SOUTH BRITISH INSURANCE COMPANY

Evening Post, Volume xc, Issue 79, 1 October 1915, Page 8

SOUTH BRITISH INSURANCE COMPANY

ANNUAL REPORT. (IT miGRAPH— MESB iSSOCUIWNJ AUCKLAND, This Bay. The annual report of the ' Sooth British Insurance Company states that the net preminm revenue amounts to £553,296 lls 2d, the income from interest and rents received and accrued is £42,898 4s Id, the total being £596,194 15s 3d. After making full provision for losses outstanding, there is a surplus in the underwriting account of £67,116 3s Id. Income from interest and rents amounts to £42,898 4s Id, to which has to be added a balance from August, 1914, less the dividend paid in October, 1914 (£37,060 15s sd), making the amount at the credit of the Profit and Loss Account £147,075 2s 7d. This last has been dealt with in the following manner : — An interim dividend of 2s 3d per share was paid in April, 1915, £22,500 ; transferred to reserve fund, £20,000 ; to investment fluctuation fund, £20,000; to Auckland leasehold sinking fund, £200 j to the London leasehold sinking fund, £225 ; contribution to officers' provident and superannuation funds, £4740 5s lid; total, £67,665 5s lid, leaving £79,409 16s Bd. The directors now recommend the payment of a dividend of 2s 3d per share for the halfyear ended 31st August, 1915 (making a total distribution of 4s 6d per share), which will absorg £22,500. The payment of a bonus to the staff will absorb £8500. This leaves to be carried to new account £48,409 16s Bd.