N.Z. INSURANCE

Evening Post, Volume CXVI, Issue 33, 8 August 1933, Page 10

N.Z. INSURANCE

BUSINESS FOR THE YEAR

. Directors of New Zealand Insurance Company report for the year ended May 31, 1933, that the net revenue from fire, marine, and accident premiums amounts to £1,008,530 5s sd, compared with £1,050,351 last year. The balance brought forward from 1932 is £185,204 12s lid, less dividend at the rate of Is per share paid in August, 1932, £75,000, £110,204 12s lid. The surplus- on the year's operations^ after making'full provision for all ascertained losses.torlfay.jJJ;, aiid appropriation...for taxation of provision for depreciation of investments which is provided for in the investment fluctuation and contingency account), amounts to £74,604 4s 9d, and with the netincome .f.rom"'iritereet and rents, £120,043 16s; 0(L- in all £194,648 Is 6d. This* ■ sum, witKi,the balance brought ■ forward, £116,204 12s lid, making" a total of ;?.-£,;304j;852' 14s sd, has been dealt with ;»;:'f6l;lows:^lnterim dividend of Is per shafe'pajd^in: Ejebruary last, £75,000; .'.transferred to reserve fund, £50,000,> £125,000; leaving-a balance of £179,852:14s sd. ;:>; •: ■■^'""'" It is "proposed to pay a .^dividend of 2s per share for the year :(les(S'.ii)terim dividend of Is:per share paid-in February), which will absorb £75,0p0, : leaving.>• balance to be carried forward of ,£104,852 14s sd. ■" . ■,/•/ ■~:.'.. -'■■ The dividend is thesame'as that'of last year.. ■ ■■■ . . . .. ; ._ ~ . ./■ • Messrs. Henry Hortoc,, Charles I. Nathan, and F. A. Hellaby retire from the board as provided ■ 'by article of association, but are eligible, and offer themselves for re-election. ■ .; ; ,;-;r ;