REPORT, For presentation to the Second Ordinary General Meeting of Shareholders, to be hel at the Offices of the Association, No. 22 The Bund, Shanghai on Thursday, the 28th Apri, 1802, at 2.30 o'clock p.m. precise The Directors have now to submit to the shareholders the accounts of the Association to lst December, 1891. It will be noticed that the form of the accounts has been entirely changed, and the Directors feel confident that the change they have made will be appreciated by the shareholders, Working A ccount—Former Years.—The sales received exceed the claims paid in this account. The Directors consider it advisable however to transfer the sum of $4,166.67 from the Reserve Fund to credit of this account rather than run the risk of having to draw on the Reserve Fund at some future date to meet any claims that may arise. This account now shows a balance of $5, 4, at credit.
1889/1890 Working Acco at credit of Working Account for 15 mou ending 31st December, 1890, was $17,212.58, on the 20th April last, and claims, expenses, te., since paid amount to $137,409.72, show: ing a loss of $28,852.69, upon the working for the 15 months, after deducting interest earned, Phe sum of $162,345.34 has been tranterred from Reserve Fund to credit of this amount and the Directors ure satisfied that the balance of $24,935.62 will be more than sufficient to meet any further losses or claims, under policies issued during the above period, Working Account 1891.—The net. Premia earned, less re-insurances and returns, ete, amount to $364,314.14. 'The balance at credi of this account amounts to $64,055 65. 'The Directors regret that they have very' little hope of 1891 working account resulting in a profit and do not feel justified in paying any portion of the balance to shareholders, in the shape of a dividend. The Working Account for 1891 has had to bear a loss of $15,007.) which is the result of forward settlements of exchange to the extent of into by the late Secretaries, to n large portion of the Association' held in London had to be sold, The Directors consider it advisable to write off the $8,409.43, balance of amount due by the lute Secretaries, but they intend to enter'a claim against the estate of Russell & Ca, Sterling Exchange has been taken at 4s, 3d. per Tael (the demand rate on 31st December, 1991), and the relative value between Dollars and Taels at 72. The value on the dist December last has been taken for all the Investments.
1052 Unallotted Shares.—In the last account these appeared as an asset at Tls. 108 er share. The present Bourd of Directors ave taken legal opinions on the point and have been advised that these chares should be treated as unallotted and not appear as an asset. They appear therefore in the Balance Sheet now presented as unallotted shares on the Liabilities side only, reducing the Capital
The loss through writing these shares down from 8,000 to 4048 fully paid up Shares from Tls. 108 to $100 (viz. $52,600) has been borne by the Reserve Fund.
It is with deepest regret the Directors have to record the death of Mr. Robert Mackenzie, whereby the Association and Board have lost an invaluable Director and colleague.
In accordance with the Articles of Association the present, Directors retire from office, but being eligible, offer themselves for re election.
On the resignation of the late Secretaries, Messrs. Russell " Ca., in June last year, the Board appointed Mr.' W. S. Jackson Secre tary, and removed the Oitices to the present premises.
Many changes have been made during the past twelve months in the Association's
Text read from the printed page and cleaned; old type leaves the occasional error.