The annual general meeting of shareholders in the Yangtsze Insurance Associ tion was held on Wednesday afternoon the offices of Messrs, Russell and Ca., the General Agents. Mr. F. B. Forbes, Chairman of the Board of Directors, presided; and there were present, Messrs. F.
Hitch, M. W. Boyd, W. Meyerink, J. H. Pinckvoss, Directors; G. Lethbridge, H. Ruttmann, J. M. Young, R. Hough, V. D'O, Wintle, A. O. Hunter, J. A. Ballard, Louis Mendel, G. H. Wheeler, J. J. Heomskerk, Karl Agathé, R, S. Smith, J. Buchanan, A. Cheyne, 8. Daly, and Giiltzow, representing 1,067 shares.
the notice convening the meeting having been read, The Carnuan rose and said—In askin;
ave been for some days in your hands, to pass the accounts for last year whic Lam glad, on behalf of the Directors, to be able to congratulate you on the satisfactory position of our business. You will observe a very gratifying increase of 13 por cent. over 1879 in our receipts of premia, which, Tmay add, were larger in 1880 than in any previous year since our organisation. The percentage of claims paid and ponding on the amount of premia earned must, I think, be considered as showing a good sult for a year which is acknowledged have been rather a bad one for unk writers generally, Lhe Directors have declared an extra dividend of 6 per cent. from Special Reserve, instead of 6 por cent. as heretofore, and they trust that the total dividends to shareholders may—heuceforward be kept up to the present figure of 18 per cent. on capital, According to the accounts before you, the Association's investments in United States and Chinese Government loans aggregate Tls. 384,500, but the market value of these securities is Tls. 40,000 in excess of these figures. With regard to the Japan salvage, which still appears in the accounts, I may mention that there is likely to be a further sum of about Tls. 3,000 to come in, while the Directors do not know of any other payments to be m: These are the main features of the report and accounts, and if any shareholder would like any further explanation respecting them, I shall be glad to answer any question he likes to ask me.
No questions being asked, the OmarRatan and propo:
hat the t of the Directors and the accounts of Association ing Slat December, 1880, as p accepted and pass Mr. J. H. Prvoxvoss seconded the motion, which was unanimously passed. Report, The Directors have now to submit to the Shareholde:
the accounts of the Association ug 31st December, 1880.
The net pret less re amount to Tls. 318,122.64, showing an increase of Tie, 36,266.97 or about 13 per cent. over the previous year, while the total acceptances of the Association have been about 11 per cent, greater. The advance in both instances lias been largely due to the growth of business at the London Agency.
Notwithstaudiug the numerous marine disasters which have occurred during the past twelve months, the losses of the Association jhan might have been 18,447.56 ing claims, the Underwriting Account shows an estimated profit of Tle, 69,000. In accordance with the Articles of Agreement, the this "sum for' division among pol og a return of 22>per cent. on the amount of premia contributed.
directors have also declared an extra dividend to Shareholders at the rate of 6 per cent. on the capital, payable on the 28th instant. After deduction of Tls. 25,200 for. this purpose, the balance at credit of Speci Reserve Fand is Tis, 288,936.17, whi includes the amounts held to meet pending claims.
Uspenwarrrsa Accouxt, For the Year ending Sixt December, 1560, To Cinims paid, less reinsarances Commissions and otimatel pros on underrsiting busines, tong at the rate of 82 per pating promin [By Not Premis less reinsurances Audited and found correct, Mactras, "Auditor.
Text read from the printed page and cleaned; old type leaves the occasional error.