SOUTH BRITISH INSURANCE COMPANY.-THIRD HALF-YEARLY MEETING.

Auckland Star, Volume V, Issue 1304, 13 April 1874, Page 3

SOUTH BRITISH INSURANCE COM-PANY.-THIRD HALF-YEARLY MEETING.

The half-yearly meeting of the South British Insurance Company was held this afternoon at the offices of the company. A large number of shareholders were present. Mr W. C. Daldy, the chairman of the company, presided, and called upon the manager, Mr A. Boardman, to read the report and balance-sheet for the past year which was as follows :—

Third Half-yearly Report presented at the General Meeting of Shareholders held at the office of the Company, Queen-street, Auckland, on Monday, April 13th, 1874.

The directors, in presenting to the shareholders the third half-yearly report and balance-sheet of the company's affairs, have again the pleasure of congratulating them on a large and steady increase of business, with not more than a fair average of losses. The total premiums received during the halfyear amount to £31,092 8s lid ; leaving, after deducting £3,196 Is sd, amount paid for re-insurances—£27,B96 7a 6d as against £17,933 3s 6d for the previous, and £14,001 for the first halt-year. The third half-year's premiums show an increase of 64 per cent, on those of the second, and are nearly double those of the first half. The losses for the half-year amount to £13,570 15s lOd. The marked increase in the business of the Company, notwithstanding increased insurance competition in the colony, will be gratifying to the_ Shareholders, and will doubtless be an incentive to them to continue to use their influence in favor of their company. The amount to the credit of profit and loss on closing the books at the end of the h^-yeat was £22,509 13s 3d; the Sectors have carried £10,000 of th;/ a t0 t he R eserV e Fund and £4,687 10s, equal to 2s 6d per shar c ?o ca^pa^ anc i tne balance £7,822 3s 3d is brought forward to currrent half, year. The paid-up capital is no £ £42,187 10s; the Reserve Fund £20,000. The shareholders, bearing in mind the increasing business of the Company, will doubtless cordially concur in the policy adopted by the Directors of making additions to the Capital and Reserve Fund rather than [ now taking money from the business to pay dividends ; while the general public, both investors and insurers, will not fail to perceive an anxious desire to build up a thoroughly sound institution.

The London Agency, now in full working order, is already doing a considerable business. This is owing to the valuable support afforded by the numerous importers of the colony, many of whom are shareholders in the company. Relying on this Bupport from both shareholders and others, friends of local institutions, the directors anticipate that the company will have a large and constantly increasing business between London and the various ports of New Zealand, as also those of Australia. It will be the duty af this meeting to elect two auditors of the company in the place of John Batger and T. Leigh White, EEqs., whose term of office is expired, and who are eligible for re-election.. —For the Board of Directors, William C. Daldy, . Chairman. BALANCE-SHEET. To Capital Account— £ s. d. 37,500 Shares at £20 each 750,000 0 0 Paid-up, £1 2s 6d per share 42,187 10 0 Uncalled capital 707,812 10 0 „ Reserve Fund 20,000 0 0 ~ Profit and Loss (New Account) ... 7,822 3 3 £7Q,009 13 3 , . £ b. d. By Investment 52,714 12 6 Cash in Union Bank ...^ 5,005 2 3 „ Bill Receivable ... ... 2,610 0 0 „ Bilanee at Agencies ... 7,881 1. 0 „ Sundry Debtors... ... 330 12 2 „ Furniture, Office Fittings,. Stationery, &'o. ... 868 5 4 £70,000 13 3 : PKOPIT AND LOSSjjACCOTTHT. £ 8. d. To Fire and Marine losses ... 13,750 15 10 „ Commission 2,511 10 4 „ Salaries, Rent, Advertising, Printing, and General -v Expenses 26,811 8 2 Transfer te Capital Account 4,687 10 0 " Reserve Fund... 10,000 0 0 „ Balance ;;;,. . 7,822 3 3 £41,273 12 1 £ a. d. By balance from last year 11,941 12 11 ~ Premiums received.,! £ &••£ :31,092 8 11 ~ Less re-inßurances ......... 3,196 1 5 Interest, dividends, Sctf;.;.: 1,396 6 8 „ Transferees ...' . x.. 39 5 0 .■ -'jy x . \i:,rt .so.- r« ;n . ■ '__ ' - ; j:- £41,273 12 1 In moving the adpptiopt -of the repor, Mr Daldy congratulated the shareholders upon the position of the Company. It had been said by some that theMiew Insurance Companies were only acquiring thp business of the older institutions, but if they considered the in- j crease of property to be insured they would ] find that the new companies only kept pace with the increase of business. There was no ! reason why in a short time the South British should not be one of the most important in • the Southern hemisphere, \. :; j Mr Hobbs seconded the motion, which was carried unanimously. ;., , - On the motion of Mr Howard, the salary or the auditors was increased from £42 to £60. Messrs John Batger and T. L. White, the retiring auditors, were then re-elected. - Mr Hughes then proposed a vote of thanks to the directors. " * Mr A. Beetham responded on behalf of the directors, and moved that a vote of thanks b* also' paid to the manager, agents, and officers of the company. This was seconded by Mr Hughes and, carried unanimously. Mr Hughes enquired if, when the salary of the (auditors was raised, it had been thought advisable to raise the salaries of the officers of the establishment ? . The Chairman replied that their salaries had been raised.- ■?' i v j j-u Mr. Boardman having acknowledged the vote of thanks to the manager and o&cers, the meeting (which was most unanimous throughout) concluded with the customary vote of thanks to the Chairman. -