SOUTH BRITISH INSURANCE COMPANY.
[PEK PBES3 ASSOCIATION.] AUCK'LAN T b; : This Day.— When moving tire adoption of the annual report ; of; the,] South British Insurance Company the Chairman said that the year’s operations illustrated the necessitudes t,q. winch insurance business is subject,,,. Alter several years of prosperity, the results were less favour able. Thfyipct; premium revenue was £15,511 less,,than the previous year. This was .to some extent explained by lower rates- an unreasonable competition and trade depression. The expenses showed, an increase of £10,636 of which £3OOO was the cost of turning the business into a Limited Liability Company.' The full benefit of the ’other Expenditure was not yet realised. Compulsory payments under, the Fire Brigades Act formed an appreciable addition to the expenditure and there must be a readjustment of rates to meet these charges. The underwriting, ■profit was £14,768 being 4.64 against 6.64 per cent. Fire business vinpNow- Zealand was an absolute loss-ad' ih-.Canterbury alone the Company-"had" lost £356,000 in one year. -Y ,iV -
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Greymouth Evening Star, 8 October 1908, Page 2
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166SOUTH BRITISH INSURANCE COMPANY. Greymouth Evening Star, 8 October 1908, Page 2
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