'The fifth ordinary half-yearly meeting of shareholders in the China and Jay pan 'Marine Insurance Company was held at the n offices of the Company on Tuesday. Present: Messrs, J. M. Ringer (in' the chair), ©. E. Bade and 0. C. Behn, directors; Schmidt, Secretary; and J. Dunn, Yeo Hong-tye, J. M. Young, A. Bovet, H. Detmering, R. 0. D. Moffat, W. Harwood, W. E. Wainwright,. Slagheky F. Benchardis, A. Little, isser, J. Wilson, W. Mitchell, H. D. Jamieson, and Cromie, representing in all 1240 shares, The Cxaraay said the number of share-idders required to: constitute a meeting being present, he would now call on the Secretary to read the notice of meeting.
The Szoneratiy having done so, Ju was agreed, on the motion of Mr. Hanwoop, seconded by Mr. Lirrne, that the minutes of last meeting should be taken as read, The CxarnwaN had now to lay. before the meeting the report of the working of the Company for the first ix months of the present year, As the report had been
days, it was unnecessary to read it, und of th shareholder for some there was very little to be added to it is. 143,900.68, and the losses during the dame time Tis, 97,107.99. A great portion of this loss belonged to the business, of Fast year, and to meet that loss Tis, 77,596.30 was brought forward, so that after paying all losses incurred durin ast. aix. months, there was a balance carried forward of Tls. 86,821.17. comparing the receipts of the period reported on with the same term last year, they found that there was an in-Greate of about 25 per cont—1 haps, wholly attributable to. an in in the Company's business, but in some measure owing also to the early time at which the heavier tea shipments were made, throwing some business into the returns for June that would otlierwise have come into July. Still the receipta since June to the end of September, had been fully equal to the previous year, 'They estimated them at Tls. 85,000, while the losses paid and still outstanding amounted to Ts. 42,009, exclusive of any loss which might' accrue on account of the America, leaving in hand Tls. 43,000, iti: addition to the Tls. 86,000 carried forward. This, the Directors
and he Hoped the shareholders would think showed " very satisfactory result, 0 too. With reference to the loss of the America, the Company had accepted risks to the amount of $69,000 gold, of which $19,000 was re-insured, leaving $50,000. All the treasure had been recovered, but in such a state that it would likely be necessary to send it back to San Francisco, there to be refined and dealt with in the manner most advantageous to the concerned, It was not anticipated that the expense of doing this would be great, and the Company's loss, therefore, would not be much, That was the state of the Company's'affairs up to the present moment, and unless there were any questions which shareholders might desire to put, he would beg to propose—That the Report and Accounts as printed.
Mr. Bexw seconded. most satisfactorily on the progress of their business, the Nett Premia' taken during the first six months of the present year amounting to Tis 143,: 36.68, against Tis: 116,498.82 for the same period of 1811.
The losses paid, it will be observed, amount same ging to year, provide for to Tle, $7,107.99, the great portion of the pich sum of Tls. 7,090.90 was brought forward from the 31st December, 1871. After payment of the said of all current expenses, and of the half-yearly interest dividend to the 30th June, and after writing off the Balance of Messrs, Trautman & Co.'s remus eration, a sum of Tls. 86,821.17 remained at Debit of Working Account, to be carried forward.
'The Nett Premia earned from the Ist July to the 30th September are estimated at Tls. 85,000, while the losses and claims rey to' date, beyond those paid previous to the Ist July, and exclusive of expenses on treasure salved ex P, M. steamer America, amount to Mr. Framjee Hormusjeo resigned his seat on his departure from Chins, and the selection of his successor engages the attention of the Directors, order of the Board, W. Scmanpr, Bataxce Suet, 90th June, 1872, To Paid up Capital By Cash on Deposit in Hongkong Cash i iw Chartered Mireaatile 8,005.43, 7,214.79 72048
Text read from the printed page and cleaned; old type leaves the occasional error.