UNITED INSURANCE CO.

Manawatu Times, Volume XLIX, Issue 3492, 30 October 1926, Page 11

UNITED INSURANCE CO.

The statement of accounts of the United Insurance Company for the year ended September 30 shows total . receipts of £570,659, against £581,673 in the. previous year. Fire, marine and accident losses amounted to £131,018, against £101,464, expenses of management to £49,494 against £50,992, and agency ex'pensos, reinsurances, etc., to £332,829 against £337,670, the balance for the year being £66,320 against £91,545, the reduction being due to heavier losses. The usual 10 per cent, dividend has been declared, and this absorbs £40,000, no additions are made to any of the reserves, but £25,000 is set aside for special distribution, the hoard having decided, subject to confirmation by shareholders, to issue 5000 unallotted shares, and to distribute them in the proportion of ono new share for every 16 shares held, and to utilise the special distribution of £25,000 to pay for those shares. The paid-up capital of the company is now £400,000. Tho reserve fund stands at £175,000, the reinsurance reserve at £133,000, the reserve for equalisation of dividends at £20,000, and the reserve for depreciation at £30,000. Sundry creditors account for £73,577, and the contingent account stands at £55, 080. Tho assets include: Deposits at Interest, £141,550; Government securities, £479.300; debentures, £55.412; mortgages. £86,565; freehold property, £103,691: cash, etc., £33,108; debtors £23,156; and interest accrued, £1 o'. 19 5.