UNION INSURANCE COMPANY.

New Zealand Herald, Volume XXV, Issue 9097, 4 July 1888, Page 5

UNION INSURANCE COMPANY.

[BY TELEGRAPH.PRESS ASSOCIATION.]

Cheistciiurch, Tuesday. The eleventh annual meeting of the Union Fire and Marine Insurance Company was held to-day, when the following report and balance-sheet were read and adopted :— Report and Balance Sheet at the Eleventh Annual General Meeting of the Company. Your Directors beg to submit to shareholders the statement of the Company's business for the year ended May 31st last. It will be seen from the accounts that the revenue (including balance brought forward from previous year) amounted to £141,050 lis (Id, and the expenditure (after making full provision for unadjusted losses and appropriation for depreciation of securities) to £118,166 12s 4d leaving an available balance of £22,553 ISs Bd, which amount your Directors recommend be dealt with as follows : £ s d To payment of usual dividend at the rate of 10 per cent, per annum (inclusive of interim dividend declared in January last) 10,000 0 0 To amount carried to reinsurance account 5,000 0 0 To amount carried forward to next .year 7,853 18 8

£2-2,883 18 8 The Directors retiring by rotation are Messrs. J. T. Peacock, W. Reeves, anil G. G. Stead, who are eligible for re-election, and offer themselves inglyThe Auditors, Messrs. F. E. Wright and C. Hood Williams, retire, but are eligible for re-election. The dividend, if sanctioned by the shareholders, will be payable at the Head Office, at the close of the meeting, and at branches and agencies on receipt of advice. J. T. Peacock, Chairman. Chris tchurch, June 20, 1888. REVENUE AND EXPENDITURE ACCOUNT. MAY 31, 1888. DR. & ad To Are and marine losses paid and in process of adjustment .. .. .. 66,400 811 To less amount appropriated last year for unadjusted losses 9,700 0 0 56.790 8 11 To fire and marine reinsurances .. 28,759 3 5 To stationery .. ... .. .. 857 0 6 To Government taxes .. .. .. 1,292 11 6 To agents' commission, expenses of management, and sundry charges .. 26,036 5 2 To amount written off premises and furniture accounts .. .. .. 431 2 10 To appropriation for depreciation of securities 4,000 0 0 To interim dividend declared in January, 1888 5,000 0 0 To balance _ .. 17,883 IS 8 £141,050 11 0 Cr. £ s d By balance from 31st May, ISS7 (after payment of dividend) 6,695 3 9 By fire and marine premiums .. .. 125,18S 17 1 By interest and rents .. .. .. 8,694 8 S By transfer fees 22 0 0 By profit on investment realised .. 470 1 6 £141,050 11 0 BALANCE SHEET. LIABILITIES. Capital subscribed £ s d 100,000 shares at £20 ! _ _ ..2,000,000 0 0 Capital uncalled— 100,000 shares at£l9 .. „ ..1,900,000 0 0 Capital paid-up .. .. .. .. 100,000 0 0 Reserve fund .. 50,000 0 0 Unclaimed dividends S7l 13 9 Appropriation for unadjusted losses.. 7,650 0 0 Sundry Creditors .. .. 11,762 17 0 Balance revenue and expenditure account (after payment of £5,000 interim dividend in January, ISSM) .. 17,583 18 8 £18S,10S 9 i> ASSETS. £ S d Mortgages and fixed deposits bearing interest 148,047 12 7 Office premises, furniture, and stationery .. ■ • • ■ • - • • 6,040 0 0 Accrued interest 2,223 6 2 Amounts owing to the company at head office and branches .. .. 23,295 5 0 Cash in bank or on hand, at head office and branches, or in transit ... 5.5G2 5 8 £188,168 9 5 We have examined the revenue and expenditure account and balance sheet, together with the vouchers, accounts, the books of the company, the securities, and certificates, and hereby certify that the above is a correct statement of the affairs of the company. , F. E. Wright, 1 Auditors C. Hood Wii.liams, / Auttiwrs ' Christchurch, June 20th, ISBB.