COMMERCIAL

Gisborne Times, Volume LXXII, Issue 11514, 16 December 1931, Page 6

COMMERCIAL

A.P.A. ASSOCIATION

The Australian Provincial Assurance Association, Lid., Sydney, wrote £445,824 new business during the year ended September 30. a reduction ol £128.111 on that of (bo previous year. In New Zealand the volume of new business was well Jiiaintainejl. .l Total premium income was £266.488, against <£289,466 in the: previous year. Taxation amounted to £44.783, against '£-22,771 in 1930., and £5352 in 1928. Income tax now absorb s nearly half the nbt amount available for distribution to policy-holders and shareholders. The surplus of revenue over expenditure is £173.316, of which Ji77,843 is transferred to appropriation account and £97.973 to the assurance funds, increasing tiioso funds to £2,445,000.

Tn view of the conditions prevailing, (he directors do not make a bonus declaration, jior, in view of the enormous inroads into net profit, by Federal and State income tax authorities do they recommend a dividend. From (be transfer of £77,343 to appropriation account they have carried £15,000 to a special bonus reserve account for futuro consideration, and £58,000 bus been utilised in reducing .the establishment account to £55.000.

The balance shoe shows capital of £357,028. Assets amount to £2,955,042, of which <£1,031,435 is in Government securities.