he following are the principal paragraphs in the Hoports—underwriting was commenced at Head Office on the Ist Octuber last, nud the hewn on the subjoined Accou inly acquired thereat. Conerable delay necessarily occurred in starting at the Agencies, but the large of thos ulren'y'spened are now in full working. Agents at numerous ports and places have yet to be appointed.
Phe net premium earned from the Ist October to the 3ist Decumbor 1883 (less Return and Keinsurance lremin $31,764 50. ho in eres: $4,034 44. Payments for claims an Amount to $31.60, and your Directors are glad to state that, beyond a few claims for Average of minor importance, they hav nothing to report under this heading The balance (carried forward) of the Working Account on the Bist December, 18:3, is $24,587.46, out of which sum posed to pay t crest from Ast Uctober on the share capital rubscrib at Unt dato—at the rate of 10% per annns Members, whose calla on alignment were paid subsequent to the Jat Uct ober will receive interest from the dates of iheir several payments to the Sist December. The sum total of this interest is $7,033.79. Your Directors propose that the first "year" of the Company's business shall emivrace the term from the Ist October, 1888, to the Slat December, 1:84. This will, doubt-your approval. It will be observed that on the 3ist December, 3,470 shares remained unallotted. The wh of these might lave sines been readily placed, but your Directors find th fresh Agencies are opened, applications for shares come forward from busines people who would prove highly desirable Tuembera of the Company. Application are likewise' coming in from local firms who have hitherto held aloof from taking an interest in the office, and a share of whose business would be especially welcome. Your Directors feel, therefore, that the possession of unplaced share to be'of considerable benefit to the Com-riy. id shares tumper 1,182, Of these many are promised, mittee recommend be carried forward ty a tie wccottut tv be placed againat the losses incurred by the typhoon in 1882, and pre~ liminary expenses standing to the debit of the Company on the balance ahest. Tne hat the net profit realized.n Jantary and Bebruary last was $14,600.
There is an excellent demand for th company's production of refined sug which, owing to the scarcity of water, the works have nut'been able wholly Wo supply, Span ment for permis May Inst to the
divert a stream of water to the refinery, owing to the number of official through wh i h row days acosded to. Pending formal por-however, the General Agents did prudent to commence the cunatruotion of the charcoal works which are to be act up in purauanée of the policy laid down at the meeting in June last, and logs of tine occasioned by the protracted delay which has occurred has been most disappointing and vexatious. Tie operations for the supply of water have been commenced, and the extension of the works will now be proceeded with at once.
'The prospects of the Company's business, when the full water-cupply has been obtained and the charcoal method of refining has been added to the works, are excellent, d, in the meantime, the General Ay feel' confident that a fair profit will shown during the present year by the system already in operation.
Text read from the printed page and cleaned; old type leaves the occasional error.