South British Insurance Co.

Hastings Standard, Issue 449, 13 October 1897, Page 2

South British Insurance Co.

ANNUAL MEETING,

(By Telegraph.)

(Per Press Association.)

Auckland, This day. The annual meeting of the South British Insurance Company was held to-day. The chairman, Mr T. Peacock, in moving the adoption of the report said the results of the business for the year were very satisfactotyln spite of the fact that the year one of heavy losses throughout the world to all companies doing similar business to theirs. They had a profit on fire and the underwriting of upwards of £17,000 and the profits from all sources, including interest, would bring it to £88,140. The net premium for the year amounted to £214,415. This was slightly under the amount for last year, but the reduction was caused by voluntarily withdrawing from business and that proved a profitable loss. The rates had been £6687 as against £2807. The fixed deposits had been increased by £19,289. The board had placed £IO,OOO to the reserve fund, making it £IOO,OOO. The directors felt justified in recommending that the dividend be increased to 2s per the half year, making 3s 6d for the year. He expressed gratification that the adoption of reasonable fire tariffs had made considerable progress in Australia and he anticipated they would be adopted at an early date in the remaining colonies. Objection was raised to the proposed Fire Insurance Bill. The report of accounts was adop-' ted. Messrs J. H. Upton and J. Batcher were re-elected directors. A dividend of 8s 6d per share was declared for the year.