SOUTH BRITISH INSURANCE COMPANY.
[by telegraph.] Auckland, Oct. 11,
The sixteenth half-yearly meeting of the South British Insurance Company was held at 10 o’clock to-day. The following is the report The Directors have much pleasure in placing before the shareholders the following statement of accounts for the sixteenth half-year of the Company’s business, ended 31st August last. The income from fire and marine premiums has been L 63,765 Bs. Bd.; from interest and transfer fees, L 5,278 Os. 6d.; total, 1,69,043 9s. 2d., which, added to L 2,343 3s. 5d., brought forward from the previous half-year, makes a total of L 71,386 12s. 7d. The total expenditure has been—Fire and marine losses paid and outstanding at close of books, L 30,114 ss. 3d.; re-insur-ances, commissions, salaries, printing, advertising, and general charges, L 20,301 Os. 5d., leaving a balance of L11,9G1 6s. lid. to credit of profit and loss account, from which your Directors recommend the payment of a dividend at the rate of ten per cent, per annum. If the dividend be sanctioned by shareholders it will be payable at the head office on 13th October, and at branches on receipt of ad vice. It will be the duty of shareholders to elect two Directors in the place of the Hon. H. Chamberlain, and P. Howard, Esq., who retire in accordance with the articles of association, but who are eligible and offer themselves for re-election.
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