The eleventh ordinary general meeting of the shareholders in this Company was held at 10, The Bund, yesterday. 'There were present Messrs. J. N. Jameson (Ci man) and Me-srs. W. D. Little, W. ink, and A. McLeod (Directors), Mr. W. G. 'Bayne (Secr: tary), and the' following shareholders:—-Messrs. W.!1. Anderson, Geo. Butler, Robert Carr, C. J. Dudgeon, Harry de Gray, E. Jenner Hogg, W. King, J. Tulloch, J. M. Young, and Qua San.
Tie minutes of the list general meeting having been read and confirmed, The Chairma said—The report, containing the statement of accounts for 1901, has been in the hands of the shareholders for some days, and with your concurrence we will xs usual dispense with the formality of reading it. The business for your considera tion is the passing of the report and accounts, the declaration of a di and bonus, and the election of Directors and Auditors. In the order of rotation now in practice with the Beard the duties of Chairman for 1902 have fallen on me. Before passing to the formal business of the meeting, a glance at the accounts will show that the Company is in a healthy condition, but that the working is burdened with a paid-in Capital far in excess of all needs. This is a matter which must have the attention of your Directors in due me. Your business is being conducted on very conservative lines; but la spite of that, the year 1901 has been unfortunate in a high percentage of losses on first-class losses which the most conservative policy and careful supervision cannot avoid. The amount carried forward to meet liabilities is a liberal one, and although it will be in excess of what is probably required, the Directors have thought it best not to suggest an addition to the Reserve Fund at this time, but to dispose of the balance as indicated.' Before asking you to vote upon the resolutions I shall be glad to answer any questions relating to the report and acenunts.
Mr. George Butler said if no one else made any remarks he should make one or two, The Chairman hail spoken just now of the conservative action of the Court of Directors. Did he not think it possible that they might be too conservative Was it in the Chairman's opinion in the interests of the Company that shareholders should be driven to take risks in a rival Company? For such had been his fate in the last few mantis.
The Chairman—Your directors have several times had this very subject under discussion and they are fully alive to the interests of shareholders. They are hoping to inaugurate such methods in the future as will increase the Company's earnings. That is all I can say to you.
Mr. Butler thought he had better explain the circumstance that called forth his remark, Late in July he contemplated shipping 2,000 packages of tea by steamer to Hongkong, and thence shipping it on to New York by the Comet. Being a shareholder in this company he wrote asking for net rates for insurance right through. The quotation he received was 3} per cent. Carrying his mind back to the old days before the Suez Canal existe he recalled that 3$ per cent was rarely jualled and never exceeded at that time, and that insurance rates had decreased very much since then everyone knew. He wrote, therefore, to another company, for its rates and received a quotation vf 28' per cent. The consequence was that, although a shareholder in this company, he gave the business to the other and his own company lost Tls. 500 or Tls. 600.
The Chairman—Was that in the typhoon season "Mr. Butler—It was before the monsoon, certainly.
The Chairmin remarked that this was an individual item of business and he was not, therefore. familiar, with the details, but he could give his own experience as merchant. In shipping by ssiiing vessel he had not been able to get less than 3} per cent to New Mr. Butler—Well, I insured Tis. with a rival company about the 2nd Augusr at 2% percent and can show my books proof of it.
The Chairman—You must hare been exceptionally favoured.
Mr. Butler—T didn't ack for any favour, but simply wrote asking the net rate as I did to this Company, and the difference was something startle The Secretary—I think in reply to your remarks I should say we do not seek much for sailing-vessel insurance and we generally quote rather a high rate as these are exceptional risks from here, Mr. Butler—But you are driving business away 5 you can always reinsure the risk.
The Secrotary—It is not so easy to reinsure, and 23 per cent is not a rate I should think "of taking on behalf of the Company.
Mr. Butler—Thank you.
The Chairman—If there are no more remarks I shall put the first resolution "That the report and accounts as now presented be accepted aut passed." That 1s prop"sed by the Chairman and seconded by Mr. McLeod.
Carried.
The Chairman moved and Mr, W. D. Little seconded the second resolution, viz "That a final dividend of 4 per cent on the paid up capital and a bonus of 10 per cent on the contributory premiums be distributed, both payable at the exchange of 2/34 per tael, th balance to be retained to meet other liabilities."
Carried unanimously.
Mr. Hogg moved, Mr. Young seconded, and it was carried unanimously.
"That Messrs. J. N. Jameson, W. D. Little, W. Meyerink, A. MeLeod, and J. H. Osborne be re-elected directors and their remuneration be fixed at Tls. 4,500."
Mr. Tulloch moved, Mr. Carr seconded, and it was carried unanimously "That M-ssrs. White and Wrightson be re-elected: auditors of the Company."
The Chairman—That finishes the business.
Mr. Hogg—We must not separate without a vote of thanks 10 the Bourd and staff for their able management of the affairs of the Company. applause.)
The Chairman—On behalf of the officers and stof the Chairman wishes to express his gratification for the vote.
Text read from the printed page and cleaned; old type leaves the occasional error.