N.Z. INSURANCE CO.

New Zealand Herald, Volume LXVII, Issue 20628, 29 July 1930, Page 5

N.Z. INSURANCE CO.

YEAR'S PROFIT OF £231,500.

DIVIDEND OF Is !Id A SHARE.

CAPITALISATION OF RESERVES.

Tho 92nd annual report and balancesheet oi the New Zealand Insurance Company, Limited, for the year ended May 31, 1930, states that tho net revenue from marine and accident premiums was £1,199,331 133 7d, as against £1,183,974 last year. Tho directors propose payment of a dividend of Is a share, making Is lid a share for the year. In tho two preceding years the dividend was Is lOd a share and in 1927 Is 9d. At the ordinary meeting of shareholders on August 5 resolutions will bo proposed authorising the capitalisation of £300,000 by making a call of 4s a share and simultaneously declaring a dividend of a similar amount to be applied in payment and satisfaction of tho call. With the adoption of this proposal the company's shares will bo paid up to their nominal value of £l. Tho directors state that the surplus on the year's operations ■ after making full provision for all tho ascertained losses to May 31, depreciation of investments and appropriation for taxation, was £91,385 10s 3d, to which is added the net income from interest and rents, £140,113 16s, making a total of £231,499 6s 3d. With the balance brought forward from £200,0/4 14s 3d, less dividend at the rate of lid a share paid in August, 1929, £68,750, the total available for appropriation from all sources was £362,824 0s 6d. The interim dividend of lid a share paid last February absorbed £68,750, while £85,000 has been transferred to tho reserve fund, leaving a ba<anco of £203,074 0s 6d. It is proposed to pay a dividend of is lid a share for the year, less the interim dividend of lid a share paid in February, which will absorb £75,000, leaving £134,074 0s 6d to be carried forward. The directors havo also decided to recommend to shareholders that £300,000 be transferred from reserves to capital, thereby making the shares fully paid to £l. The retiring directors, Mr. H. Horton, Mr. C. I. Nathan and Mr. C. Rhodes, are again offering their services. Following is a statement of the company's accounts for the year:-

Following is a schedule of the bonds and debentures (Government and municipal securities) shown above: —Great Britain, New Zealand and Australia, £1,610,292 12s 4d; Union of South Africa, £57.601 7s 6d; Dominion of Canada, £17,404; United States of America, £194,706 0s 2d; South America, £63,477 14s; Japan, £19.293 'J5s; debrr""w S (not Government or municipal), £19,051 15s 7d; total, £1,981,827 4s 7d. The balance-sheet of the trust, executor and agency business of the company's trustee* branch is as follows: —

SYDNEY FERRIES. KEDUCTION OF DIVIDENDThe directors of Sydney Ferries, Ltd., have decided to pay an interim halfyearly dividend of 3* per cent. Thej have made every available economy, thej state but the. net receipts, in spite of these measures, reflect the times; as a consequence it has been deemed wise to reduce the dividend from 4 per cent, to v per "ent. for the half-year. They have also derided to reduce, their reliHit/crrii it<ii by JO ;><, com. for tJio tiuio being.

PROFIT AND LOSS ACCOUNT. Dr. £ «• d - To dividend for the half-year ondcd 30th Nov.. 1029 . . G8.750 0 0 „ Commissions, salaries and 51 ._ a „ _ other expenses . . • • 315,7S2 8 < „ Government taxe& and appropriations, and payments to fire, marine and accident associations . . 46,495 4 l , Fire marine and accident josses and appropriations fl for unascertained lessee ,37./lo Jj o Reserve for unexpired " risks at 31st May. 1030 . , 600.000 0 0 .. Transfer to reserve fund 80.OOO 0 0 ,, Balance 209.0,4 0 i'2,0G2.S20 3 10 Cr s " By balance at 3l3t May, 1929 200,074 14 3 Less dividend for half-s'ear ended 31st May, 1929 .. G8,7o0 0 0 ' £131,321 14 3 ■Reserve for unexpired " risks at ,31st May. .1329 592.000 0 0 ,, Fire, marine and accident premiums. less returns „ - and re-maurances . . 1,199.881 li ' „ Interost and rents .. 140.113 10 0 £2,062,820 3 10 BALANCE-SHEET. LIABILITIES. Subscribed Capital— £ 1,500,000 shares, il each l.oOO.OOO 0 0 Less uncalled capital 1,500,000 shares 4s each . 800,000 £ 1.200.000 0 0 Reserve fund ... . . • - 0 0 Reserve for unexpired r.aKa 600,000 0 0 Investment fluctuation and contingency account . . .>2,4/6 19 •) Provision for taxation . . 20,000 0 0 Appropriations for unascertained losses . . • • 207,170 0 0 Sundry creditors and nn- „ earned premiums . . . . Joo.Ooo J Balance 209,074 0 (.1 £3,050.754 9 0 ASSETS. Investments — & d - Mortgages 1? Shares . . . • •. 12»,3i3 13 11 Company's freehold office premises and other properties • • • • • • 425.263 0 4 Bonds and debentures . . 1,931,827 4 7 Fixed deposits . . . . 53.SC3 18 10 £2.044.912 17 S Accrued interest, find rents 46.356 13 2 Branch and agency balances 238.930 19 11 Cash in banks and in hand at head office and branches - 126.553 13 3 £3,056.754 9 0

LIABILITIES. 1 B. d. Amount at credit of estates, trusts and clients represented by investments as per contra . . . . • • 3,000,o37 19 8 Balances at credit of sundry clients find trust accounts in current accounts as per contra 112,044 19 3 Debenture trusts as per contra 2,674,640 0 0 £5,787,222 17 11 ASSETS, Mortgages - • 931.7S0 8 6 jjliarea £45,4,4 11 8 Debentures 835,(87 17 10 Property . . • • • • • • 573.709 10 5 Sundry assets . . . . • • 113,785 10 3 3.000,537 18 8 Balances at debit of sundry clients in current accounts 61,299 15 ? Casli at bankers in deposit accounts 46,057 17 5 Cash at bankers in company's trust account . . 4,G8i G 7 112,014 19 3 Debentures flnd mortises held as trustees for de-iienture-lioidcrs . . - • -.6(4,040 0 0 £ 5,787,222 17 11 Following is a comparison of tho company's results for the last two years:— 1928-29. Premium income . . £1,183.974 Expensed and taxes . . 362.574 Ratio per cent. . . 80.(*>2 Losses 724.190 Uatio per cent. . . 0L1 < To risks reserve *. 17.000 1929-30. £1,199,380 362.277 30.20 737,719 61.50 8,000 Surplus . • - - Interest and rents . . 134 0,7 Brought forward . . 129.533 £91,386 140.1 M 131,325 Total available . .. To reserve .. •• *< 5 ' 000 Dividends— mo Amount. V. 50 ° Carried forward . • £131.32» £362,824 S5.000 1/11 £143,750 £184,074