March 5, 1898.1
Mr. H. HUMPHREYS moved that the appoint ment of A. J. Raymond as a member of the Consulting Committee be confirmed, and that Messrs. Chater, Ross, Maitland and Raymond be re-elected to the Consulting Committee.
Mr. J. H. Cox seconded. Carried.
Mr. Ho TUNG moved and Mr. BYRAMJEE se- conded the re-election of the auditors, Messrs. Fullarton Henderson and W. Hutton Potts.
Carried.
The CHAIRMAN-The dividend warrants will be ready to-morrow. I thank you for your at- tendance.
THE LABUK PLANTING CO., LIMITED (IN LIQUIDATION.) A general and final meeting of the members of this Company was held on 28th Feb. Mr. J. H. Cox (one of the liquidators) presided and there were also present, Messrs. V. H. Deacon, H. W. Looker (Solicitor to the Liquidators), F. Henderson, Carvalho, and Sung Yow,
The notice convening the meeting having been read the CHAIRMAN said-Gentlemen, the report and accounts having been presented to you I will adopt the usual course and take them as read. I do not think it is necessary for me to dilate on the accounts as placed be- fore you, but I shall be pleased to answer any question which you may think necessary to ask before proposing their adoption.
No questions were asked and the CHAIRMAN proposed the adoption of the report and accounts.
Mr. DEACON seconded. Carried.
Mr. DEACON then proposed that the books of the Company be destroyed by the liquidators when they deemed it necessary.
Mr. CARVALHO secunded. Carried.
Mr. DEACON said there was a small sum laying at the Bank as uncollected capital and as there was very little probability of it every being applied for he would move the following resolution :—"That the sum of $181.50 now laying at the Hongkong and Shanghai Bank as uncollected return of capital be paid to the liquidators in further discharge of their re muneration, the liquidators to pay any claims hereafter, made on this fund."
Mr. CARVALHO seconded. Carried.
The CHAIRMAN-Gentlemen, that concludes the business of the meeting. I am much obliged to you for your attendance,-in fact I am ex- ceedingly obliged.
CHINA FIRE INSURANCE CO.,
LIMITED.
The twenty-ninth ordinary meeting of the shareholders in the China Fire Insurance Com-
pany, Limited, was held on the 28th Feb., in the offices of the Company. There were present Messrs. N. A. Siebs (Chairman), H. L. Dalrymple, C. Beurmann, C. S. Sharp, D. Gubbay, A. Haupt (Directors); J. B. Coughtrie (Secretary), E. Jones Hughes, A.. Ross, A. Moir, J. M. E. Machado, F. D. Guedes, Wei-A-Yuk, J. Thur- burn, D. R. Crawford, A. Denison, E. Georg, H. W. Slade, E. Burnie, R. K. Leigh, J. Orange, E. Osborne, F. Maitland, J. R. Michael, G. de Champeaux, R. C. Wilcox, A. F. Smith, G. S. Northcote, G. L. Tomlin, Fung Ming Shan, Chau Pat, and J. M. S. Alves.
The SECRETARY read the notice convening the Meeting.
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The CHAIRMAN-Gentlemen, the Directors' Report and Statement of the Company's Accounts for the past year having been in your hands for about three weeks I have no doubt you will ́consent to take them as read. You will have noticed with great pleasure, I am sure, the extremely favourable out-turn of the year 1896, which owing to exceptionally small losses re- sulted in a profit of $259,953.45. The claims accruing to the year's business amounted to no more than 14.15 per cent. of the net premiums received, being the lowest ratio the Company has known for many years and one the like of which may not recur for many years to come. The Directors have been enabled out of this large profit to make up the Reserve Fund to one million dollars, thus accomplishing the aspira tions of the original Directors of your Company twenty-eight years ago. This, I am sure, you will feel to be a most gratifying event, and
OHINA OVERLAND
TRADE REPORT:
175
The CHAIRMAN said—Gentlemen—You have heard read the notice convening this Meeting and the resolutions it will shortly bo my duty to put to you, and there really remains very little to add to what you have already gathered,
notable achievement in a long career of fairly uninterrupted prosperity. But, gentlemen, it is not the opinion of the Directors that we have reached finality. The sphere of our operations is continually enlarging, and as we gradually progress our horizon is always expanding. The especially as you have, no doubt, well con conditions of trade, too, are ever changing, and sidered the matter in hand upon the receipt of in these days, much more than in the early days the printed letter addressed to shareholders of the Company, to remain stationary is to be dated the 5th instant. Your Directors have left hopelessly in the rear. Therefore, the Board been much gratified by the approbation expressed feel strongly that though a Reserve Fund of a on all sides at the step they only agreed upon million dollars may have seemed all-sufficient to after long and earnest consideration. In not a the founders of the China Firo it would be single instance has an adverse opinion reached unwise for more than one reason, at the pre- the ears of the Directors, and could this have sent day, to draw a line at that or any other been foreseen the Board would have been spared point and say beyond this we will not go. some slight misgivings when dealing with a matter In this matter I know by the approval with that entailed a little meddling with your profits. which similar remarks from my predeces- There has been no canvassing for votes or sors in this chair have been received that proxies in order to carry this measure, yet judg shareholders are entirely of the same opinion asing from the way proxies have been voluntarily the Board, and therefore nothing further need tendered, it is safe to conclude that the proceed- be said until the Extraordinary Meeting to ings at this Meeting need no apology. As re follow at the close of this. After the appro- gards the Equalisation of Dividends question, the priation of $113,150 to the Reserve Fund, and a benefits that would be obtained by the posses- sum (which you will observe is diminishing)sion of a fund eligible to perform such a