14 OVERI
D'TRADE RI
believe
at the moment our large dvanced, general work is have a steady flow of small for local firms and to steam have also tenders, out for some contracts, some of which will pro- me our way. You will observe we pro
$15,000 to the reserve fund of hitherto carried forward from year to increasing the reserve fund to $20,000. We think this better than again carrying such balance forward Regarding the Ków. and, which no doubt you are aware was since the last annual meeting, purchased on behalf of the Company by the late General Manager, we have, in accordance with the wishes of a large number of shareholders expressed at a private meeting held here on the 19th August last, tried our best to dispose of,
hitherto, we regret to say, unsuccessfully Our present hopes in this direction are not sanguine and should all our endeavours to dispose of it prove futile, it may become necessary for your directors to take steps to carry out the original intention of the late General Manager, with the property. In the meantime the Gov- ernment have in consideration of the circum- stances of the case granted one year's extension of time in which to carry out the terms of the purchase. I do not know that I can usefully add anything farther, but before proposing the passing of the accounts, I will be glad to give any further information or explanation in
connection with them.
/
No questions were asked, and the CHAIRMAN roposed that the accounts as presented be adopted and passed.
BAILEY seconded. Carried; *
ntlemen
hank
THE STRAITS INSURANCE CO.
LIMITED *19*
The following is the thirteenth annual
the shareho
#pre
wentieth or
in the Company's offices, Singapore, day, the 25th day of March, at noon :—
Gentlemen, Your Directors beg to submit the annexed balance sheet for the year ended 31st December, 1896. The accounts have been adjusted at the exchange of 2/2 per dollar.
1896. The net premiums for the year amount To to $1,277,855.04 (£138,434.5.11), on which claims have been settled up to 31st December last amounting to $478,867.71 (£$1,877.6.8.). Com- mission and expenses amount to $214,101.72 (£23,194.7.1) The balance, $584,885.61 (£63,362.12.2) is carried forward.
Y
}
1895. The settlementa on account of 1895 and previous years amount to $705,074.65 (£76,383.1.9). This includes a sum of 893,600 (£10,140), lost through the failure of certain reinsurers of the Company in London. To meet the deficiency on this account the sum of $150,000 has been transferred from Reserve Fund, and of this sum $50,000 is carried to underwriting reserve to meet further claims on account of 1895 and previous years.
The interest on investments amounts to $54,897.10 (£5,947,3.9).
The Board recommend that $30,000 be transferred from reserve for equalisation of dividends, that $2,500 be credited to Guarantee and Provident Fund, and that there be declared a dividend of 5 per cent, of the year 1896, absorb $30,000, and that the balance of $1,046.55 (£113.7.6) be carried to new profit and loss account.
A
vidend
By claims, re-insurances and
paid on account 1895 and pre By property By transfer to under
1895 account By donation By
Luspens
guarantee and prov
(Cents are omitted. saysThe report of the Str
Commenting on the above the Stratto Company, that we publish in anot is not a document that the shar gard with satisfaction. It is not th the shareholder has been led to cannot fail to create a good deale ment. The report, în plain lan report; and in lace of it the quotations of to-day must seems that the directors ha the year 1895, for which of ten per cent., w In accordance with the provisions of clause and that, instead No. 105 of the Company's articles of ass0018- tion, Mr. Thos. Scott Thomson and Mr. D. W.
on the right side Lovell retire from the Board, but offer them-hundred and fifty
was a heavy loss.
thon: taken from the reserve another dividend, thirty thousand proposed to be taken from the fund, making a total and eighty the
The CHAIRMAN-The next business, gentle men, is the election of a director. According to the articles one director retires at this time. Mr. Rodger therefore retires, but offers him-selves for re-election. self for re-election. As this is the first annual meeting since your affairs were in the hands of directors I have to ask you to confirm, or de- cline to confirm, your present Chairman as a
otor. 3
Mr J. H Cox proposed the re-election of Mrg Rodger as director and the confirmation of the appointment of Mr. Parlane.
Mr HENDERSON seconded. Carriedi
The CHIARMAN-In regard to the appoint- ment of directors it has all along been our in- tention to have a third director on the board, possible who could influence busines to the Company, and with this views we have ap- one or two shareholders of this class; uccessfully. The list of eligible share ibers not more than ten. We would; be pleased to know if you consider it your interest to appoint a third noe or if you prefer that we should
go on with two
de
for the.
think you should go on with you get a suitable man. Things. very well in the past and there is for another director in the mean- SUST MOER OL ideas ESON-I certainly agree with
Well we will do our best ssible one who would
:
In accordance with clause No. 146 of the Company's articles of association, Mr. J. Lyall and Mr. R. Dunman retire, but offer themselves for re-election.
T. C. BOGAARDT, Directors. T. S. THOMSON, Singapore, 4th March, 1897.
BALANOR SHEFT, 31ST DECEMBER, 1896. To ospital fully subscribed, 80,000 shares at To capital paid-up..
$100........
To reserve fund...
To reserve for exchange and investment fluctus-
tion
To underwriting suspense account To reserve for renewal of buildings To balance of working account, 1896.. To balance of profit and loss account, To unclaimed dividends To sundry creditors
By cash on current account with banks By real estate, Singapore .......... By fixed deposits in Singapore By mortgage of real estate, Singapore By municipal and other debentures, Bing By Chine
wernment loan By
Fund debtors By hrs By
pes, London
thousand dollars and, of course, the thousand on in
The
705,074 3,004
ma
ithdi dollars
the
one
that 1895
was a bad year, but at the
8,000,000
600,000 $10,000
be noted that it was a Insurance Companies. M panies failed to make a
100,000 writing, in fac
8,220 merely took their divid 50,000 on huge investmen 84,885|| Foreign Office for i
1,046 1895 Booon t £34 1,716 £28 eThe®
£23,816,1 still to to be
8,500
98,000
14,956
65,606
119,712
ounts with banke
1 of the Company.
By
LEY
o re-election of Mr
By
municipalibon
stock
Lon
B7
and branches
lemen, strictly
ainly be
thing is that
089 was ma
l for But
year
before we leave it, is only squab
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