SOUTH BRITISH INSURANCE COMPANY.

New Zealand Herald, Volume XVIII, Issue 6064, 25 April 1881, Page 3

SOUTH BRITISH INSURANCE COMPANY.

Tiie ordinary half-yearly meeting of sliare* holders "was held 011 April 11 hi the headofFicc, corncr of Queen and Shortland-street.s, Captain Dalily in the chair. The Maxagkr (Mr. G. Johnston) read the advertisement calling the meeting, also the half-yearly report and balance-sheet, as follows :— The directors have the pleasure of placing before the shareholders the following statement of accounts for tho seventeenth half-year of the company's business, ended 23th February last. The income from fire and marine premiums h:u been £fli,S72 10s 3d ; from interest and transfer fees, £5135 0» <Jd total, £71,057 IGs 9d, which, added to ±111,1)71 6s lid, brought forward from provious half-year, makes a total of £53,02.Q 3s Sd. The total expenditure has been I t'irc and marine losses paid and outstanding at tho close of the books, £32,830 6s Ud ; re-insurances, £14,233 4s 7d; agents' commissions, salaries, rents, ic,, £13,461 lis Sd ; advertising, printing, and stationery, .C7P4 03 3d; Underwriters' Association and Fire Hrigades. £M) 7 10s 8d ; Government licenses, £424 2s, making £02.390 0s Sd; and with £5000 dividend paid, £07,3% Os yd. leaving a balance of £15,033 8s at the crodit of profit and loss account, from which your directors recommend payment of a dividend at the rate of 10 per cent- per annum. If the dividend recommended be sanctioned by the shareholders, it will be payable at the head office of the company on the 12th April, and at branches on rocoipt of advices. It will be the <lutv of this meeting to appoint two auditors in the place of John .Matter and T. L. White, Ksq?., who retire, according to the articles 01 association, but who are eligible, and offer themselves for re-election.—For the Board of Direcrors, Williajj C. Daldv, Chairman. Auckland. April 11th, 1631. Statement of Accockt.s von. Halv-teaii EXIJIXG PEitIIUARY 2S, IJ>SI. rUOKIT AND LO«H ACt'OL'NT. l)r. £ S d Firrt and marine losses, paid and outstanding .. .. .. -• •• G G Re-insurance .. ... • • •• 14,233 4 7 AsrenU" commissions, salaries, rent,?, expenses, &C 13,401 11 S Advertising; printing and stationery .. 704 5 3 Underwriters'associations Si lire brigades f»97 10 8 < J jvcrument licea.se* .. *- i-J< 2 o U\loi»o>> .. .. .. .. .. 15,033 3 0 73,029 ?, S Cr £ s d £ s d Balance from last half-year 11.071 G 11 I.es.s dividend paid .. S.OOO 0 0 0,071 fi 11 Fire and marine premiums .. .. G"»,572 10 3 Intercut received and accrued .. .. 5,107 13 0 Transfer fees . 17 f> 0 73,020 3 S T>r. £ s d £ s d fapirAi .. .. 1,000,000 0 0 Uncalled .. IKK),000 0 0 300,00 ft 0 0 Ueaerve fnnd .. .. -• •• 70,000 0 0 f'npaid dividtud.s .. .. .. 00 4 0 Unpaid loswec account- 3,170 0 0 Arrv.mnu nwir.g by the company .. 5,270 4 3 Balance .. •• •• •• 13,033 S 0 104,173 12 0 Cr. £ s d Landed property and loans on mortgage 01,122 12 10 Stocks in public companies. loans on debentures, .. .. -• •• 74,2;>G 3 1 Cash in bank 7.4-17 2 1 Halance at agencies 13.225 li 11 1 tills receivable 734 1 11 Accounts to the company .. 5.221 It 4 O'fic-J furniture 2,120 17 10 104,173 12 0 We have examined the above balance-sheet and profit and loss amount, together with the vouchors and accounts, and we are of opinion that the balancesheet contains all the particulars required by the artist full and true statement of the company's affairs. J'iiW iiiTK, f Alll, 'tors. A nckland, - pril S. 1331. The Chairman, in moving tho adoption of the report, said lie had received a telegram from Mr. Howard to the oilcct that that gentleman could not possibly bo present fit tho meeting. This being the half-yearly meeting, his remark.-* to the shareholders woulil he very brief. The <lircetors were glad to have so tood a balance-sheet to lay before tlie shareholders. They would all wish that it had been better, but there were many points of great interest about it. The tirst," item, S:!0. for lire and marine losses, represented in all '207 during the last six months—l3l fire losses and' TO marine. Tho averagu in fire losses was tj land of marine losses £-01). This showed that the company was not seeking larLre lines of business, or running risks, and that a fair business was being done over losses. It would speak well for the business, that they had :.u few losses in twenty-six weeks. The" reinsurances were about the same as Inst year, and the company was jotting a fail- exchange for this business. The directors had thought proper, oil the present occasion, to give a more extended report of the expenses, so as to put before the shareholdeis more clearly what the company had to pay for certain thirgs, Xext, coming to the other side, viz., the receipts : This year, the receipts were iMii.'ili in excess of the corresponding half of last year. It-was better to make the comparison with the corresponding half of the year, because there are certain seasons and times which affect the receipts considerably, such as wool shipments, &e. This result was very remarkable, because it was not-simply an increase of business. It really represented rather an increase of £10,1)00, for in many parts the premiums had been so rcduecd that if the .South British had been only doing the same business last half-year, there would have been received very much less in premiums than in that half-year. In business, no doubt, the institution was covering a much, larger sum for the premiums it received than it was doing formerly. This showed that the company was progressive—that it was not standing still or retrograding. When an insurance company came to stand still it had done all its business, for an insurance eompan}- must go on, it could not stand still ; it was the naturo of it to go in to every part of the world. The ,South British had gone to Australia, ami was working its way onward. The net profit on tho underwriting had been L'.'J 17S. That was a coinparativelv small amount. 1 jut considering the competition and other things, and comparing that result with other companies, the shareholders might be thankful that tho institution was in such a good position. In the balance-sheet there was a sum of £:Sl7(i set down for unpaid losses. This was made up of all possible losses to the latest advices. Tho investments were on the increase. Tho balance carried forward was some £4000 or £f>ooo in excess of that carried forward dining the last half-year. During tho past half-year Mr. Johnston, the manager, had taken the opportunity of becoming acquainted with the agents of tlie company. He had visited all the brandies and agencies, except the West Coast, and all those in Australia, with the exception of I Queensland. Taking the agents of the comi pany as a body of men, it must be said they

