SOUTH BRITISH INSURANCE COMPANY.

New Zealand Herald, Volume XLII, Issue 13006, 25 October 1905, Page 2 (Supplement)

SOUTH BRITISH INSURANCE COMPANY.

ANNUAL MEETING.

The annual meeting of shareholders in the South British Fire and Marine Insurance Company was held at the company's offices, Auckland, on October 12. The chairman of directors (Mr. John Batger) presided. All the directors were present, ami the meeting was attended by over 20 shareholders.

The statement of accounts for the year ended August 31, 1905, was published in our last Summary. The Chairman, in moving the adoption of the report and balance-sheet, said it afforded him much pleasure to be able to congratulate shareholders upon the satisfactory results disclosed. The premium income of £297,821- 16s, showed an increase of £13,420, as compared with the previous year, while the revenue from interest and rents amounted to £25,324 15s 9d, being an increase of £5185. After adding £10,000 to the reinsurance fund, there remained a balance at the credit of revenue account of £50,770 13s lid. The special bonus of 10s per share paid to shareholders in October last absorbed £32,314. Deducting this from last year's balance of £70,038 8s 2d, there remained £37,724 8s 2d. This sum added to the balance brought down from the revenue account gave a total of £88,495 2s Id, which, with the proceeds of the unallotted shares disposed of in the manner agreed upon by shareholders last year, made the total amount "at the credit, of profit and loss account £133,278 2s 9d. This amount had been dealt with as follows:—Carried'to paidup capital account, £35,372; to reserve fund, £30,000; sinking funds of sundry leaseholds, £360; written off office furniture, £433 14s 2d; October, 1904, and April, 1905, dividends, £53,809 18s, leaving a balance of £43,302 10s 7d, out of which the directors now recommended the payment of a dividend of 2s 6d per share for the half-year just ended. In the balance-sheet it would be noticed that the assets now total the handsome-, sum of £548,095 15s Bd. Notwithstanding pretty severe fire losses in some places, and also some heavy marine losses they wero glad to say they were ablo to present an account showing an underwriting gain of something like 12 per cent., and this _ in spite of tho fact that the results of their New Zealand business for the year just ended were less satisfactory than usual. Mr. J. H. Upton _ seconded the motion, which was carried without discussion.

tin the motion of Mr. W. R. Wilson, Messrs. W. O. W. McDowell and C. C. McMillan were re-elected directors.

Messrs G. S. Kissling and W. B. A. Morrison were re-elected auditors at a remuneration of £50 each.

* Votes of thanks were accorded to the chairman, the directors, the general manager, and the staff for their services during the year. An extraordinary general meeting was then held for the purpose of considering certain alterations in tho memorandum of association to bring the articles up to a more modern standard, as recommended by the company's solicitor, and to enable the company to earry 011 in New Zealand or elsewhere . the business of an accident and general insurance company, and of insurance in all or ,any of its branches (exoept life insurance).

The proposals, as submitted by the chairman, were unanimously agreed to. It was announced that a confirmatory meeting would be held about three weeks hence, the date to be advertised.

The meeting then concluded.