SOUTH BRITISH INSURANCE.

Auckland Star, Volume LI, Issue 248, 16 October 1920, Page 6

SOUTH BRITISH INSURANCE.

REVENUE OF £86,779. DIVIDEND OF 7/ TER SHAKE. The report and- balance-sheet of the directors 0/ the South ISritish Insurance Company, Limited, which will be presented to the shareholders' annual meeting, to be held on October 28, has been issued. The report states: — The net premium revenue amounts to £7ft2.G63 19/11, interest and rents received and accrned after payment of income tax amount to £71.115 ' 9/8, making a total revenue of £863,779 9/7. After making full provision for losses out* standing, there is a surplus in the underwriting account of £100.027 1/2. Income from interest and rents amounts to £■71.11.5 0/8, making a totai of £'172.042 10/10. This siTTu has been dealt with in the following manner:—To reserve ■fund, £75,000; investment fluctuation fund, £20.000; sinking funds of leaseholds. £4155: representing a total of e>3.425. and leaving available £76,1W 10/10. Out of the amount available for distribution aji interim dividend of 3/3 per share was paid in April last, absorbing £32,500. The directors now recommend tlie payment oat of the balance of the profits of the year, of a dividend of 3/9 per share (making the total distribution for the rear 7-/ per share), which will absorb £37,500, bringing the amount paid in dividends to £70.000. and le&v. ing a balance of 10/'lO. To this must lie added the balance from August 1019 (less dividend paid in October 1019), of £05,230 10/6. The sum to be carried; to the new account is thus £M,So3 1/4. The directors recommend that the company's shares, namely 400.000 of £5 each, be subdivided into 2,000.000 shares of £'1 each, and that orpon each of tho issued shares, which, after subdivision, will number 1.000,000, the sum of 10/ shall -be credited as pail up. A resolution to that effect will be moved at an extraordinary general meeting of shareholders, to be held at the conclusion of tlie ordinary meeting. Resolutions providing for alterations in certain of the company's articles will also be submitted at the extraordinary meeting. The retiring directors. Messrs. Peac.icK and V. J. Lamer, offer themselves for re-election. Messrs. T. A. Duncan and X. A. Duthie. the retiring- auditors, oho offer themselves lor re-election.