Friday afternoon at the Ollices of the Company. Mr, EH. A. Lavers, Cliairman of the Court of Directors, presided, and there were also present: Messrs, H.R. Hearn, D. Brand, A. C, Westall and J. Hawes, directors, J. H. B. Allen, Moller, P, Maclean, J. 8. Ezekiel, E. Tau-meyer, P. G. Hibbe, R. Home Boyd, J.M. Young, J. G. Purdon, Wilmer Harris, S. Walker, W. White, E.'J. Hogg, J. Cheetham, L. Pila, W. H. Mxcombor, A. Burman, 0. MI. Dyce, J. F. Seaman, W. G. Bayne, J. Sharp, E Burmeister, and J. Kennard tary, representing in all 464 The having announced thi there was a quorum present, called upon the Secretary to read the minutes of the Iaat meeting.
Mr. Davis read the minutes, and they were passed.
The Oxataxax then said—Gentlemen, we have again the pleasure of meeting you, and presenting to you our report upon the business of another half year, and we are glad "to be able to repeat our congratula tions on the continued prosperity of the Company. The Report and Balance Sheet for the six mouths ended 30th June' last are in your hands, and have been so'fur several days, and with your permission we will take them as read. The figures speare for themselves, and I think require no particular explanation from me, You will observe that during the period under re-vicin, claims were settled and other payments made on last year's account, amouuting to Tls. 177,134.09, of which it will be remembered, we were already: aware of some is, 100,000 when we met+you in April last, and of course there are furtlice payments yet to be made. Indeed, in large underwriting account like ours, it necessarily "takes long time for all the claims upon a year's working to come in, and until the statements are actually before us, itis difficult to forma sufficiently reliable estimate of their amount, So far as we can judge, however, a sum of about Taels 80,000 will be sufficient to cover all further demands, and by the end of the year we I no'doubt be able to ascertain our with the exactness us to declare final dividends.
end, therefore, as usual, to ask you at jeeting to authorize us to make a momentary distribution of profits as as we can seo our way to do With regard to the underwriting during the half year—January to Jur sation factory to remark that in spite of the continued dullness in trade, and the keen competition and reductions in rates to which I have had to allude on former occasions, and wh n now more active than ever, our receipts keep up very wel and though the premiums earned are Tavls 10,000 less than during the corresponding period of 1882, they are Taels 22,000 mor 1881.' Since 30th June we ha paid away altogether nels 92,000, for Tosses and claims, and we know of further losses estimated' at Taels 80,000, which amount includes a line of £9,000 by the Woodburn, steamer from Madras to London, particulars of the casualty to which vessel wore received by last mail, and if the steamer which sank her be found in fault, ere will of course be s"mo salvage, premiums entered in one books sites of the accounts amount to a little Tls. 200,000, which we look upon satisfactory, especially a in face of prevailing ion in the China trade and the little silk that has been going forward from this, and I have to express our acknowledgment of the valuable support which we have received with comparatively few exceptions, from our shareholders, and to which we must undoubtedly attribute the fact that, notwithstanding the drawbacks to which I have alluded, the ome of the Company ived in so geatifyi 8 dey Directors feel that it is on the mai in its integrity of that funda: ciple of the Company, namely, that ote shareholders must also' be our supporters, our success will always in a lore measure depend. As mentioned in the report, the arrangements for formally dissolving the present Company from 31st December next, and transferring its business to the North-China Insurance Company, Limited, are now complete, and I may you that we have recently from London copies of entered into between the open for your you desi There is just one more matter to which I may allude, for, although it properly relates to the affairs of the New Company, I think it will be interesting to the present meeting and that is that we have decided to open an independent in Singapore from Ist January next, our interests there have for many years past been cared for by our friends the Borneo Company, Limited, and we arg.
Text read from the printed page and cleaned; old type leaves the occasional error.