In commenting upon the results of. operations of the Corporation for: 1937, he stated that the net fire income increased by a small sum of practically $5,016.00 as compared with 1926 and totalled approximately $192,403.00. Net. losses increased approximately $16,256.00 over 1930) totalling just over $102,256.00: net loss ratio is 53.15 per cent. as compared with 45.89 per cent. for the previous year. The Corporation suffered comparatively lightly under 8 few war risk policies still current when hostilities broke out. A jority of cases sustained only small Josses. Some policies actually ox-pired just before the hostilities spread fo that region, A credit balance of $114,200.95 8 carried to the Profit and Loss account.
Dealing with the Marine account he reported that gross income was 4235.510.00 over 1930 "arise nearly 81.07 per cent, Net marine income, however, did not have a proportionate increase. Marine loss experience was not so fortunate. A small debit balance of $1,198.60 had to be transferred to the Profit and Loss account, Turning to the Accident account, Mr. How pointed out that it consisted of motor car insurance. Both gross and net premiums made a small ain, The accident loss ratio improved, being 3032 per cent. as compared with 95.73 per cent in 1936, A. satisfactory credit balance of "$14,905.26 was" carried {0 the: Profit and Loss account.
The Proft and Loss account, Mr. How reported, shows a credit balance of $48,508.35. This was arrived after transferring $110,000 to Tnvestment Reserve, Commenting on the investments, said) "the total investments Mr. How, in conclusion, eon-Jeratuiated the management on the year's satisfactory results. He said, they and their staff worked exceedingly hard during the first halt of the year when the increased volume! Jof business taxed their time even on holidays and after office hours. 'They carried on in face of fighting -and under' constant air raids. One of our staff had to walk hun-Jdreds of miles to join our Hankow Branch when evacuating from Nanking. He expressed. appreciation their unfailing loyalty.
After the adoption of the Accounts land Balance. Sheet, election of directors, supervisors, and auditors tok' place. Messrs: Bang How, K.P. Chen, G. E. Mitchell, A. V. 'P. Dean, IS. M. Tong, HI." Huang, H._ [Smith, LIH. Y. Yung'and J.T. 'Chu Jwere elected Directors, and Mesers, E. K. Hsu, T. R. Chassels, and Y. [¥ao were elected Supervisors, Messrs [Thomson & Ca. were again' elected Jauditors. After a vote of thanks to the chairman, the meeting ter Ewo Cotton Mills Ltd.
Shanghai, May 4.
The Seventeenth Ordinary Meeting of Shareholders in the Ewo Cotton Mills Ltd, was held yesterday in the offices of "General Managers, 27 The Bund, to receive the report of accounts of the Company to December 31, 1997. Mr. W. J. Keswick presided, supported by Mr. H. Martin Lite, Mr. L. J. Davies, Mr. J. H. Liddell, Mr. Zee "Quan Yuen, and Mr. Pan Ching Poo, members of the Consulting Committee and Mr. J. R. Mother-sill, the secretary. The holders of 154816 shares were represented at this meeting. The chairman in his speech said:
Text read from the printed page and cleaned; old type leaves the occasional error.