THE SOUTH BRITISH INSURANCE COMPANY.

Otago Witness, Issue 1324, 14 April 1877, Page 16

THE SOUTH BRITISH INSURANCE COMPANY.

. Auckland, April 9th. , The ninth half-yearly meeting of the, South British Insurance .Company was held' to-day. The report is as follows :— " The Directors have pleasure in presenting the shareholders with the following report and statement of 'accounts for the half-year ending February 29th, 1877 ': —Sums received— Premium account, E57.908 16s lid ; interest received account, L 3790 12s 2d; transfer fees, L 17155; losses. acd [insurances account, L 30,719 13s 2d ; agents' commission, salaries, printing, general, expenses, 1i10,105 12s 7d ; amount standing to credit investing account, L 110,844 lls lOd. The balance standing to credit of profit and bsa account at close of books, including interest and amount brought forward from last half-year was L 20,962 Is 3d. Insurance' Companies, being constantly liable to extraordinary losses, your Directors feel that it is necessary gradually to strengthen the Reserve Fund, and,- have therefore earned to reserve LIO,OOO, making L 40.000. This leaves a balance of L 10,963 Is 3d, from which the Directors recommend a payment of a dividend of 2a per share,," being at the • rate of 10 per cent, per annum on the paidupcapital of the Company. ' The shareholders will be glad to learn that the new' offices of the Company at Dunedin are completed*' and thje' business of the agency is now T transacted therein. It is a handsome and ■ commodious building, in a first-class position. * Plans for an office of the Company at Christchurchhave been approved, and the erection ,of the building; will bo shortly commenced. The Company is much indebted to the Dunedin and Christ' church Boards of Directors for the trouble, taken in regard to securing excellent 'sites and offices. The Brisbane office, it is 'expected,' will be completed and occupied before the close of the present half-year." The report w^s adopted. A vote of thanks was passed to the Dunedin and Christchurch Directors. The retiring auditors were re-elected. The dividend is payable to-morrow.