The Board of Ditectors have now the pleasure to submit to the Shareholders the Annual Report and united Statement of Accounts and Balance Sheet to the Sist December, 1903."
Years—This Account shows a Credit voter Account 1902 and Former Balance of $155,498.17 against $168,088.60 on 31st December, 1902 The directors re= commend the: payment: of a Dividend th Shareholders of 20 per cent out of this Ao count and the transfer of $25,000 to the Credit of Reserve Fund. The Account will the stand as follows idend of 20 per cent To Reserve Fund 26,000.00 share).
Balance to be cam 34,428.17
$165,428.17
The Dividend will be paid in Taels Exchange 73. $12 at Ex. 73=Taels 8.76 per share:
mix earned during 1903, after deducting Working Account 1908.—The Net Pre-Return Premia, Re-insurance Premia, etc., amount to $859,819.47 against $822,066.60 during 1902, and the Account shows balance at Credit of $422,475.79, which the Directors recommend carrying forward.
Reserve Fund.—After crediting this Fund with $25,000 as recommended above, the Reserve Fund will amount to $700,000.
Exchange and Investment Fluctuation Account.—Owing to the "depreciation' in value of the' Astociation's Sterling. and Eastern Tnivestments, it has been necess-
Text read from the printed page and cleaned; old type leaves the occasional error.