weva first-rate, men of business, men of honourable chin-actor and high st-iruling. T.his wus ;t very important matter, because in, insurance business so much depeiuled 011 the amenta. It-was proposed by the directors that Mr. Johnson should go to San Francisco so as to become acquintert with the business there. T-he property of the company was improving in value as property was improving everywhere. Altogether he took a sanguine view of the future. Funds were abundant, the only difficulty was what to do with them. The price of money had become so low that the company could not make so much of its capital and reserve fund as had been usual. In conclusion, he begged to move tiie adoption, of the report. Mr. S. E. HcmiKS seconded the motion, lie was g!;ul to see the returning point towards prosperity had been reached. There was an advance towards an increase of dividend anil reserve fund. He hoped the directors would next half-year see their way to give the shareholders a little more, or put more to the reserve. It showed a very fair increase, considering the stringent terms of business. -dr. T yi.vk said that the expenses seemed rather excessive, for the amount of business done. The Cu.vir.MAX said it amounted to about 20 per cent, of the gross receipts. It should also be recollected that tho South .British carried 011 a large business with America, where tiie commission charged was higher. As the company had received 40110 more there was of course more to bo paid for coinmission. Taking it altogether, and comparing with other companies, the expenses for this half stood low. Mr. Tai.nk said he had- compared them with those of other companies, and he thought they were at the top of the tree. Tin; report and balance - sheet were adopted unanimously. AUDITORS. On the motion of Mr. Koso.v, seconded by" Mr. S. K. HctiHEs, Messrs. Batger and Leigh "White were re-elected auditors, upon the same terms as the previous half-year. Mr. 11. C. .Carstow moved a vote of thanks to the directors, manager, otlicers. and agents of the bank, for their services during the past half-year. The report brought forward was the best report and balance-sheet that had been presented to the shareholders for the last half-dozen years. He had carefully collated the report at different times, and £1000 was as much as.the company had been able to get to windward iu ordinary circumstances. This year it was £'.1500, which was a very great gain. Losses were unavoidable, but this increase enabled them to bear their losses better. Mr. Misktti sc.conded the motion. Mr. Xasc.ikhow said the shareholders in the South were perfectly satisfied with the management during the past hali-vtar. The Chaik.uan- briefly returned'tlianks for the directors. Mr. .Toiin'stox (manager) returned thanks for the stall' and agents. EXPLANATION-. Ml". A. BoalUj.ma.v : I would ask permission to return thanks to the shareholders and to the Chairman for the very handsome way iu which my name was mentioned and received at the last meeting. The paper came to me in a vicarage in North Wales, where I was staying. I thank the directors for the very handsome letter they sent to me, wlicn I told tlieni that I was not fit, owing to continued ill health, to carry on the business in the way that I should like to carry it 011. The letter was one of several which I received from the directors, recognising my services, and the last, from yourself, sir, I esteem of great value. I may be allowed to explain the circumstances under which I came to resign. I had for a long time been in bad health. The onerous labours incident to business had told upon me with great effect My medical advisers told me it would be twelve months before I could be again at work. I thought it would be unjust to hang 011 in the hope that at some uncertain time or other I should 1m able to work again. The medical men said : " You must stop at once." Otherwise I would have given longer notice than 1 was in such circumstances able to do—merely a feu- days before going away. The Chairman : I can certainly corroborate what Mr. Boan.ltr.an has sta'ed as to the suddenness of his notice, and the circumstances relating to Ids health giving wav. I am sure we are all very glad to see Mr. Boardman among ns again. I think he acted very wisely when he found his health breaking both for himself and for the company. The shareholders will airroc with me tlmt wo nr.. nil gl.ul to c, v; Mr. Boardmiin here again. This concluded the business.