SOUTH BRITISH INSURANCE.

Auckland Star, Volume LIII, Issue 246, 17 October 1922, Page 7

SOUTH BRITISH INSURANCE.

YEAR'S PROFIT OF £160,760.

DIVIDEND OF 1/8 A SHA7£E.

The report of the directors of the South British Insurance Company for the year ended August 31, 1922, states that* the net premium revenue amounts to £593,340 7/7; interest and rents received and accrued, after payment of income tax on same, amount to £85,3!>5 17/9, making a total of £978,G9G 5/4. After making full provision for losses outstanding, there is a surplus in_the underwriting account of £70,4i2 17/5, which with the income from interest and rents makes the amount available £160.768 15/2. This has been dealt with in the following manner:—To reserve fund, £35.000; and to sinking funds of leaseholds, £425; leaving available £125,343 15/2. Out of this an interim dividend of 10d per share was paid in April, 1922, absorbing £41,006 13/4; and the directors now recommend the payment, out of the balance of the profits of the year, of a dividend of 10d per share "(making the total distrbiution for the year 1/8 per share), which will absorb £41,606 13/4; a total of £83,333 6/8. This leaves £42,010 8/6, to which must be added the balance from August, 1921, lese dividend paid in October, 1921, £69,800 17/3, making to be carried forward to the new account £111,811 5/9. The directors record with regret the death during the year of two of their colleagues, Mr. Thos. Peacock and Mr. John Kdson. The retiriii" directors, Messrs. W. K. Wilson and G. Elliot, offer themselves for re-election. Messrs. J. A. Duncan and N. A. Duthie, the retiring auditors, offer themselves for re-election. The annual meeting of shareholders will be held on October 26.