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April 27, 1908.]
THE YANGTSZE INSURANCE ASSOCIATION, LIMITED,
The report for presentation to the eighteenth ordinary general meeting of shareholders, to b. held at the Offices of the Association, No. 26, The Bund, Shanghai, on Tuesday, the 28th April, 1908, at 4.30 o'clock p.m., reads :---
8
The Board of Directors have now the pleasure to submit to the shareholders the annual report and audited statement of accounts and balance sheet to the 31st December, 1907.
Working Account 1906 and Former Years.- This Account shows credit balance of 8128,802.74 against $237.956.37 on 31st Decem. ber, 1906. The Directors recommend the pay- ment of a dividend of 20 per cent out of this account on the original 8,000 shares (shares Nos. 1 to 8,000), which will absorb 898,000 and to place the sum of $5,000 to the credit of a build. ing reserve fund leaving a balance of $27,802.74 to be carried forward,
Working Account, 1907.-The net premia earned during 1907, after deducting retarn premia, r/insurance premis, etc., amount to $920,085.14 against $845,154.12 during 1906, and the account shows a balance & oredit of $563,961.14.
The Directors recommend the payment of a special dividend of 5 per cent. $3 per sbare, to be paid out of interest earned, on the original 8.000 shares (3hares Nos. to 8,000) which will absorb $24,00, and to carry forward the balance of $539,961.14.
The dividends will be paid in Taels at exchange 78. $15 per share at exchange 73 =Taels 10.95 per share,
Capital-As authorized by the shareholders, 4,000 new shares were issued on the 1st December last and were applied for aud allotted at a premium of $40 per share. The subsoribed capital now amonats to $1,200,000, and the paid-up capital to $720,000.
Reserve Fand. This fund having been credited with $150,000, being part of the mium on the issue of new shares, now amounts pre- to $1,000,000 and the directors do not at present consider it necessary to add any further sum to this fund.
Exchange and Investment Fluctuation Ac. count. This account has been increased by 883,169,50 and now amounts to $85,157.77.
Sterling Exchange has been taken at 2/5-5/16 (the demand rate on 31st December, 1907) and the relative value between Dollars and Taels at
73.
Investments.-The value on 31st December last has been taken for all the Association's investments.
CHINA OVERLAND TRADE REPORT.
By not claims, re-insurance premia and
returned, etc, account 19 6
By amount transferred to reserve fund By amount transferred re-insurance fund By dividend-former years' account-
By net claims and all payments account
$12 per share on 8,0 shares
former years
By bonus to secretary and staff
By balance
Dr.
o.
288,173.07
50,000.00 25,000.0
96,000.00
33,211.96 11,288.81 128,8 2.74
$632, 476.58
BALANCE SHEET on 31st December, 1907.
LIABILITIES.
C.
Capital 12,000 shares of $100 each upou which the sum of $60 per share has been called and fully paid up 720,000.00 Reserve fund
#1,000,000.00 Re-Insurance fund
199,937.49 Exchange and investment fluctuation
account
85.157.77 Working account 1907
563,961.14 do.
1806 and former years.. 128,202,71 Carollected dividends
7,021.77
2,703,97×91
Cr.
ASSETS.
Midland railway company, consolidated 2 per cent perpetual preference Great Northern Railway Co., consolidat-
stock
£5,516
ed per cent perpetual preference stock
£1,635 London and North Western Railwayo.. consolidated-4 per cent preference stock
£2,854 Great Western Railway Co., i per cent
debenture stock
..£1,500 Great Western Railway Co., 41 per cent
debenture stock
.£2,400 India 3 per cent stock 1931 £1,875 Loans on Mortgages of Real Estate.. Chinese Imperial Government E Loan of
1886
Japanese Government consolidated 5 per
cent bonds
City of New York 4 per cent corporate
stock 1907
City of New York 6 per cent revenus
bond. 1906
City of New York 6 per cent revenue
bonds 1907 Cash at bankers on fixed deposit Cash at bankers on current account... Property Land and Buildings, Head Office No. 26 the Bund, Shanghai Shanghai Land Investment Co., Ltd. De.
bentures
Shanghai Municipal debentures Shanghai Waterworks Co., Ltd., deben- Shanghai Ga Co., Ltd., debentures.
tures
Shanghai and Hongkew Wharf Co., Ltd.. Astor House Hotel Co., ltd., debentures.
debentures Investments in shares of local Companies. Head Office and Agencies furniture....... Policy stamps at Agencies
Due by Agencies, Preria in course of col-
lection and sundry outstandings
Ր.
$
61,807.11
18,338.05
31,965.41 16,823.00
26,913.25 21,029.88 389,041.10,
50,684 93
106,971.51 211,013.81
J
871
flood level, and is now classed as a first-class risk by the Fire Insurance Association; this accounts for the addition of Tls. 16,670 to the book value of buildings, etc. All buildings, pontoons and lighters have, as usual, been kept in first-class repair and the cost charged to working account,
As regard our Yangizspoo properties I have to disclose to you an important change in the policy followed by your Direotors insomuch as we have decided to liquidate our holdings and have disposed of same at a fair profit which will pass to the credit of the current year and be shown in your next year's report. I wish to say,
however, that the purchaser of Lot No. I bas the right to withdraw from his bargain on forfeiting the sum of Tls. 25,000 and paying one year's interest on the entire purchase price, although its improbable-in view of its being advantageous bargain to him for his purposes-that he will avail himself of this right. Circumstances had arisen which satisfied your Directors that it was wise to sell these two properties and I trust you will take my word for it that this step has not been lightly entered upon.
