INSURANCE RESULTS

New Zealand Herald, Volume LXXIII, Issue 22475, 20 July 1936, Page 5

INSURANCE RESULTS

LARGE BRITISH OFFICES YEAR'S WORK ANALYSED The usual analyses of results of the workings of the great British insurance companies during the past year have been issued by stoekbroking firms in Liverpool. They state that underwriting results were generally good, fire figures were very favourable and accident figures better, but the marine accounts were described as unsatisfactory. In bumming up the report states that the companies should continue to participate in better trade, from which there are direct and indirect gains. One firm sets out the figures for 18 companies, or groups of companies, and shows that, cxcluihng the premium incomes of the life departments, the total net premium receipts were £9O, L 75.003, compared with £95,293,052 for 1 'Jill. The net underwriting results were a surplus of £5,992,309, equivalent to 6.2:3 per cent of the premium income, against a margin of .£1,009,117, being 4.27 per cent, in 19114. Interest on reserve receipts was £0,510,013 last year, against £0,511,071 in 1931. The fact that the total was only slightly larger on. the year was accounted for by the low market rates and by such developments as the conversion to a lower basis of some of the rates ruling in the past. The total cost of the dividends for 1935 was £7,738,493, compared with £7,723,154. in 1934, showing little change, and the amount to which the underwriting earnings were drawn upon for the purpose was £1,191,850, which was actually less than the total corresponding sum for 1931, £1,212.083. The major part of the dividends is again met. therefore, by the interest earnings..

GREATER J. D. WILLIAMS DISSATISFACTION WITH BOARD Dissatisfaction with the information supplied to shareholders by the board of directors and the desire to completely change tho board was expressed by a committee of large shareholders at the annual meeting of Greater J. D. AVilliams Amusement Company, Limited, in Sydney recently. This, it was stated, was the first step in an attempt to gain control of Greater Union Theatres, Limited, tho distributing company. The object of the committee of larger shareholders in seeking tho election of a new board, it was stated, was due to the fact that the board of Greater J. D. Williams, Limited, had the right to nominate two members to the board of Greater Union Theatres, Limited, which was the operating company, and owned and controlled the picture exhibiting through tho Commonwealth. It was working with Hoyts, Limited, in the company known as General Theatres Corporation. FOREIGN EXCHANGES FRANC AND DOLLAR STEADY British Wireless RUGBY, July IB Tho following rates on foreign exchanges were current yesterday, compared with the cabled quotations 011 July 16 and par:

•Sellers. (Received July 10, 5.5 p.m.) LONDON, July 18 On the foreign exchange market today the following quotations ruled:— New York, s.o3Via dollars; Paris, 75"™ francs; Batavia, 7.3-lVa florins. NEW ZEALAND QUOTATIONS The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates on Saturday, on a Xew Zealand currency basis, subject to alteration without notice: — Selling: United States Canada On demand .. 4.03 Vi 4.04 T.T. . . . . 4.03 4.03Va On demand 4.08 4.0S 1 /. Following are the latest rates for purchases and sales of foreign exchange quoted by the Bank of New South Wales, Auckland. Tliey are subject to alteration without notice: — To £1 N Z T.T. On Demand Currency Selling Buying Selling U.S.A., dol. .. 4.03 4.0<% 4.03/ a Canada, dol. . . 4.03% 4.OSV. 404 Austria, sell. .. 20.02 Belgium, belga 123.753 Czecho'vakia, cr. D'i.lO Pl', > , Denmark, kr. . 17.803 18.L03 1/.003 France, fr. .. 00.00 no)!, Germany, r.m. . D.038 Holland, fl. .. fi.877 "■^'^l .Java, fl. 5.8-11 Norway, kr. .. 15.802 1 0.2 ' ~ }- ,'!!% Sweden, kr. . . 15.180 10.54* l 2 Switzerland, fr. 12.230 Noumea, fr. .. 50.2!) Papeete, fr. . 50.11 >0 N.Z. pence to — _ Hongkong, dul 10 03-01 18 2>>-'il 3.) (>l-04 India, rupee .. 22 20-32 221-32 22 57-04 Ceylon, rupee 22 20-32 221-32 22 57-0-1 .Ta oan ven 1 * 39-04 Shanghai, dol. . 18 31-01 10 50454 18 15-3-Singapore, dol. 35 31-01 3415-04 3o 15-32 The cost in New Zealand currency of the pound sterling, and of the principal overseas units, on the latest quotations, is as follows: ■ Present Prico Par Australia, pound . . 1» 10.81 London, pound .. -21 in. -> - ■ Fiji, pound .. •• -- Now York, dollar .. 4 11;'' '> Montreal, dollar .. '! 114 3.31 Paris, franc . • Viioi- (117? Berlin, reichmark .. * I '•!{'' 1 1 Copenhagen, krone . 1 i Yokohama, yen . . 1 0.40 J. u.os CUSTOMS EXCHANGE RATES Rates of exchange ruling at the announced dates of departure of vessels named are shown in tho following table They are subject to confirmation by the Customs Department when the exact time of departure is learned. Finally declared rates are marked*:— Cambridge. America, dollars .. *5.02 Cambridge, Canada, dollars .. £.Ol Waiotapu, America, dollars . 5.02 Canadian Conqueror, Canada, dollars 503 Golden Coast, America, dollars .. 5.02 Aoranffi, Canada, dollars . . . • City of Dieppe, America, dollars .. 5.02/ i AUSTRALIAN STEEL PROGRESS OF INDUSTRIES SYDNEY, July 18 In a speech to-day at Grafton, the Postmaster-General of Australia, Mr. A. J. McLachlan, predicted that Australian iron and steel products would soon enter the markets of the world in face" of world coin petition, and so would relieve primary industries of some of the burden ol the external debt service.

July 17 July 10 Par Montreal, dol. 5.03% 5.03% 4.SCO Now York, dol. 5.02% 6.02% <1.80(1 Paris, fr. 7 5"/.. 75% 124.21 Brussels, belga 20.74 20.73 35.00 Geneva, fr. .. 15.3")% 15.34% 25.22 Amsterdam, 11. 7.37% 7.37% 12.10 Milan, lire 03% 03% 02.40 Berlin, r.m. .. 12.40 12.15% 20.-13 Stockholm, kr. 10.00 10.00 18.159 Copenhagen, kr. 23.37% 23.37% 18.150 Oslo, kr. 10.00% 10.00% 18.150 Vienna, sell. .. 20% 20% 34.585 Prague, kr. .. . 121 121 101.25 IlelsingforH, m. 227 227 103.23 Madrid, i>es. .. 30% 30'%a 25.221 Lisbon, csru. . . 308'/. 108% 110 Athens, dr. .. 528* 528* 375.00 Bucharest, lei. 075* 071* 813.0 Ilio de Janeiro 4y,d 4%d 5.800d Buenos Aires, d. 30d 35(1 47.01Utl Montevideo, dol. 30'/ 1# d 3»% 6 d 5ld Bombay, rupeo 18V«d 18'id 18d Shanghai, dol. l'4 l %a(l 14 l %ad — Hongkong, dol. 15/4#d 15%gd 24.5Sd Yokohama, yen 14% a d - 14% a d Batavia, 11. .. 7.34 7.33% 12.10 Belgrade, din. 210 210 270.31 Warsaw, zloty — 20.50 43.38