QUEENSLAND INSURANCE.

Auckland Star, Volume LXVI, Issue 288, 5 December 1935, Page 4

QUEENSLAND INSURANCE.

EARNINGS MAINTAINED. DIVIDEND 8 PER CENT. , Surplus in insurance business, plus interest on investments, give the Queens- : land Insurance Company a total of 1 £108,174 earned during the year ended ! September 30. Figures from the accounts, together with those from, the previous year for comparison, follow:— il 1934. 10.35. ,• a £ Net profits 105,067 108,174 Dividend 50,000 60,000 To reserve 50,000 50,000 < Forward 41,90S 34,805 Losses 221,893 215,325 Charges 105,135 177,742 Taxation 24,683 20,730 Premiums 453.718 -107,893 Interest and rent ... 03,000 54.07S LIABILITIES. Capital paid up 500,000 750,000 Reserve fund . 400,000 300.000 Reserve unexpired risks 310,000 310,000 Sundry creditors .... 337,202 74,666 ASSETS. Govt, securities 819,931 038,647 Fixed deposits 250.801 245,780 | Municipal debs. '. .. . . 04,542 04 542 ! Shares 126,727 120,207 1' reeliold properties .. 105,301 l(i7 332 Cash i 05,446 40,038 Other 111,358 130,005 It will be seen tlirit premiums have shown a substantial increase. So also have losses, and charges, too, are higher. As a result the net figures are slightly above I those of the previous year. Ihe eftects of the capital chaises made last year, when shareholders received bonus shares in the proportion of one new share for every two held, are shown. At S per cent, the dividend allocation now requires £60,000. as compared with £50,000 for the 10 per cent distribution previously made. Reserves are still maintained at big figures and now include £938,047 in Government securities. GISBORNE SHEEPFARMERS. INCREASED PROFITS. A net profit of £11,981, an increase of £1948, was earned by the Gisborne Sheepfarmers' Frozen Meat and Mercantile Company, Ltd., during the year ended August 31. With £805 brought forward £12,780 was available, and this has been distributed as follows: Payment of freezing and mercantile preference share dividends, £800; payment of a 2 per cent dividend on ordinary shares, £3971; the transfer of £4427 to general reserve, and £2500 to bad debts reserve; leaving £1088 to be carried forward. Speaking at the annual meeting at Gisborne last week, Mr. H. I!. Williams, chairman of directors, said considerable quantities of stock continued to leave the district each year, and the quantity frozen was much less than it was when three factories were operating. Producers could not expect a reduction or even a continuation of the present freezing rates if the quantities frozen continued to decrease year after year. In spite of the disappointing wool prices during the year under review the mercantile side of the business showed a reasonably good profit, Mr. Williams said. During the year the business of the Tokomaru Farmers' Co-operative Company, Ltd., was purchased, thus consolidating the company's interests at Tokomaru Bay. Merchandise turnover at head office and all branches already showed an increase on the corresponding period for last year, and together with tile improved outlook for wool, should result in a better return from the department. NEW PRIVATE COMPANY. The following private company has been registered in Auckland: — Fruit Juices, Limited, cordial manufacturers, etc. Capital. £2000 in £1 shares. Subscribers: L. E. Bull, 600 fully paid and 1000 contributing shares; A. M. J. Ogden and T. A. Thrana, 100 fully paid and 100 contributing shares each.