The third ordinary meeting of shareholders in the North-China Insurance Company, for the term 1869-71, was held Wednesday afternoon, in the offices of the Company. Present—Messra. F. H. Bell, A Michio, EH. Lavers, B. C. Smith, Brand, J. Thorne, H. W. Hardy, J. Frazar, M. Gubbay, 'C. Schutze, J. F. Trautmann, R. Francis, E. Hubener, J. J. Claussen, J. Ringer, 'A. Hutchison, E. Hogg, and Shareholders representing in all 634 votes.
The Cuaremax (F.H. Bell, Esq.,) read the notice convening the meeting; and requested the Secretary to read the minutes of the Inst general meeting, which were confirmed.
The Cuaian then rose and said that he had little to add to the report and statement of accounts, which had been some time in their hands, and which he hoped, were satisfactory. The year 1869had been attended with " number of exceptional losses, but he was glad to state the settlements were less in amount than during the first eighteen months: of the Inst term of the ofice; and the present balance in hand was considerably larger than in the cor-Tesponding period. Phe premia also shewed a visible increase in the business transacted by the Company. Any explanations the shareholders might require he should be happy to give.
The following resolution was then put tothe meeting and carried unanimously. Proposed by the Carnatax, and seconded by Mr. A. Miom—That the accounts for the half year ending 30th June, 1870, together with the report of the Directors be as printed, and that the payment of an interim dividend of Tls. 100 per shire, in respect to the estimated profit accruing from the business of the Company for the year 1869, be sanctioned by the present meeting.
The Report is as follows clare. the. Shareholders the accompanying The: Directors have the pleasure of laying =Balauce Sheet and Statement of Accounts for the half-year ended 30th June, 1870. The surplus shown by the Working Account, of Tia, 117,434, being transferred, makes a total amount at the of the Company on that date of Tls. 19.79 in addition to Capital paid-up of Tls. 300,000.
report continued increase of business, the satisiactorg to notice from the present net premia earned from Ist January to 30th June being Tls. 468,734.54, against Tls. 249.63 for the corresponding period of 1869. 'Owing to a succession of losses of an exceptional character during the past year, amongst vessels of high class, outward bound to Chiva and Japan, the settlements have been unusually heavy.' The item of Tls. 333,372.58 for Tosses and claims, refers principally to payments on account of Policies issued in 1869, all of which risks have now terminated.
In accordance with clause 91 of deed of settlement, estimates of the result of the business of the Company for the year 1869 have been prepared, and the Directors are enabled to propose the declaration of an interim dividend of Tls. 100 per Share in res thereof. After payment of claims settled on the underwriting account for that year, up to 30th September last, a balance remains of Tls. 349,780, of which Ts. 150,000 will be absorbed by the above Dividend, and setting aside Tls. 80,000 as bonus to Contributing Shareholders, will leave Tls. 119,780 reserve, to meet claims which may come forward hereafter.
During the temporary absence of Mr. Row. ley Miller from Shanghai, Mr. Augustus White has been appointed Auditor of the accounts.
A vote of thanks to the Chairman was reposed by Mr. THoxse, and the meeting
Text read from the printed page and cleaned; old type leaves the occasional error.