April 29, 1896.]
11 a.m. and the water forked by 10 a.m. the next day, the pump making an average of 35 strokes per minutes. The work of sinking was resumed as soon as the water was out, and has proceeded steadily since. The shaft is now down 73 feet and is making a good deal of water; the pump requiring to go 23 strokes per minute to keep out the coming water. The ground continues very favourable for sinking, and, if the water does not become too heavy, it will not take as long to sink the required depth of 150 feet before opening out.
THE YANGTYZE INSURANCE ASSOCIATION, LIMITED.
CHINA OVERLAND TRADE REPORT.
In
contributions.
367
satisfactory to most of the shareholders if the directors could see their way to pay a dividend" pate any results of the working account, but it half yearly. It might appear unsafe to antici would be seen that a large and steady income utilised for the interim dividend. was derived from investments, which might be
under the articles of association to pay an in- The CHAIRMAN said the directors had power terim dividend, but at the same time it would probably result in the dividend being somewhat
less.
The directors, however, would carefully
consider the matter.
Mr. R. M. CAMPBELL said that last year he shareholders their appreciation of the very had the pleasure of expressing on behalf of the favourable report laid before them and of thanking the directors and management for the This year there was even grater reason for way in which they had conducted the business.
pose that the directors be and are hereby congratulation, and he therefore begged to pro- authorised to pay to the employés of the Com. their salaries for the past year of 20 per cent. pany of over three years' service a bonus on and to employés of less than three years' a bonus on their salaries for the past year of 10 per cent. The whole sum involved in the re- solution would amount to not more than Tis 3,500.
Mr. E. A. PROBST seconded.
the resolution with much pleasure, and were The CHAIRMAN said the directors accepted
staff thoroughly deserved the recognition the very glad that it came from a shareholder. The shareholders proposed to make. (Applause)..
1
to underwriters, to judge from the reports issued by the largest home companies. Ex- premia as against 18.63 per cent. last year. The penses amount to 10.67 per cent. of the account shows a balance at credit of $294,872.44, out of which your directors recommend the payment of a dividend of $6 per share, being 10 per cent. on the paid-up capital, the appro- priation of $50,000 to reserve fund, and carry. ing forward $203,144.44. Pending claims on known losses and casualties are estimated at about $90,000. You will, I have no doubt, agree Western Lode.-There is no change to report with the Board that it is most advisable to from here; if anything, the stopes are looking strengthen the position of the Association by better than they have done for some time. The continuing to add to the reserve fund as our lode still continues to extend south, and shows means admit. Our business can only be ex- very good gold. It is hard to say how far it pected to grow with the confidence reposed may extend in this direction, as it is all new us by the public, and it is but keeping untried ground. We have cut the lode in the good faith with policy holders that their secu- sir shaft sunk to ventilate the south workings.rity should improve as they enlarge their It is about 12 inches wide and shows fair gold.
Battery. This has been kept steadily at work addition the fund will amount to $400,000. After making the proposed since the date of my last report. On the 6th Ex bange investment fluctuation account has inst, a rough clean up took place; 1,477 tons had to bear the loss of exchange arising from yielded 1,750 ozs. amalgam. Crushing was re-writing down our sterling securities from 2/8, sumed same afternoon and has continued since. the rate on 31st December, 1894, to 2/11, the WH. BIBBY. rate on the same date 1895. On the other hand those and other securities having mostly advanced in market value between those dates, the net result is an increase of $9,919.63 to the credit of the ас- count, which stood on the 31st December last at $72.219.93, but is tangible on paper only; it is, however, satisfactory that in the mean. time the balance is on the right side. Your directors are satisfied that all the Association's assets are fully worth the amounts represented in the balance sheet. Of the $112,519.86 due by agents, premia in course of collection, etc., about $87,000 have since been collected. With regard to the prospects of the present year the premium earned at the head office during the first three months is about the same as during the corresponding period of last year, and therefore perhaps a little disappoint- ing, as it was not unnatural to expect a greater expansion of trade to follow on the restoration of peace and the opening of a new cession than has yet taken place. The directors are pleased to note the support the As- sociation is now receiving from the share- holders; if that support continues to increase as it has done lately there is litle doubt that the premium income will be larger this year than it was last. The Association continues to be satisfactorily represented in London and at the principal ports in the Far East. hope that the remarkably good fortune that has attended our operations during the past four years will continue to smile upon us, so that when we meet again next year there may be as good reasons for congratulating the shareholders as your directors think they have to-day. Before moving the adoption of the report and in the Pacific, much more run
accounts I shall be glad to answer to the best of my ability any questions shareholders may wish to put. If there are no questions I beg to propose that the report of the directors and statement of accounts for the twelve months ended 31st December, 1895, as presented, be accepted and passed.
