Shanghai, May 20.
"The balance at the credit of prof and loss account is $355,011.37, after provision for an additional "to 42105 to the reserve for outstanding Tosses," said Mr. H, E. Arnhold, chairman, at the annual general meeting of shareholders of the Far Eastern Insurance Ca, Lid. held at The Bund yesterday at 1130 am.
Mr, Arnhold, who was in the chair, wag." supported by Messrs.
Bonneyman and J. 1, Liddell, rectors, and Mr, M. H. Ivy general manager, while shares present of represented totalled 35,411 shares.
Mr. Arnhold said In the marine account the profit transferred" to profit and loss: account is $58,004.14 compared with) $57,004.73 In the previous year. There an Increase in premium {rom {$600,763.09 in, 1996 to $623,028.91 in 1037, 'No direct comparison can be made the fire account with the previous year's figures since the 1996 account Zontained nine months' figures only. The profit transferred to profit and loss Account amounted to $48,163.16] or 9.62 per cent. of the premium! Which may be considered very sa-Ustactory.
Premium Increase In_ the accident and general account there is an increase in! premium but a loss of $14,122.03 was, The balance at the credit of profit] and loss account is. $355,611.37, after! provision for an additional: $168,421.05, to, the reserve for outstanding losses The "dividend recommended and. provided for in the accounts is the Same as Inst year at $2 per share, with a bonus dividend of $1.90 per The Interest earned on in-lents provides for practically the whole of this distribution, Two Retirements Before proposing the adoption of the report amd Accounts I wish to refer to the retirement during the year of Mr. W. 8, Burns from the board. Mr, Burns' has been a director of this company for many years and his assistance and advice! have been extremely valuable. 1 must also refer with regret to the Impending retirement of our general] manager, Mr. M. H. Ivy. He has well earned 'a rest jater his long period of service with the company and Tam gute you will join with me in wishing him a long and happy retirement, The following resolutions were passed unanimously
Text read from the printed page and cleaned; old type leaves the occasional error.