QUEENSLAND INSURANCE

Evening Post, Volume CX, Issue 132, 2 December 1930, Page 14

QUEENSLAND INSURANCE

NO BONUS THIS YEAR

Director? of Queensland 'Insurance" Co., Reporting for the year ended 30th September, state that revenue from the year's operations amounted to a'profit of £62,298 12s lid, to' which' has to be added the fcredit balance brought forward from last year of £41,424 9s 9d, a total of £103,723 2s Bd, which it is proposed to appropriate as follows: —Payment of a dividend of 2s Kl>ei' share out of the year's profits, place ;£25,000 to reserve (making £275,000), and carry forward £28,723 2s Bd. The report ! adds: "The fullest provision has been made ''for all known and outstanding liabilities. : B?he directors, regret that the operations ,lor the year have not been more satisfaci Aory, which can be attributed to the worldi'wide depression at present prevailing. Re- • iults from marine underwritings in Lon- : Vlon also proved unfavourable, but the '.transaction of this class of business has now fcecn considerably curtailed. The Hon. JThomas Waddell and Mr. A. M'Vernon, rejtiring' directors, offer themselves for reelection, and no other nominations have Tjeen received. The profit last year was £82,508 13s Bd, to which was added £21,415 brought forJward from 1028, making a total of £103,- ---.. 524. 9s 9d. A bonus of 6d per share was then paid additional to the dividend of 10 per cent., as declared this year, and £41,----#24 9s 9d was carried forward. Principal items in the balance-sheet as ht 30th September compare as follow: — Liabilities, Sept., 1930. Sept., 1929. £ £ JPaid-up capital .... 500,000 500,000 Reserve 250,000 250,000 Beserve for unexpired risk 400,000 400,000 Sundry creditors .. 400,891 470,079 Revenue account .. 103,723 103,924 Assets. Gpvt. securities .... 759,422 762,900 Fixed deposits 236,000 191,500 Municipal securities 107,004 107,004 Freehold properties 160,223 159,683 Shares and bonds .. -224,099 161,760 Cash 53,744 85,901 Sundry debtors 20,652 25,978 Reinsurances, efcJ. .. 22,581 86,725 Branch, balances .... 164.257 341,551 ."Losses 485,039 494,587 f&arges ; ; 278,572 275,753 Premiums ..-. .' 774,560 832,418 Interest and rents . 79,582 75,584 taxation 25,232 35,152