The first hale-yearly meeting of the North-China Insurance Company, peri 1872-74, was held _on Friday. ut Messrs.' J. I. Miller, in the chair; E. Smith; W. Lemann; W. H. Aretz; F. Bell, and A. G. Wood, Directors, and F. H. Balfour; J. F. Rodewald; F. R. Gam-well; 8. H. Clark; D. McAllister, R. Geller; J. J. Tucker; W. H. Dalgliesh W. B. Chalmers; J. P. Barnes, J. T. Brand; David Brand; J. F. Wallace; H.
Morris; G. W. Courts; W. Kaye} J. Bland, W. Lent; E. Hubener; W. A. Turmbull; C. Lucas; A. J. How; J. A. Maitland;—representing altogether votes.
The Secretary having read the minutes of Inat meeting, which were confirmed, The CarMax said the Report and Accounts of the Company had now been in the hands of the shareholders several days, and as it was customary to take them as read, if no objection were offered, they would do 20 on the present occasion, The shareholders had already lid an opportunity of Tooking into the accounts, and the Report went so fully into details that very little remained for him to say with regard tothem. He thought it was a matter of congratulation for the shareholders that the gross amount of premia collected during the six mooths had been the largest that Ind yet accrued to the Company for any similar period since its formation. The increase might be partially accounted for by the seaton having been earlier, but still, if they looked to the increased competition they had to encounter, partly from the Home Offices, who were bidding largely for foreign business, and also to the reduction in rates, the result could not but be regarded as sutistactory. The losses for the six months amounted to Ts, 86,197.42 up to 30th June, but if they looked at the total of Tis." 487,054.00 promin collected, and also to the very disastrous season on the coast, which ré- sulted in the loss of several steamers, there was much matter for congratulation that the Company had been so successful. Nhe principal items of Joss had been the Rona, the Hailoong, and the Douglas; the others were made up of the usual small average Claims, Since the acovunts were sade they had to report the loss of the naseus—one of those losses which were inseparable from ey nce business, and but for which profits would two heavy losses they had to report, with the exception of a rice vessel ' from Saigon, the Kate, on which the Company had a moderate line. The premia reovivedt since 30th June had been Ts. 294,000.04 That of course could not be taken as the exact amount, but as a fair average, as the Company were nut yet in possession of the regular accounts from London and other distant branches. He did not know that there were any other points in the Report which it was necessary he should notice, and ho would now simply propose—
That the printed Report of the Directors. and Accounts, for the half-year ending 30th June, be passed by the shareholders.
Before putting this to the meeting, he would be happy to answer any questions the shareholders might have to ask.
Mr. Sun seconded the resolution.
No remarks being offered, The Cuamatay put the resolution to the meeting, when it was passed unanimously.
Mr. J. 'T. Braxp said several gentlemen had been elected Directors of the Company, to fill vacancies which had occurred, and it now became necessary to confirm the action of the Board. He begged to propose—mann, W. H Aretz, F. H, Bell and A.
That the appointment of Messrs. W. Le-Wood to fill the vacancies at the Board of Directors be confirmed.
Mr. Covrrs seconded, and the resolution was carried unanimously.
The Cuarnuax said that concluded the business of the meeting. Though mnight not be quite regular to bring the matter forward, as many of the shareholders present were also. shareholders in the old Office, it might be well to allude shortly to the accounts of the old Company. The accounts, showing the balance up to 30th June had been circulated, so that the shareholders A dividend caumeiog the balance of the had an opportunity of going through them.
able on the 16th inst.y and there would capital had already been advertised, pay-then remain in hand Ts. 971,089.97 to be further appropriated, one-third of which had to go to the. contributing shareholders and two-thirds to shareholders ge-erally. Of course this amount was further subject to any losses and claims whicl
Text read from the printed page and cleaned; old type leaves the occasional error.