A satisfactory year's work in spite of adverse conditions was reported by the North China Insurance Ca, Lid. at its annual meeting which was held at the head office, 26 The Bund yesterday. Mr. W. M. Nation presided Supported by Messrs. A. M. Corbett, F. W. Foster, R. E. Giileland. and W. P. Lambe, directors, and Mr. A. H. K. Cobb, Acting General Manager. The number of shares represented was 9,982.
The Chairman, in his speech said, World trading conditions during 1988 were far from satisfactory, international tension continued in Europe and here in China the Sino-Japanese hostilities dragged on throughout the year. These adverse factors tended to restrict foreign trade and led to exchange and other difficulties. In these circumstances it is satisfactory to record that the business of the company has been well maintained and our premium income in all departments shows an in as compared with the previous year.
In the Marine Account @he balance of the 1937 account amounting to £423929 has been transferred to Reserve for Outstanding Losses. This is the first time for many years that no transfer has been made from our Marine Account to the Profit and Loss Account but it is recognised that 1937 was an unfortunate year for marine underwriters and our own experience is no exception to the general rule. On the other hand the 1938 Marine Account shows satisfactory results on the first year's working.
Text read from the printed page and cleaned; old type leaves the occasional error.