SOUTH BRITISH INSURANCE

Evening Post, Volume XCVIII, Issue 82, 4 October 1919, Page 9

SOUTH BRITISH INSURANCE

(BT TELEGRAPH.—PRESS ASSOCIATION.)

AUCKLAND, 3rd October. The annual meeting of the shareholders of the South. British Insurance Company, Ltd., will be held on 23rd October. The report of the directors for the year ending 31st August, 1919, which will be submitted, btat«6 that the net premium revenue amounts to £645,953 3s sd, interest and rents Toceived and accrued after payment of income tax on the same amount to £59,422 11s 7d, malting a total revenue of £705,375 15s. lAfter making full provision for losses outstanding there is a surplus in the underwriting account of £84,125 13s Bd. The income from interest and rents as above amounts to £59,422 11s 7d, a,total of £143,546 5s 3d. This has been dealt with in the following manner:—To the reserve fund, £50,000; investment fluctuation fund, £15,000; reduction of company's office' premises, £15,000; officers' provident and superannuation funds,-£4989 11s lid; sinking funds of leaseholds; £425; a total of £85,414 Us lid, leaving available £53,133 13s 4d. Out of this an interim dividend of 2s 6d per share was paid in April, 1919, absorbing £25,000,' and the directors now recommend the payment of the balance of the profits of the year a dividend of 3s 3d per share, making the total distribution for the year 5s 9d per share, which will absorb £32,500, a total of £57,500, leaving £633 13s 4d. To this must be added the 'balance from August, 1918, less dividend paid in October, 1918, £57,801 17a 2d, leaving to bo carried to the new; account £58,235 10s 6d.