Before I conclude I should like to say that the service is maintained in a highly efficient condition and is constantly being developed and improved both scientifically and me-Chanicall We have a loyal able and enthusiastic staff, second to none working in a world-wide organiza tion and embracing many races and nationalities, They are looking forward in common with the shareholders and the public to the time when all may participate in a share of the profits over the standard revenue, and apart from their keen devotion to their highly skilled duties they are unresting in their efforts to secure and stimulate traffic.
I must make special reference to the staff serving in Spain, Palestine and the Far East, where during hostilities their devotion to duty has frequently entailed not only hardship but personal danger, and the trying experience of the staff serving in Chile during that disastrous earthquake.
The account that I have been able to give of the past year shows clearly, I think, that the company has taken the strain of distracted world conditions with its inevitable effect on the trade and commerce whose Action was taken at the end of 1938 to place our subsidiary company. The Far Eastern Insurance Company, Ltd, in "Members Voluntary Liquidation." The reason for this is that the "Far Eastern" has never been really active and the amount of business transacted by the company did not warrant the labour and expense of operating a separate company. The entire business, assets, etc. of the "Far Eastern" have been taken over by The Yangtsze Insurance Association, Ltd. and the full effect of this will appear in our 1939 Accounts, Since the last report Mr. W. Mellor has resigned from the Board on proceeding on leave and Messrs. J. K. Brand and L. W. Hutton have joined the Board, and their appointment will require confirmation at this meeting.
The following resolutions were passed:—That the Report and Accounts for the 12 months ended December 31 1938 as presented be accepted and passed. his was proposed by Mr.
Arnhold and Seconded by Mr.
Hutton.
"That a Dividend of $2.50 and a Bonus Dividend of $850 per share be paid E] Cent. be paid to contributors to Shareholders and that a Bonus of of contributory Marine Premium. Mr H. E. Arnhold proposed and Mr. L. W.
Text read from the printed page and cleaned; old type leaves the occasional error.