The tenth ordinary general meeting of the shareholders in the above Company, was held yesterday afternoon in the Head-office 9, Hankow Road, Mr. E. H. Lavers residing. There were present:—Messrs.
Bell, D. Brand, J. A. Hawes, Hearn, A.'C. Westall, A. G. Wood (Direc: tors), J. Morris, V. DO. Wintle, E. Davis, W. W. Clifford, J. R. Michael, R. Mackenzie, F. C. Bishop, C. Cromie, C. Moller, W. GE. Ward, J..M. Young, H. J. Dyer, P. Arnhold, A. Anderson, L. F.H. Roustav, R. Francis, W. H. Anderson, H. I. Price, J. Hogg, A. S. 'T. Clifton, J. Beattie, G. "Clark, B.D. Starkey, W. Gilbert, J.
Harmon, and Alex, Ross (Secretary), representing in all 1,683 shares.
The notice having been read by Mr. Ross, the report, accounts, and minutes of the The Cuatewaw said—We usually accept
previous ordinary general meeting as read, and with your consent we will do so on this occasion. Your interest in the Company is, I trust, a sufficient guarantee that the report and accounts have been carefully studied, and you will doubtless admit, that they contain a clear statement of the Company's business, The 1887 account has been closed, and it is satisfactory to find that the hope of further profit,
Deen realised, inasmuch as we have found which I expressed at our Fast meeting, has ourselves in a position to place Tls. 20,000 to Reserve. This may not be considered a very important amount, but still i¢ forms a useful addition to that fund, in conjunct ion with the proposed appropriation of Tls 40,000 from the profits of the past year. The working of the year 1888 must be Ithiaik considered satisfactory, our premia showing a large increase, while the amount paid on account of losses and claims is comparat> ively moderate. The increase in premia, to which I allude, has arisen principally in London, and is due to the wider field upon which it has been found expedient to enter there, in view of the fact that former sources of income have become much curtailed by reason of the reduced rates obtainable in the Eastern trades. I trust the distributic fits recommended by report, absorbing about Tls. 307,000, will prove acceptable, but I may mention that as usual, it is only intended to be preliminary, and are retaining a considerable sum, say Tis
and maturing claims, I hope @ favourable 272,000, pending the expiry of liability termination of outstandings will enable us to supplement our present proposals when the 1888 accounts are finally closed. It is gratifying to note that our London funds continue to increase, and considering the uncertainty as regards the value of silver, you will readily recognise the importance of extending our sterling investments, I may state for your information that the market value of our investments generally shows a fair margin over and above the values given in the Balance Sheet, but at, present we do not deem it desirable to deal with the difference as a matter of account, Thave no further remarks to make, but before putting the resolution to the meeting for the adoption of the report and
further information in my power, whicl accounts, I shall be happy to give you may wish for.
There being no questions, seconded by Me TH Bute and aaa, It was proj by the Chainoan
mously adopted—
That the Report and Accounts to 31st De: cember last, as now presented, be adopted and passed.
Text read from the printed page and cleaned; old type leaves the occasional error.