INSURANCE PROFITS

New Zealand Herald, Volume LXXII, Issue 22259, 6 November 1935, Page 9

INSURANCE PROFITS

THE UNITED COMPANY SMALLER NET SURPLUS DIVIDEND AGAIN HIGHER A final dividend at the rate of 8 per cent per annum is recommended in the accounts of the United Insurance Company, Limited, Sydney, for the 12 months ended September 30. This makes the year's distribution 8 per cent, against 7} per cent in the previous year, 6 per cent in 1933, and 5 per cent in 1932.

The net surplus for the year is £38,569, against £49,068 in the previous period. With £7021 brought forward, there is available £45,590. Interim and final dividends account for £30,000, and £2500 is transferred to dividend equalisation fund, leaving £7090 to be carried forward. Premiums, interest and rents amount to £330,736, an increase of £5043, while losses total £165,886, an increase of £21,469. Expenses and taxes arc £5927 lower at £126,280. Tho principal movements in the balance-sheet are an increase of £9OOO in mortgages, which stand at £133,763, and a decrease in cash of £4195 to £49,898. Debtors owe £1917 more at £39,697, and deposits at interest are £ISOO lower at £208,050.

• ♦> OVERSEAS INVESTMENTS ! i BRITAIN'S LARGE INCOME IMPROVEMENT DURING 1934 An improvement in tho income from Britain's overseas investments is outlined by Sir Robert Kindersley in tho Economic Journal, in which he states that without a real increase in trade throughout the world and a general advance in world prices a return to pro-depression figures could not be expected. At tho same time the outlook was for further improvement, rather than for a renewal of the decline. Sir Kobert bases his conclusions on a study of overseas investments, foreign and colonial loans and shares and obligations of Britisli companies registered in the United Kingdom but operating abroad and in foreign and colonial companies both registered and operating abroad. The income from those sources received in Britain ho shows to have amounted to £231,000,000 in 1929, and to have sunk to £149,000,000 in 1933. In 1934, they showed an advance for the first tine since the depression set in to over £158,000,000. During that year many of the companies involved were able to improve their financial structure, with the result that the proportion of profits placed to reserve rose very sharply. ASHBURTON GAS SLIGHTLY HIGHER PROFITS A not profit of £2735, compared with £2613 in the previous year, is shown in tho accounts of the Ashburton Gas, Coal and Coke Company, Limited, for the year ended September 30. With £526 brought forward, there is available £3261, which the directors propose to deal with as follows:—To payment of an unchanged dividend of 7 per cent, £1671; to depreciation of plant, £732j to reserve, £200; to renewal fund, £150; and to carry forward £SOB. PRICES OF METALS LONDON MARKET STEADY (Received November 5, 5.35 p.m.) LONDON, Nov. 4 Following are to-day's quotations on tho London metal market, compared with those of October 31;— Nov. 4 Oct. 31 Per Ton Per Ton £sd £ 8 d Copper, stan., spot .. 34 18 9 35 0 0 Copper, stan., 3 mos. 35 6 101 35 6 10J Copper, electrolytio .. 89 15 0 39 5 0 to to 40 6 0 39 15 0 Copper, elect.,-wire bars 40 5 0 39 15 0 Lead, soft, spot 17 10 0 17 7 6 Lead, soft, forward .. 17 10 0 17 7 6 Spelter, spot .. .. 16 1 8 16 7 6 Spelter, forward ... 16 7 6 16 7 6 Tin, stan., spot .. 223 10 0 223 10 0 Tin, stan., 3 mos. ~ '212 7 6 212 15 0 GOLD AND SILVER , QUOTATIONS IN LONDON ' ■! (Received Novembor.;s, 8.35 p.m.) LONDON, Nov. 4 Fine gold is quoted to-day at £7 Is 5d an oz., compared with £7 Is 5Jd on Saturday. Silver is quoted at 29Jd an oz. spot and 29 3-16 d forward, compared with 29 5-16 d and 28* d on Saturday. Tho quotation for silver at per fine oz. is 31»d, compared with 31 Jd on October 31. The following is a summary of the fluctuation in the price per ounce of fine gold in 1935: £ s d • Highest price, March 6 .. 7 9 4 Lowest price, August 27 ~ 619 9J ; October 29 . . 7 1 4J October 30 .. .. ..714 October 31 7 15 November 1 '717 November 2 7 1 51 November 4 7 16 CANADIAN BACON EXPORTS INCREASING . RAPIDLY The rapid increase in Canadian bacon exports during the past few years is indicated by tho fact that they rose from 2500 tons in 1931 to 44,700 tons last year, according to recent statistics. For the lirst seven months of the presont year tho Canadian proportion' ( of the British bacon trade has been well maintained, and record figures are anticipated. Since 1931, Canada has progressed from ninth to second placo, and her share of the British trade from 0.4 per cent to 11.7 per cent. Much of this success is attributed to improved production methods, which include the grading, marketing and sale of Wiltshire cut, grading of carcases and importation of the best available breeding stock. Bacon grading, with its standardising of quality, grade and appearance of tho exported produce, is regarded in Canada as one of the corner stones of tho improvement policy. OIL FROM COAL HIGH COST AT PRESENT "At present the production of motor spirit from coal is uneconomic, but it is possible that the period cA trial being allowed by the British Government will result in a cost which, considering the advantages of home production, it will be worth while for Britain to pay," said Mr. W. H. McConnel, chairman of the Sheepbridge Coal and Iron Company, Limited, at the annual meeting of the company in Sheffiold. The expansion in the use of coal as raw material for such products as motor spirit and lubricating oil would help the demand, he considered, and coalcrtvners might with advantage giro greater help in these development*.