SOUTH BRITISH.

Auckland Star, Volume LXVIII, Issue 236, 5 October 1937, Page 4

SOUTH BRITISH.

RECORD PREMIUM INCOME. LESS UNDERWRITING PROFIT. FINAL DIVIDEND 1/3 PER SHARK. A record in net, premium income is dirsclosed in tiic annual accounts just issued by tiu Smith British liiMilalicu Company l"i- the year ended August 31. The at £1.181.009 is £141.. r i3» higher tli.in l.i«L year's amount and £ 12!). 707 jjre.it 1 r than th o previous peak attained in l!)2il.

Lo.-ses have been heavier than usual and as a result the underwriting surplus is lower.

Net interest and rental returns added to the premium income provide a total ot £1.323.304. The underwriting surplus is obtained alter the making of lull provision for lossii-; outstanding and for taxation. After addimi the income from interest and rente the total available is £247.0.58.

The directors have transferred £100.000 to contingencies reserve and £08,770 was absorbed in the payment of an interim dividend of I' 4 a share. They now propose a final dividend of 1/5 a share, nnkiiiL' the total distribution for the year 2 0 a share, asraintit 2 S a shaie, which was maintained from W.TO to 1030. The final dividend will absorb £73.074 10' and €227.72.1 will be carried forward, against £221.017 brought in.

The retiring directors are Messrs. K. B. Afyers and V, .T. Lamer, who arc available for re-election.

Comparison of Results. Following is a comparison of the company's results for the past three years: — 193.". 1030. 1!)37. £ a £ Prem. income SO.l.lift" 1,040,070 1,181,009 Expenses . . U'77.!>74 2U5.4ftl 1'tt3,578 KiUlo, p.c. . 31.03 US.4I 124.«5 Losses .... JR-J.fUl riCL'.OOO 704,i^S Kaflo, p.c. . r>3.02 r>4.03 T)!*..")!* Kisks reserve 400,000 5(32.000 640,000 Surplus ... 04.752 110.000 105,003 Inf. and rents 12«i,751 120.130 141,733 Hrt. forward 213,744 210,730 221^017 Totals . 437,282 4.-|9,400 400^575 To reserve . — 23,000 — To cont. res. ."0,000 73,000 100,000 Premises a/c 30000 Uiv. IMT cent. 13 1-3 13 1-3 13J Amount . 137,.">r>2 137,552 141,850 Car. forward 210,730 221,017 227,725 THE GUARDIAN TRUST.

A statement of the position of the Guardian Trust and Executors Company of New Zealand, Limited, as at August 31 ehoivs that the amount at credit of rotate under administration, including amount due to creditors of trust estates, was £0,821,874. and securities held as trustee for debenture-holders totalled £3,500.613. New business for the year affected asseus totalling £1,258.725. The total value of assets now under tho administration of the company is £ 13.372.48f), acainst £13,006,043 last year and £10,6.">0 in 1015.

The report states that the increase of business lafit year was one of the larpest l'ppordccl in the history of tho company. Realisations during the year also reached a record figure.

SUBDIVISION OF SHARES. A proposal that the existing £1 shares of the South British Insurance Company, Limited, should be divided into two fully paid up 10/ shares is to be submitted to shareholders at a special meeting following the annual meeting on October 28. An addition to the articles of association is also proposed in the form of a machinery clause dealing with the payment of any dividend or bonus.