The 19th ordinary general mecting of shareholders in the North China Insurance Ca., Ld., was held on Tuesday at the head office of the company, No. 4 The Bund, Mr. H. Martin Little presided, suprorted by Messrs. M. M. Bain, Wu. P. Lambe, H. H. Girardet, C. G. S. Mackie, F. A. Kearton, FP. R. Scott (Directors) and H. G. Simms, general manager, and other shareholders, representing 9,869 shar The notice convening the meet and the auditors' report having been read, the -Chairman said The world economic disturbances during the year 1920 and 1921 have left their mark on insurance companies' balance sheets, and in our own case the year 1920, which wa are now closing, reflects the anxious times through which we are passing. On the other hand the policy pursued in the.past of husbanding our resources and building up strong reserves leaves us in a position of great strength to withstand unfavourable years.
The great prosperity of the years 1914-1918 in the business of marine insurance attracted many newcomers who lacked the experience of the older institutions, with the result that very unsound competition crept in not only in the matter of rates, but in respect to extra risks undertaken, many of which are really outside the province of marine insurance.. Now that it is realized that underwrite ing skill is the only sure means whereby even a moderate profit can be secured, many of these newcomers are retiring from the field, wiser if not richer, and there 13 some evidence that the principle of gathering in premiums without due regard to the merits of the Tasiness is giving way to the saner standard of discrimination and smaller premium incomes.
Text read from the printed page and cleaned; old type leaves the occasional error.