SOUTH BRITISH INSURANCE COMPANY.

Auckland Star, Volume XXI, Issue 279, 26 November 1890, Page 5

SOUTH BRITISH INSURANCE COMPANY.

An extraordinary general meeting o£ the shareholders of "the South British Inuuranco Company was held at eleven a.m. today, when the following resolution was proposed :—" That the capital of the Company, which now consists of £2,000,000 divided into 100,000 shares of £20 each, be reduced to £1,900,000, divided into 100,000 shares of £19 each, and that such reduction be effected by cancelling paid-up capital, which has been lost or is unrepresented by available assets, to the extent of £1 per share upen each of the 64,628 shares which have been issued and are now outstanding, and by reducing the nominal amount of all the shares in the Company's capital from £20 to £19 per share." There was a fair attendance of shareholders, .and Mr T. Peacock, Chairman of directors, occupied the chair.

The Chairman said: In moving the adoption of the resolution which has been read in your ""hearing, it is unnecessary for me to make many remarks, as the shareholders at previous meetings have been fully informed of what was to be done and the necessity for making - the reduction of capital provided in the preaenb resolution. I shall content myself by indicating the position which our finances will assume when effect i 9 given to the proposals of the Board. In the first place it is intrended to take from the reserve fund and investment reserve, which at present stands at £80,488, the sum of £6,0000 as a re-insurance fund sufficient to re-insure the whole of the Company's business, and which from time to time will be kept proportionate to that business. Then of the £64,628 capital to be written off parb will be applied to write off the amount of £44,682 standing to the debit of profit and loss in the last balance-sheet, and which included the cost ot retirement from America. The remainder of the capital written off; £19,946, and the balance of Reserve Fund, £20,488, making together £40,434, is available to meet the expenses of retiring from England and the Continent. Any balance of that sum not required for that purpose will form the nucleus of a Reserve Fund as distinct from the Re-insurance Fund.

The resolution was carried without discussion, and the Chairman announced that a special meeting would be held on the 12bh December to confirm the action now taken.