function with which to pay a bonus due to contributors, must be sufficiently obvious, but I may recall to there will be left sufficient to pay to share your recollection that there have been no less than holders a dividend for the year of $6.65 per four occasions in the history of our Company share, equal to 334 per cent. on the paid-up when dividends were paid only by the help of capital, and this your Directors trust may meet balances brought forward from one year to the with the approval of this Meeting as well as of following one. Now, gentlemen, without the non-resident shareholders, whose good will and change we propose to make it would not in good words are very valuable to us. Turning future be possible for us to call in the aid of a to the 1897 Accounts, the balance at credit of profitable year to assist the out-turn of an un- Working Account" on the 31st December was fortunate year, for, subject to the main- $237,802.90, or about $29,000 less than was tenance of the Reserve Fund at one shown the previous year, of which some $23,000 million dollars, the whole of the profits of each is accounted for by an increase in the losses. and every year must be divided rateably and This, as I have already intimated, is not paid away. For this reason alone we feel we extraordinary, for we cannot expect our losses
are completely justified in asking you to give to be far below the normal ratio for two years up a trifling proportion of your profits and to in succession. The losses accruing to 1897 carry the Resolutions we have framed, but there that have been reported since the accounts are further reasons in other directions. For were closed amount to $20,087, including $12,400 instance, you will remember that in February, lost by the terrible fire in Manila of 6th February 1889, the Directors obtained your sanction to instant. The losses attaching to the current increase the maximum limit of risk from one year have been, so far as ascertained, $34,600, hundred thousand to one hundred and fifty aud of these $24,000 were due to the Manila fire. thousand dollars, no correlative alteration being I think the other items call for no. particular then made with regard to the Reserve Fund. comment. The slight decrease in premiums is Now, I need only point to the object lessons due to a falling off in the receipts from a few even the last few weeks have taught, but of our Agencies, which may adjust itself in the luckily not brought home to us, such as the course of the present year, but, on the other two million dollar Manila fire, with Insurance hand, the small increase in Charges Account is losses of $894,000, the Yokohama Railway probably permanent, being due largely to the Depôt fire with an estimated loss of $270,000, i fall in exchange. The Company's Surveyors besides less important affairs at other places; have carefully examined and reported upon the whilst, to go further afield, there was the properties in Hongkong under mortgage to us, great Cripplegate fire and the Melbourne and the Board are perfectly satisfied with the fire. with insurance losses of 9 million and security in each instance. These are all the 3 million dollars respectively, to prove that remarks I think you will expect from me, gentle- great calamities must occasionally happen and I will therefore conclude by moving which it would be folly to think that Hongkong "That the Directors' Report and Statement of or Shanghai, for instance, were exempt from. Accounts for the year 1897, as presented, be I have to add that the substitution of March adopted." After this has been seconded I for February for holding our Annual Meetings shall be happy to reply to any question that may be put relating to business before the Meeting.
will be a great convenience to us, and make very little difference to shareholders. It will probably only mean a few days' delay, but these few days will enable us to wait so much longer. for returns from distant Agencies and to include them in the Statements of Account to be laid- before yon. I shall be happy to hear and an swer any romarks that any shareholder may wish to make before putting the Resolutions to the Meeting.
men,
Mr. LEIGH-I have much pleasure in second ing that.
and carried unanimously.
There being no remarks the motion was put
Mr. A. Ross-I have much pleasure in pro- posing that the retiring Directors, Messrs. N. A. Siebs and H. L. Dalrymple, be re-elected.
Mr. MACHADO-I beg to second that. Carried.
Mr. CRAWFORD-I beg to propose the con- firmation of the appointment of Messrs, G. Slade, D. Gubbay, and A. Haupt to the Board
of Directors
Mr. GUEDES seconded, Carried.
Mr. HUGHES-I beg to propose the re-elec- tion of Messrs. J. H. Cox and W. H. Potts as Auditors.
Mr. MOIR seconded. Carried.
The CHAIRMAN-That concludes the business
of the Meeting, gentlemen. Dividend warrants will be posted to shareholders.
EXTRAORDINARY GENERAL MEETING.
An Extraordinary General Meeting of the shareholders was held at 12.15 p.m., Mr. N. A. Siebs presiding, and all those present at the above Meeting wore also present at this.
The SECRETARY read the notice convening the Meeting.
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The CHAIRMAN, after a short pause, pro- the Articles of Association of the Company be posed "That Articles Nos. 53 and 122 of altered by eliminating therefrom the word February' and substituting therefor the word March.'
Captain BURNIE seconded. Carried.
The CHAIRMAN proposed, and Mr. Maitland seconded, the adoption of the following Keso- lutions :-
"That Article No. 7 be altered by inserting the words or Extra Reserve Fund' immediately
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after the word · Fund' in the sixth line of the said Article, and the words 'and Extra Reserve Fund' immediately after the word Fund in the seventh line of the said Article.
"That Article No. 121 be altered by inserting the words and subject to the provisions of Articles 121A and 1218' immediately after the word 'sum' and before the word be in the fourth line of such Article.
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