SOUTH BRITISH INSURANCE COMPANY

Nelson Evening Mail, Volume 76, 24 October 1941, Page 2

SOUTH BRITISH INSURANCE COMPANY

Auckland, Oct. 23. “The statement presented to-day out- . strips anything previously achieved." said the chairman of directors, Mr V. ! J. Larner, in moving the adoption of the 1 report and balance-sheet presented to the ' annual meeting of the South British In- ) sura nee Company to-day. “It would be a mistake, however, to j regard the figures as the result of one : year’s effort. They are the fruit of many . years of painstaking organisation.” ’ ‘ The war had caused a considerable in- ■ flux of revenue in many directions, he i said, and to meet marine hazards a general surcharge on normal rates had been universally adopted. ; Referring to frozen assets, he said that . securities had been written down and ’ frozen balances had been excluded from ' the company's assets. They had been ; treated as bad debts for the time being. The meeting decided to recognise the year's excellent work by a 10 per cut. bonus to the staff, 100 of whom were with the Armed Forces, and these would be j included in the bonus. j A recommendation was adopted by I the meeting for the payment of a final , dividend of Is per share and a bonus of 6d a share, making 2s 3d lor the year, to be distributed to-day. ! Messrs Larner and and S. Austin Carr ; were re-elected directors. The chairman and general manager, Mr James Mur- . ton, acknowledged votes of thanks to the ' directors and staff - 1 1 A.