NEW ZEALAND INSURANCE COMPANY.

New Zealand Herald, Volume XXXIX, Issue 11855, 6 January 1902, Page 6

NEW ZEALAND INSURANCE COMPANY.

The following report and balance sheet is to ■be presented at the general meeting of shareholders, to be held at the company's office, New Zealand Insurance Buildings, Auckland, on Wednesday, January 8, 1902: — The directors have pleasure in. presenting to the shareholders the accounts of the company, as at November 30, 1901. : The, fire and marine premiums, after , deducting returns and reinsurances, amount to £371,486 12s Id, being an excess upon the previous year of £29,450 7s 3d. : •, - - £ B. d. The profit on the year's transactions, after making: lull provision for all ascertained losses to November 30, amounts to ... 55,119 3 2 The balance brought , forward from 1900, after payment of dividend in January, 1901 ... 22,290 4 6 £77,409 7 8 Deduct interim dividend paid in July last 10,000 0 0 Leaving an available balance at profit and loss account on November 30. 1901, of ... ... ... £67,409 7 8 From which your directors recommend the following mentioned appropriations:— Payment of a dividend at tile rate of 2s per share ... 10,000 0 0 Payment of bonus to shareholders of Is 6d per share 7,500 0 0 Reservo fund ... 5,000 0 0 Reinsurance fund ... 15,000 0 0 Investment fluctuation account... 10,000 0 0 Balance carried forward to new account ... 19,909 7 8 £67,409 7 8 The vacancy on the board caused by the retirement of James Russell, Esq., was filled by the appointment of Arthur M. Myers, JUsq. Messrs, J. Liston Wilson and Arthur M. Myers retire from the board, as provided for by the Articles of Association, and are eligible for re-election. Mr. H. Gilfiilan, jun., again otters his services as auditor. Air. W. R. Holmes has resigned in consequence of his having accepted the agency of another insurance company. for the Board of Directors, • A. G. HOETON, Chairman. STATEMENT OF ACCOUNTS FOR THE YEAR ENDED NOVEMBER. 30. 1901. PROFIT AND LOSS. ' ■ DR. ; . Dividend for the half-year ended November 30, 1900 ... ... £15,000 0 0 Dividend' for the half-year ended May 31, 1901 ... - ... ... ... 10,000 0 0 ' £25,000 0 0 Commissions, salaries, and other • expenses ... ... .... - ... 93,167 11 11 Government taxes and payments to fire and marine associations... 8,718 14 10 Fire and marine losses and appropriation for unpaid losses * ... 234,040 13 8 Transfer to reserve fund 5,000 0 0 Transfer to reinsurance fund . ... 15,000 0 0 Transfer to investment lluctuation account 10,000 0 0 Balance 37,409 7 8 • £428,336 8 1 • CR. I Balance at November 30, 1900 . ... £37,290 4 6 Fire and marine premiums, less returns and reinsurances ... 371,486 12 1 Interest and rents ... 19,559 11 6 £428,336 3 1 BALANCE-SHEET. DR. Capital ... ... ... ... . ... £200,000 0 0 Reserve fund ... £125,000 0 0 Reinsurance fund ... 150,000 0 0 275,000 0 0 Investment fluctuation accountAmount last year £4,195 311 Transfer from profit and loss account ... ... 10,000 0 0

■ ' . £14,195 3 11 Leas reduction in company's premises, and sundryinvestments... ... 13,957 3 6 V' — 258 0 '5 Appropriation for unpaid losses... 72,200 0 0 Sundry creditors 37.430 6 11 Balance 37,409 7 3 £622,297 15 0 CP.. By investments— Mortgages and shares £50,993 4 8 Company's freehold' office premises and other properties 210,435 12 2 British consols 47,300 9 0 New Zealand Government 4 per cent, debentures ... ... ... 50,000 0 0 United States Bonds ... ... ... 55,639 15 7 Cap© of Good Hope Government securities ... ... ... ... 10,047 10 6 Transvaal Government bonds ... 5,725 15 6 Argentine Government securities... 24,500 0 0 Debentures 1,365 11 6 Fixed deposits ...• ... 56,213 15 11 £512 14 10 Auckland city leasehold, £58,339 17s Cd (lest finking fund already accrued, £33,090 5s sd) 25,249 12 4 £537.471 7 2 Accrued interest and rents 4,188 2 8 Branch and agency balances ... 56,450 210 Cash in banks and in hand at head office and branches 24,188 2 4 £622,297 15 0 "We have examined the books and accounts of the company for the year ended November 30, 1901. 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 statu of the company's affairs... • H. GILPILLAN. JUT*., F.1.A.; N.Z., w. R.'HOLMES, F.1.A., N.Z., Auditors Auckland, January 4, 1902.