AN AMALGAMATION

Otago Witness, Issue 3517, 9 August 1921, Page 38

AN AMALGAMATION

SOUTH BRITISH .AND XKAY ZEALAND IN SU li AN CE GOA IRA XIES. 1 . AUCKLAND, August 3. Uiroulars issued to shareholders of the New Zealand and South Briiish Insurance Companies state that as tho result of conversations between the directors of companies tne conclusion arrived at was that complete p.n tnership would materially further the interest of both, and, subject to the consent of tne shareholders, an agreement to this orient has been entered into. Already they aro part tiers in the Eastern States of America. i uo history of the two companies shows that underwriting proisis have been iu.sfc i 0U \’ eqi l' s1 ’ tbe only differences are that ’ in l New Zealand Company has a larger return from its investments, and has an un'l’■' ■ ‘ ibiiity on i ° a r than ! he Sc>uth Brit differences can be adjusted by the pmurb British making an issue to its .share ntributi cw ii, and calling up s;:< h sum (estimat d to be about 6- 8d per snare) as would bring tb'* one company on an equality with tho • !> '' ' ■ n as i ■: '< n in!crost-ea capacity and capital liability. A bash of ■‘ i : • • ■ • tip lias 1 ei 1 and as soon as possible after the c-Vue of tlio f ontJi British Company’s fma-ncia! year, on August 31 definite proposals will be laid before the shareholders of each com.vanv.