STANDARD INSURANCE COMPANY OF NEW ZEALAND.

New Zealand Herald, Volume XIII, Issue 4459, 28 February 1876, Page 3

STANDARD INSURANCE COMPANY OF NEW ZEALAND.

"We give below the report and balance sheet of the Standard Fire and Marine Jusurance Company of New Zealand, to be submitted at a general meeting of shareholders, to be held in the Athenreum Hall-, Dunediu, on Monday, March 6, IS7G : —Your directors herewith submit the balauce-shcet for halfyear ending December 31 last, shewing a balance of £20,465 12s 9d to credit of profit and loss account. After providing for all outstanding claims, and re-insurances of current risks for unexpired time, there will remain a net available balance of £So36—a ; result which the directors consider very satisfactory, especially so when the unprecedented losses on first-class ships during the past season is taken into consideration. The Business of the compauy is steadily on the increase, and great care is taken to guard ' against the acceptance of bad or doubtful rjgks. It-will be necessary for the well-being / —the coinjxmy to increase the capital, and i'.y directors recommend that a dividend at the rate of 10 per cent, on the original capi- • * r tal for the past year be declared, and carried .to credit, of capital account. This will ablorb* £2500 of the available balance, leaving £5531 for future. operations. They regret • not being in a position to recommend the distribution of a dividend. In accordance with the provisions of Articles of Association, the meeting will be called upon to elect two directors and one .auditor, —David Baxter, Chairman.—Balance-sheet for the half- . Jtfsi ending December 31, 1575 :—Liabili•tfos: To capital, £25,000; to capitalised, : Jane, 1875, £2500; to balanco of profit and •- loss £20,465 12s 9d : total, £47,965 , 12s 9d. Assets: By investments, £29,675 "14s; by value of bnildings, stock, furniture, .stamps, &c., £1971 2s sd; by cash in bank, £1856 18s Id; by cash at branches, ill hands of agents and uncollected, £14,461 IS 3d: ...total, £47,965 12s 9d, Profit and loss ac'■oount: To lire and marine losses, £21,703 - 15a 9d ; to agents' commission, rent, salaries, and other charges, £4332 2s 7d; to wlauce, £20,465 12s 9d: total, £46,501 lis la. By balance at June 30, 1575, £23,018 ,-jls 9dj less dividend capitalised, £2500— Is 9d ; to. fire and marine premiums, jet, £25,251 6s 10d; to interest, transfer ,tecs, and stamps, £732 2s 6d : total, £46,501 yllald.