NEW ZEALAND INSURANCE COMPANY.

New Zealand Herald, Volume XLIII, Issue 13097, 9 February 1906, Page 3

NEW ZEALAND INSURANCE COMPANY.

The following is the report and balancesheet of the New Zealand Insurance Company for the year ended November 30, 1505, to be presented at the general meeting of shareholder; to be held at the company s office, New Zealand Insurance Building?", Auckland, on Wednesday, February 14: — THE REPORT. The directors have pleasure in presenting to the shareholders the accounts of the company, as at November 30, 1905. £ S. d. The lire and marine premiums. after deducting returns and reinsurances. amount to 425,990 12 9 (Being an excess upon the previous year of £5673 13s). The profit on the year's transactions. after making fall provision for ail ascertained losses to November 30, amounts to £67,992 4 0 The balance brought forward from 15.4. after payment of dividend February, 1905 26,519 7 S £94,511 11 8 Deduct interim dividend paid in August last 15,000 0 0 Leaving an available balance at profit and loss account on November 30, 1905. of ... £79,511 11 3 From which your directors recommend the following mentioned priationsReserve fund ... £25,000 0 0 He-insurance fund 10,000 0 0 Payment of a dividend at the rate of 3s per share ... 15.000 0 0 Balance carried forward to new account 29,511 11 8 £79,511 11 8 Tho vacancy on the board caused by the death of Mr. Arthur H. Nathan wag filled by the appointment of Mr. Charles Rhode*. The directors have elected Messrs. R. C. Carr and C V. Houghton to seats at the board. The Hon. S. Thorne George and Messrs. L. J. Bagnall and Charles Rhodes retire from the board, as provided for by the articles of association, but are eligible and offer themselves for re-election. Messrs. H. (iilfilian, jun., and R. E. Isaacs again offer their services as auditors. For the board of directors, S. THORNE GEORGE, Chairman.; ■ STATEMENT OF ACCOUNTS. The Statement of Accounts for the Year ended November 30, 1905, is as follows: — PROFIT AND LOSS. DR. £ s. di ' £ 6. a. To dividend for the half-year ended November 30, 1904 15,000 0 0 To dividend for the half-year ended May 31, 1905 ... 15,009 0 0 30,000 0 0 To commissions, salaries, and other expenses 100,006 7 2 To Government taxes and payments to fire and marine associations 11,670 15 9 To fire and marine losses and appropriation for unpaid losses 273,697 11.10 To transfer to reserve fund ... 25,000 0- 0 To transfer to re-insurance fund 10,000 0 0 To balance ... 44,511 11 3 £494,886 6 5 CR. £ S. d. By balance at November 30, 1904 41,519 7 8 By. fire and marine premiums, less returns and re-insurances 425,990 12 9 1 By interest and rents 27.376 6 0 £494,886 6 5 BALANCE-SHEET. Dr. £ s. d. £ s. d. To subscribed capital— 100,000 shares, £10 each 1,000,000 0 0 Less uncalled capital —100,000 shares, £8 each 800,000 0 0 200,000 0 0 To reserve fund ... 225,000 0 0 To re-insurance fund 185,000 C- 0 410,000 0 0 To investment fluctuation account— Amount last year 91 12. 5 Add profit on realisation of sundry investments ... 1,382 7 4 1,473 19 9 To appropriation for unpaid. losses ... 65,493 0 0 To sundiy creditors and unearned premiums 61,405 10 4 To balance 44,511 11 8 £732,884 1 9 CE. By investmentsMortgages and shares 68,256 14 9 Company's freehold office premises ■ and other properties 228,619 2 1 , British Consols ... 53,240 0 0 City of Portland 5 per cent, water loan bonds ... 11,713 3 0 United States 3 per cent, bonds ... 42,000 0 0 Argentine Government 4 per cent gold bonds 28,336 18 7 Cape of Good Hope 3J per cent. in- ■■ ' scribed stock ... 9,500 0 0 Natal Colony Security Bank fixed deposit, 5 per cent 10,000 0 0 Dominion of Canada. 3 per cent, inscribed stock ... 9,650 1 0 Japanese Government 6 per cent. sterling bonds ... 10,156 13 0 New Zealand Government 4 per cent, debentures... 65,000 0 0 West Australian Government 4 per cent, debentures... 10,000 0 0 Auckland Harbour Board 4 per cent. debentures ... 10,000 0 0 Auckland Oity > Council 4£ per cent. debenture®...' 5,000 0 6 • Auckland Gas Coon- ." _ i. pany 51 per cent. ' debentures ... 5,000 o*o ChrLstchurch Gas >; Company 5 per Jjj cent, debentures... 400 0 0' Christchurch Tramway Board 4J per. cent, debentures... 25,000 0 0 Feilding Borough 4* per cent, debentures ... 900 0 0 New Plymouth Borough 4« peT cent, debentures... 2,000 0 0 Other debentures ... 454 3 6 • Fixed deposits ... 47,668 10 0 642,895 5 11 By accrued interest and rents ... 6.846 0. 8 By branch and agency balances 53,793 19 7 By remittances in transitu ... 8,768 5 6 By cash in banks and in hand at head office and branches ... 70,580 10 1 £782,884 l' 9 Special Statement .of Accounts of the New Zealand Insurance. Company, with which is incorporated the New Zealand Accident Insurance Company, aa at the let Decem- J ber. 1905. Subscribed capital, .£1,259,000; paid-up capital. £250,000: reserve and reinsurance funds, £425,000. PROFIT AND LOSS. I' . DE. £ s. d. To transfer to re-insurance fund... 15,000 0 0 To balance 47,206 17 11 . £62,206 17,11 CR £ a. d. j By balance at November 30, 1905 44,511 11 8 By balance showing on purchase "New Zealand Accident Insurance Company ... ... ... 17,695 6 3 £62,206 17 li BALANCE-SHEET. DR. £ a. d. £ 8. d. To subscribed capital— 126. shares, £10 each ... '... 1.250,000 0 0 Less uncalled capital— 125,000 shares, £8 each 1,000,000 0 0 - ■ 250,000 0 0 To reserve fund ... 225,000 0 0 To re-insurance fund 200.000 0 0 425,000 0 0 To investment fluctuation ac- ." ■ count 1,473 19 9 To appropriation far unpaid losses 77,493 0 0 To sundry creditors and unearned pre- ' - miums viz.: — Purchase money. New Zealand Accident Insurance Co 115, 0 • Unearned premiums and sundry creditors 69,126 11 3 184,126 11 3 To balance ... 47,206 17 11 £985.300 8 11 CV-. £ S. d. , £ 0- d. By investmentsMortgages and shares 75,645 3 6 Company's freehold office premises and other properties 241,324 8 5 Government securities and debentures • 459,264 4 1 Fixed deposits ... 52,968 10 0 — 829,202 6 0 By accrued interest and rents ... 8,971 15 7 By branch and agency balances... 53.793 19 7 Bv remittances in transitu ... 8,768 5 6 Bv cash in banks and in hand at head office and branches ... 34,564 2 3 £985,300 3 11