The Sth ordinary general meeting of shareholders" in the Far stern Insurance Ca. Ld., was held at 26 The Bund on Tuesday. Mr. E. T. Byrne presided, supported by Mr. J. Harold Dollar, Mr. H. M. Tibbey and Mr. P. Nye (directors). The attendance represented 34,8i4 shares.
The notice convening the meet-and the auditors! report were Proposing the adoption of the report and accounts, the Chair-id:—The working account for 1922 and former years shows a balance at credit of Tis.
169,844.59 and your directors recommend that this balance be carried forward.
In the working accounts for 1923 net premia are shown as Tls. 1,280,820.82, a decrease of about, Tls. 60,000 ae compared with the previous year. Rents and interest account at Tls. 79,958.38 shows an advance of Tls. 16,000 over last year's figures. Claims paid Amount to Tls. 588,072.82 as against Tix 725,872.34 last year. Commission ut Tls. 190,049.09 are ess by Tls. 21,000, and charges show a trifling increase.
The balance at credit of this ae-count is Tls. 781,344.25. Although the underwriting position does not dividend your directors fel that warrant increase in the Shareholders are entitled to a fuller participation inthe interest famings of the company. They therefore recommend' the. distribu, {Hon of dividend of 7 percent, (la 140 per share) as Compared With 6 per cent: last years Tf this recommendation is approved. there will bea balance-of. Tis, 680,944.25
Turning to the. balance sheet, sundry creditors show 2 reduction from 'Tls. 219,745.88 to Tls. 34,039. 'Our holding "in British 'Govern ment National' War Bonds stand at Tls. 223,15245 as compared with Tls. 197,580. The increase is Jdue to our purchase of a further £15,900 of this stock during the year, You will also notice a new M. investment of Tls. 83,086.79 in Chinese Government Reorganizafion Gold Loan (French Issue). This represents a holding of £8,000 face value.
Trade generally remains stagnant and the business of insurance is no exception to the general order of things, We must look forward for better days to come.
I now propose and Mr. Harold Dollar seconds the resolution: That the report of the directors and statement of accounts for the 12 months fended December 31, 1928, as presented, be accepted and passech T now propose and Mr. H. M, Tib-bey seconds: That a Dividend at the rate of 7 per cent, being one tael and -40 cents per share, on the paid up capital of the company, he declared payable on and after May 28, 1924, at the Hongkong Shanghai Banking Corporation or the Russo-Asiatic Bank, Shanghai, to shareholders of record on May 1%, 1924, Te is proposed by Mr. J. Prentice and seconded Mr. G. EH. Griffin: That Messrs. E. T. Byrne, V. Meyer, H. E. Arnhold, J. Harold Dollar, Tt.
Tibboy, P. Lil. Nye and C. Blewler be re-elected directors to serve until the next ordinary general meet ing of shareholders, It is proposed by Mr. J. Prentice and seconded by Mr. S. A. Sleap: That Messrs, Thomson & Con, be re-elected auditors to serve until the next ordinary general meeting of shareholders and that their remuneration be Tls. 300 per annum.
The resolutions were carried.
Text read from the printed page and cleaned; old type leaves the occasional error.