Mr. J. Kennard having read the notice convening the meeting, The Chair id—Gentlemen, as you this is the first, or statutory, which, as required by the Com: panies' Acta, has to be held by every Company within four months of its registration, and the Directors have thought it well accordance with our usual custom, a aport to take the occasion to place before you, in
and audited Statement of Accounts to the end of the year 1892, just us would have been done "had no reconstruction taken place. The Report alludes, at the outset, to the successful accomplishment of the reduction of our capital, which I am sure you will be pleased to know was smoothly and satisfactorily carried through without which, and the return of £25 per share was declared payable on 9th January last. At our meeting in October I stated that it was the belief of Directors that the course which was being adopted in this matter would prove n thoroughly beneficial one for the Company, and I have only to add to-day that we remain entirely of the same opinion. With regard to the figures of the Accounts, you will see that we have continued to do the same restricted and cautious business to which I drew your attention at our last meeting, and although we have had to pay some heavy losses during the six months—by the Bokhara, Rownania, Anglia, and other first: vessels—the result of the underwri generally, we consider, quite justifies the decision we came to, and encoitrages us to look forward hopefully to the future, In addition to the losses incidental to our underwriting, we have had, owing to the serious fall in silver, to face & heavy loss in amounting to about Tls. 55,000 during the year, but, with our reduced capital, and under the altered conditions of our bu: we hope that any necessity for such provision will not arise in the fature, as by keeping our investments in London on a level with the amount of our paid-up capital, we shall make our assets in gold balance our lis ies in gold, and our working account will thus be relieved from the burden hitherto imposed upon it by Suctuations in exchange. Our expenses, though showing some reduction, ate yet, we feel, higher than they should be, but, as explained to you six months ago, necessary retreitchments cannot." oe! veniently be effected all at once. This im-
ie careful attention it deserves, it matter has been, and is, receiving again ask you to exercise patience, and continue to give the Directors a free hand in dealing with the question. Mr. Ross returned from his inspection of the London branch a few weeks ago, and we have now obtained details and information which we believe will be of much use to the Board in directing the policy of the Company and generally dealing with its affairs, and we expect that, before long, some practical results will be shown which
Text read from the printed page and cleaned; old type leaves the occasional error.