THE INSURANCE YEAR.

New Zealand Herald, Volume LXII, Issue 19156, 23 October 1925, Page 14

THE INSURANCE YEAR.

SOUTH BRITISH COMPANY.

SATISFACTORY RESULTS.

TRIBUTE TO THE STAFF.

The annual meeting of shareholders of the South British Insurance Company was held yesterday, Mr. W. R. Wilson, in the absence of the chairman of directors, Mr. V. J- Earner, presiding over a large attendance. Mr. Wilson apologised for the absence of Mr. Larner and of Mr. E. R. N. Russell, who have been visiting Europe, and said that Mr. Russell would return in a day or two, while Mr. Liarner would be back in New Zealand early next year. He also apologised for the absence of Sir George Elliot, jvhose duties as chairman of the Bank of New Zealand, had taken him to Wellington. In moving the adoption of the report and balance-sheet, details o*: which were published in® the Herald of October 14, Mr. Wilson said that no doubt shareholders had found tfte accounts satisfactory. The premium income was up, the ratios of losses and expenses were both a little lower, and the balance of underwriting account after increasing the reserve for unexpired risks was £85,826, as compared with £81,770 last- year. This result had with one exception been contributed to by all the branches in New Zealand, Australia, Africa, United Kingdom, India, Singapore, China, Philippines and America. Review of the Finances. Dealing with the profit and loss account Mr. /Wilson said the income from interest and rents was £111,091, an increase of £7978, mainly derived, cf course, from the investment of the underwriting surplus. Adding this and the underwriting surplus to the balance from last year gave a total on the credit side of £389,804. On the other side dividends had absorbed £103,164 and sinking funds £425. To reserve fund, making it £600,000, the sum of £75,000 had been passed, and there remained a balance of £211,215. With regard to the balance-sheet, there had been no great change in the assets except in respect of Government stocks and war loans. Owing to maturity the latter were less by £120,000, the proceeds of which were reinvested in Government stocks, which were more than last year by £IBO,OOO. The board recommended the payment of a dividend of Is Id a share, which with the interim dividend paid in April wuold make the distribution for the year 2s Id a share and leave £155,334 to be carred forward. Unsettled Trade Conditions. " That the company should continue along the path of steady progress during the unsettled conditions still unhappily existing in several fields where it operates is ' no doubt gratifying to its shareholders and its clients," Mr. W T ilson said. "We would wish that the outlook were less clouded. In China, where de do a considerable business* warring factions, both civil and political, continue seriously to disturb trade. In Hongkong, in particu- , lar, not only is business interrupted, but strikes of a Bolshevistic character have imposed great hardships upon the whole community, and our staff there have recently been enduring discomforts of which we can have little conception. " To come nearer home, you have recently seen ships lying idle in this port, as in others throughout the Dominion, Australia and Africa. All these disturbances show that industrial peace is not yet attained, and until more settled conditions prevail we cannot expect much increase of business." Mr. Wilson said he he was on a brighter theme when he referred to the energy and loyalty of the staff, who to a man were enthusiastic for the company, making its interests their own. As a further encouragement to do their utmost, the directors proposed, with the concurrence of shareholders, to pay this year a bonus on salaries, the distribution of which would be left in the board's hands. Thanks were also due to local directors and advisers at the various branches, as well as to the agents, for their valued help in developing the company's business. The Guardian Trust. The services afforded by the Guardian Trust Company were referred to, Mr. Wilson saying the'same cace and attention was paid by the directors to the trustee business as to the insurance business. Shareholders and clients could entrust to the " Guardian " their agencies, attorneyships or trusteeships with the same confidence as they insured with the South British. The report and balance-sheet were adopted. The retiring directors, Mr. E. R. N. Russell and Mr. W. R. Wilson, were reelected, and the auditors, Mr. Duncan and Mr. Duthie, were reappointed. A vote of thanks to the directors, the general manager and staff, proposed by Mr. E. Anderson, was carried with enthusiasm. Replies were made by Mr. W. R. Wilson and the general manager, Mr. P. H. Upton.