The General Managers have pleasure in placing before the Shareholders the Twentieth Annual Report of the Company.
The Years 1887 and 1888 have been remark+ able for the unusual number of fires which occurred within those periods, resulting in frequent and serious losses to the Company, and the balance at credit of $952,243.80 mentioned in the Report issued in' February last, has been reduced by subsequent payments attaching to 1887 policies, leaving an amount _now available for apportionment of $168,525 which with the approval of the Consulting Committee it is proposed to deal with as follows Bonus to Shareholders on their Contributions of business...
Dividend of $16.50 per Share $168,525.00 regard to Investments of Mortgages, the General Managers and Consulting Com: mittee are satisfied, from valuations made by the Hongkong and' Shanghai Surveyors, that the Securities held by the Company form an ample guarantee for the advances made, Consulting Committe.—The Hon. A, McEwen having left the Colony, Mr. J. Holliday has been nominated for the approval the Shareholders to the vacant seat, and his appointment now requires. to be confirmed, Ne present Members, the Hon, C. P. Chater, Messrs, C. D. Bottomley, F. 'T. P. Forster Moses offer themselves for re-election. The General Managers and Con: sulting Committee appointed Fullarton Henderson as Auditor on the retirement of Mr. A. Veitch, and the Accounts now presented have been audited by him in conjunetion with Mr. G. 8. Coxon, Phe election of Mr. Henderson and re-election of Mr. Coxon as Auditors of the Company are recommended.
Janvixe, MatiEsos & Ca., General Manayers, Hon; Fire Insurance Company, Hongkong, 14th February, 1889.
Bataxce Suser, 31st Devember, 1888, re Capital Account—-up Capital on 8,000 Shares at $50 per Share.. $ 460,000,00 Accounts Payable Sundry Accounts unpaid... 28,737.79 Uncollected Dividend Accounts—Balance of this Account..... Reserve Fund—Amount reserved from the Profits of 1869 to 1886... 1,031,486.00 Working Account, 1887—Balance from last Account $252,243.30 Add Sundry Premia, &c., since collected 111,857.48
264,100.78 Less—Losses and other Deduct claims "under 1887 policies, paid in 1988 64,915.86 Deduct return prem &e., &c,, paid in 1888 7,716.83 132,632.60
Balance of Profit... 8 71,371.21
og follows:—$40,000 as a final dividend to Thi amount the Directors propose to did shareholders, equal to $2 per share, and making $5 for the year; and the balance of Or By premium account Net amount of premia collected...
Less re-insurances.
4,705.65
Interest account Amountat credit, including iuterest due on investments, ete tion to Consulting Committee and Auditors... 5,500.00
Text read from the printed page and cleaned; old type leaves the occasional error.