The twentieth ordinary annual meeting of the shareholders in the above Company was held at the office of the General Managers, Messrs. Jardine, Matheson Ca., in Hongkong on the 25th ult. There were present—Hon. J. Bell-Irving (Chairman), Hon, C. P. Chater, Messrs J. 8. Moses, F. T. P, Foster (Directors), N. J. Ede, E. George, H. Wicking, C. Ozorio, H. L. Dalrymple, Byramjee, Peerbhoy, and W, Cruickshank (Secretary).
The Cuarruan said—Gentlemen, as the facts contained in the report before you are well known to shareholders, with your permission I will take it as read. "I regret that the net profits for 1887, regarding the distribution of which your sanction is rewuired to-day, contrast unfavourably with those of the previous year, but from the open statement of accounts presented a year ago, you would be prepared for this, ind I have only to add that the losses under 1887 policies have been unusually heavy, amounting as they do to $158,754. In the face of these losses it is not thought advisable to reduce the balance available for bonus and dividend by any addition to the reserve fund. With regard to the past year I may inform you that we are in bet-1 position up to the present time, and it encouraging to note that, notwithstanding keen competition and' low rates, our premia income is Larger to the extent of $56,356. The losses paid to the 3st December, as shown in the report before ets amount to $19,435, to which have to added claims in course of settlement representing a sum of about $48,000, some of which have been advised from agencies since the report was printed. On the whole, however, our losses for 1888 are much less than at this time last year on 1887 account, and the decrease of fires on native risks i3 a matter for congratulation. Before moving the adoption of the report, T shall be glad to answer the questions of any shareholders requiring further infurmation.
put the motion, which was seconded by No questions bei asked, the Caamrsax Mr. Bazonsee, tu the meeting, and it was carried unanimously.
Mr. Eve proposed that the appointment of Mr. Holliday to the Board be confirmed, and that Messrs. Bottomley, Moses, Chater, and Foster be re-elected.
Mr. Wickxisc seconded.
Carried unanimously.
Mr. Datryarte proposed that Messrs. Henderson and Coxon be re-elected auditors for the current year.
Mr.. Gronce seconded, and the resolution was carried.
The Cuaimmax having stated that the dividend warrants would be ready on the 26th ult. the meeting closed.—Duily Press.
Text read from the printed page and cleaned; old type leaves the occasional error.