"The company is in a thoroughly sound condition, and 1 am confident that when trade improves, a cor-
1 the fre account the reduction premium is pot s0 marked, being matter of $20056.5" only, The Fesult moreover is much belle, Si21e.02 being carried to Fesponding improvement will be loss, as against $15,302. shown in the business of the com- preceding year, after setting up a pany," stated Mr.
HE. Arnhold, reserve of 40 per cent. amounting chairman, at the annual meeting of {0 $576,731.93 to meet claims upon, shareholders of the Far Eastern Insurance Ca, Ltd, held in the offices of the company at 26 The Bund at 430 pam. on Monday (May 28). The chairman was supported by the directors, and the twelve shareholders present represented 34,559 shares. risks." You will notice that besides this reserve we have an additional reserve of $228571.48. The profit for the year 1933 which is equivalent to 845 per cent. of the net premium for that year may be regarded as satisfactory.
The chairman, in his report, said:—The new form on which the The accident and general account is equally satisfactory. The premium counts and Balance sheet were, pre- is Gown by $9600443 but the amount Sented lest year has been maintained, carried to pratt and loss is $77.200.37, Battin view of the. 'om cial abolition against $82060020, the prodt. for the tack the figures for this year the year 1003 being "equivalent to Ste\stated in Chinese standard silver 1624 per cent. of the net premium
To compare the figures for the two] for tht year In addition to the 40 per cent. years it ie necessary to convert the "verve of $2i1.2047 tu this account, thet aggres for the year" 1982 into we have an addlifona! reserve Slane aa after tha has been doe, $i243009. a reduction of $16260181, but ax a/,,7He, tolal prowl from alt these marine account premium shows et off against this, losses are $87,- pares with $283,089.61 for the preced-80681 less. The amount carried to Ing year. profit and toss account is $45,622.28 as against $72,492.74.
The total net premium income in In the fire account, reduction of all departments at $3,818,75:38. shows premium is not nearly so large, being decrease of $883,314.43; this dea matter of $78,048.45 only, but the crease can be attributed to the com-underwriting result is very much parative sparse movements of cargo etter, $4026.99 being carried to ne to the decline in world trade, profit' and loss as against $5,44529. the intense competition causing a The accident and general account further reduction in rates in the equally satisfactory. The premium marine field, and a demand for inis down by $92,808.14 but the amount creased discounts. on the fire carried to profit and loss is $25,794.65 insurance "rates in China. In this against $21,126.00. case, the balance sheet being in The total profits from all three dollars, the decrease was accentuated accounts are $111,98393 as against by the figures of sterling premiums $99,004.03 for the preceding year and having. to be converted at the rate these results, on the whole, may be of regarded The total net premium income in current on the same date in 1982. 31, 1993 as against the rate 1/133 current on December
an gepartnpig of $127201060 show economies In exponees which re nol the same date" bs Saisie condltns' tio was 10 be (agomaeent with the view of inconsi wi e maintenance of maintenance of a'in dollars the Sucrease was oc|Tequeed income, Fane ce oe, cease "Wt? kel.
The balance at credit of profit and Seatuated the aaures of tes sceount at the beginning of the TertedaPine fate Of U3. % current Sear. wae S240884038 and on the December $1 1933 as against approve of the distributions "for gp the December 31 1988 a gaint GT Gnd conirioulory same date in 1852. The company, however, is in a thoroughly sound condition.
[Proposed by Mr. A.C. Hay and seconded by hrs F, BE Gonsal
Text read from the printed page and cleaned; old type leaves the occasional error.