Finished work ‘speaks for itself’
THE formal opening of the new head office building of the China United Assurance Co Ltd took place on Sunday at 34 Bubbling Well Road. The building was specially decorated for the occasion and a large number of guests attended
The chairman of the day was Gen. Hsu Koching, who outlined in Chinese the history of the company, and said that, at the end of 1925, the society had Tls. 11,700,000 business in force and Tls. 1,760,000 in assets. It paid Tls. 1,713,000 in claims and Tls. 439,000 on maturity last year.
Mr. A.J. Hughes, general manager and honorary director, in introducing Mr. Stirling Fessenden, chairman of the Shanghai Municipal Council, said:
“The completion of this building is another milestone on the road to the fulfillment of the aims of the promoters of the China United Assurance Society. The society was started in 1912, just after the inauguration of the Republic of China, of which today is the 15th anniversary, in the hope of doing something of real constructive value for the new order of things.
Naturally we are all very proud of this building and on behalf of the Directors and Executive staff I wish to take this opportunity of expressing in a more public manner than has hitherto been possible our appreciation of our architect, Mr Elliott Hazzard, whose finished work speaks for itself of his professional skill. He was specially selected as having had a wide and valuable experience in the erection of similar buildings in New York and the benefit of that experience has been very much in evidence during the whole course of designing and construction.
I take this opportunity of disposing of a rumor which has reached us in regard to the land on which this building is erected. It is not leasehold but freehold property.
The whole consists of a square block of nearly 12 of which this building and the garages in rear occupy about three mow. It was purchased in November, 1923, at a figure very considerably less than the present market value in anticipation of a very rapid expansion of the commercial district westward and a much more profitable investment than the Central District afforded. Both these anticipations have been realized.”