The Annual Meeting of the Chinese I surance Company was held at the Ca pany's Office, Queen's-road, on Friday afternoon (24th 'There were pres 3 (chairman), 'T. ott, Leo Tuk Cheong, Fang 'Tung directo M. B. Polishwalla, Rocha, H. J. Y. V. Vernon, McCulloch, J.'?. Chater, A. E. Vand George, W. Legge, A. OD. Gourdit Mong Keo, Wy Sing, Took Yune Long, Wo Hang, Lee Sing, Lee Kor, Tam Pan, Lee Yang, See Chee Nam, Pow Chow, Poon Sai Tin, and D, McLaurin (acting seoretary).
The Ouarrman said—Gentlomen, the report for the past year has beer, in your hands for some days and with your permission I will take it as read. The dir ors much regret not to be able to place more favourable report before you. As you well know, the past year was one of many disasters in the Chinn Sea, and the Company, as was to be expected, see it a Tarye portion of its business is c fered to a ship) have been unusually severe, in several of which the Company was' unfortunate enough to be interested. The falling off the net receipt of promin as compared with that of the provi of premi been in your hands, by a fow remarks, will observe that the amount carried forward is Il and will not cover th had to be met since the Doginning of thin year. We are sorry to aay some heavy claims have fallen upon us which will have to be provided for in this year's accounts, They amount in all to Something over $50,000 and have to a n paid out of this yenr's reo salvage are now ponding fidently expect a fair return in respect of the ani +h will reduce the losses somewhat, besides which an i surance company has brough against a lighterman for loss of yo fire on the 8th February, 1881, whilst on board his barges in Victoria Duck, London, and should the decision be given ayainat the lighterman we may recover somethin, Tike $10,000 lost by the same disaster am glad to say the Company is doing well since the commencement of this ye ry effort is being made to extend the field of operations in such directions a will load to as aafo and remunerative as possible. I am happy also to the prospects of business in first class risks from Hankow and the North generally for this season promise well, London. risk are now confined to business with India, the Straits, China, and Japan only, and the heavy losses that during the past two years resulted from risks in other directions will not occur again. With these remarks I move the report and accounts be passed, but before doing 20 I shall be very glad to answer any questions.
Mr. Foss—I see nothing in the report about the balance of about $42,000 brought forward last year, Are we to understand all that has been lost except the $7,000 ied to suspense account The Cuarrmas—Yes; it has been lost.
Mr. Foss—There is an amount at suspense account. I understand that is the balance of $42,000.
The Cmarraax—Yeo, have a list of the losses. Ti losses are included in the $150,000.
Mr. Foss—I think they cannot be included in the anspense account.
The Cuainwan—Yes, the lorses were written into the suspense account.
Mr. Foss—The profits were written into account first, and the losses The Cuarmuax—Yes, Mr, Foss—Would it not be advisable to give the account of the working for the year? §42,000 were carried forward and there is no account of it.
The Caarmaax—Yes; I think it ory good advi and we shall follow it in future, No other question being put, the Cmara-Max moved the adoption of the report, which was seconded by Mr. McCuxtocH, and carried unanimously.
Mr. Soort proposed the re-election "f the Hon. E. R, Belilios and Mr. son as direct Mr, Foxa ano seconde Mr. Foss asked if Mr. Belilios was com-was coming back, he had only got leave of ce for four months.
The motion was then put and carried.
On the motion of Me. Wrtrausox, seconded by Mr. Cuaren, Messrs. H. Smith and L. Hauschild, were re-elected auditors.
The Caarraax—That is all the business before na to-day, I thank you very much for your kind attendance.
Mr, Foss—I wish to call attention to Article iff the board the in any year be the payment of interest at the rate of S12 per cent. por a paid up en pital it may duce such rate to ssu as it may oe terests of the company." I think that under the present constitution of the company you pry the interest before you actually know what the outcome of the year will be. The interest is payable on the Slat December and the 30th June, and the accounts xre handed to the shareholders some three months afterward. Would it could pay pay 12 per cent. you have earned That would require au_alteration of the articles of association, Of course. think it is @ subject worthy the consideration of the directors, because you may actually be borrowing money to pay the dividend when you have not earned it, There are many of the shareholders who would agree with me in saying they would rather receive " smaller rate of interest if yon thought it necessar The CHareaan—Th.ctors will take the matter into cant and Lam sure we will do just what the shareholders expect.
On the motion of Mr. McCulloch, seconed by Mr. Vernon, a vote of thanks was accorded to the Chairman.—Daily Press.
Text read from the printed page and cleaned; old type leaves the occasional error.