The tenth ordinary general meeting of the North China Insurance Company, Limited, was held yesterday afternoon at tthe offices of the Company on the Bund. There were present Messrs. W. Meyerink (Chairman), J. N. Jameson, W. D. Little, G. A. Matthews, A. McLeod, and W. H. Poate (Directors); W. G. Bayne (Secretary); W. H. Anderson, EH. Wheeley, J. F, Rodewald, O. Mordhorst, C. 8. Moore J. M. Young, H. M. Bevis, E. Jenner Hogg, P. F. Lavers, R. Carr, A. Zickermann, H. A. J. Macray, M. Wolff, W. S. King, and J. Samson, representing 532 shares.
The Chairman said—There being the requisite number of shares represented in accordance with our articles of associa tion, I will ask the Secretary to road the notice convening the meeting.
The Secretary having read the notice, The Chairman said—The Report and Statement of Accounts for the year 1900 have been before you'for some time past, and the formality of reading them will, as usual, with your permission, be dispensed with.' With reference to these Accounts, the Directors are pleased that they show a further improvement on those presented last year, and this may be attributed a great measure to the absence of any serious losses during 1900, and also to the continued careful supervision of the risks undertaken by the Company at the Head Office, at London. and the other Branches and Agencies, and it is further gratifying to note that notwithstanding the serious troubles in China, which have so adversely affected our business as merchants, the Premium for the year compares favourably with 1899. It cannot. however, be expected that every year will turn out so favourably as the one under review, and I would therefore impress upon you that the permission given to the Board at the Extraordinary General Meeting held last year may possibly be used by them to reduce the annual dividend on the Share Capital to 8 per cent, at any time they may consider it to the general interests of the shareholders to do so. Such a course will enable them to huid up the Reserve Fund to fairer proportions than at present, thereby increasing the financial strength of the Company, and #hey hope when this has been accomplished, to be in a position to recommend the declaration of larger returns than heretofore. The sale of the property in the Hankow Road has necessitated the removal of the Company's Offices, and I think we may congratulate ourselves in having been fortunate enough to scare such convenient premises as thos" which you now find us occupying, and where I trust the affairs of the Company may continue in their present flourishing condition. Before putting the first resolution to the meeting for' the adoption of the Report and Balance Sheet, I shall be happy to answer any questions you may have to ask with reference to them, No question being asked, The Chairman said—I beg to propose that the Report and Accounts as now presented be accepted and passed.
Mr. A. MeLeod—I have much pleasure in seconding that proposition.
Carried.
The Chairman—will now propose that a final share dividend of five per cent. on the Paid Up Capital. and a bonus of ten per cent upon Contributory Premiums be distributed, born payable at the exchange of 2/71 per tael. Also that Tls. 100,000 he placed to the credit of the Reserve Fund, raising the Reserve to Tls. 360,000, and the Balance to ba retained to meet further liabilities.
Mr, J. N. Jameson—I second that pro-
Carried Mr. J. F. Rodewald—t propose that Messrs. W. Meyerink, J. N. Jameson, W. D. Little, G. A. Matthews, A. McLeod, and W. H. Poate, he re-elected Directors of the Company. and that their remuneration be Ts. 4,500 per annum.
Mr, J. M. Young—I have much pleasure in seconding that proposition.
Carried.
Mr. E. Jenner Hoeg—I propose that Mesas. White and Wrightson be re-elected. Auditors of the Company.
Mr. A. Zickermann—I will second The Chairman—That is all the bu of the meeting, and Tthank you for your attendance.
Text read from the printed page and cleaned; old type leaves the occasional error.