COMPANY AFFAIRS.

Auckland Star, Volume LX, Issue 244, 15 October 1929, Page 4

COMPANY AFFAIRS.

SOUTH BRITISH INSURANCE. INCREASED PROFITS. The annual report of the South British Insurance Company'for the year ended August 31, just issued, states that the net premium revenue ■amounted to £1,051,842, and interest and rents received a-nd accrued, after payments of income tax, amounted to £134,346. After making full provision for losses outstanding there is a surplus in the underwriting account of £90,770. The total of £225,117 has been dealt with as follows:—To reserve fund, £75,000; sinking fund of leasehold, £483. (; An interim dividend of 1/3 a share was paid in April. The dicetors now recommend the payment of a dividend of 1/4 a share (making the total distribution for the year 2/7 per share). This distribution will leave a balance to the new account of £209,691. The directors place on record their regret at the death of Mr. J. F. Upton, a member of the board. The vacancy was filled by the appointment of Mr. Victor Murray, for many years the company's manager in Calcutta and the Far East. Since his retirement, Mr. Murray has been a member of the London board and has now taken up his residence in Auckland. The retiring directors are Sir George Elliot and Mr. W. R. Wilson, who offer themselves for re-election. Following is a comparison of the company's results for the last three years:— 1926-27. 1927-28. 1928-29 £ '' £ £ ' Premium income 1,046,753 1,038,047 1,051,842 Expenses 311,805 322,512 317,558 Ratio, p.c. 2979 31.07 30.19 Losses 617.502 G28.558 641.453 Ratio p.c. 50.00 60,55 60.9S To risks reserve 34,000 — 2,000 .Surplus ... 83,380 80,976 90,770 Int and rent 120,780 120,149 134,346 Totals 371,901 393,467 418,427 To reserve 75,000 75,000 75,000 Sinking fund 500 090 483 dividend rates 2/3 2/5 2/7 Amonut .. 116,069 124,056 133,253 Carried f0rwd180,342 193,311 209,691 The Guardian Trust. A statement of the position of the Guardian Trust and Executors Company of New Zealand, Limited, is issued with the report. It shows that the amount at credit of estates under administration (including amount due to creditors of trust estates) was £5,766,008. In addition, the company holds debenture trusts, not included in the above, amounting to £3,896,487. HIKURANGI COAL COMPANY. In order to make a vacancy on the board of directors of the Hikurangi Coal Company for a representative of the Dominion Investment Company, Mr. A. . Parker has retired after having done good work for the past couple of years, during which period the directors have had a trying time owing to the sudden influx of. water that took place about twelve months ago. The water is now being steadily lowered by the pumps and it is hoped before long that the company.will be in a position to resume breaking out coal. SIX NEW REGISTRATIONS. Six private companies were registered in Auckland yesterday. Details are as folloAv:— Crum Brick, Tile and Pottery Company, Limited, manufacturers of bricks, pipes, and earthenware. Capital, £25,000 in £1 shares. Subscribers: Colin Albert Crum, Jack Albert Crum, Gordon Albert Crum and Harry Albert Crum, 6250 shares each. Len Fisher, Limited, chemists and druggists. Capital, £2500 in £1 shares. Subscribers: Leonard Fisher, 2499 shares; Grace Evelyn Fisher, 1 share.' Sly's Piano House, Limited, dealers in musical instruments. Capital, £1000 in £1 shares. Subscribers: Edric Allen Sly, 999 shares; Lloyd Murray Sly, 1 share. H. A. Ramm, Limited, 'builders and contractors. Capital, £700 in £1 shares. Subscribers: Henry Archer Ramm, 680 shares; Helena Ramm and John William Cnanehaw, 10 shares each. New Zealand Retailers' Trade Protection Bureau, Limited, financial agents and debt collectors. Capital, £450 in. £1 shares. Subscribers: Albert John Crocker, 150 shares; John Shearer Mar Donald, 100 shares; Arthur Evan Dobbie, Harry de Berdt Fleming, James David McMillan and Sydney John Sapsford, 50 shares each. Northern Securities, Limited, stock brokers and insurance agents. Capital, £100 in £1 shares. Subscribers: Charles Simpson and Alma Mee, 50 shares each. Another rural intermediate, credit society was also registered in Auckland yesterday, the organisation having been formed at Te Puke. At the time of "registration there were 22 subscribers, all of whom were farmers in the Te Puke and Pongakawa district, and all of whom have taken 25 shares. The first directors are Charles Lewis Luke, Henry Jocelyn Gill, Arthur Berkley Morton and Walter John Griffin, all of Te Puke, farmers, and Frederick John Evelyn Moore, district intermediate credit supervisor. The .actingsecretary and treasurer is William Elliott Hookey, solicitor. of/Te Puke.