NEW ZEALAND INSURANCE COMPANY.

New Zealand Herald, Volume XLV, Issue 13666, 6 February 1908, Page 3

NEW ZEALAND INSURANCE COMPANY.

SIXTY-NINTH REPORT. AN ENCOURAGING YEAR. The 69th report and balance-shoe* of tho Now Zealand Insurance Company, Limited, for the -"ear ended Novcrmber 50, 1907, to bo presented at tho general mooting- of j shareholders on Wednesday next, are as follows: — The directors have pleasure in presenting to the shareholders the accounts of the company, as at November 50. 190*7. The lire, marine, and accident premiums, after deducting returns and re-insurances, amount to £616,416 17s 9d, being an excess upon the previous year of .€51.263 6s Id. Tim surplus on the year's transactions, after making full provision for all ascertained losses to November 30. amounts to £91.416 9s Id; balance brought forward from 1936, after payment, of dividend in February. 1907. £5257 163 1id—£96,674 6s; deduct interim dividend paid in August last, £15,000, leaving an available j balance at profit and loss account on Novem- I her 30, 1997, of £81,674 fa, from which your directors recommend the following mentioned ; appropriations:—Reserve fund. £25,000; re- j insurance fund, £35,000; balance carried for- j ward to new account, £21,674 £81,674 6s, 'From the amount carried forward the directors recommend the payment of a dividend at the rate of 23 per share, amounting to £15,090Messrs. R. 0. Cam 0- V. Houghton, and Arthur M. Myers retire from the board, as provided by the article;) of association, but aro eligible and offer themselves for re-elec-tion. Messrs. J. F. Buddie and A. .7. Denniston again offer their services as auditors. PROFIT. AND, LOSS. De. • ■' £. »■ d. Dividends— For tho half-year ended November 30, 191X5 -. £12,500 0 0 For the half-year ended May 31, 1907 15,000 0 0 Commissions, salaries, and other expenses ... '■'■ ...133,830 0 8 Government tare?* and payments to fire., marine, and accident associations ..- 10,935 210 Fire, marine, and accident losse* ; and appropriation for un- : paid losses ... 405,577 16 5 Transfer to reserve fund 25,000 0 0 Transfer to re-insurance fund ... 35,000 0 0 Balanco ... 21,674 6 0 £660,517 5 11 cb".' ' ; -' '"' ' ""' £ '' '»• «*' Balance at November 30, 19C6 ... £17,757 56 11 Fire, marine, and accident premiums, less returns and reinsurances •» ... 616.416 17 9 Interest and rents ... 26,342 11 3 £660,517' 5-11 BALANCE-SHEET. Dr.. £• s - d. Subscribed capital -- 150,000 shares. £10 each, £1,500,000. less uncalled capital, 150,000 shares, £8 each, £1,200,000 ... 300,000 0 0 Reserve fund 155,000 0 0 Reinsurance fund ... 235,000 0 0 Investment fluctuation account- . Amount last year ... —• .. 1,527 14 / Profit on realisation ,of sundry investments 29;> 1 0 Appropriation for unpaid losses 112,453 8 8 Sundry creditors and unearned premiums ... , 49,422 9 8 Balance 21,674 6 0 £875,372 19 11 CB. \ £ 8. d. Bv investments— ... . Mortgages and shares ... ... 41,901 3 9 Company's freehold office preraises and other properties 232,142 4 2 Government securities and debentures — ""....: 391,176 19.9 Fixed deposits ...':,..,... 19,96910 0 Accrued interest and rents ... 6.905 5 2 Branch and agency balances ... 134,241 15 9 Remittances in transitu ... 8,576 15 2 Cash in banks and in hand at head office and branches ... ,40,459 12 ': £875,372 19 11