THE UNION INSURANOG SOCIETY OF CANTON, The ordfunry yearly meeting of this Company ras held at the offices this afternoon (27th ult.) There were present The Hon. P. Ryrie (Chairman); the Hon. F.B. Johnson, and Mi 'HI. Hoppi Sassoon, A. L. Daley: 'H. F, Darby, (Directors) J. Hw. ox, H.F'oas, J. A.dos Reuedios, A. Coxon, 'A, @ Morris, 1. Jackson, C. W. Holliday, EL G. Samos, W. Reivers, 'T. G. Willinm: son, J.D. Hutchison, C. U. Stuart, C. D. Bottomley, J.T. Chater, J. P. Mcluen, A.
[Silvoira, Polishwalla, W. Watton, and Douglas Jones (Secrotars.)
The Chairman said the report had boon in their hands for some "me, and as was customary it might be taken as read. He might only remark that although the business of 1881 showed a falling off in the receipts, {t was entirely owing to the decrease in the rates of premia during that period, and he was glad to say that although the premiums were small, the result was better. There still remained a small balance to be disposed of, and he hoped there would be a still further small amount to divide after the losses were settled. On comparing the first half of the present year with the first half of 1880 they would find that they had come up again in premium to very nearly the mount for 1880 which was the largest year the Society ever had, Of course it would be premature to say anything about the results of the present year, but so far things had been going on very satiafactorily, and he was happy to say that up to the present time the losses had been trifling. According to the resolution passed on the 18th of September the Society was now registered as a Company Limited by shares. The Chairman then proposed the the adoption of the report and the passing of the accounts.
jeoonded, and the motion was Mr, Coxon proposed the re-election of the Hon, F. B. Johnson and the Hon. P. Ryrie as Directors. Mr. James seconded, and the proposition was carried.
The Chairman proposed the re-election of Messrs, Coxon and Wemyss as auditors.
Reiners seconded, and they were ro-lected.
The Chairman intimated that the divid-extraordinary one f proposed alterations on the articles of association, EXTRAORDINARY MEETING, The Chairman said ho ros to place before them the proposed alternations on articles of association, These had on before them for some time, and had before the shareholders in London clsowhore. Ho might eny that the change met with the almost uutversal a probation of the shareholders. Their object must be clear to everyone who had followed the course of buaiticss in Uhiua in late years, The Ilmitation of the Company had as a matter of course called for the augmentation of the value of the therefore it would now be in:
0 $5,000 ashore, The question taken up by which In deference ion they had were placed before the A lion of $150,000 was proposed, and the Directors wore to be at liberty to exceed that sum, but immediately to re-insure the excess, With reference to the Reserve Fund, {t must be admitted that considering the constitution of the Society in the future, {t would be of very great importance to make up the Reserve Fund to " considerable amount as quickly as possible.' interim dividend they would also apr of, as {t was a atop which was now b adopted by all of companies. The powers given by clauses 139 and 140 were ones which would benefit the Society. By the present articles of association they were prohibited from a number of in ments which wore really good, For instance they were unable to invest in Chinese bonds, and clause 140 had been expressly introduced to enable them todo so. The resolutions were then taken se iatim, Br. Sassoon proposed, and Mr. Holliday seconded that—' The capital of the Society IL consist of $1,250,000, and shall be divided {nto 500 shares of §2,600 to b paid at the times, and in the manner hei matter provided. The Society may from time to tue by aapecial resolution, come to at an ordinary or extraordinary meeting, increase the capital by the issue of new shares, or by increasing the value of the present shares of $2,500 ench to shares of such amount as the Society by such special resolution may determine. The aggregate of such increase to be of such amount, and to be divided nto such respect the Society in euch meeting may direct."
Bir. Hoppius proposed, and Mr, Holllday seconded the substitution of the following clause for the present one "The Board may with the sanction of a Special Resolution of the Society previously given in Meeting, sub-divide the existing shares of $5,000 each of the Society into shares of euch amount as the meeting shall direct, in accordance with Ordinance 1 of 1877."—Carried.
Dr. Dalrymple proposed, and Mr, Remedies seconded that Any Shareholder desirous of selling his shares or any of them shall signify in writing his desire to the Secretary, who shall communicate the same to the Board, and upon obtaining the consent of the Board, the sale mey be, effected, provided however, that the party to whom the sale fs to be made be first approved of by the Board, and that such parly take upon himself all the responsibility of the Vendor by signing the fustrament of Transfer and executing these Presents if s0 required."—Carrled.
'Mx, Johnson proposed, and the Chairman seconded, that the Imits for insurance upon the blocks of any one ship or vessel other than vessels propelled by li be $40,000, and upon any one goods, treasure such' ship or a together, $100,000; and upon:
Is, $150,000; and upon ships liberty to exceed the abo sumsandimmediately re-insure the ex cor With reference to this resolution Mr, Johnson explained that there was no Gosiro to increase the lieu, but at present the Comany wore taking larger lens than was allowed by the articles, and the alteration was for the protection of the Directors and to suit the circumstances of the Society.
Phe motion was then carried. ud Mr. BI'Cullooh tion of the Shareholders in Gi Mooting, th Board may out of the profits of the Society apply sum not loss than two-thirds of the profits of the society to the payment of a Bonus to Contribting Shareholders, and the remaining portion of the profits either to the increase of the Roseryo Fund or to a dividend to the Shareholders, Provided that the amount applied to the Reserve Fund shall not be Joes than ton per cent. of the total profits for euch your until such Reserve Fund a have reached the sum of $1,000,000. Carried, Mr. Sassoon proposed and Mr. Chater seconded that he Board may out of the profits of the Society at their absolute dia \cretion from time to time declare an interim Bonus to the Contributing Sharoholders in proportion to the amount of premia actually paid or caused to be paid by them, loss any roturne for shortintreat, events, or any other circum:
on account of which any portion of the premia may have boon returned—Carried.
Mr. Hoppius proposed and Mr. Reiners seconded, that "The Board shall invest the Capital of the Society in or upon English, India or Hongkong Government Stocks or Bonds or in or upon deposita or oan at interest to the Banks established at Hongkong, Shanghai or London or in or upon the Bonds or other securities of the Government of India or any Bri Colony or upon preference or guaranteed Railway Shares or Stocks in India or Great Britain."
Mr. Holliday wished to know what was meant by the capital of the Society. Did it mean the paid up capital or the nominal capital The Chairman said it meant the paid up capital only, He hoped there would be no occasion for calling up any more ca The resolution was then pas Mr, Johnson proposed and Mr, Coxon seconded that The Board may in their absolute discretion invest the monies of the Society other than Capital upon such
Text read from the printed page and cleaned; old type leaves the occasional error.