The sixth ordinary general meeting of shareholders in this undertaking was held on Monday afternoon at the offices, the Bund. Mr. James M. Young (Chairman) resided, and there were present Messrs.
J. Such, B. A. Clarke, E. B. Skottowe, J. 8. Fearon (Directors), A. Riva, J. Rodewald, F. Hincelot, 'T. Bassett, 'A. C. Hunter, M. Wolff, W. Platt, E. U.'Smith, Robert Shewan, J. D. Thorburn, R. M. Campbell, E. A' Probst, J. 0. P Bland, James Buchanan, C. W. Hay, J. Liddell, H. Snethlage, J. Jones, W. Pearce, Gove, J. R. Michael, O. Wilek, J. Tulloch, BE, 6. Arbuthnot,' P. Brunat, J. MacLaren, and W.'S. Jackson (the Secretary), representing in all 3,15 shares. The notice convening the meeting having been read, The Chairman said—The minutes of the last annual ordinary general meeting held on the 8th of April last year having been printed and circulated will, as usual, be taken as read. The Report and Accounts to the 31st of October, 1895, have been in your hands for some time and will also With your permission be taken as read. The Accounts are made up in the form as before and so clearly show the position of the affairs of the Associatior. that there is hardly anything left for me to explain. At the last annual meeting in speaking of the year 1894, I said se had had exceptionally good fortune up to that time and Iam now happy. to be able to state that the then unexpired risks attaching to 1894 and former years have continued to run off most satisfactorily so that your Directors can recommend the payment of a special dividend on account of a sum of $6 per share, leaving still a substantial balance of $142,672.41 at the credit of the account, which in all probability will be amply sufficient to cover any claims. It is as well to remember, however, that good years are apt to be followed by Jean ones, and therefore it can be expected that we shall always be able to declare such dividends as we are doing to-day. The result of 1895, so far as we know at present, if not quite so favourable, is still very good. There is a falling off in the amount of premia earned in 1895 as com-$6,000; but when it is explained that red with the previous year of about business was very dull all over the East for the greater part of last year, and competition very keen, as it always is when there is little doing, and that the war risks, which swelled our premia in 1894, were of very little consequence in 1895, it will be readily seen that the "Association's regular business has really increased. This is also shown by the fact that the number of policies issued by the Association last year was several hundred in excess of those issued in 1894. Claims paid amount to $83,181.25 or 21.05% of the premia earned which, although higher than the previous year, when they amounted to only $47,266.26 or 11.77%, is a very satisfactory [percentage and especially 50 in a year like last which is generally acknowledged to have been unremunerative to underwriters, to judge from the reports issued by the' largest home companies. Expenses amount to 10.67 per cent of the premia as against 18.63 per cent last year. The account shows a balance at credit of $294,872.44 out of which your Directors re~ commend the payment of a dividend of $6 per share, being 10 per cent on the paid-up capital, the appropriation of $50,000-to Reserve Fund, and carrying forward $203,144.44. Pending claims on known losses and casualties are estimated at about $90,000. You will, I have no doubt, agree with the Board that it is most advisable to strengthen the position of the Association by continuing to add to the Reserve Fund as our means admit. Our business can only be expected to grow with the confidence reposed in us by the public, and it is but keeping good faith with policy holders that their security should improve as they enlarge their contributions. After making the proposed addition the Fund will amount to $400,000. Exchange Investment Fluctuation Account has had to bear the loss of Exchange arising from writing down our sterling securities from 2/8% the rate on 31st December 1894, to 2/11} the rate on the same date, 1895. "On the other hand those and. other securities having mostly advanced in market value between those dates, the net result is an increase of of $9,919.63 to the credit of the account which stood on the 31st December last at $72,219.93, but is tangible on paper only; it' is, however, satisfactory that in the meantime "ho balance is on the right side. Your Directors are satisfied that all the Association's assets are fully worth the amounts represe'ated in the Balance Sheet. Of the 311'2,529.86 due by agents, premia i i etc., about $87,000 have si With regard to the prospects of the present year the premium earned at the Head Office during the first three months is about the same as during the correspon ding period of last year, and therefore per haps a little disappointing as it was not "unnatural to expect a greater expansion of trade to follow on the restoration of brace and the opening of a new session than has yet taken place. The Directors are pleased to note the support the Association is now receiving from the shareholders; if that support continues to increase as it has done lately there is little doubt that the premium income will be larger this year than it was last. The Association continues to be satisfactorily represented in London and at the principal ports in the Far East. We must hope that the remarkably good fortune that has attended our operations during the past four years will continue to smile upon us, so that when we meet again next year there may be as good reasons for congratulating the. shareholders as your Directors think they have to-dai Before moving the adoption of the Report and Accounts I shall be glad to answer to the best of my ability any questions shareholders may wish to put. (After a pause.) Ifthere are no questions I beg: to propose That the Report of the Directors and Statement of Accounts for the twelve months ended. Bist December, 1895, as presented, be accepted and passed.
Mr. H. J. Such seconded, and the resolution was carried unanimously.
Proposed by the Chairman, and seconded by Mr. E. B. Skottowe, it was resolved That a Dividend of Twenty per cent, being Twelve Dollars per share on the Paid-up Capital of the Association, be declared, (viz.—Special Dividend of 10 per cent on' former years' account and a Dividend of 10 per cent on 1895 account) payable on the 2Ist instant at the Chartered Bank of India, Australia
Text read from the printed page and cleaned; old type leaves the occasional error.