The annual general meeting of the members of this Association was held yesterday afternoon at the offices of the 'Agents, Messrs, Russell and Ca. Mr. H. De O. Forbes, the Chairman of the Board of Directors, presided, and there were Pinckvoss, G. EH. Wheeler, a.' resent Messrs. Win. Meyerink, J. H.
Inverarity (Directors), J. A.' Ballard, Jas. Buchanan, B. H. Burns, Ewen Cameron, Septimus Daly, A. C.'Hunter, Joseph Taques, R. G. Ogle, J. F. Rodewald, J. D, Thorburn, and W. senting 952 shares.
Mr. A. Watrre, the Auditor of the Company, read the notice convening the meet ing, and also the minutes of the last annual general meeting, held on 27th April, 188i, as well as the minutes of the special meeting held immediately after the last annual meeting.
The minutes of both these meetings were unanimously confirmed.
'The Cuasnaan then rose and said—The accounts and report having been in your hands for several days, with your perm' sion, we will take them as read. There is but little to add to what is summarised in the report. From the figures before you, and comparing them with former years, you trill ace tant the net premia earned hes been largely in excess of any previous year, is, in itself, satisfactory, when the kon competition for business is taken into consideration, as well as the lower rates j now ruling, I regret, however, that the larger business done by the association has not resulted more favourably, for though every care has been taken by our agents in the nature and class of the risks taken, the losses have been heavy. I think 1 may say exceptionally so, the past year having been, as you are aware, a very bad one for underwriters yevierally, and those that have escaped serious loss must be con, ratulated as having been especially fortunate. While we must expect with a larger and more extended business heavier expontes, greater risks, and consequently more frequent losses, I do not think that Lam too sanguine in saying that the result of the past year's working can hardly be taken as criterion of the pet centage of loss, to premia which we may expect in ordinary years on the same volume of business, The Directors have declared an extra dividend to shareholders of 6 per cent from the Special Reseve Fund, making 18 per cent on Capital for the year, and it is with regret that they have not been able to make any returns to contributors of bus-L trust, however, that the result of this year's underwriting' will be such as to enable us to resume the returns to our constituents, which we have been able heretofore to make, and I have every reason to believe that this will be the case, for you will be pleased to know that the business for this year to lst March, has been a good one. The net premia to that date, as compared with last year's working, shows an increase of about Ts, 13,000, and the losses, so far as known, do not amount to the increase in the premia, With regard to the investments of the Association, you will seo by reference to the accounts that we have invested in United States and Chinese Government Loans, after selling 28 $1,000 Bonds at a profit of is. 2,747.20, the sum of Wis. 397,232.14, the market value of which is Tls. 440,538.10 or Tls. 43,305,96, more than the book value at which they figure among the assets. In conclusion, I have only to say that with reference to the proposition passed at the special meeting of April 27th 1881, and confirmed to-day, making the necessary changes in our Articles, to enable us to open a regular agency in New York, the Directors have for the time being decided not to do so. Before proposing the adoption of the accounts I shall be very glad to answer any question that may suggest themselves to shareholders.
No questions were asked.
The Cuaraax—Gentlemen, I now beg to propose—
That the Report of the Directors and the Accounts of the Association for the year euding December Slst, 1881, as pre be accepted and passed.
Mr. J, H. Puyoxvoss—I have much pleasure in seconding the motion, Carried unanimously.
Report, The Direstors have uow to submit to the Shareholders the Accounts of inti for the y Lhe Net Premia earned, lo mount to Tis, 434,988. ing the very tisiastory increase of 16,805.98 over receipts of the previous year, whil total acceptances of the Association about 26 per cent greater.
The past twelve mouths have been very disastrous to underwriting esta generally in all parts of the world, and the Association hae wot been fortunate in escaping from unusually severe losses, Tue Credit Balance of is, 18,396.33 of th Underwriting Account has been transi to Special Re towards mooting pending Directors reg cot that it will not be to make any return to coutributors of business during the y Tu accordance with Section 43 o! of Agreement the Directors have declared an Extra Dividend to Shareholders at the rate of ital, payable on the 28ub mut, and after deducting Tis, 25,200 appropriated for this purpose the Balance at Uredit of Special Reserve Fund is Tle, 290,553.95, Mr. F, B. Forbes, owing to his departure frown Chiina, resigned his seat at the Board, and in accordance with Section 22 of the Articles Mr. H. De ©, Forbes assumes his place.
Messrs, M. W. Boyd and F, D. Hitch ha ing resigned their scote on their de from Shanghai J, M. Tuvorarity 8 ppoiuted to fill the vacancies Shanghai, 15th April, 1882, YANGTSZE INSURANCE ASSOCIATION, 1851, For the Year ending Bist December, 1881, To Claims paid loss Re-insure Coxamiatious and Charges Directors and Auditor Inter on Sharehoidsrs' Capital at 13 per oe-t per ang.
Fun to weet pending Cralms By Net Prem'a Re-insurances 431,988,62
Ths, 434,088.62
Text read from the printed page and cleaned; old type leaves the occasional error.