'A special general meeting of shareholders in the Yangtsze Insurance Association was held Tuesday, at the offices of the Agents, Messrs, Russell & Ca. There were present:—Messrs. FB, Forbes (in the chair), C. Lucas, C, Krebs, M. P. Evans (Directors); F. D. Hitch, J. Jaques, Lee-kee, J. F. Goodfellow, J. Buchanan, J. Walter, R. S. Gundry, S. Daly, N. B. Hinckley, A. Thurburn, and Robi; representing 837 shares.
The Crtaeaax read the notice convening, the meeting, and then explained that it been called under clause four of the resolution passed at the last annual general mecting (clause read.) The Accounts, he said, had been in the hands of the Shareholders some days; and they had thus had an opportunity to examine them carefully. It not occur to him that there. was anything in them needing further remark, except reference to the item of Ta, 125, 56, standing as an asset in the hands of Mess Baring Brothers and Cv,, London, Si 0 the Accounts were made up, the Directors had received advicen from them stating that about £20,000 had hoon invested in 12,000 United States Bonds, 5/20 of 1867, and Dearing six por cent, interest. And, since the Accounts were printed, thu Directors had also arranged to advance a further sum of Tls. 23,000 on mortgage of first class roporty at Shanghai. He would be very
holders might wish to ask, and would now Mppy to answer any questions Share-move—That the Report of the Directors and the Accounts for the fiscal year ending 30th 1877, as presented, be accepted and Evans seconded The Cuatusay ay but none were asked; and the motion was unanimously adopted.
The Directors have the pleasure to submit to the Shareholders the Accounts of the Association for the fiscal year ending 30th September, 1877.
he net premia, less re-insurances, were Taele 259,874.93, against Taels 265,606.91 during the preceding result which, under the rector consider to be very satisfactory. The losses already paid amount to 'Taels 79,914.20, and about 'Tels 10,000 are due on claims now pending. After deducting ''ads 90,000 for intereat on Suarcholdery' capital at the rate of 15 per cent., the balance of the Working Account has been divided among Policyholders, as a return of 25 per cent, on net premia contributed.
'The Association' is now completely reorg ganized, under the new Articles of Agreement of 1877. 'The return of capital, amounting to 'Te, 150 per share, was declared on the Sth of October last, and on 15th January of the present yo 49.50 were paid in lieu of Shareholders' dividends for the fiscal year ending 30th September, 1877. At the same time, interest on the reduced capital, at the rate of 12 per cent. per aunum, was paid for the ending flat December, 1877. Re lar dividends are hevcoforward payable in July and January of every yea Un for the authority given them by the new Artich the Directors have invested is, 99,676.73 in the Chinese 8 per cent, Loan, and have remitted £20,000 to London for a further investment in U.S. Government Bonds, The Directors regret that, up to the present moment, they have only been-able to loan Pls. 34,000 on good mort which seem difficult to obtain. In default of farther in-yeatments of this kind, they will place the balance of the capital in such other first-class securities as may offer.
'A Branch Office has been opened in London under the management of Mr. Fullarton Henderson, Messrs. Baring Brothers & Ca.
to act as the Bankers of the The CHAIRMAN acknow the compliment, and said the Directors would do all they could to merit the confidence of the Shareholders in the future, The meeting then dispersed, Notwithatanding the general depression of
Text read from the printed page and cleaned; old type leaves the occasional error.