SOUTH BRITISH INSURANCE COMPANY.

Daily Telegraph (Napier), Issue 3819, 12 October 1883, Page 4

SOUTH BRITISH INSURANCE COMPANY.

IBY TELEGRAPH.] Auckland, This day. The annual meeting of the South British Insurance Company was held on AVednesTho director's report shoAved that lbs income, including the balance brought torward from last half-year, is £2.32 911 lis Id; the general expenditure is ,£200,83.1 4s Gd. Tho balance to tho credit of the profit, and loss account at the close of the books Avas £32,070 lis 7d, from which the directors recommend the payment of a dividend of 15 per cent, per annum (less interim dividend of 5 per cent, paid in April last.) profit and loss account Cr - £ a d To dividend paid ill October, 1889 ~ 0 0 To divklcnd in April 1883 .. 5 091 6 4 Losses paid and outstanding 1-0,063 0 10 Salaries, etc. <30,0-lb - o Underwriters Association and Fire Brigades .. 1,203 13 0 Licenses and taxes .. .. « - Advertising, etc 3,oqJ o o Transferred to reserve .. lb/ iv v Balance 32,07Gjd Total .. ..£232,911 16 1 Dr. By balance from hist halfBfiW .. ... ..l.'?^ 1 ; Premiums less re-insurances 200,0-lH „ o Interests received and accrued _J_______J. Total .. ..£232,911 10. 1 The Chairman, Captain Daldy, m moving the adoption of the report, said that the net premiums amounted to £205,000, showing an increase of £50,000 over the corresponding period of 1882, He believed they were now doing as large a business as was. done by any colonial insurance company in the southern hemisphere. Tho loss account Avas above the average, but after making very ample provision for every known casuahty with a sum of £10,400, they Avere still able to carry forward the respectable balance oi £32,000. The expenses Avere 5 per cent. below the average for five yours, although considerable outlay had been incurred in establishing new centres of operations. In their assets there avus a considerable increase in landed property, and the directors were acquiring freeholds in the very best positions in the large centres of population Avhere they Avere doing 1 msiiiess. They had a large amount of money in the banks at command, and Avere thus making provision for any extraordinary demands. Of the 25 000 new issue shares that were offered to'the shareholders 13,000 had been subscribed for, and the premium on the same was placed to the reserve, Avhich, with £187 10s from the profit and loss account, rounded the reserve oil' to £100,000. Immediately after the issue of these shares a.stringency in the money market disinclined many from taking them up, but the amount taken was quite sufficient to meet requirements, and from tho advance made by the com pan y this year the directors felt no doubt that thoy Avould be able to place the balance at the reserve, and in fact they Avere now corresponding with parties in other colonies for tho disposal of those shares. It ivas tho intention of tho directors at an early date to convene an extraordinary mooting of shareholders to altcrrulo 91, by omitting thoAVords, "Not exceeding ten pounds per centum per annum," thereby enabling tlie directors, if business permitted it, to equalise the interim dividend. Their steady increase of business he attributed to the character and ability of the general manager and staff. There Avero now thirteen branches and forty agencies in operation, besides subagencies, Mr Joseph Howard briefly seconded the adoption of the report, which Avas agreed *°- , «, • In answer to a question, the Chairman Baid that on the Avhole the business in New Zealand had not been so profitable as m other places. Invcrcargill, for instance, had been decidedly Avarm. Messrs J. Howard and A. Buckland Avere re-elected directors. A vote of thanks Avas passed to the general manger, local manager, agents, and staff. ... .i Mr Johnston responded, thanking the shareholders, and the meeting terminated.