SOUTH BRITISH INSURANCE COMPANY.

New Zealand Herald, Volume X, Issue 2906, 22 May 1873, Page 3

SOUTH BRITISH INSURANCE COMPANY.

HALF-YEARLY" MEETING. Thb first half-yearly meeting of the South British Fire una Marine Insurance Company was held in the company's office, Queen-street yesterday afternoon, —A. Beetham, Esq., in the chair. About sixty shareholders were present. The following is the directors' report for the past half-year, with balance-sheet: — First Report of the Directors of the Soutli British Fire aad Marine Insu.aace Company .\V>v Zealand, for the half-year ending February *25 th, 1&73, presented at the General Meeting of Shareholders, held at the Office of the Company, Queen-street, Auckland, on Wednesday, May 21st, 1573. The directors have the pleasure of presenting to the shareholders their first half-yearly report and balance-sheet. It will be seen from the statement of accounts now submitted that the company has received for premiums during the first half-year of its operations the sum of £14,001 9s 7d : th*t the losses incurred amount to £'3,150 7s 9d, incWuling £190 15s unpaid at the date of this report; and the sum invested to £21,53G G* Ci. After paying the whole of the expenses of forming and establishing the company, and the ordinary halfyearly expenditure, there is a balance to the credit of profit and loss account of £7,004 9s 3d, to be carried to profit and loss " new account." It is scarcely necessary to remind shareholders that premiums received are not profit until the policies on account of which they have been received expire ; and, therefore, there is now no mention of a dividend. The directors congratulate the shareholders on the gratifying amount of success which has been attained by the company during the ricst half-year of its existence, and invite your continued co-operation, so as to further extend the business of the company. Several important agencies (as those of London and Melbourne) are not yet in complete working order. An extension of business will uaturaliy follow upon these various coming Into full operation. Your directors, considering the constantly-increas-ing business of the company, took measures for calling an extraordinary general meeting of shareholders, to consider the propriety of increasing the caoital of the company. It is the duty of the shareholders at this meeting to elect two auditors for the ensuing year, and to fix the remuneration which shall be glv-n to them. The directors appointed Messrs. J. W'avmonth atul 11. &. Warner to audit the accounts of the past half-vear, and these gentlemen are eligible for election by the shareholders.

For the Hoard of Directors. A. Ueetiiam, Chairman.

We have examined the above balance-sheet and the accounts, compared with them the vouchers, and found them to be correct. We are of opinion that it is a full and fair balance-sheet, containing ihe particulars required by the company's articles of association ; and that the above balauce-sheet and protit and loss accouut are properly drawn up, and exhibit a true and correct view of the state n? the company's affairs. J. Wavmoutii, i H. N. Wauxeb, ) Auckland, 19tli Jlay, 1873.

—The Chairman, iu moving the adoption of the report, said: Gentlemen and shareholders, —It is with feelings of the utmost gratification aud prido that I now rise to propose the adoption of this, the first half-yearly report of the South British Insurance Company. When I review the history of the comprmy from its smnll beginning, ten mouths ago, 1 cannot but say that it lias been an unparalleled success, and I coagratulute you upon it. When 1 see around me such a large number of gentlemen interested in the alfairs of this insurance company, and consider what it was only six months back, I say that tills effect must havo some adequate rnuse. I see hero the representatives of over 00'J gentlemen of the first standing and position ill New Zealand, and representing this institution, which extends its ramifications through the length and breadth of this country, wherever the English lauguago is spoken, and its beneficial inlluenco is already being extended beyond the seas. This success, gentlemen, has been obtained within a very little over three months. I have called it, unparalleled, and I do not think that the word can be taken exception to. This success has been obtained through the activity, energy, ability, and prudence of those gentlemen whose sympathies I wus fortunate enough to obtain in the early days of this company, more than to any other cause. There was a time when I stood nearly alone ill this eo-n----pany. Tho Board of Directors have given mo their valuable assistance, through which t have been able to bring this company to what you see it to be. With regard to these gentlemen, we havo to deplore the loss of one who has passed away from us and whose vacant chair we have had to fill. With respect to the increase of capital, it was soon discovered by your directors that additional funds would be required, and tbey Btlopted, to meet this requirement, a course which, 1 think you will agree n;e, was a wise one—the issue of new shares. There will be required for the futuro ihe same auiouut of aiisiduity, ability, and prudence in the crowning of tjiis monument, which lias been displayed in its erection ; and we havo a safeguard for its success in the gentlemen who j havo assisted iu carrying on this business. You have the advantage of possessing the services of a gentleman who has combined with Lhe qualities of ability and prudence a knowledge of commercial and marine matters not to be surpassed in this country —I need scarcely Bay I refer to my friend Capt. Daldy. lb is my duty to request you to fix the remuneration of the auditors of the company, and to afterwards elect the auditors for the ensuin" half-year. I .woul i move the adoption of the report and balance-sheet. —Captain Daldy seconded the adoption of the report and balance-sheet. In doing so, ho would ask the shareholders to look at the amount of capital and the amount of tho premiums, and he thought that one look at these figures would | Batisfy the shareholders that the directors were fully justified in taking the action they had of increasing the capital of the company. He wished to draw their attention to the item of preliminary expenses, £1077. He had no hesitation in saying that no company of this character and extension had ever been put in working order for that sum of money, especially when, as he could say, tliia included the legal, the Government, and the advertising expenses. Another item was that the interest received by the company only amounted to £51 14s lOd. That arose from the investments only having been made during the half-year, and this being tha case, the interest on them was not due. The directors could have made the balance-sheet look preity, by carrying the preliminary items on for four or five years, as they might havo done, but they wanted at once to wipe them out. With regard to the future, if this company is at all successful, at the end of the year they would be able to show over £50,000 of available assets, instead of, as at the present time, £26,000. The motion for the adoption of the report and balance-fcheet was put to the meeting, and carried unanimously. —Captain Daldy moved, seconded by Mr. Hughes, "That the remuneration of the auditors be twenty guineas per annum each.'' Carried. —The following gentlemen were Llien proposed as auditors for tho ensuing year : — Messrs. Way month, X. L. White, ftichard Garlick, Batger, and H. N. Warner.—Messrs. Newman and Cosgrave were appointed to act as scrutineers, and the voting for the election of auditors was proceeded with. At the con olution of the voting, Messrs. T. L. White and Batger were declared to bs alccted auditor:

