regards business generally the long looked for trade revival is not yet in sight and insurance business suffers accordingly from the redueed premiums offering and the increased competition for these premiums. The cycle of lean years cannot, however, continuous and we must look forward to better times, The services of the staff have not been overlooked by your direetors who have voted to them a onus not exceeding 15 per cent.
their salaries in 1923, to be raid partly in cash and partly to the credit of their provident fund. We are confident that this vote has your approval.
There were no questions.
'The following resolutions were passed: That the report and accounts for the year ended December 31, 1923, be nccepted—Proposed by' the chairman, second-
Text read from the printed page and cleaned; old type leaves the occasional error.