STATE FIRE INSURANCE OFFICE

Dominion, Volume 10, Issue 3014, 27 February 1917, Page 6

STATE FIRE INSURANCE OFFICE

~\£.x α-hqfits FOR, xyio. , The twelfth year of the State Fire Insurance Office's operations closed on jJecemUer 31 last. The year shows a gross surplus of £39,274, which is allocated as follows: —Unearned premium reserve, £2577; investment nuctuation reserve, £iU00; leaving -net proiit of £35,6y7. The largest • profit previously shown was £20,652 for 19iS. The net losses for 1916 totalled £21,897, being 28.22 per cent, only of premium income, which is abnormally low. The net increase of premium is £6443, and compares favourably with previous years. The working expense ratio is 27.3 per cent, of premiums. The total accumulated funds at the close of the year amounted to £155,958, the increase for the year being £39,274. An interesting return prepared by the accountant shows that for the first six years the average net income was and the average profits £1174, working expense and loss ratio being 36.6 percent, and 51.06 per cent. For the second six years tho average net income was £65,542, and average profits £19,145, working expense and loss ratio being 27.3 and 40.45 per cent, respectively. , The Hon. W. *D. S. Mac Donald, referring to the accumulated funds, now £155,958, said: "In ordinary circumstances with this sum in hand we could have seriously considered the question i of the distribution of a bonus to policy- I holders, as provided for in the State i Fire Act, but owing to the depleted state of the staff and the large amount of labour involveofin making tlie assess- I ment, the question must necessarily bo. ! held over pending the termination of i the war. Before the assessment can be ' made it will bo necessary also to so- j cure extended office accommodation I :' = i Try Queen's Oak Bar, Cuba Street, fo> dainty luiwheons. —Advt. Messrs. Williams and Kettle, T,td., under instructions from Mr. Aγ. H. liathbonc, will sell tho whole of his purebred stock by auction on March 2. Particu- j lars are advertised. UP-TO-DATE CAR. T7IOR immediato dfclivcry, new 15-20 -T h.p. TFIRKE-'SHATKB CAT?, Electric light and starter. Painted biscuit colour, all usual accessories, including spare wheel, khaki hood, screen, and speedometer. . PRICE, £375. SCOTT MOTOR AGENCY, 59 Lower Cuba Street.