The sixth ordinary general meeting of share- holders in this undertaking was held at Shang- hai on the 20th April. Mr. James M. Young (Chairman) presided, and there were present Messrs. H. J. Such, B. A. Clarke, E. B. Skottowe, J. S. Fearon (Directors), A. Riva, J. F. Rodewald, F. Hincelot T. Bassett, A. C. Hunter, M. Wolff, W. Platt, E. U. Smith, Robert Shewan, J. D. Thorburn, R. M. Camp. bell, E. A. Probst, J. O. P. Bland, James Buchanan, C. W. Hay, J. Liddell, H. Snethlage, J. Jones, W. Pearce, F. Gove, J. R. Michael, C. Wilek, J. Tulloch, E. O. Arbuthnot, P. Brunat, J. H. MacLaren, and W. S. Jackson (the Secretary), representing in all 3,215 shares. The notice convening the meeting having been read,
The CHAIRMAN said-The minutes of the last annual ordinary general meeting held on the 8th of April last year having been printed and circulated will, as usual, be taken as read. The report and accounts to the 31st of October, 1895, have been in your hands for some time and will also with your permission be taken as read. The accounts are made up in the form as be- fore and so clearly show the position of the Association that there is hardly anything left for me to explain. At the last annual meeting in speaking of the year 1894, I said we had had exceptionally good fortune up to that time and I am now happy to be able to state that the then unexpired risks attaching to 1894 and former years have continued to off most satisfactorily, so that your directors can recommend the payment of a special divi- dend on account of a sum of $6 per share, leaving still a substantial balance of $142,672.41 at the credit of the account, which in all probability will be amply sufficient to cover any claim. It is as well to remember, however, that good years are apt to be followed by lean ones, and therefore it can hardly be expected that we shall always be able to declare such dividends as we are doing to-day. The result of 1895, so far as we know at present. if not quite so favour able, is still very good. There is a falling off in the amount of premis earned in 1895 as compared with the previous year of about $6,000; but when it is explained that business was very dull all over the East for the greater part of last year, and competition very keen, as it always is when there is little doing, and that the risks, which swelled our premia in 1894, were of very little consequence in 1895, it will be readily seen that the Association's regular business has really increased. This is also shown by the fact that the number of policies issued by the Association last year was several hundred in excess of those issued in 1894. Claims paid amount to $83,181.25 or 21.05 per cent, of the premis earned, which although higher than the previous year, when they amounted to only $47,266,26 or 11.77 per cent., is a very satisfactory percentage and especially so in a year like last, which is generally acknowledged to have been unremunerative
war
|
We must
Mr. H. J. SUCH seconded, and the resolution was carried unanimously.
Proposed by the CHAIRMAN, and seconded by Mr. E. B. SKOTTOWE, it was resolved that a dividend of twenty per cent., be ng twelve dollars per share on the paid-up capital of the Association, be declared (viz.-special dividend of 10 per cent. on former years' account and a dividend of 10 per cent, on 1895 account) payable on the 21st instant at the Chartered Bank of India, Australia and China or the Hongkong and Shanghai Banking Corporation, Shanghai, to shareholders of record on the 10th April, 1896.
seconded by Mr. R. M. CAMPBELL, it was Upon the motion of Mr. E. A. PROEST, agreed 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 shareholders. THORBUEN seconded that Mr. Augustus White Mr. JOHN LIDDELL proposed, and Mr. J. D. be re-elected auditor to serve until the next ordinary general meeting of shareholders.
Carried unanimously. Mr. A. C. HUNTER thought it would be very
The resolution was carried unanimously. of the staff, thanked the shareholders for the Mr. W. S. JACKSON, the Secretary, on behalf unanimous way in which they had passed the resolution. It was very satisfactory to the staff to know the shareholders had so much con- fidence in them, and he hoped they would have reason to continue that confidence. (Applause).
thanks to the Chairman.-N. C. Daily News,
The proceedings concluded with a vote of
CORRESPONDENCE.
[We do not hold ourselves responsible for the.
opinions expressed by our correspondents.]
THE DEFENCE OF THE COLONY,
TO THE EDITOR OF THE "DAILY PRESS."
your leading article of Tuesday you called at- Dear Sir, I was very pleased to see that in tention to the great need of more torpedo boats for the defence of Hongkong. Half a dozen good torpedo boats with thoroughly experienced tion to the effective strength of Great Britain men to handle them would be an immense addi-
ironclad; for our ships, naval and mercantile, so than another must have a port of refuge and a coaling and refitting station. They would have the d-- vantage of costing much less, which ought to help the matter, for there is no doubt that the cost is a thing much considered by the the cost would be cheap for what it is to insure. authorities responsible, forgetting that ten times
enter the harbour or land troops on the island The attack of any hostile fleet which could not
well provisioned to stand a siege and has an is not much to be feared so long as the island is ample supply of water. The defence and safe- guarding of the reservoirs is an important matter. All this should be attended to before the next dry season, also the communications by tramway.
manent garrison to 10,000 men, I fear the cost As regards raising the number of "the per will again be the impediment to its being given effect to, so far as the home authorities are con- cerned. Regarding this I have a suggestion to
make.
iļ
between India and China and Japan. This There is an immense and growing trade
sheltering wing of the British power. Why trade has sprung up and grown up under the should the British taxpayer be called upon to China and Japan to the trade of all nations, pay not only the whole cost of opening up but also to pay for the protection of a trade which is choking the trade of Lancashire, vizij the trade in Bombay yarns, and also another
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