspense account£18,495, 13. 8—
To sundry creditors
To bills payable
To liability under cash certifi
cates issued in part payment for China Traders shares
Cr.
By cash on current account at
Hongkong
$1,240,000.00
By agency commissions
By head office, branches and agency
charges
By remuneration to Directors,
Committees and Auditors By losses and claims paid By retiring allowances in Australia
$4,319,037.03 468,759 6!
$4,787,796,65
The annexed accounts have been audited by Messrs. H. U. Jeffries and A. R. Lowe who offer themselves for re-election.
E. ORMISTON,
Hongkong, 26th March, 1909.
!
BALANCE SHEET.
Chairman.
On the 31st December, 1908. Dr.
To capital 24,000 shares of $83.33
each
$2,000,000 upon which
$25 per share called and paid up $ 600,000,00 To reserve fund:
Silver
$800,000.00
Sterling ...£5,000 57,657.66
$ 132,779.11
508,864.25
857,657.66
$3,480,525.16
33,825.31 To unclaimed bonus and dividend 2,750,666.10 To exchange fluctuation account 54,390.39 To investment fluctuation account To working account 1907, balance To working account 1908, balance 1,149,360.76
8,062.60
68,691.35
63,541.49
359,911.42
255,1 5.32
To reinsurance fund £17,380.14.1- To underwriting
200,426.14
372,000.00
suspense account £5,907. 5.2— To sundry creditors
68,119.73
833.87
680,126,17
83,376,605.02.
$4,787,796.65
WORKING ACCOUNT. 1908. On 31st December, 1908.
By bonus of 20 per cent paid to
contributors
By interim dividend of $30 per
share
By balance
To nett premium To interest
By agency commissions
By head office, branches and agency
charges
C.
By remuneration to Directors,
Committees and Auditors
By losses and olaims paid
By balance f
$4,108,171.82 466,514.04
$4,574,685.86
$ 101,372.40
462,251.27
23,339.23
1.521,821.35
2.464,901.61
$4,574,685.86
CHINA TRADERS INSURANCE COMPANY, LIMITED.
The report for presentation to the share- holders at the forty-third ordinary meeting :-
The Board has now to lay before the share- holders a balance sheet containing a summary 4,037,837.84 of the property and liabilities of the Company 12,766.78 on the 31st December 1908 and a statement of 192,248.98 accounts to the same date. 103,156.47 1907 Account.-After payment of the interim 680,126.17 dividend of $3 per share and the bonus of 2,464,901.61 20 per cent. to contributors passed at the last annual meeting there remains a balance of 1.213,690.58 $359,911.42 as per aunexed statement.
The Board recommends that this sum 213,283.55 appropriated as follows :-- 549,546.73 | A final dividend to shareholders of 230,630.63
Cr.
By cash on current account at
Hongkong
By cash on deposit with Bank in
Hongkong and Shanghai...
By amount invested mortgages, debentures and other securities in Hongkong, Shanghai and Yokohama
$10,892.57
556,490.07
1,273,199.80
By amount invested in London, viz :—
Deposited in banks £74,000. 0. 0
Leasehold property
21,767:10. 0
Travancore Tea
Estate Co....
1,000. 0. 0
£96,767,10. 0=1,115,877.49
By amount invested in Australia viz:-
Deposited in banks £ 4,000. 0. 0 Other investments 3,190. 0. 0
By amount at debit of branches By sundry debtors
and agencies By bills receivable...
£ 7,190. 0.0
82,911.71
238,746.16
86,971.89
11,515.33
$3,376,605.02
WORKING ACCOUNT, 1907. On 31st December, 1908.
be
To nett premium To interest To transfer fees
$2,159,517.75 139,486.00 742.80
$ 2,299,746,55
$66,389.69
254,432.23
directors,
16,912.67 1,375,332.81 27,195.19
$ 1,740,262.59
92,252.25
$1.50 per share on 24,000 shares... $36,000.00 An addition to the reinsurance fund
of £8,000 @ exchange 1/818... 150,452.73 To be carried forward to underwrit- ing suspense account to close the account for the year 1907
$11,088,649.07
By cash on deposit with banks in Hongkong, Shanghai, Yoko- hama, Kobe and Singapore By amount invested in mort- gages, debentures and other securities in Hongkong, Shang. hai Yokohama and Singapore By amount invested in London, viz:— By deposited in
banks...
By investments
£72,000. 0.0 272,031. 7. 0
£344,031. 7. 0~
By amount invested
in Austria
£1,250. 0. 0=
$53,764.43
By agency commissions... By head office, branches and
agency charges
to By remuneration ,231,659.17
committees and auditors By losses and claims paid By retiring allowance in Australia
$359,911.42
was
1908 Acconut.-The balance of Working account
on the 31st December 1908 $1,149,360.76 as per annexed statement. The 827,677.15 Board recommends that an interim dividend of $3 per share be paid to shareholders, absorbing $72,000; and that a bonus of 20 per cent. be paid to contributors, absorbing about $125,000; and that the remainder be carried forward.
2,783,172.15
DIRECTORS.
Since the last general meeting the Directors have had to deplore the death on the 2nd October last of Mr. C. Brodersen. Mr. J. A. Plummer has resigned his seat and Mr. G. 3,967,208.39 Friesland of Messrs. Melchers & Co., Mr. C. S. Gubbay of Messrs. E. D. Sassoon & Co., Mr. A. Forbes of Messrs. Bradley & Co., and Mr, H. A. 14,414.43 Biebs of Messrs. Siemssen & Co. have joined the
contributors
By bonus of 20 per cent. paid to By interim dividend of $3 per By balance
share
127,572,54
72,000.00 359,911.42
$2,299,746.55
WORKING ACCOUNT, 1908. On 31st December, 1908.
$2,054,085.82 150,167.10
82,204,252.92
To nett premium To interest
Board. Their appointments will be submitted By agency commissions
851,187.18
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