The thirteenth annual meeting of the above Company was held in the offices of the Company this afternoon (Feb. 28th). There were present: the Hon. F. Bulkeley Johnson (Chairman), Messrs. A. P. Mao-Ewen, J. H, dos Kemedios, W. Reiners, 'A. T, Manger, T. Jackson, 'A. T. Duval, 4. Coxon, H: L. Dalrymple, E. George, Wa, Watton, A. Molver, Dr. Adams, D. Ruttunjeo, A. E. Vaucher, Tata, Polish-walla, and B. Alford (Secretary.)
The Cuamaan said: Gentlemen, we will as usual, with your consent, consider the Report which has been distributed among the shareholders as read. This is the 13th annual general meeting which has been held since the incorporation of the Society, and the 16th since its establishment in the first instance as an wuliwited Company, and I have great pleasure in congratulating the sharon holders on the continued growth of its prosperity, The accounts which are pro-nted to-day show that we are enabled to propose the payment for the year 1880 of the largest dividend yet declared, viz. 375 are, without any modification of the appropriation to the Reserve Fuud.
appropriation will be $62,000 against $60,000 in the previous year, bringing up the Fund to the respectable sum of $823,842.
regards the business of the Company for the past year 1881, L am happy to say that it shows. an increase of risks taken to the extent of $3,000,000, but there is another side to this picture, for owing to the reduotion of rates of premia brought about by the adoption on the part of the House offic of a policy which I venture to think one of overstrained and unwise competition, our larger business has been carried on for a decreased remuneration, compared with 1880, of ly $8,000. On the other hand, I may assure the shareholders that though the aggregate risks of the company have been thus increased, our liability to loss in any one locality is not heavier, caro having been taken to effect reinsurances in all cases where the amount taken on any one block of buildings has been unusually Inrge. The cost of those reinsurances for 1881 has been greater than in 1880 by $3,000, thus making a total reduction of income derived from premia of about $11,000. Against this deficit have revived §5,400 more on interest recount, and the shareholders may be congratulated on the steady increase la this branch of their permanent income, which now yields annually about 27% on the paid up capital. The losses by ire during the past year have been very light, but just after its close, as you are aware, several fires have occurred in which I am glad to say the, C-many has not been very heavily interested. The loss occasioned by them will fall to the extent of $14,000 on the accounts of 1881, and $12,000 on those of 1882. I cannot close iny remake without expressing, on your behalf as well as on that of the whole body of shareholders, our thanks to the members of the Volunteer Fire Brigade for the protection they afford to the iuterests of the Company by the great services they render in the suppression of fires.
But as I ventured to say on the occasion of the recent dinner given by the two local Companies to the Brigade, the voluntary organization to which we owe so much could not be held together merely for the protection of the dividends of Financial associations, such as this we represent today. It seems to me that speaking on the and my colleague in the chair of the China Fire Insurance Ca. short time ago on what he said to the same effect, we may claim to represent the Public in bearing testimony to the service to the Public which is rendered with so much courage and at so great a risk by the members of the Volunteer Fire Brigade, How serious that risk is we have recently been made painfully aware by the fatal accident which occurred at the last fire, and which well so greatly deplore, Before i option of the Report and of the accounts, I have only to questions cancer put by the meeting.
Mr. MacEwen seconded the adoption of the report, and it wae then carried.
Mr. DaLnymeie proposed the ent Consulting Commit Jackson, A. P, MacEwen, Manger, W. Reiners, J. H. dos Remedios.
Mr, WickiNG seconded and the resolu-ion was carried unanimously.
Mr, REIveRs d Mr, Resx-Dr08 n of Mor Smith and A. Coxon, as auditors, resolution was adopted.
Mr. Manoxn proposed that the gentleman who acted as Secretary be awarded the usual gratuity of $600; and Mr. Rurronses seconded.
Mr. Vavouan thought that Messrs, Jardine, Matheson & Ca. should pay this sum, and not the Company.
Mr. Manozn said that it had always been the custom for the Company to pay the he simply made an objection.
he Cuarnaran eaking on behalf of the General Managers, that they had always reled this annual vote to the very able Secretary, rather as voluntary testimony of thes wareholde. enation of his services, which originated whol with them, than that the Gonoral Mai gers should be relieved of necessary charge, but as t) the slightest objection on the part of the shareholders he intimated that after this date the remuneration would be adopted by the General Managers, Mr. Vavower offered to withdraw the objection.
the Cuarraax, however, declined to accept the withdrawal, and assured them predecessors that it was not from any that he was expressing the fovling of his
desire to avoid the payment, but simply because they thought it was a voluntary testimonial on the part of the sharcholdere that the managers allowed it to appear in the votes.
Mr. Vavcuer stated the Secretary was employed by many companies, and he did not see why this company should bear all the remuneration.
he Cuarratan said he thought he answered that.
The subject then dropped, and after the Chairman announced that the dividend would be paid to-morrow, a vote of thanks was awarded to the Committee and the General Managers, and the meeting dis-.—China Mail.
Text read from the printed page and cleaned; old type leaves the occasional error.