On Saturday afternoon the first general meeting of this Company was held at the offices, Canton Road. Mr. Lee Yung presided, and there were present Messrs. Paul Song, Wong Tsu-foo, Zia Zee-ding, Lee g-nee, Yue Tsong-nien, and J. R.
attic, Managing Director. Tu moving the adoption of the Report and Accounts, The Chairman said—The Directors have pleasure in submitting the report of the business for the year ending 30th April, 1899, and in doing so they feel that both id shareholders will find ygeatulation upon the result Of the operations for the first year. There were received during the year applications to the extent of Tls. 671,818.64; and 75 per cent of this business was secured in Shanghai. OF this your} Directors accepted Tls. 576,319 64, and issued policies for same. Tls. 70,800 was declined as not coming up to the Company's standard, and Tls. 23,000 was postponed for further information.. The claims arising from death during the year were three, calling for Tls. 2,999.64 and, your Directors Hhave much pleasure in' referring you to the beneficiaries'letters as to the prompt manner in which we settled the claims, not three hours passing. after bein notified, before claims in Shanghai were paid. The interest received during the year was sufficient 10 pay all death, claims and leave a surplus of Tis, 892.10. The surplus in the year's working amounts to Tis, 8,658.82, which amount we have placed as follows:—Tls. 7,898.44 to Reserve Fund and 760.38 to Profit and Loss. (Hear, Wong Tsu-foo seconded, and the resolution was carried nem. con.
An extraordinary meeting was then held.
The Chairman moved and Mr. Wong the Companies Ordinances of Hongkong as That the Company be registered under 'a Company limited by shares; and the Com-pays name be changed to The China Mutual life Insurance Company, Limited Carried unanimously.
Mr. Zin Zee-ding—It gives me much pleasure to be able to inform you that the China Mutual Life Insdrance Co..-has been success so far. I may tell you that this is the first Chinese life insurance Ca. started in the great Empire of China, The pioneers of this Company are Mr. Wattie and some others, It is a grent credit to these gentlemen to have started a. Company like this, thus bringing in Chinese business in a more foreign way. The first meeting was held in April, 1898, when Dr. Cooper, H.E. Wong, and Messrs Wong Tsu-keo, Lee Yung-sze, Paul Song, and your humble servant were present. We were rather diffident of success, but our endeavours have been rewarded,.the Chinese public having placed their confidence in our Company. We, started Lusiness on the 17th of Muy 1898, and we are glad to say that the Company has made a profit of T's..8,558.82, after paying all expenses, You know the first year's expenses of a Company are great, and still we can say that we have made Tls. 7,898.44 profit, which will go to the Reserve Fund. We ask for the ce-operation of the Chinese public in our undertaking. In concluding I have to thank Mr. Wattie, the manager, for all his work in the matter, for to him is dae a great deal of the success of the Company. (Applause.)
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Text read from the printed page and cleaned; old type leaves the occasional error.