SOUTH BRITISH INSURANCE COMPANY.
AUCKLAND, October 12. At the annual meeting of the South British Insurance Company, the chairman referred to the heavy losses in. insurance circles durin" the year, notably the Mataura and China, the Melbourne fire, the extensive fires in New Zealand, and town and bush fires. Consequently the directors had great satisfaction in reporting a credit balance of £5955. Tne underwriting account showed a trifling loss of 2.2 per cent. The claims paid exceed last year by £14,000. The premium income was £6000 less, caused by cutting off unprofitable business. Otherwise the income had considerably increased. After paying an interim dividend, making anallowI ance to the sinking fund, and depreciation of furniture, the directors recommend a divi-« dend of 2s. The report was.adopted. ■ ;The balance sheet'of the South ■ British Insurance Company for the year ended 31st
August-shows a profit1 in: the revenue account of £5955, which, added to the amount brought forward from last year,, leaves £16,562 at .the credit of the profit and loss account. Out ot this an interim dividend was paid in' April of Is 6d per share, and the payment of a further •2s per sharo is now recommended, leaving to be carried forward £1831. '■ ..,'. ■■-■•.
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Bibliographic details
Otago Daily Times, Issue 11253, 25 October 1898, Page 2
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202SOUTH BRITISH INSURANCE COMPANY. Otago Daily Times, Issue 11253, 25 October 1898, Page 2
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