In the interests of the Company it was deemed elvisable to establish an independent branch in London, under the management of a cor mittee there, and the directors have appointed Mr, ©. Morland Kerr as Agent. The result thus fur has fully answered the expectations of the Board, Mr. D. A, J. Crombie and Mr, William Reiners having left the Colony, Mr. G. Scott and Mr. Adolf Andre have been elected in their stead, and their appointments require confirmation, The accounts have been audited by Mr. Henry Smith and Mr. L. Hauschild, and the directors have pleasure in recommending it re-election as auditors for the current Chairman, Hongkong, 22ud March, 1880.
The Cxarrman said—Gentlemen—the different figures in the report speak for themselves, and I have very little to add. Tregret to say the severe losses of last year have taken away such a large share of the earnings of the Company that the directors have not been able to divide more than the usual dividend of twelve per cent. to shareholders. The greater part of the losses consists of losses on first-class steamers on the coast, and I need only mention the names of the Chefoo, Shin Lee, Taiwan, and Yesso. Had it not eon for these severe and extraordinary losses the directors would have been in a position to issue a very favourable report.
he business of the Company in itself has materially increased during the last year, The earnings of premia for 1879 have exceeded those of 1878 by about $40,000. 1 may mention that for the first three months of this year the estimated receipt of premia amounts to $83,000, against $43,500 received during the same period of last year, showing an increase for this year of $39,500, against which the losses reported up to now only amount to about $20,000, against $52,500 reported atthe same time last year. The business altogether is steady increasing. The Company is doing very well, and if no extraordinary disasters occur I think we may look forward to the future with confidence. I shall be very glad, gentlemen, if you wish to put any questions in regard to the report, to give you any explanation required.
there being no questions, the CHarnwax moved the adoption of the report.
Mr. McCuntocu seconded.
Carried.
On the motion of Mr. Bztttros, seconded by Mr. Foxe Taxa, the election of Messrs. Scott and Andre as directors was confirmed.
On the motion of Mr. Scorr, seconded by Mr. Govavrx, Messrs. H. Smith and L. Hauschild were re-elected auditors.
This closed the business,
Text read from the printed page and cleaned; old type leaves the occasional error.