The last instalment of the purchase money is due to be paid in February next and anticipating the conclusion of the payments we shall have a further good cash reserve for which we shall certainly find pro- fiable employment.
80
:
The wharf's business for this year, so far. although not so good as in previous years, bars favourable comparison with that of other wharves of the port and gives us no cause of alarm. There is promise of improvement already and April's business is very creditable so far as this Company is concerned. A certain good feature of our Company is the very steady support of our constituents based upon the satisfaction they enjoy by the wharf's good treatment of their interests and in the case of a certain powerful steamship company by close connexion of interests with us in our success. Of their continued support we are well assured
The staff at the wharf have attended to their duties with their customary zeal and deserve your thanks. B-fore moving the adoption of the report and accounts I shall be pleased to answer any questions which shareholders may wish to put
257,441.77
11,704.52 379,282.64 49,869.62
175,809.85
153,726.02
Mr. Michael said that the second largest asset 07,126.02
of the Company appeared in the balance sheet 26,815.06 properties Tis. 232,238.05." He asked of 13,424.66 what this properly consisted. Mr. Michael 42,002.74 also pointed out that the system of paying yearly dividends was somewhat out of date. Almost 9,397.27 1:3,783.80
every British Company paid an interim and fual or a half-yearly dividend. He would like to see the Company adopt this principle.
528.84 5, 34.26
422,777.89
$2,703.978.91
Directors.-Mr. E. B. Skottowe having resigned his seat on the Board owing to his departure from Shanghai, Mr. George Miller was invited to fill the vacant seat, Mr. Miller offers himself for election at the meeting, and in accordance with the Articles of Association the YANGTZE WHARF AND GODOWN other Directors all retire from office, but, being eligible, offer themselves for re-election.
Auditor.- Mr. G. H. Thomson retires but, being eligible, offers himself for re-election. By Order of the Board of Directors,
W. 8. Jackson,
Secretary.
Shanghai, 7th April, 1908.
WORKING ACCOUNT.
C.
For 12 Months ending 31st December, 1907. Dr.
$ To net premia, less re-insurances etc., 920.085.14 To interest account
103.17.71 11240
To transfer fees
To profit on sales of securities
636.53
C.
CO., LD.,
The seventh annual general meeting of the shareholders in this Company was held at Shan- bai on April 15th. Mr. B. Rosenbaum, presided and said: Gentlemen-The General Agents' report an stat ment of accounts for the past year have been in your hands for some time and with your permission I will take same as read. The balance standing at credit of our working account, uafortunately, reflects the general depression which the trade of Shanghai pissed through last year and is less than our balance in 1906 by almost exactly the amount placed by us to reserve at our last general meeting. For- $1.024,054,38
$
tunately, we have from the preceding prosperous 297.190.83 years already accumulated a reserve of Tis.
£0 000, equal to 20 per cent paid-up capital. 155,960.29 Your Directors reommend you to begin this year to write down the book value of your buildings, lighters, pontoons and steam-lauuob, thus strengthening your financial position in another direction, which you are able to do while maintaining your dividend at the cus- tomary figure and also carrying forward uearly the same amount as in 1996. I may say in this 394,520.21
connexion that while we are writing off on our buil igs the fact is that they actually stand to 237,966 37 book much below replacement cost. Shed E has in the course of the year been altered to a $632,476.58 permanent godown with floor well above highest
By claims paid, less re-insurance etc., By commissions and charges and head
office, branches and agencies
By directors', auditor's and committee'
feas By balance
-WORKING ACCOUNT.
19: 6, and former years.
6,912.19 563,091.14
$1,024.054.38
To balance of working account 1900 from
last account
To balauce of working account former
years from last account
S
C.
ag
*
The chairman said that it w.s not the custom in Germany to pay interim dividends, in fact it was not allowed by law, but as this was an English Company the matter might be consi- dered by the Directors.
Mr. Stampff thought it much better to leave the matter as it was, as an interim dividend would only mean that people in Shanghai would start gambling in these shares.
The chairman said that he thought it was sounder business to declare a dividend after the was out. With report on the year's work regard to the item of Tis 232,:38 05 for pro- parties, referred to the two Yangizepoo pro- perties which had been disposed of, but the profit would come into next year's account.
The following resolutions were then put and carried :-
Proposed by the chairman, seconded by Mr. That the Report and ecounts as Oldörp: prosented be approved and passed.
Proposed by Mr. Oldorp, secondel by Mr. Goetz. That a dividend of 18 per cout equal to Tls. 18 per share te paid for the year 1907.
Proposed by Mr. Macgregor, seconded by Mr. That Mr. G. Wailleumier be re- Stampff:
elected auditor.
The obairman said that dividend warrents would be sent out that afternoon.
Messrs. Shewan Tomes & Co., the agents, have recived a telegram from the Chinese Engineering and Mining Company Ltd., Tientsin,, advising them that the Directors have declared an interim dividend of 1s. 6d per s' are free of tax for account of the year ending 29th Feburary. Same will be payable 1st May.