In the Fire Account the sum of £70734. oF ILA per ent. of the year's premium is carried to Proft and Loss Account and this result can think be considered very satisfac-ory. Last year reference was made to our unfortunate experience of Accident and General business and the proved results this year are very welcome. The Accident and General Account has produced a profit for 1998 amounting to £1,127.2.7 which is carried to Profit and Loss Account.
Turning to the Profit and Loss Account you will notice that the usual provision for bonus to contributors. has been omitted, Tt is considered that this particular item properly belongs to the Marine Account and provision therefore has accordingly been made in that account, The Profit and Loss Account provides. for a recommended dividend £3.100 per share which is the Same as last year and you will notice that this year again the recommended dividend is almost covered by interest earnings, Since the last Report Mr. L. J. Davies has resigned from the Board on proceeding on leave and Messrs. F. W. Foster and ®. E. Gilleland have Joined the Board. These gentlemen re well known io you and we are very glad {0 have the benefit of their advice In handling the affairs of the Company.
The following resolutions were passed tne id month ended "December Si 163 "That the Report and accounts for Henini ce a niarS gs cane oe cure irioutors. of Conriouiory Marine Pre: sed by hie" W. Nation and iW. P. Lambe 'A: B Gobbett Yangtze Insurance Assn.
Styangthai, May 10.
The ordinary yearly meeting of the Yangtsze Insurance Association, Lid, was held at the Association's head office at 26 The Bund yesterday. Mr. H. E. Arnhold presided, supported by Messrs. J. X. Brand, L. W. Hutton, J. Knipschildy and'G. B. Marden directors, and Mr. A. LIH. i. Cobb, Acting General Manager. The number of shares represented was 149,707, In his speech the Chairman said:
The year under review has shown no improvement in trading conditions compared with 1997. The Spanish War, Sino-Japanese Hostilities and. the general tension in Europe all combined to reduce the volume of business transacted and the fall in value of the Chinese dollar added to the difficulties of the year. The accounts presented to you which are shown in Chinese National. dollars, by reveal the effect which the 1938 China currency depreciation has had on our business, but fortunately this effect has been favourable as the bulk of Our business is transacted in sterling and other equivalent currencies with the result that the Ogures appearing in the year's accounts and. balance sheet" are substantially increased. After allowing for currency depreelation our premium income in all partments shows an increase as compared with 1937.
the Marine Account the balance' of the year 1987 amounting to $180,- 433.12 is transferred to Reserve for landing Losses and no transfer has been made this year to. Profit and Loss Account. Due to various factors, particularly the number of} major casualties {o first-class vessels, 1937 was an unfortunate underwriting year for marine business, but it may' the noted that the position of our 1938 Marine Account to date satisfactory.
Text read from the printed page and cleaned; old type leaves the occasional error.