The twentieth ordinary general meeting of the Straits Insurance Ca., Ld., was held at the Company's Office, Singapore, on the 25th of March, at noon, There were present:—Messrs. T. Bogaardt (Chairman), Mr. T. S. Thomson, Mr. D. W. Lovell, Mr. A. W. Stiven, Hon'ble G. 8. Murray (Directors), and Mr. A.S. Murray, Sec.; Mr. Hugh Fort, Legal isser; Messrs. A. R. Catto, J. J. Ezra, 'A. Gentle, Wan Eng Ket, Ong Tiang Soon, Tong Teck, Suh Hong Chuan, A. C. Moses, Pertile, Loh Yap Song, D. C. Neave, and H. Abrans (Shareholders), represent ing about 8,500 shares; Messrs. Lyall and Dunman, Auditors, The Secretary having read the notice calling the meetin The Chairman said:—The thirteenth annual report and balance sheet of the Company has been before you for some time past and, if there is no objection, we will take it as read. " At our meeting year
not been a favourable one for. Marine Insurance Companies generally, and, as this Report shows, the outcome, so far as the Straits Company is concerned, has been very much worse even than we had any reason then to anticipate. Our business in Singapore, from which we almost inva ably derive a profit, yielded a considerable loss, owing to the wrecking of the fine steamers Rajah Brovke, Poh Hin Guan, and others. The London account, however, is mainly responsible for this unfavourable balance sheet, partly due to the failure of a syndicate with whom a very considerable amount of our reinsurances Gonally heavy lotes from which we, tu were placed, and partly because of excep-common with'all other offices, have suffer. ed. But for what may be termed exceptional losses we should have been able to show a profit on the 1895 underwriting account, and we have taken steps to prevent any recurrence of loss from failure of reinsurers. Since the Secretary's visit to England we have arranged to reduce the volume of our business in the United Kingdom, where competition has brought rates for certain classes of business to a non-paying basis, and since the beginning of the year we have made reinsurance arrangements with a friendly Company, that will still farther reduce our responsibilities in London, and our agency business is being fostered and extended in every possible direction. I may tell you further, in regard to the 1895 account, the worst has been told and nothing held back, and there is some reason to hope that the whole sum of $50,000 appropriated to close the account inay not actually be required.
The 1896 account unexpired risks have been largely reinsured, and we are protecting ourselves still further in this respect, 0 that we may reasonably hope for some profit on the account, although the sottlements so far have been heavy.
Our investments have yielded slightly better interest than in the preceding year, iz, $54,897, against, $53,067. The market value of the sterling securities on lst December last was £2,000 more than the value in the books of the Company. "land your securities generally represent sound value for the amount invested, and are all yielding interest.
The Reserve for equalizing dividends which was accumulated in more prosperous years enables the Directors to recommend the payment of a dividend to shareholders at the rate of 5 per cent per annum for the year 1896, Ample provision has been nade for the loss on 1895 account, and the balance of the 1896 underwriting account is carried forward intact.
Since the publication of the Report the Directors have received notice of the resignation from the Board of Mr. P. C. Hoynck Van Papendrecht, who has left for Europe, and they have arranged to fill the vacancy by appointing Mr. W. Naef, who is now the chief representative of the same firm in Singapore, who are valued clients of the Company.
Before formally moving the adoption of the Report, I shall be glad to answer any questions and to give any further information desired.
No questions being asked, the Chairman moved the adoption of the report and accounts as printed, and that a dividend of 5 per cent be declared for the year 1896, Mr. D. ©. Neare seconded, and the motion was carried unanimously.
In moving the re-election of the retiring directors, Messrs. 'T. S. Thomson and D. W. Lovell, Mr. A. Gentle said_he had ascertained by enquiry of the Chairman that the number of directors must not be more than nine and less than five. At present there were seven, but since the report had been issued he believed Mr. T. Thomson had made up his mind to go home to Europe for a short time. He did not
Text read from the printed page and cleaned; old type leaves the occasional error.