The eleventh ordinary general meeting of the North China Insurance Company, Limited, was held on Wednesday at the Head Office, Shanghai. There were present Messrs. E. H. Lavers (in the chair) F. H. Bell, D. Brand, H. R. Hearn, A. C. Westall, A. G. Wood (Directors) J. M. Young, 'F. C. Bishop, R. Francis, H. I. Price, W. Lamond Jr., W. Church, C. Miller, A. 8. T. Clifton, J. Welch, R. D. Starkey, and W. H.' Percival '(Acting Secretary), representing 1,249 shares.
The notice convening the meeting having been read, The Chatman said—Gentlemen, this meeting is convened for the purpose of submitting to you the report of the Directors, and the statement of accounts of the Company to the 30th June last, which have been in your possession for some time, and with your permission we will take them as read. You have doubtless perused the accounts with interest, and will have noticed that there is a balance of Tls. 178,250.66, still remaining at credit of 1888 account, while the settlements since entered amount to Tls. 30,000. The liabilities outstanding are considerable, but it is hoped that the out-turn will be favourable, and in accordance with the provisions of the Articles of Association, a resolution will be brought forward presently, empowering the Directors to close accounts for the year as soon as may be practicable. For the current year the preniia to 30th June show an increase of Tls. 60,000 over the correspondent period of the last year. Losses aggregate is, 30,000 more, and the balance carried forward shows an excess of Tls. 30,000 while the premia and losses entered in' the books since 30th June, compare favourably with former years. The Directors, as provided by the Articles, have held the triennial revision of the share list, and after duly considering the Report presented on the business contributed, have decided, in the exercise of their discretion, that it is not desirable to make any alteration in the register on this occasion. I have no further remarks to make, as the accounts speak for themselves, but I shall be happy to answer any questions you may desire task, before putting the first resolution to the meeting.
The Cuatrmay then moved—That the Directors' Report and Accounts to 30th June last, as now presented, be adopted and passed.""
Mr. F. H. Bext seconded the resolution, which was carried.
The Cuarrwax moved—''That the Directors be authorised to close up the accounts of the year 1888 as sven as it is found practicable, and that, after making due provision for claims and outstanding ilities, the balance which may be foun have accrued in respect of that: year dealt with in such a manner, as the Articles of Association seems advisable," remarking that the resolution was the one usually adopted.
Mr. A. G. Woov seconded the motion, which was carried, and the meeting closed with a vote of thanks to the Chairman.
Text read from the printed page and cleaned; old type leaves the occasional error.