NEW ZEALAND INSURANCE COMPANY.

New Zealand Herald, Volume XXXII, Issue 9711, 5 January 1895, Page 5

NEW ZEALAND INSURANCE COMPANY.

The following report and balance-sheet of the New Zealand Insurance Company, for the year ending 30th; November, 1894, will be presented at the general meeting of shareholders, to be held at the Company's office, Queen-street, on Wednesday next, 9bh instant: —

The Directors have much pleasure in presenting to Shareholders the Accounts of the Company as at the 30th November, 1894.' £ s. d. The profit on the year's transactions, „ after making full provision for all ascertained losses to date of balance, amounts to .. .. •• 44,905 4 9 The Valance brought forward from 1893, after payment of dividend in January, 1894, was ...... ■" 19.203 10 5 £04,108 15 2 Deduct interim dividend paid in July last .. .. .. •• .. 12,500 0 0 And there is an available balance at Profit and Loss Account on 80th November, 1894, of .. .. £51,608 Id 2 From which your directors recommend the following appropriations inPayment of a Dividend at the rate of _ _ 12£ per cent, per annum .. .. £12,500 0 0 Payment of Bonus to Shareholders of 6d per share 2,500 0 0 Investment fluctuation Account .. 3,000 0 0 In reduction of Company's freehold properties ,•. 10,000 0 0 Contribution to Auckland City Leasehold Sinking Kunrt .. .. 5,000 0 0 Balance carried forward to New Account ._ .. i. .. 18,808 15 2 £51,608 15 2 Your directors have, as usual, cone carefully over the securities, and have made reductions where necessary. They have had valuations made by experts of the whole of th« Company's landed properties, which valuations, in the aggregate, do 'not materially alter the figures now appearing in the company's books. It is, however, considered wise policy, and in the interest of shareholders, to appropriate a further sum or £10,"00 in reduction of tn f.se properties. The satisfactory profi for the year enables your directors to recommend 'he above for approval of shareholders, as also an appropriation of £3000 to the Investment fluctuation Account, and £5000 to the Sinking fund of the Auckland City Leasehold. Messrs. T. Buddie, R. Rose, and James Russell retire from the Board, as provided for by the Articles of Association, and are eligible for reelection. Messrs. A. Boaidman and H. Giltill.in, jun., again offer their services as auditors. —For the Board of Directors, , , J. Login Campbell, Chairman.

Statement op accounts for the Year Ending SOtii November, 1894. Profit and Loss. Dr. £ s. d. £ a. d. To Dividend for the half-year ended 30th November, 1893 .. 12,500 0 0 • Bonus for the year ended 30tU November, 1893 .. .. 2,500 0 0 Dividend for the halfyear ended 31st May, 1894 12,500 0 0 27,500 0 0

Commissions, salaries, and othor expenses 73,705 10 IX Government taxes and payments to Fire and Marine Associations .. .. .. 7,335 5 3 81,0-10 16 2 Fire and marine losses and appropriation for unpaid losses.. .. 154,612 19 6 Investment Fluctuation Account .. 3,000 0 0 Appropriation in reduction of Company's freehold properties .. 10,000 0 0 Auckland city leasehold sinking fund .. . • .. M -• 6,000 0 0 Balance - - - - .. 33,008 15 2

£314,762 10 10 Cu. £ s- dBy balance at 30th November, 1593 .. 34,203 10 5 Fire and marine premiums, less returns and re-insurances .. .. 205,178 14 7 Interest and routs ... _ ... 15,380 510 £314,762 10 10 Balance-sheet. Dr. £ s- d. £ s. d. To capital .. — .. . • • • 200,000 0 0 Reserve fund .. .. 125,000 0 0 Re-insurance fund .. 110,000 0 0 235,000 0 0 Investment Fluctuation Account—viz.: Amount last year 4,819 9 & Transfer fr'm profit and loss account .. ... 3,000 0 0 £7,819 9 5 Less written off sundry investments for depreciation .. 3,807 13 2 4,011 16 3 Appropriation for unpaid losses ... 33,643 0 0 Sundry creditors M ... — 3,534 10 6 Balance „ — •_ M — 33,008 15 2 £514,79S 1 11

By investments— - _ Mortgages and shares 81,028 17 2 Company's freehold office premises and other properties, 1 £257,694 18s fid ; less appropriation in reduction of Company's freehold properties, £10,000 .. 247,694 18 5 United States Bonds 11,610 0 0 Cape of Good Hope Government securities 10,047 10 6 Debentures .. .. 4,162 14 9 Loans at call, short periods, and fixed Sank deposits .. 49,114 6 8 ? g 403,658 7 6 Auckland city lease- - hold . .. .. 56,777 17 7 Less sinking fund already accrued (including present appropriation of £5000) 18,914 6 8 — 37,803 10 11

£141,521 18 6 Accrued interest and rents .. .. 2,858 13 3 Branch and Agency balances .. 49,244 17 0 Cash in bank and in hand, at head office and branches .. u .. 21,672 13 3 £514,79* 1 11 We have examined the books and accounts of the Company for the year ended 30tli November, 1894, and have 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, 1 * 11( lif nl .a H. (JILKILLAN, JUN.,/ Audltol3 * I Auckland, sth January, 1895.