for the ensuing half-year.—While the voting papers were being checked, Mr. Isaacs uaid that, as there was no formal business before the meeting, he would suggest, to elicit the opinion of the shareholders," that as there was no doubt the company was a, success, from the business which tney anticipated «'oing, its capital should be augmented considerably. This, he said, was not his individual opinion, but that of a number of shareholders— that the directors should t;ike upon themselves, at the earliest opportunity fo call up £1 per share. When the company was doing business to the extent it was, lie thought that the feeling of the shareholders was that the call should be made.—Mr. James Watt was ia favour of Mr. Isaacs' proposition, of calling up £1 per share. He considered that those people who could not pay had ny runt !o belong to a company of unlimited liability, lie be lieved, tuat the shareholders in the South would agree with it. He did not think that, it would be necess-ary to make the £1 call all at once. Mr. Daidy said 'Jut this discussion be profitable, but in about nine months the present directors would retire, and the moneys already received were not rery easily invested; and before they should attempt to draw oif more capital they should invest welt the few thousand pounds they had to invP9t. While the present directors were in otliee, when they considered it necessary, they would call up capital quite as rapidly as the shareholders would require. The directors would only bo iu office a few months longer, and when they left tliey would advise the shareholders as to the best course to be adopted.—Mr. Uobbs expressed a desire that the whole of the shareholders should esert themselves in getting business for the conapauy. He felt persuaded that if they only did this, the company would indeed become an unparalleled success, and a? it was a I mutual affair, it was to their in:crest, to do j so.—On the motion of Mr. Cosgrave, seconded Iby Mr. Hughes, it was agreed U:at the sum of £500 per annum &hould be given to the dire ctors, in place of the £300 mentioned in rule eight. The honorarium to date from tho comment merit of the company,—Totes of thanks were pa-rsed to the local trustees, secretary, ugonts, and officers of t-he company, for their zeal and ability during tho list halfyear.—This concluded the business.

Balance-sheet on tue 2rni FtuKUAin-, 1S73. , Dit. .C s. <1. To capital, 25,000 shares at £20, £500,000 Paid-up, £18,750 18,750 0 o! Uncalled capital, £431,250 Deposit on shares to be returned .. 12 10 0 1 I-oss unpaid . lytf 15 o Profit aiul loss " new account " .. 7,501 9 S 14 S Cit. £ s. dJ By investments .. 21,530 G C Cash in Union Bank at Auckland, and at brandies 3,35) 15 9 Balances due by agencics .. .. «J'J9 G 0 Premiums due 3 1-0 Furniture, ollice-tUtings, stationery, &c 028 13 2 £20,523 14 S Pkofit and Loss Account for rut-; Hali'-year ENDING 23T11 i'EBHUAKy, 1S73. Dr. £ s. d. To fire and marine losses 2,002 la i) Commission and exchange .. .. c 4 Preliminary expenses .. .. .. 1,077 0 G Government liceuse for one year .. 200 0 0 Kent, printing, advertising, and other expenses 4S4 3 4 Salaries 404 io 4 Balance carried to "new account".. 7,504 0 S £14,077 3 11 Cji. £ s. d. By fire aud marine premiums .. .. 14,0)1 0 7 Dividends aud interest on investments .. . .. .. 51 4 10 Transfer fees .. .. .. .. 24 14 G £14,077 S 11