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THE YANG-TSZE INSURANCE ASSOCIATION LIMITED.
on
THE HONGKONG WEEKLY PRESS AND
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[May 12, 1897.
The following resolution was proposed by Mr. F. Gove, seconded by Mr. G. Galles, and agaeed_to-That Messrs. James M. Young, H. J. Such, B. A. Clarke, E. B. Skottowe, and J. S. Fearon, be elected directors to serve until the next ordinary general meeting of share- holders."
Mr. M. Wolff seconded, and the proposal was
Mr. Jackson, on behalf of himself and the staff, thanked the members for their vote of confidence and bonus.
The proceedings then terminated.—N. C. Daily News.
JELEBU MINING AND TRADING COMPANY, LIMITED.
The fifteenth ordinary meeting of the share- holders of the above-named Company was held at Singapore on the 30th April. Mr. J. P! Joa. quim (chairman of directors) presided, and, there were also present Mr. Reid, the Hon. Lim Boon Keng, Mr. Evatt, and about a dozen share- holders.
Of the $116,180.14 due by agencies, premia in course of collection, about $100,000 have since been collected: The report briefly alludes to The seventh ordinary general meeting of the desirability of disposing of the 1,052 unal. shareholders of the Yang-tsze Insurance Aslotted shares of the Association, but I am not sociation was held at Shanghai on the 29th prepared to go more fully into that matter at April. Mr. James M. Young (Chairman) present, for beyond agreeing that the time for
Upon the proposal of Mr. E. Jenner Hogg, presided, and there were present Messrs. H. J. disposal was at hand, and that it would be ad- Such, B. A, Clarke, E. B. Skottowe, J. S. vantageous to the Association, the directors seconded by Mr. E. A. Probst, the following Fearon (Directors), W. S. Jackson (Secretary), have not yet gone. I may, however, say that resolution was agreed to-"That Mr. Augustus P. Branat, M. Wolff, W. Pearce, R. H. Burder, a fair and equal division of these shares, pro-White be re-elected auditor to serve until the A. Riva, G. Galles, F. Gove, C. M: Adamson, bably at a reasonable premium, among share- next ordinary general meeting of shareholders.” Mr. Galles asked whether last year a bonus E. Jenner Hogg, A. Cushny, E. A. Probst, I. holders of record on a certain date. will be Turner, and C. O. Liddell, representing in all their aim in arranging details of the plan was not voted to the staff of the Association.
The Chairman replied in the affirmative. 2,655 shares The notice convening the meeting of division, of which due notice will be having been read by the Secretary,
given with ample time for shareholders al Mr. Gove said he should like to propose the a distance to be communicated with. There same resolution, and after a short conversation is no mention in the report of our decision as to its terms he proposed-" That the Directors be authorised to pay to the Secretary and Staff not to undertake fire insurance at present, as we thought it better to lay our views. before a bonus on their salaries on the same terms as you in a circular lotter than to discuss the last year." matter at this meeting. At the last annual meeting the directors undertook, at the sugges-unanimously adopted. tion of a shareholder, to see if it could not be arranged to pay a half-yearly dividend. The Articles of Association permit of the declara: tion and payment of an interim dividend in the months of July or January. Now the amount of interest collected up to the end of last June would barely have been sufficient to pay $21 per share; besides, paying it away would have necessitated touching on other funds for current expenses, which was held to be in- advisable. As regards Jannury, we feel that the advantage of a partial anticipation of the yearly dividend by a couple of months or so was incommensurate with the unavoidable in. convenience and sacrifice connected therewith. When our income from interest has sufficiently increased, as I hope it will, the question may very well be considered again, and it will not be lost sight of, by the Board. In May last Mr. Jackson was granted six months' leave, from which he returned in November, having devoted a geeat deal of his time to the interests of the Association in visiting and arranging matters with our agents at many places, as well as taking a seat for some time in the London office, which services have been of much value to us. During his absence Mr. Camming was appointed Acting Secretary, and conducted the business of the Head Office to the entire satis faction of the directors. As already mentioned, the year 1897 opened with an almost unpre- cedented list of terrible losses amongst first class risks. During the first five weeks these were estimated at no less than three millions sterling. We have of course been hit, but 1 am glad to say not very seriously, and indeed, owing to fortunate circumstances, to a much less extent than might have been; in fact, up to the last advices we have received, our underwriting account compares favourably with that of the first three months of last year, the premia issued having exceeded last year's, the losses and claims being about the same. I said last year if the Association continued to receive the support from the shareholders they were then giving there was little doubt the premium income would be larger than it was the year before, as has actually been the case, and I now confidently repeat the same opinion with regard to the year we have before us. Before moving the adoption of the report and accounts, I shall be glad to answer any questions shareholders may wish to ask to the best of my ability. ` (After a pause.) If no shareholder has any questions to ask I will propose the following resolution-"That the report of the directors and statements of accounts for the twelve months ended the 31st of December, 1896, as presented, be accepted and passed."
