SOUTH BRITISH INSURANCE COMPANY.

Press, Volume XLVIL, Issue 7720, 27 November 1890, Page 5

SOUTH BRITISH INSURANCE COMPANY.

[gSgiS A3SC>CIATIOtr Tgr.KOßAßfc] * ' AUCKLAND, November 26. ? At a meeting of the Sou th British Insurance Company- a resolution was carried that the capital of the Company be redaeed to £1,900,000, divided into 1«),000 shares oi £19 each, by cancelling paid-up capital lost or unrepresented by available assets to the extent of £1 per share upon 64,628 shares issued, and by reducing the nominal amount of all the shares in the Company's capital from £20 Co £19 per share. The Chairman, in moving the adoption of the resolution, said it was intended to take from the reserve fund and investment reserve, which at present Stands at £80,488, the sum of £6000 as a re-fnsuraucenznd sufficient to reinsure the wholelOf theCompany's business, and which from time to time will be kept proper?,: tloaate to that business. Then of the j £64,028 capital to be written off, part will! be applied to write off the amount of! ;&44,05£ standing to debit of profit and loeg J Is* the laet balance-sheet, and in which is | included the cast of the retirement fsom ; America, the remainder of the eaplfcaj written oST, aud the balance of the reserve fund, £20,483, making together i£40,434 available to meet the expenses oi retirfßg from England sad the Continent, Any balance of that sum not required for that purpose will form the taucleas of a | reserve fund as distinct from the re- : Ineurasce fond, i