COMMERCIAL

Nelson Evening Mail, Volume LXI, 9 August 1928, Page 2

COMMERCIAL

NEW ZEALANDHNSURANCE CO. (By Telegraph.—Press Association) AUCKLAND, Bth August. Addressing 'shareholders in the New Zealand Insurance Company at the annual meeting held yesterday, the chairman of directors, Mr H. Horton, said he Felt sure that having regard to. the difficulties that have operated during the year, shareholders would be pleased with the result. The underwriting profit amounted to £80,521, against £90,152 in 1927, but it was practically the #ame as in 1926.' Income showed an increase of ’'£33,722. "Tlic,total fire,,,marine,'; and accident premiums l -were '£1,150,232, an increase of £28,808. Expenses amounted 'to 31.41 per cent of the premium income, as compared with 30.1 per cent, over the previous period, an unsatisfactory state of affairs that the company had to contend with. The home territory had been one of the adverse features of the year, and as the company’s business was proportionately greater here than abroad, this had an obvious effect on results. /

After referring to the deplorable wastage in the Dominion through fires, the chairman stated that the company had had to face increased Competition both in New Zealand and in Australia. In East America and South Africa the business had been well maintained, and it was only because of successful operations in' these fields that the directors were able tq_ place before shareholders such satisfactory results. The Australian field had many difficult features and its fire waste was also too high, but not so bad as that in New Zealand. A normal increase was recorded in income from investments and rents, which this year stood at £130,272, as against last year. There had been a downward tendency in interest rates during the last few years, and the return showed a, slight drop from 5.33 per cent-, to 5.28 per cent. The high standard of investments was well maintained and values at which they appear on the books were conservative. On the liability side they would note that. e the reserve fund was now £475,000, as compared with £550,000 last year, the reduction being due to capitalisation of £150.000 of reserve, less the transfer of £75,000 to reserve this year. The reserve for unexpired risks had increased from £561,000 to £575,000, which was consistent with the company’s policy of maintaining 50. per cent in this accoiint. The total assets now stand at £.2,835,722, compared with £2,744,277. The board was pleased to be in a position to recommend a dividend of Is lOd per share, of which lid was paid as an interim. This would absorb £137,500, of which interests and rents had provided £1,303,272. The report and balance-sheet were adopted virtually without discussion. Sir .Tames Gunson and Messrs Charles Nathan and George H. Wilson were reelected directors. APPLES IN HAMBURG The firm of Messrs J. H. Lutten und SOlm, Hamburg, in a. recent letter to J. A. Redpath and Co., Christchurch, commenting on the fruit trade, stated that the demand during the season lias been fairly good, and taking into consideration‘that “our market during the period has taken about 800,000 cases we think your shippers will be satisfied -with results.” Reference is made to a scheme to secure direct shipments to Hamburg. The quality of New Zealand fruit received is described as good, and the American type of packing was liked. The fruit showed a nice colour. It is recommended that for direct shipments a minimum loading of 25,000 to 30,000 cases should be made. j ■FLOUR CHEAPER

United Press Association—By Electric Telegraph—Copyright SYDNEY, Bth August. The price of flour was lowered locally to-day by 10s a ton to £l2 10sEXPORT OF EGGS (Received 9th August,. 10.45 a.m*) SYDNEY, This Day. Mr J. Merrett, general manager of the Australia and New Zealand Egg. Export Federation, announced that he had arranged to> ship over ten million eggs during the next three months. Referring to the cablegram from New Zealand that, the Dominion Government had decided to give a guarantee on the basis of £3 5s a case of 30 dozen eggs on the London market, Mr Merrett said the New Zealand Government had guaranteed producers 2s 2d a dozen for the shipment. He added that £5,000,000 worth of eggs could he shipped to London, which would still ask for more. AUSTRALIAN FRUIT CROP (Received 9th August, 10.45 a.m.) x CANBERRA, This Day. The Markets Department estimated that the fruit crop this season will yield the unusually large pack of twenty million cans for consumption in Australia, in addition to fruit approved for export.