'A general meeting of The Yang-tsze Insurance Association, Limited, was held at the office of the Secretaries, Messrs. Russell Ca., on Wednesday afternoon, immediately after the meeting called by the Liquidators of the old Association, for the purpose of a statement of the position and working of the Association being laid before the shareholders. There were present Messrs. C. Vincent Smith(Chairman), G. H. Wheeler, J. M Young, E. O. Arbuthnot, and R. Simpson Shaw (Directors); A. C. Hunter, W. S. Jackson, John Chambers, H. J. Such, HI. Dyer, R. C. Renny, H. E.R. Hunter, OK. V. Brenan, aod V. D'O. Wintle (Secretary), representing 4,952 shares.
The notice convening the meeting having been read, The Cuarwan said—At the Statutory meeting held on 11th November last, the Directors intimated to you that they would lay before you in or about the month of April this year a statement of the position and working of the Association. You will of course understand that the figures now before you are estimates, 'The first report and working of the Association to dist December, 1890, since its reorganisation and incorporation under the Companies' Ordinances, Hongkong, will, in accordance with the articles of association, be submitted at the ordinary general meeting in April or May, 1891, On referring to the estimated position of the reserve fund now before you, it will be noticed that the balance at credit of reserve fund, after providing for capital of $800,000, was $959,018.12, and now, after estimating certain receipts and payments, and deducting the cost of a dividend of $6 a share under this account, the balance is estimated to stand at $510,617.59. The dividend declared was as large a one as the Directors considered prudent, and preserving intact the reserve fund of at least $600,000, our prospectus of Feb. 20, 1889, we represented that a $100 share in the new Association would be worth an equivalent to the they value of the old share, vi $100 plus proportion of Reserve, ras 262.50 $162.50 Tls.118.62. Theyear 1889 must be locked upon as an unprecedentedly. disastrous one to marine insurance interest It began badly, and December 1889, ala January and February, 1800, brought their full share of casualties, As for the business of the company, it is at present going on in a perfectly satisfactory way, Our premium income is increasing gradually, and with ordinary good fortune we shall do well, As this is only a statement and explanation of how we stand there is no resolution to put before the meeting, but I shall be glad to answer shareholder present may No questions being asked, the meeting terminated.
Report for presentation to the general otic of the Secretaries, on Wednesday, the meeting of shareholders, to be held at the 7th May, 1890, at 2 o'clock p.m., precisely.
The Directors have now to submit to the shareholders the accounts of the Association for the 9 months ending 30th September, 1889, at which date the Association was placed in the hands of the Liquidators. The net premia earned less re-insurances for the 9 months amount to Tls. 181,994.11. The balance of the underwriting account has been transferred to reserve fund. Tls. 178,403.00 represent the balance of reserve fund on lst March, 1890. The frm of balance sheet shows the assets and liabilities in taels and pounds sterling, taken over at exchange 4s. 3d.
The accounts have been audited by Mr.
Text read from the printed page and cleaned; old type leaves the occasional error.