'The twenty-seventh ordinary meeting of the above Company was held at Hongkong on Friday afternoon. Mr. J. Thurburn presided, and there' were also present Messrs, J. Kramer, C. Jantzen, P, Sachse, J. S, Moses (directors), R. K. Leigh, Wilcox, R. M, Mehta, H. P, Wadman, J.D. Monro, and W. H. Ray (Secretary The Chairman said—Gentlomen, the report and statement of accounts have been in your hands several days, and having doubt received every attention I will with your permission take them as read. Thy profit for the year is not equal to that of the previous financial year, but. considerastrous character of the twelve months for marine risks and the continued severe competition experienced on all sides, I think you will agree with me that the outturn is not unsatisfactory. The balance at credit of working account is $395,615.28, and the apportionment of this sum in a dividend of 18 per cent. and bonus of 13 per cent. to contributors of business (the same as last year), and the carrying forward to new account of $207,615.05 I trust will meet with your approval, It will have been observed that an exchange fluctuation account has been opened and the sum of $208,519.09 placed to. its credit. This amount ro-presents the difference between the exchange of 3s. Gd., at which sterling holdings stand in the books and 2s. 6d. Hitherto it. was not considered advisable to open this account though I have frequently informed you that our sterling was kept at 3s. Ga., but as the difference is now so considerable it has been deemed desirable to show the amount in the account referred to. Towards the end of our year great anxiety existed owing to the suspension of several
Text read from the printed page and cleaned; old type leaves the occasional error.