Hsinking, Aug. 7.
Insurance of special properties" in Manchoukuo against fire risk, is now monopolised by the Manchuria! Fire Insurance Company, which will henceforth issue all policies covering Government properties and the pro-arties of "spect and. semi-special companies," according to the "Manchuria Daily "News."
'The monopoly measure was taken, the newspaper' said, accordance Sah el nate bein eae justment of the fire' insurance business in Manchukuo" as decided upon la February last.
It is designed to The measure, however, doesn't Imply that Japanese firms who have issued policies for properties. falling within Scope of the new order must immediately transfer these policies to the. Manchuria Insurance Company. Such transfers will take place gradually, when the time for renewal comes, the Daily News stated.
Re-insurance of the "special properties covered in the new order will be handled by a pool organized by members of the Manchuria Fire Insurance Association, Moutrie & Ca.
Shanghai. Aug. 10.
A record profit of $107,508.05, the highest in the history of the company, was earned by S. Moutrie 8 Ca. Lid, during its past year's working, it was disclosed in the speech of the chairman at the 41st. annual general meeting of the company.
'The handsome profit was considered satisfactory even after allowing, for depreciation in the value of the Chinese dollar. Dr. W. J. Isenman was chairman' of the meeting and among those present were Messrs.
Newman and I, G. Stephenson, directors. The total of 331 shares was represented. The speech of the Chairman follows:
Chairman's Speech fou have already had an opport= unity of perusing the printed accounts and 1 therefore propose, with your Permission, to take them as read. The profit on the year's working, amounting to $197,588.65, is the highest. re: corded in the history of the Ca any, and must be considered satis factory even after due allowance has been made for the depreciation "in the value of the Chinese Dollar.
In considering the allocation of the amount available for disposal you will note that your Directors' have based their recommendations on a conservative policy, a policy. which {they consider imperative under existing conditions when the outlook for the immediate future is so obscure, The remarks I made in this conneetion at our Meeting Jast year are equally applicable to conditions they exist today, and recently the position has been further aggravated by the severe restrictions on, or com plete closure of, many of our export markets. Furthermore the harmful effect on our business which must be expected due to the partial vacua: tion of Hongkong has already been confirmed by the latest returns from four Branch In that city.
Text read from the printed page and cleaned; old type leaves the occasional error.