SOUTH BRITISH INSURANCE.

Auckland Star, Volume LVI, Issue 243, 14 October 1925, Page 8

SOUTH BRITISH INSURANCE.

SURPLUS OF £196,917.

DIVIDEND OF 2/1.

The report of the directors of the South British Insurance Company for the year ended August 31, 1925, states that the net premium revenue amounted to £905,917 4/8; interest and rents received and accrued, after payment of income tax on same, amounted to £111,091 9/3, making a total of £1,017,008 13/11. After making full provision for losses outstanding, there is a surplus in the underwriting account of £85,826 7/11, which, with the income from interest and rents, £11,091 9/3, makes a total of £196,917 17/2. This has been dealt with in the following manner: To reserve fund, £75,000; and to sinking funds of leaseholds, £425; leaving available £121,492 17/2. Out of this an interim dividend of 1/ a share was paid in April, absorbing £51,582, .and the directors now recommend the payment, out of the balance of profits for the year, of a dividend of 1/1 a share (making the total distribution for the year 2/1 a share), which will absorb £55,880 10/, a total of £107,462 10/. This leaves £14,030 7/2, to which must be added the balance from August, 1924. less dividend paid in October, 1924, £141,304 11/7, making to be carried to the new account £155.334 18/9. The retiring directors, Messrs. E. R. N.Russell and W.R. Wilson, offer themselves for re-election, as do the retiring auditors, Messrs. J. A. Duncan and N. A. Duthie.

The annual meeting of shareholders will be held on October 22. Guardian Trust Company. A statement of the position of the Guardian Trust and Executors Company of New Zealand, Limited, as at August 31, 1925, is issued with the report. The statement shows that the amount at credit of estates under administration, and including amount due to creditors of trust estate, was £2,580,881 5/6. This was represented by the following investments and cash: Landed property, £644,011 3/7; mortgages, £595 692 18/7: shares, £418,824 3/3; debentures, £79,332 4/3; New Zealand Government securities, £217,307; sundry debtors, £13,783, 16/7; partnerships and reversionary interests, £30,124 19/1; furniture, livestock, jewellery, life insurance, and sundry assets, £199,067 17/10; cash on deposit, savings bank balances and bills receivable. £66,319 7/6; trust bank accounts, balance at credit, £16,412 14/10. In addition, the company held debenture trusts not included in the above, amounting to £3,302,740. The following table shows the results of the company's working over a period of years Ex-

Premiums have shown satisfactory expansion and the expense rate, which reached its highest point last year, shows a slight reduction. As was the case last year the income and rents alone more than suffice to pay the dividend. The South British Company is a remarkably solid institution and the following figures from previous statements and the present one indicate a particularly satisfactory record:—

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Net Pre- Ex- Loss pense miums. Losses, penses. Rate. Kate. £ £ £ p.c. p.c. 1R05.. 200,239 136.160 50,229 65.0 24.0 1900.. 215.730 130,123 57.925 60.3 26.9 1903.. 297.S22 180,009 82,366 00,4 27.7 1910.. 336,542 197.320 94,824 58.B 28.1 1915.. 553,297 287,117 159.063 51.8 28.7 1918.. 656.9S9 329.466 215,176 50.1 32.7 1919. . 645.953 328.738 223.090 50.9 34.5 1020. . 792,664 369,194 256,543 46.4 32.3 1921.. 924,159 499,300 283,613 54.0 30.7 1922.. S93.340 538.2S9 279,038 G0.3 31.3 1023.. 866,387 491.940 294,178 56.S 33.9 1924.. 879.799 489.668 308,362 55.6 35.0 1925.. 905,917 496,709 313,382 54.82 34.59

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