N.Z. INSURANCE CO.

New Zealand Herald, Volume LXIII, Issue 19390, 27 July 1926, Page 7

N.Z. INSURANCE CO.

YEAR'S PROFIT OF £197,398.

DIVIDEND OF Is 8d A SHARE

& STATEMENT OF ACCOUNTS

The annual meeting of shareholders of the New Zealand Insurance Company will be held next Tuesday. The directors propose a dividend for the year of Is 8d a share, as against Is 7d for last year. The report of the directors for the year ended May 31 states the net revenue from fire, marine and accident premiums was £1,066,012 3s. The balance brought forward from 1925 was £124,585 5s 2d. The surplus on tlve year s operations, after making full provision for all ascertained losses to May 31, depreciation of investments and appropriation for taxation amounts to £80,158 9s 3d, to which is added the net income from interest and rents, £117,239 10s 2d, making a total of £197,397 19s 53, and with the balance brought forward, £321,983 4s 7d. The interim dividend of lOd a share paid last February absorbed £62,500, while £75,006 has been transferred to the reserve fund, leaving a balance of £134,483 4s 7d. It is proposed to pay a dividend of Is 8d a share for the year, less the interim dividend of lOd a share paid in February, which will absorb £62.500, leaving a balance of £121,983 4s 7d to be carried forward. The retiring directors, Sir James Gunson and Messrs. C. V. Houghton and O. Nicholson, are seeking re-election. Messrs. H. Gilfillan and F. O. Buddie again offer theii services as auditors. Following is a statement of accounts for the year:PROFIT AND LOSS ACCOUNT. £ s d

Following is the schedule of bonds and debentures (Government and municipal): Great Britain, £681,025 18s 4d; New Zealand and Commonwealth of Australia, £757,377 lils lid; Union of South Africa, £32.510 7s 6d; Dominion of Canada, £1G,825; United States of America, £192,583 7s lid; South America, £41,086 lis 6d; Japan, £19,293 15s; India, £3840; debentures not Government or municipal, £20,051 15s 7d; total, £1,758,594 8s 9d. Following is the balance-sheet of the trust, executor and agency business as at May 31, 1926 LIABILITIES.

Dividend for tho half-year 62,500 0 ended November 30, 1925 C Commissions, salaries and 313,130 5 O other expenses o Government taxes and appropriations, and payments to fire, marine and accident associations 42,250 7 i Fire, marine and accident losses, and appropriations for unascer633,973 0 tained losses . . ... 9 Reserve for unexpired 533,000 0 75,000 0 0 0 risks at May 81, 1926 , Transfer to reserve fund Balance 184,483 4 7 £1,844,336 18 1 £ s d Balance at May 31. 1926 . 187,085 5 0 Xiess dividend for half-year 62,500 0 ended May 31, 1925 0 124,585 5 2 Reserve for unexpired 536,500 0 risks at May 31, 1925 . . 0 Fire, tnarine and accident premiums, less return? 1,066,012 3 0 and reinsurances . Interests and rents 117,239 10 2 £ 1,844,336 18 ~4 BALANCE SHEET. LIABILITIES '£ a d Subscribed capital. 1,500,000 shares at £1 0 each . . . . 1,500,000 0 Less uncalled capital, 1,500,000 shares at 6s 0 each 450,000 0 £ 1,050,000 0 0 Reserve fund 475,000 0 0 Reserve for unexpired risks 533,000 0 0 Investment fluctuation and 9,284 4 contingency account 5 Provision for taxation . . 20,000 0 0 Appropriations for un220,082 0 0 ascertained losses . . Sundry creditors and un205,633 11 earned premiums 7 Balance 184,483 4 7 £2,697,483 0 7 ASSETS '£ s. d Investments — 34.716 13 Mortgages 4 Shares 670 10 9 Company's freehold office premises and other 412,522 10 properties Bonds and debentures . . 3 1,758,594 8 9 Fixed deposits . . • , . 53.013 18 6 £2,259,618 1 7 Accrued interest and rents 39,249 18 4 Branch and agency balances 231,936 14 1 Remittances in transitu . 8,500 0 0 Cash in banks and in hand at head office and branches 158,278 67 £2,697,483 0 ~7

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