The past year, like its predecesser, has presented many difficulties to those engaged in marine and fire insurance business. In marine business there is no dimintion in claims for theft and pilferage, and ordinary losses resulting from perils of the seas have increased by reason of the numerous badly constructed vessels now afloat. In fire business poor trade generally has affected moral hazard with the inevitable result that fires have been numerous. I do not, however, wish to convey too pessimistic a view. There is a silver lining to every cloud and we can look forward to better times a ahead of us.
Your directors again wish to place on record their appreciation of the work done by the Jate General Manager and the entire staff of the Association, and I intend to show our appreciation by putting a resolution before you later en pro posing payment of the usual bonus.
Text read from the printed page and cleaned; old type leaves the occasional error.