The Cuaraatan then called attention to the report and accounts, The report had been in the hands of the Shareholders for several days, and he had but fow remarks to add to what was there stated. Tt was not x satisfactory duty for the Directors to lay before the Shareholders such a report, but if the season, which had been 30 di astrous to underwriters, be considered, we must congratulate ourselves that we have a balance, although amall, to the good. Ho (the Chairman) had seen several reports on Home Companies, which showed a considerable "balance on the wrong id is at present a strong feeling that rates should be raised; if not, we shall have to bide our time, and do a steady, and as safe a busi ness'aa possible, asa change must coi The Directors would have. liked to pay a dividend, but the amount being #0 small, it was agreed that the whole should be carried forward. If the next term is a fortunate one, an effort will be made to give a liberal dividend to the Shareholders, which in a measure will compensate them for the past year. However, in doing 20, the Shareholders will not' forget the interest of contributors, who will receive, as far as it can be granted, a fair bonus their support to the Company. of the Company compares favorably with last season, and so far in 1875 there is n decided increase, Last year, Ils. 30,000 was earned during the first throo months; for this, it is estimated, tls 40,000. The losses by the downat'lls. 4,000; but, sin the loss of the Yuew-tsze-fei i about Tls. 7,000—in all, say lls. 11,000, The Directors decided to oper a branch in London on the Ist January, 1876, under the management of Mr. Schmidt, and have every confidence in an iucrense of business, Mr. Schmidt will employ his time, after holiday, in working up and If thorough acquainted with the Company's business. A Committee will be appointed to assist him, The London Agents, Messrs. Robt. Benson Ca., have given complete satisfaction. The chief reason the change has been decided upon, is that supporters profer an independent agent to. firm which is in business, From information received to-day, Messt Benson & Ca. will assist in the selection of a Committee, for which they deserve the thanks of the Sharsholders. The head office charges have had the attention of the Directors, and they are glad to report that a reductic been effected.
The risks for 1874 are well run off, and re are no full Jines onto standing; none, he believed, Tls. 10,000 or 'T'ls. 12,000 If holder had any remarks to make, be glad to hear them.—(No remarks offering). He would now propose—
That the report and accounts as printed be passed.
Second by Mr. Lirrue, and carried wem, con.
Text read from the printed page and cleaned; old type leaves the occasional error.