Shanghai Life and China Mutual The 18th annual meeting of shareholders in the Shanghai Life Insurance Ca., Ld. was held ast Friday at the company's offices, 10 Canton Road. Mr. C. R. Burkill presided and was supported by Mr. E. 'T. Bryne (director), Mir. S. B. Neill (manager), Mr. H. R. Sturt. (actuary) and Mr. J. R. Moodie (secretary). The number of shares represented was 21,040.
The notice convening the meeting, and the directors' and auditors' certificates having been read, the Chairman said Before proceeding with the bus-mess of the meeting, I would ask you to rise—as a mark of respect to the late Mr. Robert Macgregor, one of the Directors. of the Company, who took very great interest in the Company's affairs, and whose advice was much appreciated by his fellow Directors.
The amount of new business written is small, the only business accepted being reassurances offered by the China Mutual Life Ins. Ca. on which the China Mutual had retained the full limit.' The am-aunt of new business written having been small, the insurance in force has fallen owing to maturities, death claims, surrenders, etc., from Tls. 3,679,125 and £2,358,362 at the beginning of the year to Ts. 8,068,107 and £1,996,891 at the end of the year. In view of the great business depression particularly in the Philippines and Straits, where a considerable amount of the Qompany's policyholders reside, we consider that the income was weill maintained, when consideration is given to the natural losses by deaths and maturities. The rate of interest on the Fund was satisfactory being 6.97 per cent, on the mean fund. The profit for the year was £63,767, and a resolution will later be submitted recommending that 10 per cent, of this amount be transferred to the shareholders' Reserve Fund for distribution among the shareholders. During the current year, policies which mature for bonus will receive bonuses at the rates at which bonuses were paid last year, plus a further one per cent. on the sum assured.
The profit earned last year was less than that earned in the previous year, and it is to be expected that it will decrease each year with the decrease in the business in force. Seeing that our insurance in force is decreasing, and that the Company is now practically in process of liquidation, were it not for the agreement with the Sun Life Assur. Ca. of 'Canada, to which I shall refer ina few moments, it would, at this time be necessary to set aside, out of the accumulated profits,' reserves for contingencies.
The present market value of the securities shays a satisfactory excess over the book values.
Text read from the printed page and cleaned; old type leaves the occasional error.