Dr. Tis. To Re-Insurayce Premia refunded., 1,690.83 Bulaneg carried forward 98,493.
Tls. 100,184.71 Tis. By Return Premia, 1st July to 30th Dec., 1892 2 sseeseeee 13,983.43 Sundry charges and Income Tax '212-01 Losses and Claims paid... 86,039.27
Tis, 100,184.' run off very badly and the directors have found it necessary to transfer the sum of '$60,000 from the Reserve Fund to credit of the account. The Directors are satisfied that the balance of $5,010.92 will be sufficient to meet any further josses or claims that may come forward under policies issued during 1891. should they prove successful, the whole of There are several salvages pending and, the amount transferred from the Reserve Fund will not be required and the balance will be retransferred to that Fund, together with any other amounts that may become available for the purpose, as it is necessary to maintain a substantial Reserve, especially in view of the intended reduction of the paid-up capital.
Working Account, 1392.—The net premia earned, less re-insurances and returns, etc., amount to $258,945.33, and after allowing for claims paid, expenses, and writing down the value of the invest there remains a credit balance of $153,167.33 which the Directors consider most satisfactory. Claims since paid and estimated as pending on all known casualties amount to about $50,000, and the unexpired risks amount to only one half of what they did at this time last year.
The Directors now recommend a dividend of $6 per share, which will absorb $41,638, leaving a balance of $113,479.53 to be carried forward.
Sterling exchange has been taken at 3:. 9d. per tael (the demand rate on 31st' December, 1892,) and the relative value between Mexican dollars and taels at 72. The value on 31st December last has been taken for all the investments.
$...124,555.65
Text read from the printed page and cleaned; old type leaves the occasional error.