NEW ZEALAND INSURANCE COMPANY.

New Zealand Herald, Volume XXXI, Issue 9401, 6 January 1894, Page 5

NEW ZEALAND INSURANCE COMPANY.

The following highly-satisfactory report and balanoe-sheeb of the New Zealand Insurance Company, for the year ending 30th November, 1893, will be presented to shareholders, at the general meeting to be held on Wednesday nexi) : -« ' The Directors have much pleasure in presenting to Shareholders the Accounts of the CouiDanv as at the 30th November, 1893. • r-r-ssftr 4& M, d. The profit on the year's transactions, ■• • after making full provision for all : < ascertained losses to date of balance, amount to .. .. 63,804 0 The balance brought forward from 1892, after payment of dividend la ' January, 1893, was ... : .. 17,898 lfl 11 „ , £71,703 10 6 Deduct interim dividend paid in July 1 last .. .. .. > 13,600 0 0 And there is an available balance at. Profit and Loss Account on SOth November, 1893, of .. .. .. £59.213 to 5 From which your directors recommend the fol. lowing appropriations :—. - > ) . Payment of a Dividend at the rate of 12J per cent, per annum .. £12,600 O 6 Payment of Bonus to Shareholders of 6d per share .. 2,500 0 0 Investment Fluctuation Account .. 10,000 0 0 In reduction of Company's freehold premises .. 10,000 0 0 Contribution to Auckland City Leasehold Sinking Fund .. .. 6,000 0 0 Balance carried forward to New Account „ 13,203 10 6 £59,803 10 6 In accordance with their annual practice yottr Directors have bad the Company's investments under vary cartful review, and . regret that upon a strict re-valu'tion they show a depreciation for which an appropriation is recommended to the Investment Fluctuation Account, but the very hand, some profits for the year will provide the sum required, and will also permit of your Directors appropriating £10,000 in reduction of the Company's freehold premises, and £5000 to the Sinking Fund of the Auckland City Leasehold—appropriations which Director.-* believe will receive the hearty support of Shareholders. The Directors regret "hat during the year they have lost, by death, the services of their esteem a colleague, George Burgoyne Owen, Esq., wto had been a member of the Board almost from the establishment of the Company in 1859. The vacancy was filled by the appointment of Arthur H. Nathan, Esq. Messrs. .T. L. Campbell. A. G. Horton, and Thomas Russell, retire from the Board, as provided for by the Articles of Association, and are eligible for reelection. Messrs. Board man and IL Gutillan, junr., again of?er their services as Auditor?.—For the Board of Directors. * J. Logan Campbell, Chairman.

Statement of Accounts for the Trap.' Ending 30th November, 1893. Profit and Loss. Dr. -• £ a. d. £ a. d, To Dividend for the half-year ended 30th November, 1882 .. 12,500 0 • Bonus for the year ended 30th November. 1892 .. .. 5,000 0 0 Dividend for the half- . year ended Slat May, - ' 1893 12,500 0 0 - 80,000 0 0 Commissions, salaries, and other expenses .. 79,050 8 8 Government taxes and payments to Fire and Marine Associations.. 5,473 15 8 Fire and marine losses and appropriation for unpaid losses .. .. 157,328 7 0 Investment fluctuation account .. 10,000 0 0 Appropriation in reduction of Com- ; pany's freehold premises .. > .. 10,000 0 0 Auckland City Leasehold Sinking Fund .. _ .. .. 5,000 0 0 Balance „ „ m .» . „ 34,203 10 5 " £331,050 1' 9 CR. . v; : By balance at 30th November, 1892 .. ■ 35,398 18 11 Fire and marine premiums, leas returns and reinsurances , 1f,.. .. 278,621 2 9 Interest and rents «. ». 17,036 2 1 £331, X 9 Balance-sheet. Dr. & 8. d. £ a. d. To capital 200,000 0 0 Reserve fund .. .. 126,000 0 0 Re-insurance fund .. 110,000 0 0 235,000 0 0 Investment Fluctuation Account—viz.: . Amount last year 5,430 13 ft Transfer from profit and loss account .. _ 10,000 0 0 • £16,480 13 1 Less written off sun- , . dry investments for , , depreciation ~ 10,617 3 8 ' 4,819 0 5 Appropriation for unpaid losses .. 43,592 0 0 Appropriation in reduction of Company's freehold premises ... ~ 10,000 0 0 Sundry creditors ... .. 6,418 8 0 Balance .. 34,205 10 5 . £533,033 7 10 Cr. ' : J By Investments— Mortgages and shares 76,41? 8 2 Company's freehold f ■ office premises and other properties .. 282,670 16 7 United States Bonds 11,740 0 0 Cape of Good Hope Government securi- ' » ties . 10.047 10 « i : Loans at call, short , periods, and fixed bank deposits .. 48,057 12 8 , — 407,933 2 11 Auckland city lease- ; hold .. .. .. 66,717 17 7 Less sinking fund al- • ready accrued 13,214 7 1 Vi-r- ——' 43,56310 6 I ■' ' " £461,496 13 6 • Accrued interest and rents .. ' 2,190 2 3 Branch and Agency balances - .. 1 67,459 18 4 Cash in banks and in hand, at head office and branches .. , .. 21,ESQ 13 10 ■ 1 . , '' £533,033' 710 We have examined the books and accounts of the Company for the year ended 30th November, 1893, and nave to report that the balancesheet now presented to the shareholders is a full and fair balance-sheet, and * exhibits a true and correct view of the state of the Company's affairs. A. BOARDMAN, i \ Auditors . >/ H. OIWILLAN, JUN.,I Audltor! !v Auckland, sth January, 1894. ,