NATIONAL INSURANCE COMPANY.

Press, Volume LXIV, Issue 19459, 5 November 1928, Page 12

NATIONAL INSURANCE COMPANY.

Brief mention was made ina recent issue to the operations o( the above .company daring the past year, and the balance-sheet now to hand provides further interesting details of the progress of this successful ganisation.The paid-up . capital in ■ was £100,000; <in . 1917;23, £800,000; and in 1921-28, £300,000.; . statement of operations over a period'is as follows:

* £IOO,OOO distributed among shareholders to meet a call.of, 10s per share. The net surplus for the post year comes out at £59,527, or a return of 19,84 per cent ■ The rate of dividend recommended, being thei same as that of a year ago, there is - a balance' of 7.84 per; cent, to apply to i reserves. ■. • . ' , " Expenditure in,the general group is down toi £80;658. ' : 'Taken'inJ conjunction with a large premium income, its ratio is brought as, low as 82.88 per cent., as against 86.46 :pei cent, for 1926-27. • Government. taxes, inclusive of those levied on interest, rents, 'etc.. wo reduced to £7855, while bad debts i claim some '£26o. With the general drop lift' expenditure, the opportunity is taken to iraiae the reserve for. reinsuring current risks iby £IO,OOO, bringing it up to £102,000. The'chief feature of the balance-sheet is the extensive addition to freehold properties. At £168,880 they have more than doubled during the year, and have risen roughly from lone-tebth',to, one-fifth' of . the total assets.. 'One effect of the laVg'er 'amount placed in fixtures is to bring the liquid ■ investments | down to £577,858. Government securities, having been principally drawn upon, are reduced to £867,089, while debentures and loans on mortgage .have been cut down to £116,012 and £104,751 respectively. Sundry creditors have made a pronounced rise to £88,423, possibly as !» result ol the enhanced expenditure on "freehold properties. An appropriation of £26,256 for losßes unpaid raises the total liabilities to outsiders to £64/679. Two years ago the aggregate was £29,915. ' This year the largest addition, to reserves has been allotted to current risks reserve,, which now Btands at £102,000, investment fluctuations acconnt is by the recent' transfer increased to £11,421, while the general reserve has reached £335,000.

Dividend .General. Net with Sept. • 30, 1023 Reserves. Profit, bonus, p.c. M *470,856 52,086 . 104 1923 '500,604 64,748 17J 1924 i. *401,325 ' 33,221 •10 5-6 1925 ' 431,636 67,811 10 5-6 1926, • i.. 448,296 49,160 10 5-6 1927 .. 462,608 54,234 12} 1928 ... 484,850 69,527. ■ 124