The balance at the credit of Profit Jand Loss account is £99,005. 9, after making the transfer of £70,000 Reinsurance Fund as recommend-Jed and approved at last year's meeting, and after provision of an additional £20,000 to the Reserve for Outstanding Losses, The dividend recommended and provided for in the Accounts is the same as last year at £310 per share Jand is only slightly in excess of the interest earned.
Depreciation "of local investments thas been fully provided for and all the securities are shown at or below it mean market value on December 31, 1897, 'Since the last report Mr, }Poate has resigned from the Board Jand has proceeded on leave after a very strenuous and anxious time Jduring the recent hostilities in Shanghat. T am sure you will join with mie' in hoping that his health will soon be restored and that he will Ihave an enjoyable holiday. must also refer with regret to! the impending retirement of our general manager, Mr, MH. Ivy. {We fect that, although' we regret his Jdeparture, he has well earned a rest Jand we shall all wish him a long and and [happy retirement.
Mr, R, H. Whittall has been appointed as successor to Mr, Ivy and [the Board wilt welcome his return latter an absence of many years from The following resolutions were That the Report and Accounts for! the twelve months ended December 31, 1937 as presented be accepted and Jpdssed—proposed by Mr. A. Mf. Cob-ott, and seconded by Mr. W. P. bbe paid to shareholders and that a bonus of 20 per cent. be paid to Jcontributors of Contributory ' Marine Premium.—Proposed by M.A. M. [Cobbett, and seconded by Mr, W. P. Lambe, That Messrs. W, P. Lambe and W. Nation be re-elected directors of the Company.—Proposed by Mr, H.
Text read from the printed page and cleaned; old type leaves the occasional error.