A meeting of shareholders in the above Company was held on the 28th March, B. RB. Belilios, Esq., in the chair, Pre: sent—Messrs. A. Molver, 0. H. Burrows, A. Andre, J. F, Seaman, H. 8. Geary, ©. E. Thompson, E. Moore, W. Wheeler, A. H. Chinoy, R. H. Cairns, W. Legge, H. 6. Heitman, and A. H. Clarke, and several Chinese shareholders.
The Cuamman, after reading the notice convening the meeting, and the accounts and report, observed that if the earnings
befannd that the premiums had beenaslarge, were coma pared with those of 1871, it would which was gratifying in regard to so young Company. It might be assumed that the business had been unsatisfactory from the small returns to contributors, but this was not attributable to avy want of precaution on the part of the Board. The shareholders all knew how disastrous Marine Insurances had been throughout the year, and the directors had taken nothing but first class risks, as would from the fact that t birds of the risks were on steamers alone. Notwithstanding ull loss, there had been §54,000 profit, mad of the $36,000 interest and 18,000 for disposal. his did not show badly as compared with other institutions of the same nature, and the Directors trusted, with the support of the shareholders and better luck, they would be able to present a far better statement about this time next year.
It will be seen from the annexed accounts that an amount of $346,270.20 has been received in premia, which is a satisfactory increase over the earnings of the previous termn. Who total receipts from all sources amount to $370,751.22, including a surplus from the previous year of $5,491.98, this being a portion of the sum then carried forward to meet outstanding claims which have since been liquidated.
The losses curing the year have been exceptionally severe, and have rendered the result of the term less favorable than might have been expected. The sum of $187,639.24 has already been paid upon adjusted claims, and adequate provision has been made for all claims pending upon known casualties, in the further Tun of $37,105.08 which indues the premia upon unexpired risks, The losses have been upon first class risks, and it is reasonable to hope that a similar concurrence of disasters will not soon again transpire.
'The usual interest upon the capital, amounting to $86,000, has been punctually paid, and after provision for losses, as stated, and' pay-iment of the working expenses of the office, agents' commissions, re-insurances, return premia, and writing off one-third of the amount at debit of pre expenses, their remnaing a net profit of $18,000, available for appropriation. Under the new classes of the Articles of Association, one-third of this must be placed at credit of the reserve fund, creasing it to $21,000. The remainder will be distributed as a bonus to contributors.
On the 23rd March, 1872, an Extraordinary General Meeting of Shareholders was convened, to consider certain proposed alterations in the Constitution, with respect to the distribution of profits, which were duly passed and confirmed at a subsequent meeting held April 13th. These changes were rendered necessary by the action of the other local comm) Companies with which this is brought into The Directors have been enabled to make more favorable disposition than heretofore of the Company's Capital and Surplus Funds, Which are deposited in Banks at satisfactory rates of interest. The special Funds remitted to London have been invested in Government Securities.
The following changes have been made in the Direction: Mr. H. Melchers, Mr. D. L. Hunter and Mr.. A. Hitchock have retired in view of their departure from the Colony, and Mr. J. McDouall, Mr, A. Andre, Mr. S. Geary, and Mr. J. F. Seaman, (the latter ad interim) were duly elected in their stead, and these changes require confirmation.
The Cuarnman then proposed that the accounts and report be accepted and passed. This was seconded by Mr. Bur-Tows, and passed unanimously.
The appointment of Messrs. J. McDouall, A, Andre, and H. 8. Geary, on the board of directors was confirmed, and Messrs. Nicaise and Mclver were unanimously appointed auditors.
The Carman mentioned that the business for the present year had been in the same ratio as last year, and that with the exception of one amount of $4,000, there had as yet been no less, In reply to a shareholder, the Chairman stated that the amount of premia for the three months of this year had been between $58,000 and $60,000. business, and the usual compliment to the chair.—Daily Press.
Text read from the printed page and cleaned; old type leaves the occasional error.