July 15, eleventh ordinary general meeting of the International Assurance Ca, Ltd., was held yesterday at the head office, 17 The Bund, Mr, G. E. Marden presided, supported by Sir Calder Marshall K.B.E., Messrs H. E. Arnhold, M. Freeman, C. E. Sherwin, directors and Mr, E. I. Owen, secretary, Shares present and represented totalled 125,132, 'The notice convening the meeting and the auditors' report having been read by the secretary, the chairman addressed the meeting' as follow:
'Gentlemen,—The accounts and directors' report having been your hands for some days, I trust that I" may, following the usual custom, take "them as read, An analysis of the figures as submitted to you will indicate that, notwithstanding all dimeulttes, ' substantial development as well as im= provement has been manifested in all branches of the company's business. Al classes of insurance transacted by the company show a substantial in. crease of production, the aggregate amount of the net premium written cly the company amounting £117,540.10d,, of £28/700,18, 24, in excess of the premium written dur~ Ing the year 1930. AN branches of, Insurance have rendered a satisfactory underwriting © prot amounting £10,086,17, 24,, 05 against £0,352. 7. 2d, for ihe yea 1999.
The favourable results in the case of both the underwriting operations fand the investment policy have been: applied by your directors for the pur~ pose of consolidating the company' financial position, A special reserve of £8,182,17, 1d, for Muctuation of investments has been established, the unamortized cost of £19907.1 of the purchase of the general agers" agreement written off in full and the underwriting reserve: especially the marine fund—considerably increased as compared with preceding years, Due to these ap. propriations, the amount carried from the profit and loss account to the balance sheet has been greatly redueed, but there is no doubt that the company will bennet by the adoption of these measures Turning to the statement before you, T shall deal frst with the revenue accounts in their order, as follows
Text read from the printed page and cleaned; old type leaves the occasional error.