The following is the fourteenth annual report for presentation to the shareholders at the twenty-first ordinary general meeting, to be held in the Company's Offices, Singapore, on the 12th April To the shareholders of the Straits Insurance Company, Limited.
Gentlemen,—Your Directors beg to submit the annexed balance sheet for the year ended Bist December, 189; The accounts have been adjusted at the exchange of 2/0 per dollar.
1897.—The Net Premiums for the year amount to $742,669.56 on which claims have been settled up to 31st December last amounting to $303,776.59. Commission and Ex-19,719.52. The balance forward.
1896.—The settlements on account of 1896 and previous years amount to $777,878.62. To meet the deficiency on this account, the sum of $110,000 has been transferred from the reserve fund and reserve for exchange and investment fluctuation, and of this. sum $30,000 is carried to underwriting reserve to meet further claims on account of 1896 and previous years, the balance of $347.66 carried to new profit and loss account.
Interest on Investments amounts to $50,332.74.
Directore.—On_ their departure from the Colony, Messrs. D. W. Lovell, P. C. Hoynck van Papendrecht, and Lee Cheng-yan resigned. Mr. W. Nacf was appointed in the Place of Mr. P. C. Hoynck van Papendrecht.
In accordance with the provisions of Clause No. 105 of this Company's Articles of Association, Mr. A. W. Stien and Mr. W. Naef retire irom the Board, but offer themselves for re-election.
By cash on current account with Banks, China, ete. 9,449.89 fixed deposits in Bs 15,000.00 any, Singapore 116,880.68 1" mortgages of real pore 170,000,00 muni
Chine re 70,000,00 loan E 34,293.97 agency debtors for premia 32,912.00 branch and sundry debtors. 8,868.55 London, ete, 83,375.61
45,689.83 fixed trah 20,325.00 Government bonds and stock, Austi 15,400.00 1 freehold office premi 279,396.58
276.52 cash in hands of cashier. 12.38 9,535.66
$891,416.67
Text read from the printed page and cleaned; old type leaves the occasional error.