—As you know, under the Articles of Association, the holding policy is the qualification for a star on the Board, and for many years past there has been a tacit understanding, with the entire approval of the shareholders, that half of the members of the Roard shawld represent policyholders, and the Chairman has in fact for many years past been a poticyholders' representative. At the present time three members ut the Board represent policyholders, 7.¢., Mr. A. W. Burkill, Mr. R. G MacDonald, and myself, and we may say that our main object in the negotiations which Ied up to this agreement, and in the settlement of the terms, has been the protection of the policyholders' interests, and in this respect we claim to have been successful.
The actual Agreement is on the table, and has been open for your inspection for some days, as has the report to the Directors by Mr. Neill, the report to the High Court of Justice in England made by Mr. George King, F.1.4., FFA, and the report by Mr. Henry J. Baker, v1.4, Actuary of the Metropolitan Life Assur. Society (of England), and one of the Hon.
Text read from the printed page and cleaned; old type leaves the occasional error.