The thirtieth ordinary general meeting of the Yangtsze Insurance Association, Ld., was held on the J4th instant at the Yangtsze Insurance Building, Mr. John Prentice presiding.
Chairman id:—Before commencing the official business of the meeting it is my painful of the meeting it is my painful duty to refer to the death of our friend and colleague, Mr. OG. W. Wrightson, who died on June 30 last. Mr. Wrightson was a member of this Association's board for 16 years and took a keen interest in its welfare and successful progress and his loss is keenly felt by us all.
Continuing, the Chairman said, in part:-~
Working Account, 1918, and Form-The report explains the position of this working count, and if you pass the resolutions to be proposed later on that a dividend of 20 per cent. be paid to shareholders and also the donation of £1,000 to the Sailors' War Or-phons' Fund and £1,000 to the King's Fund for Disabled out of the balance of $2,821,025.02 at credit of this account, there will remain a balance of $2,210,567.38 to be carried forward, which it is estimated will be more than sufficient to meet claims and losses still pending, and also the British Government excess profit taxes for some of the years this account deals with, the amount of which has not yet been ascertained.
Working Account, 1919.—Our premium income again shows a reduction in comparison with the previous year, the reduction being largely due to the high rate of ex change at which the income derived from countries working on a gold standard has been transferred into silver, and also to the falling off, to little or nothing, of our premium income derived from war risks last year. The reduction in our premium income does not imply that the Association is going backward, or that its business is falling off, for I can assure you, with every confidence, that the Yangtsze is still going ahead and has a larger number of constituents on its books today, more branches, and more agents, than ever before, and also is in a stronger position to cope with business of almost any magnitude that may be on the market.
After debiting this account with $379,433.64 to meet the depreciation in the market value of our investments and loss in exchange there remains a balance of $1,718,821.75, which your directors recommend should be carried forward.
Capital.—In July of last year your directors declared a bonus to shareholders of $40 per share and simultaneously made a call of $40 per share, thereby making the shares $100 fully paid up, the paid-up share capital of the Association now
Text read from the printed page and cleaned; old type leaves the occasional error.