The annual general meeting of Shareholders in this Association was held Friday afternoon, at the offices of Messrs, Russell and Ca, Mr. F. B. Forbes, Chairman of the Board of Directors, presided and there were present—Messrs. C. Lucas and W, Meyerink (Directors); M. P. Evans, 'A. Andre, J. G. Purdon, M. E. Towell, J, Jaques, J: Buchanan, J. Mackenzie, J. Mi, Young, M. W. Boyd, Noel Smith, Hough, S. D. Webb, F. D. Hitch, and P, Maclean (Auditor);—representing 728 shares, called upon Mr. Peter Maclean to read the A quorum being present the Caatsaax notice convening the meeting and the minutes of the special general meeting hela on the 7th May, 1878, This having been done, the Cuamaax moved—
That the minutes of the special meeting of May 7th, 1878, be coutirme general Mr. Mrvenmx seconded the motion, which was adopted.
The Carian then said—Gentlemen, the Directors any very glad to, lay before you such a good Report and Accounts at the first annual general meeting which has been held under the new organisation, The advantages of the new organisation to contributors of business are now vei evident. The amount of business whic has been dono by the Association durin the last fifteen months has been mud greater than it ever was before; but on account of the large decline in the rates ona great many important classes of risks, the net amount of premia received is only about the same in proportion to the time as it was for the previous year, The losses are also about the same proportionately, and yet, with an equal net result, the Association is able to offer a return of thirty-three per cent, to contributors instead of twenty-five per cent., which was the amount last year. I think this Targe return cannot fail to bring us a considerable accession of business during the prosentycar. The sum of Tls. 12,81, stand-Ing to the credit of the' Special Reserve Fund on account of the salvage of the steamer Japan, represents the Association's share of the stm of $100,000, which was the net gain on the salvage operations. It is probable, however, that this amount will somewhat reduced because there are accounts pending with certain Home offices which were interested in the salvage, of the treasure, and the law suit by certain ties in Hongkong against the salvage insurance companies, decided in outr favour, has been appealed' to England, and, of course, we cannot tell what the result of that will be. I shall be glad to answer any questions the Shareholders may have to put in reference to the Report and Accounts, and I will now move—
That the Report of the rectors and Account of the Ast for the fifteen months ending gist jer, 1878, as presented, be accepted and passed.
Mr. C. Lucas seconded, The Citaneay asked if had any remarks to make before he put the motion to the meets one rising to speak, the Chairman submitted the motion, and it was carried unanimously.
Text read from the printed page and cleaned; old type leaves the occasional error.