Strong Financial Statements Shown on December 31 for Operations of Last Year In spite of the diMtculties caused by failure of the Raven Trust Company and its affiliated concerns, causing temporary loss of confidence among. the depositors and policy holders of the American Asiatic Underwriters, Fed, Inc, and asso-elated companies, these. institutions were guided safely through the period, and were able to show strong Snaneial statements on December 31, it was stated by the president, Mr.
"Ve. Start, in his speech at the fennual mesting of the A.A. held fast Wednesday at 17 The Bund.
Me. Start was supported by memters of the board of directors, Messrs. A.B. Park, C, L. Boynton, Yokoonikoft, B.C. Sienkeviteh, V. S. Phon, and J. Arthur Duff, "There were 61,875 shares represented by the Sitendance, out of a possible 75,000) shares.
in his speech, the chairman said:—Gentlemen—ihe report and _ac-Jcounts which your directors submit! to-day reflect the workings of a year see: marked by unusual difficulties "for Jyour company. Notwithstanding re-' Guced earnings, capital losses and suspended dividends, I feel sure that] lurider. the lreumstances the report be received with a considerable The International Assurance Ca. Lid. in whose shares we also have '2 large investment, paid no dividend during the year. Its prof from 1934 operations was considerable, but de-lining security values necessitated Strengthening the reserves. In 1935 the American Asiatic Underwriters' Toss of premium income reacted unfavourably on the International whose! accounts will be published shortly.
"The Compagnie. Franco-Americaine /a'Assurances has kad an unfavourable Year with a probable net loss from Operations and adjustments. During} the year the AAU. transferred its French Indo-China organization to the' COA. This should Improve future earnings, and with: certain further ad-Justments the full benefit of mutual ce-operation with the American Asia tle Underwriters should be realized.
We have a large Holding of Metropolitan Land Company shares. This! company has suffered from declining] Values and rents, as have other Shan hhal real estate firms, and in 1935 for the frst time failed to pay a dividend, It'ls under cautious and able m agement, however, and T see no rea~ son to doubt the recovery of ils earning power in time, "Mest of our other investments, Including shares inthe Post-Mercury share dividends and other charges totalling $112,148.88, gives a surplus of $220,047.47 to be dealt with by this meeting. The directors recommend that this surplus be carried forward.
In closing 1 wish to pay special tribute (0 the morale and loyalty of our staff and to acknowledge gratefully the staunch support of insur. ance companies, agents and insureds during a trying year. In surmounting, the problems and dimculties of 1935 we have developed new and unex-peeled sources of ability and strength:
our men, and 1 feel that the American Asiatic Underwriters of the future will be oven more effective than it was in the past.
"The board of ditcctors was ree elected en bloc with the addition of Mr. Waller T. Sullivan, and the directors' report and statement of accounts was passed by the meeting, Resolutions relating 10 the directors' Feport and balance sheet were passed bby the meeting, Mr, N. Speelman pro~ Dosing "and ate, V. 'D."Gensburger
Text read from the printed page and cleaned; old type leaves the occasional error.