The following was the report presented General Meeting, held in. the. Company's to the shareholders at the Eighth Ordinai
Offices, Singapore, on Wednesday, the 30th March, 1887, at noon, To the Shareholders of ti traits Insurance Company, Limited.
Gentlemen,—Your Directors beg to lay before you a Statement of Accounts for the Half-year ended 31st December, 1886, The Net Premium earnings from the let July to the Slat December aggregate (lees [=a for Returns snd Re-ineurauces)
302.57. The Interest earned amounts to $26,968,04, and payments for Lousee and Claims reach the sum of $131,971.12.
'A Balance is carried forward on Working Account of $156,326.29, out of which has been paid $36,000 for Interest on Capital from the let July to the flat December at the ral of 12 per cent per annum. After deducting this charge for Interest there remains $120,326.
Your Directors propose in the fature to follow the system adopted by the leading China Companies, under which each year's Account la. made, aa far as practicable, to work itself out to a point. They therefore recommend that the above sum of $120,326.29 be carried forward entirety, and hope that on the eventual closing of the Under writing Account to the end of last ye they may be.in a position to recommend the payment of a emall Bonus and an addition to the Reserve Fund.
Tt having come to the knowledge of your Directors that a section: of Shareholders outside the Straits Settlements—and more especially in China—consider the Company's Tuvestments in Mortgages to be unduly lar, {tended to increase the amount on Fix security of the Company's local Mortage Investments, they thi they should not disregard the expressed ore resident outside these not able to appreciate the excellent acourity afforded by carefully selected Straits Mortga, 'The present position of the Company, as far as oan be ascertained, is a8-follows:—Balance of Work' ton the Add:—Estimated Net premium ied to date 1+ 140,000.00
260,326.29 Deduct:—Estimated Lonsee & Claime 1686, 1887.
to date. $65,000 $35,000 100,000.00
$160,326.29 In the last Report r the establishment of " Speci Shanghai under the management of Mr. Crawford D. Kerr, and to the intention to similarly eatablish'in Hongkong. The Branch at the latter port was: opened by Mr. Kerr in October, Mr. Charles J. Dudgeon taking charge of Shanghai on Mr. Kerr's departure for the South, Direotors.—In.acoordance with the provisions of Clause 105 of the Company's Articles of Ansociation, Mr..Tb, Sobst and Mr, Khoo Tiong Pob retire from the Board, but offer themselves for re-election.
Auditor,—As provided by Arti Mr. James Lyall and Mr. Alex retire, but offer themselves for re-Jams ANDERSON (Chairman)
Sonst Directors, Singapore, 23rd March, 1887.
The following are the accounts of the Straits Iusuranes Compsny, Limited, for the last half-year, which were not published.
There is one. Temariable. feature ig. the the Reportin the Hongkon; ra.
auditors' certificate, to which no alli was made in the report; they find accounts correct, "subject to provision that may have to be made for some bad and doubtful debts." We find too that the um invested in mortgages."les been actually increased instead. of lessened: in hi difficult, to to transfer ther, this very diffi-7 are de, oF culty which makes mortgages auch an undesirable security for an Insurance Company to put its money
Text read from the printed page and cleaned; old type leaves the occasional error.