SOUTH BRITISH INSURANCE COMPANY.

New Zealand Mail, Issue 763, 15 October 1886, Page 24

SOUTH BRITISH INSURANCE COMPANY.

(UNITED press association.) Auckland, October 12.

The report and balance-sheet which has been issued by the South British Insurance Company for the year ending 31st August, and which is to be submitted to the shareholders to-morrow, shows an income of £246,700, general expenditure of £256,048, and balance to debit of profit and loss at the closing of the books of £9348.

Auckland, October 13.

At the annual meeting of the South British Insurance Company there was a large attendance oE shareholders. Captain Dally presided. The Chairman moved, at the suggestion of a shareholder, that the balance at the end of the year standing to debit of the profit and loss account be written off the reserve fund, which would then be reduced to £86,500, and leave the accounts quite clear. The motion was unanimously adopted. The Directors’ report as amended was moved by the Chairman, seconded by Mr Barstow, and carried. The Hon H. C. Chamberlin, in a lengthy speech, made charges against the Directors as to the way in which they had managed affairs. The statements were contradicted by other speakers. On the motion of Mr J. Clark, seconded by Mr Ralph Keesing, a resolution was carried expressing regret that Mr Chamberlin had made a statement which he had been unable to prove. A resolution was carried reducing the Directors’ honorarium from £I4OO to £7OO. Mr Compton moved that the retiring Directors, Messrs A. Buckland and Richard Hobbs be re-elected, but Messrs A. Buckland and David Goldie had the greater show of hands. A poll was demanded, resulting in the old Directors being re-elected. The numbers were— Mr A. Buckland, 33,150 ; Mr Richard Hobbs, 32,599 ; Mr D. Goldie, 13,288 ; Mr J. Elkin, 12,700. A vote of thanks to the Directors and Chairman was passed after a prolonged meeting.