SOUTH BRITISH INSURANCE COMPANY.

New Zealand Herald, Volume LV, Issue 16969, 1 October 1918, Page 3

SOUTH BRITISH INSURANCE COMPANY.

ANOTHER SUCCESSFUL YEAR, DIVIDEND OF 53 PER SHAKE. The annual meeting of the shareholders in the South British Insurance Company, Ltd., will be held at the company's Head Office, Queen Street, on October 10. The report and balance-sheet for the year ended August 31, 1918, which will be submitted by r,ha directors, is as follows :-- The net premium revenue amounts to £656,988 12a 9d, the revenue from interest and rents received and accrued, after pay- ' ment of income tax, amounts to £51,828 8j Bd, making a total revenue of £708,917 2s sd. After making full provision for losses outstanding, there la a surplus in the underwriting acco'ant of £82,346 6s 8d; income from interest and rents as above amounts to £51,928 9s 8d; total, £134,274 16s Id.

This has been dealt with in the following manner -.—Transferred to reserve fund, £50,000; reduction of company's office premises, £2£,000; officers' provident and superannuation funds, £5156 103 Id ; sinking funds of leaseholds, £425. The total disbursements are thus £80,581 10a Id, leaving available £53,693 6s 3d. Out of this an interim dividend of 2s 6d per share was paid in April, 1918, totalling £25,000, and the directors now recommend j the paymeni, out of the balance of the, profits of tha year, of a dividend of 2s 6d per share— the total distribution for the year 5s per share— will absorb £25,000, making the total to be paid in dividends £50.000. This leaves a balance of £3693 6s 3d. to which must be added balance from August, 1917, less dividend paid in October, 1917, £53,908 10s lid, making the total to bin carried to the new account £57,601 17s 2d. Owing to the irregular arrival of mails and consequent delay in receiving accounts from distant branches, the shareholders will be asked. to 1 prescribe that ordinary meetings ip future shall be held at eleven o'clock in ike forenoon 0' ii« fourth Thursday in October in every year, at Buch place as may be dotermiuad by the directors. Tho directors retiring on this occasion are Ms3srs. John Batge? and John Edson, who, king eligible, offer themselves for notion. Messrs. G. S. Kissling and J, A. Duncan, the rehiring auditors, offer faerosehes for re-election. j UNDERWRITING ACCQ-.TTT.

BR, £ i. d. To Fire, Marine, and Acoident Losses paid and outstanding' 329,465 16 5 „ Agents' Commissions, Management, General hxpensos, and Bonus to Staff 182,309 17 5 „ Government Licenses and Bates and Taxes .. .. 32,866 12 5 „ Reserve fqr Unexpired Risks 320,000 0 0 „ Balance carried to Profit and Loss Account .. .. 82,348 6 8 £946,98? 12 9 OK. £ s. d. By Reserve for TJnexpired Risks 290,000 0 0 „ Ftre, Marine>«.nd Aooidont Premiums (less-..,. Reinsurances) .. »."•.,... 656,988 13 9 £948,988 12 v ? PROFIT AND LOSS ACCOUNT. DE. & •■ d. To Dividend paid October, 1917 25,000 0 0 „ Divided paid April, 1918 .. 25,000 0 0 „ Sinking .Funds Leaseholds 425 0 0 „ Contritjittions to Officers' Provide at tad Superannuation .Funds .. .. 6,156 10 1 „ Amount transferred to Reserve Fund .. ■• 60,000 0 0 „ Amouftt Written Off Company's Offioe Premises .. 25,000 0 0 „ BaUxscs carried to Balance Sheet 89.60117 2 £215,183 7 3 CB. £ 8. (L By Balance brought down from , August, 1917 .. .. ,•• 78,908 10 11 „ Interest and Rants Received ,„„„„. and Accrued, less Income Tax 51,928 9 8 „ Baltmoe brought down from ,' Underwriting Account .. 82,346 6 8 £213.185 7 3

The total assets of the company amount to £1,471.502 4s 2d.