The Chairman said-The minutes of the last annual ordinary general meeting, held on the 20th of April last year, having been printed and circulated will, as usual, be taken as read. The report and accounts to the 31st of December, 1896, having been in your hands for some time will also, with your permission, be taken as read. There is again very little in either report or accounts calling for lengthy explanation, and the few remarks I have to make will not take up much of your time. With this in view. the meeting has been called for the rather late hour of 5 p.m. in the hope that it will be found con- venient by everybody concerned. You are doubt- less aware that the years 1895 and 1896 are generally considered to have been about as
to anremunerative
underwriters as any on record, perhaps less account of extraordinary numerous maritime disasters than from prevalence
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of inadequate rates of premium brought about by over- competition. This is acknowledged in nearly all the annual reports of the largest Insurance Companies in England, many of whom have to own to large deficits on their underwriting accounts for 1895 which have just been pub- lished, and few, if any, seem to hold out pros- pects of better results for 1896, but which will not be made known till nearly a year hence. January and February of this year are reported from London and Liverpool to have been worse for underwriters than any similar period within the last five-and-twenty years. It is sincerely to be hoped that this may aid in bringing about some improvement in rates, thongh I am sorry to say there is no sign of it as yet. Under these circumstances your Directors deem themselves fortunate in being able to report a substantial increase in the business of the Association, and it is an especially satisfactory and pleasing feature that this increase is mainly owing to larger contributions from shareholders and foreign constituents. The net premia for the year amount to $426,929.36' against $395,200.04 in 1895, and if the losses paid have been considerably larger, namely, $156,133.11 against $83,181.25, and those estimated as still to pay upon known casualties $105,000, against $90,000, we hope shareholders will still be satisfied with the re sult. The percentage of losses and claims paid during the year, say 36.57 per cent of the net premia as against 21.05 per cent in 1895, al though not to be considered unfavourable for a current year's settlement, shows that we have borne our part, like so many of our neighbours, in the vicissitudes of 1896. The percentage of expenses to net premia is 18.58 per cent against 19.67 per cent last year. From the balance of $221,129.99 at credit of working account, 1895 and former years, it is recommended to take $41,688 to pay a special dividend of 10 per cent, or $6 per share, to transfer $50,000.00 to reserve fund, and to carry forward $129,441.99. The working account of 1896 shows a balance at credit of $256,431.08, out of which it is re- commended to pay as dividend $41,688.00, being 10 per cent, or $6 per share, and to carry forward $214,743.08. As to the advisability of strengthening the reserve fund, I have no doubt you will agree with the Board that it is unquestionable, and, if to-day you authorise the transfer of $50,000, as recommended in the report, that fund will stand at $450,000. The balance of $76,783.70 at credit of exchange and investment fluctuation account shows a slight increase of $4,563.77. but as explained at former meetings represents a profit on paper only. Your directors are satified that all the Association's assets are fully worth the amounts represented in the balance sheet,
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Mr. H. J. Such seconded and the resolution was agreed to uem, con.
Upon the motion of the Chairman, seconded by Mr. E. B. Skottowe, the following pro position was unanimously agreed to-"That a dividend of 20 per cent,, being $12 per share on the paid-up capital of the Association, be declared (viz., "a special dividend of 10 per cent. on former years' account and a dividend of 10 per cent. on 1896 account) payable on the Oth instant at the Chartered Bank of India,3 Australia, and China, or the Hongkong and Shanghai Banking Corporation, Shanghai, to shareholders of record on the 16th April."
The Chairman said-Gentlemen, the direct- ors' report having been in your hands during the prescribed time we will, unless specially desired, take it as read. I regret to have to lay before you a report for the past half- year showing such a heavy loss, but that, as you will
have seen from the account and as explained in the report, is owing to the writing off of all the outstanding advances in Jelebu amounting to a sum of $10.943, and of the sum of $8,785 for work upon lodes in Jelebu, and Maliwun. It has been said ontside that the time has arrived for the liquidation of this Company, owing to the alluvial mines in Jelebu having been played out, and in consequence of the heavy loss in advances. The directors, I may say, have had the question of liquidation before them, but, considering the valuable property they have in the Rin Lode and the quarries in Maliwun, and the prospects of the trading busi- ness in ore, opium, and liquors, and in forest produce, they have hesitated in bringing the question of liquidation forward at the present moment. The Rin Lode is being thoroughly prospected, and from the results of the crushing of the lode stuff sent home we believe we have a very valuable property in that lode, and one which in time will be worth consi- derably more than the amount we have so far spent in prospecting it. So also with Maliwan; here also the stuff sent home has been so favourably reported on that we consider we have a good asset. In trading, there has so far been a small profit, and we hope it will steadily increase. These are mainly the reasons against any attempt at liquidation at the pre- sent moment. The interests of the share- holders have the earnest attention of the directors; we have stopped all advances, we have reduced expenditure, and the General Agents have been requested to prepare estimates showing the cost of plant and other details to work the Rin Lode, and it will be the duty of the new Board of Directors to consider them in consultation with the shareholders before undertaking the scheme. As to the Directorate, there are two vacancies to be filled up, one in the place of Mr. Roid, who retires by rotation, and who offers himself for re-election, and the other in the place of Mr. MacBain, who has left for Europe. The directors think it advisable that, in Mr. MacBain's place, a practical man and an engineer should be elected, so that they may have the benefit of his skill and experience in the consideration of the working of the lodes, and you are asked to
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