The third ordinary general meeting of shareholders was held at the offices of the Association on Wednesday afternoon, Mr. J. M. Young, Chairman, presiding. There were present Messrs. 'B, A. Clarke, E. B. Skottowe, J. S. Fearon (Directors), J. Graham, J. P. Roberts, J. Chambers, 'S. Spooner, S. Voelkel, J. A. Taylor, Hunter, T. Weir, D. M. Moses, G. Wheeler, H. Baxter, H. J. Symons, C. A. L. Dunn, J. Ward Hall, H. Snethlage, R. Inglis, W. Adams Oram, L. Anderson, A. H. Heath, and W. S. Jackson, Secretary, representing in all 4,411 shares.
"Who notice convening the meeting having Deen read by the Secretary, the Chairman said—Gexriemex,—The minutes of the last annual ordinary general meeting, held on the 28th April last year, are on the table, but having been printed and circulated in the usual manner, will, with permission taken as read: The report and accounts have been in your hands for some time and may also, I'presume, be taken as read. The accounts appear in the santo clear form as adopted last year and speak for them selves, but a few words in explanation of the working and of the position of the {business generally may not be out. of place. The Working Account, 1891, has Tesulted much worse than was anticipated, jowing to the large amount of unexpired risks at the end of that year, mostly' time and block risks written in London before put a stop to that kind of business, having run eff most unfavourably; for whereas the claims attaching to the four years previous to 1891, paid after closing the books and after allowing for estimated pending claims, averaged 1.60 per cent. of the amount of unexpired risks; those for 1891 account amounted to 5.6L per cent. You will notice the large amount of premia paid for reinsurance; this resulted in saving the Association several thousands of dollars... Of the $99,123 paid for claims $76,914 were under London policies and mostly on business that is now prohibited. This seems to have been-the experience of many other offices, for I noticed the other day in one of the home papers, T think it was in Fairplay, the winding up of 1891 Marine Insurance Accounts characterised as an all round scathing visitation upon underwriters. To meet the deficiency it has been necessary to take $60,000 from the Reserve Fund, of which a balance of $5,010.92 now remains at credit of the account. The Working Account of former years shows a balance of $15,837.39 at credit, and we think probable salvages will cover outgoings on this as well us on 1891 account, we trust soon to he able to begin to pay back to the Reserve Fund what has been taken from it, as indeed the Articles of Association require to be done when circumstances permit.
need not point out how necessary it is to have a substantial reserve, especially in view of the intended reduction of our paid-up capital and our increasing business in the East. Now with regard to the Working Account for 1892, it affords your Directors the greatest satisfaction to make so good a showing with only half the amount of unex-pited risks there was at same time last year as to be able to recommend the paynent of a dividend of $6 per share, carrying forward an ample balance to more than cover, we believe, all known and unknown losses. Last year I expressed the hope that,
enjoying and the hearty ce-operation of with the support the Association was then shareholders we should sven be able to make satisfactory returns for which you had so long been iting. Tam very pleased that this expectation has already been so far realised, and I feel equal confidence iv. the future. Our local business has been steadily increasing until within the last twa or three months, the general dullness of business has slightly affected the receipts, but this we do not think other than temporary. At almost all the Company's principal agencies there has also. been an increase, with the exception of London, where, as you know, we are confining ourselves within very narrow limits, and I am happy to add with satisfactory results, We carnot do without an agency in London and your Directors are satisfied that in having appointed Mr. R. Blackwell 2s Agent with a Consulting Committee consisting of Mr. Sydney Hudson and Mr. 'M. Adamson, with power to appoint a third member if necessary, the interests of the Association are secured. With regard to the reduction of capital your Directors have fully shared in the disappointment you must all have felt at the long time we have been awaiting mission from the Court at Hongkong to peed with this object in February and carry into effect the special resolutions of last year. After doing all we
Text read from the printed page and cleaned; old type leaves the occasional error.