The tenth ordinary meeting of the shareholders of the above Company was held at the offices, Qheen's Road, on the 25th inst. There were present, Messrs. W. Reiners (Chairman), E. R. Belilios, T. Williamson, Lee Tuk Cheong, Funy Tang (restore, J. WW, Daniolaen, WW. Watton, D. McCulloch, L. Hauschild, A. E/ Vaucher, 'A. O'D, Gourdin, Leong Pee Che, Yee Own, Chan Poo Sang, Leong Yoong, Lee
Pon Che, and J. B. Smith (Secretary). Chow, Nam Ming Kee, Wy' Sing, Poon The Cuarrsan said—Gentlemen, from the report, which has been in your hands for some days, and which with your permission we may take as read, you will have observed that, although the Company's business for 1880 shows a material increase as regards receipt of premia, the heavy Josses sustained during that' period proclude the payment of any bonus to coutributors generally, which the Directors much regret, you are aware, the Company's bu is largely confined to risks by vessels plying in the China Sea, and as the past year proved a very disastrous one, as regards marine disasters in this quarter, the Company in consequence suffered severely. By referring to the report you will notice that the balance of "working account" is $42,689.79, which amount is brought forward to meet losses at that time known but not adjusted, the principal one being that of the steamer Douglas, since paid. The premia receipts show an improvement of some $20,000 over those of the previous year, which, when we consider the great reduction in rates last season, both local and homewards, is, we think, very satisfactory. With regard to the working of the London agency, the Directors have confined the business in that quarter to eastern risks only, and it is now progressing satisfactorily. In other fMtenst. the current year's working. will quarters @ good business is being dono and
thow a satisfactory out-turn when our next report is circulated. I am going to propose that the report be adopted and the Accotuts passed, but before doing ao I shall be glad to answer any questions that amoy be put.
Mr. McCuntocu—It there are no questions T have much pleasure in seconding the motion.
Carried unanimously.
The following is the Report of the Directors which was to be submitted to the tenth ordinary wy of shareholders, to be held at the Head Office of the Company at Hong-Kong on Friday, the 25th March he Directors have pleasure in submitting to the shareholders the tenth annual report of the Company to 31st December, 1880.
Yhe amount of net premium earned during the year, Jess reiusurnnees and return premium, amounts to $279,752.35, and the payments for losses and claims to $16S 315.15, nnd after deducting 12% interest to shareholders (already paid) and working expenses, there remains a balance of $42,889 79, which carried forward to the current been elected in his stead, which appointment juires confirmation. Mr. Lee Tuck Cheong Fung Tang retire in rotation, for re-slectio their re. year.
Mr. Bexzutos—I have much pleasure in proposing that the election of Mr. Rei to the board be confirmed, and that Messrs. Leo Tuk-cheong and Fang Tang be re-elected Directors.
Mr. Worrox seconded.
Carried unanimously.
On the motion of Mr, Wruntaxson, seconded by Mr. Worrox, Messrs. H. Smith and L. Hauschild were re-elected Directors, The Cuarnwan said that was all the business, and thanked those present for their attendance.
Mr. Leoxc Pee-cue proposed a vote of thanks to the Chairman, which was carried by acclamation.—Daily Press.
Text read from the printed page and cleaned; old type leaves the occasional error.