The annual meeting of the Shang hai Life Insurance Ca., Ld., was held on Tuesday afternoon. Mr. A. W Burkill presided, supported by Mr. R. G. MacDonald (director}, Mr. J. K. Tweed (manager) and Mr. J. R. Moodie (assistant seoretury), and the attendance represented 20,870 shares, Addressing the meeting, the Chair man said It is unnecessary that I should trouble you with a long speech. Uader the arrangement with the China Mutual Life Insurance Ca., we have been able to effect considerable economies and have had a very successful year. The surplus as at the valuation date, excluding roubles, taking exchange at Tls. 1 =3/4, was £99,936.544. The value of the pure endowments set up prior to December 31, 1921, is £27,- 246.191, and the amount therefore ovallable for distribution is £72,- 690.353, which will be dealt with resolution which I shall put before you later on.
A list of the company's invest ments is on the table for tion.
The following resolutions were formally carried Proposed by the Chairmain, seconded by Mr. R. G. MacDonald: That the Directors' report, together with the accounts and balance shee: {cr the year ended December 3!, 1921, be and they are hereby accepted and passed.
Proposed by the Chairman. seconded by Mr. R. G. MacDonald: That the net surplus be dealt with us fellows:—2 Yo provide additional bonus at last year's rates in respect of policies maturing up to June 30, 1922. £ 601.236 Reversionary additions to policies with bonus periods ending subsequent to July 1, 1922 35,814.528 To provide additional bonus on policies maturing between January 1, 1923 and June 30, 1922 560.943 To provide shareholders' dividend, being 20 per cent. of the' above, to be carried to shareholders reserve fund 7,305.301 To investment reserve fund 2.919.476 Carried forward—anappropriated 25,399.08?
Text read from the printed page and cleaned; old type leaves the occasional error.