ANNUAL REPORT

New Zealand Times, Volume L, Issue 11653, 18 October 1923, Page 2

ANNUAL REPORT

SOUTH BRITISH INSURANCE COMPANY. Following is the report and balancesheet of the directors for the shareholders’ annual meeting to be held at the company’s office, Auckland, to-day:— Net premium revenue amounts to j£B€6,887 Ills 6d, interest and rents received and accrued after payment of' income tax on same amount to JL*9s,3li 8s 9d: total, .£961,699 Os 3d. Alter making full provision for losses outstanding, there is a .surplus in the underwriting account of «£8G,269 15s 7d, income from interest and rents a-s above amounts to .£95,311 9s 9cl; total, *£175,581 os Id. This has teen dealt with in the following manner: To reserve fund .£65,987, sinking funds of leaseholds .£425; total, .£66,112. I.caving available, £109,169 5s 4d. Out of this an interim dividend of lOd per share was paid in April, 1923, <£42,985, and the directors now recommend the payment, out of tho balance of the profits of the year, of a dividend of lid per share (making the total distribution for the year Is 9d per share, which will absorb <£47,283 10s (total £90,268 10s), leaving .£18,900 15s 4d. To this latter must be added balance from August, 3922, Jess dividend paid' in October. 1922, .£lll,Bll 5s 9d, making to he carried to the new account <£130,712 Is Id. During the year the directors nppointnney on the hoard caused by the death ot Mr J Ldson. The directors retiring on this occasion are Sir James H. R. Coato-> and Mr A. B. Roberton, who, bein" eligible, offer themselves for re-elec-tion. Messrs J. A. Duncan and N. A. Duthie, the retiring auditors, offer themselves for re-election. Early in the year arrangements were completed with the Eastern United Assurance Corporation of the Straits Settlements for a merging of that company's interests with tho-* of the South British. We purchased a majority of their .shares, which wore paid for partly by cash and partly by 31,6-1-0 of cur shares credited with 1.5- [>er share paid-up ur f | issued at a premium of £l Is 6d per share. Thin prenvum, amounting to .£3-1,013, has been added to reserve fund.