SUCCESSFUL YEAR.

New Zealand Herald, Volume LXII, Issue 19148, 14 October 1925, Page 14

SUCCESSFUL YEAR.

SOUTH BRITISH INSURANCE. EXPANSION OF BUSINESS. DIVIDEND OF 2s id PROPOSED. The report of the directors of the South British Insurance Company for the year ended August 31, 1925, states that the net premium revenue amounted to £905,917 4s 8d; interest and rents received and accrued, after payment of income tax on same, .amounted to £111,091 9s 3d, making a total of £1.017,008 13s lid. After making full provision for losses outstanding, there is a surplus in the underwriting account of £85,826 7s lid, which, with the income from interest and rents, £111,091 9s 3d, makes a total of £196.917 17s 2d. This has been dealt with in the following manner:—To reserve fund, £75,000; and to sinking funds of leaseholds, £425; leaving available £121,492 17s 2d. Out of this an interim dividend of Is a sha® 1 was paid in April, absorbing £51,582, and the directors now recommend the payment, out of the balance of profits for the. year, of a dividend of Is Id a share (making the total distribution for the year 2s Id a share), which will absorb £55,880 10s, a total of £107,462 10s. This leaves £14,030 7s 2d, to which must be added the. balance from August, 1924, less dividend paid in October, 1924. £141.304 lis 7d, making to be carried to the now account £155,334 18s 9d. The retiring director:;, Messrs. E. R. N. Russell and W. R. Wilson, offer themselves for re-election, as do the retiring auditors, Messrs. J. A. Duncan and N. A. Duthie. The annual meeting of shareholders will be held on October 22. The following is a comparison of the company's results for the past three 1322-23, 1920-21. 192-1-25. .Premium income £866,387 £879.79!) £905,917 Expenses , . 294,1TS 308,3t?2 313,382 Ratio n.o. , . 33.95 35.05 34.59 Losses , . 491.940 489,007 490,709 Ratio P.O. .. 56.78 55.65 54.82 Surplus . . £80,270 £81,770 ;£tis,S2o Brought forward .. III.SU 130,712 1-11,305 Interest and rents .. 95,311 103,113 111,091 Totals .. £287,392 £315.595 £.W,222 To reserve . 05.957 75,000 75,000 Sinking fund 425 425 i'2s Dividend; rate Is 9(1 Is Hd 2s id Amount . . 90,208 98,805 107,462 Carried" forward .. f 130,712 £1,11,305 £155,335 Guardian Trust Company. A statement of the position of the Guardian Trust ami Executors Company of New Zealand, Limited, as at August 31, 1925, is issued with the report. The statement shows that the amount at credit of estates under administration, and including amount due to creditors of trust estates, was £2,580,881 5s 6d. This was represented by the following investments and cash:—Landed property, £644,011 5s 7d: mortgages, £895.692 18s 7d ; shares, £413.824 3s 3d; debentures, £79.332 4s 3d; New Zealand Government securities, £217,307: sundry debtors, £13.788 16s 7d; partnerships* and reversionary interests. £30.124 19s 3d; furniture, livestock, jewellery, life insurance, and sundry assets. £199.067 17s lOd : (-ash on deposit, savings bank balances and bills receivable, £66,319 7s 6d : trust bank accounts, balance at credit, €16,412 14s lOd. In addition, the companv held debenture trusts not included in the above, amounting to £3,302,740.