The balance at the credit of Profit and Loss Account is $2,03806491, after making the transfer of $1, 565.22, as recommended and approved at last year's meeting and after provision of an additional $505,263.16 to the Reserve for Outstanding Losses.
The dividend recommended and provided for in the Accounts is the bare as last year at $3.50 per share, with a bonus dividend of $100 per share. The interest earned on investments provides for almost the whole oe he cost of this distribution.
Before proposing the adoption the report and accounts I must refer with i to the impending rebyement of our General Man Mr. M.
Ivy. He has well earned aerest after his long period of service with the Association and I am sure- you will join with me in wishing him a long and happy retirement Mr. R. H. Whittall has been appointed as his successor and the Board welcomes his return to Sha hai after an absence of many "The following resolutions "were pd:—Fiat the Report and Accounts foi s ended December opted and ed by M: id, and seconded by That a Dividend "of $350 and a Bonus Dividend of $1.00 per share be 1 to shareholders ànd that a Bonn: of 20 per cent. be paid to contribu-turs of Contributory Marine Pye-m.—Proposed by Mr H.E Arnhold and seconded by, Mr. W
Mellor.
That Mr C. E. Marden be re-elected by a director of the Associa tion—Proposed by Mr. H. E. Orr. and seconded by r. J. McFarlane That. Messrs. Thomson & Ca. be elected auditors to serve until thz] next ordinary yearly meetin shareholders and that their remuneration be subject. to arrangement with the directors—Proposed by Mr K. F. Piper and seconded by Mr
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Text read from the printed page and cleaned; old type leaves the occasional error.