SPORTING.

Otago Daily Times, Issue 7722, 17 November 1886, Page 2

SPORTING.

D.J.C. SPRING MEETING. . . The following handicaps were declared last night at the office of Mr Sydney James for the forthcoming spring races:— . ' . HANDICAP TKOTTipfG HAOS. Ofl2osovs. Distance, three miles. tec — -»cc. Oliver ... ... — Foremast . ... 50 Frolicsome. , ... 10 Evangelino ■ ...7/60 Malvina ... ~. 15 Reefer ... ... 60 Silver Hell; • ... 25 BobGawn . ...V 60 Narrow Gauge ... 25 Wanderoo ... 60 Cock Robin ... 28 Tommy... ... 60 Betsy ... ... 28 Jimmy ... ... 60 Jimmy Ilronn ... 35 Old-Identity. •„■ ... 60 Masher Maid ... 35 Donald ... ... 65 Axe ... '- ... 38 Manias... — ... 65 Duchess ... ... 38 Pirate ... i ... 6S • Fairy ... * " „. 45 Ida Maid :.',.,, JO Folly ... ... is Little Ned ...... 70 De«or ... ' ;'... 50 Tui ... : - "... 70 ••'-■■• SPRING HANDICAP,' ' Of 80sovb. One mile. '■-'•' • . etlb ■->..,.. etlb Hubiria ... ... 9 4 Puck"... ' ...7 11 Spade Guinea ... 9 0 Vinaigrette ....7 7 - Hermitage ... 810 Bverton Lad ... J 5 Titbit ... ... 8 7 Factory Girl ... 7 2 Molly Bawn ... 8 4 Selves ... 6:7 * Ike ... ... 8 3. Mokola ...68 Apropos ... 8 3 Klccartxm ; ... 6 6 Talebearer ... 8 1 Theßaker ....'6 0 Jack ... ... 8 0 Jealousy :...;■ 8 0 HANDICAP HURDLE RACE. Of 70sov8. One and a-half mile. Master Agnes ...1112 Aroha;.. .-..■■. ~.. ,9 12 Peter Osbeck . ...1112 Wildboy-. ■ 9-.0 Borderman ... 11 10 Dunluce . ;,.',> 810 Mojdy ... ...10 10 Mayboy ...8 10 Trapper ... 10 8 . Canezou ... 8 7 Garibaldi .: . . ... 10 8, .. .. .:..•-.r; ■ ST. ANDREW'S HANDICAP, ■■••• Of3oosovs. One mile and a-Ualf. Rubina ... .. ... 8.12 Fuck... .'...7 10 Spade Guinea ... 810 Wlldrake ' ... 7 3 Hermitage ' ... 8 7 EvertonLad ... j.s Marion... 8 0 Laßose ■ ... 6-"0 lalebearer .7 12 St. Iveß . ■ ... 6 0 Mr E. Lyons' colt First Lord was sold at auction at Christchurch on Monday for 400 guineas to Mr D. O'Brien. ■■ •: THE. NATIONAL FIRE AND MARINE INSURANCE COMPANY. :■'■•> TO THE EDITpn. ' ' /' Sir, —With your permission I would like t make a few remarks through your column anent the balance sheet of above company fer year ended 30th September 1886. : ' .. . '.' In your sub-leader in issue of 13th inst. you say inter alia "that the profit for the year just closed is most inaccurately so called, as it is not profit made this year." I venture to say it is, and for this reason: that the amount of revenue consists entirely of premiums, interest, &c, earned during the year, i.e., premiums on risks underwritten during year, less the rebate premiums on unexpired term of such risks as had not been written off at 30th September 1880, and plus rebate premiums on unexpired term of risks existing at 30th September 1885,. which the following statement will make clear to any person conversant with accounts:—■ 1886-September 30. .' . ; , Revenue from . pre- . •-•./'!.-'; mlums on business nv'-vl-.--done year 1885-6 ... £115,078 17 4 -. T Deduct pertaining to . , next year, beingpre- •'■'■' •' .--.-- miums on unexpired . .-...-■ .-■ term of risks currcntnow,or,inother . -• ~..~ wards,.premium re- . : . ' ■..:*:••■. serve ... ~, 61,654 0 o.': '■■' i.i • : £113,434 IT • f Add premium on unexpired terms of '" risks current at 30th September 1885 ... ... ... 74,155 0 0 £187,579 17 4 Less losses, commission, expenses of ... management, taxes, bad debts, and , _.; depreciation of furniture ... £187,806 19 0 Showing a loss of ... ... £i 27 1-.8, on underwriting, as shown by a correspondent signing himself "Nemo." . *, Now interest, rents, transfer, fees, ; ' and unclaimed dividends amount ■■£ t0... ... ... £14,120 0 5Which, deducting loss underwriting .. ; as above, leaves year's profit at ... £13,892 18 9.1 The objection Eeems to be in treatiifg premium reserve as part of revenue, but I hold it is correct to do so, and is on the same principle as a banker or merchant at balance time placing inrj tereston unexpired term of their bills receivable: on hand at that period to debit them and crediting it the following balance when it is earned. The shareholders of this company ought to bestir themselves at once, with the view of inducing the directors to inquire" into and reduce the expenses of management, in which, in my opmion, a substantial amount might be saved yearly. : ■■ ■;' Apologising for trespassing so much on your. . valuable apace,—l am, &c, ' * Shaebholdek. ■'" November 16.