COMMERCIAL

Poverty Bay Herald, Volume LXI, Issue 18530, 17 October 1934, Page 11

COMMERCIAL

SfoWH BRITISH mSOTAttCE eYg YNcrEAsU iN MUflts The .recounts of the South British Insurance Company, Limited, for the year ended August, 31, show a substantial increase in the underwriting .surplus, which at £1 1n,339 is £50,877 higher than in the previous year. This is 'the highest, yet recalled, and is accounted for by increased premium income as tvell as by reductions in losses and expenses. The ratio of losses lo premium income. 52 per cent, is the lowest since 1020. . The year\s dividend is unchanged at 2s ,8d per share. . The transfer of £1.0.0,0,00 to. the general reserve brings this,fund to £1,000,000. The ne_t premium in home for the year, amounted to. £813,472, which with, interest and rents received and .accrued after, .payment of income, tax £124,000, makes a total -of £938,162. , After, making provision for losses outstanding, and for taxation, there is a surplus in the underwriting account of £115,339, making with £124,690 received from interest and rents, a total amount available of £240,029. This amount has been dealt with as fol-lows:—-To reserve fund, £160,000; interim dividend of Is 4d per share in April, £68,776.;. final dividend now .recommended, of 15.4tl per share, making 2s 8d -per share.for. the^ymar. £63,17,6.. This- 1-eavps .£2477-to .whip.li is..added the balance from August, 1933, lcss.the. dividend paid in October, 1933, £213,267, making to he carried into the new accounts £215,744. The paid caiptal is unchanged at £1,031,640. Reserves, which include new*, diem eontirfgCnci'es reserve, total £1,947,3%8, compared with £1,062,437 in thq previous year. The total assets at £3,322,494 compare wi'fli £3,139,578.

SYDNEY WOOL SALES VALUES UNCHANGED SYDNEY, Oct. 16. At the wool sales, 9702 'bales were offered, of which 8655 were sold; 557 bales were disposed of privately. There wgs good competition from Yorkshire, Japanese,...and tlie, Continental sections.... ..Values sdiowed-MfEange from tlie previous, day.... Greasy pterind-sold' to 161 d for five bales from Warialda.

WhIM GROWERS’ 'RESERVES Uisffilfeu (Per Pro?;! Association.) . , . .DUNEDIN, fhisMay, At. the annual meeting of the,New, Zealand Wheat Growers Co-operative Association, Limited, it W.as.announced that reserves.badjbggn distributed.by . the. payment. o,f..f9/2RL, , The original capital, 1 he. an nual..report. stated, was. : still intact, being represented by assets

and investments. , ..The... following directors, were reelected unopposed: Messrs. W. W. M U L holjaml (Darfield), James Carr (Methven)j TC. B. M eek (Oaniaru), and P. R. Talbot (Timarn). SOUND POSITION N.Z. GUARANTEE CORPORATION Thej 'annual general meeting ‘of shareholders Ah© New Zealand

Guarantee Corporation, Limited, was held on, Monday. In moving tlie adoption of the report and balance-sheet, the chairman, Mr. W. Thorpe,' explained fully tiro operations of the Corporation , during Hie past.year, and emphasised tiro .fact that, tho .corporation’s asspa were in a liquid state. .He also.pointed out to. shareholders that if the reeommenda : tions of the . . board were. carried, the general reserve account .would .be. increased- to £30,000, which together with £3256 carried forward would make a total reserve equal to slightly more than 46 per cent of the capital of -tlie-corporation. Mr. W. Appleton, the vice-chairman, in seconding the motion, endorsed the remarks of the chairman, and made special mention of the conservative policy adopted by the board. Several shareholders spoke in congratulatory terms of the results of the year’s working, and in support, of the policy adopted by the board and ail of the recpnimendations of the latter were passed unanimously. Messrs. S. ICirkcaluie and G. \V. Magnus, the retiring directors, were re-elected unopposed, and Messrs. Watkins, Hull, Wheeler and ..Johnston were re-appointed as Generous references were mado to the work .of the directors and the manager and staff, and the, meeting terminated.with a vote of thanks to the chairman. BUOYANT MARKET SYDNEY STOCK EXCHANGE SYDNEY, Oct. 15. ‘ With few sellers, in the market and

buying orders numerous, conditions on the Sydney Stock Exchange to-day were budyant and all classes of stocks and shares were tinner. .Stiles: Bank of New South Wales, £32 Iss; Commercial Bank of Sydney, £18; Commercial Bank of Australia, 16s 3d; Colonial Sugar, £7O; Mercantile,,Mutual Insurance, 24s 6d; Assdciated News, 25s 4jd; ditto, pref., 255; Adelaide Steam, 28s Od; Howard Smith, 16s 2d; Burns Philp, 57s 6d; Australian Gas, A, £S 3s; British Tobacco, 4is ,3d; Tooths, 50,s 33; Australian Glass, 52s (id; Dunlop Perdriau, 20s lid. Winchcombe Carson, Now Zealand delivery, 20s 6d; Wilcox Mofllir., IDs fid; partners, 245; Anthony itordern, 15s Od; Pitt, Son and Badgery, 425; Moggitts, 21s (id; Australian Iron and Steel, pref., 23s Od.; Commonwealth Wool, Ills ..tOid; Millaquin Sugar, 345 1 . Mt. Morgan, 375; Broken Hill Proprietary, 535; North Broken Hill, 90s; Placer ,Development, £25 15s. ...-Morning sales included:—Commonwealth Bonds, 33, per. cent, 1042, £lO5 10a; 4 per cent, .1941, £IOB 7s «d; 1944, ex. interest, £IOB ss; 1961, £ll2 25.,6d; Commereial Bank of Sydney. £18;, Bank* of New South Wales, £32 15S'; Tooths, 50s; Aspeiated News, 25s' IJd; British Tobacco, 4.1 s 3d; Broken Hill Proprietary, 535; .Tames Htedmnni

15s* Millaquin Sugar, 345; Wilco: Mofflin, 10s fid. MELBOURNE, Oct. 15, Sales on the Melbourne Stock Ex change to-day included: —Electrolytii Zinc, prof., 60s; .tTerald .and Weekly Tiroes, 545; Commercial Bank of Aus traiia, lOs sd; National Bank, £5 paid £0 ss; Mt. Lvell, 18s 3d. Gold Mining returns ‘Gillespie’s Beach Gold Dredging Company, Limited, wash-up amounted to 31oz. 9dwt. for 134 hours’ work Dredge running well and 'plenty ot water. The Okarito Five Mile Beach Gold ■Dredging Company, Limited, reported a,return of 41oz. sdwt. for 128 hours’ work. t Worksop Extended reports on October 13;«~4'loz. lldwt. for 137 hours’ dredging, 10,290 yards. The Matnki return for the week ended Oct other 14 was 340 z. for 124 It out's ’ work. DAIRY PRODUCE PRICES (Pur Truss Association.') WELLINGTON, this day. Dairy produce prices have been lixed on the basis of butter at B£d a lb, not 84<1 as telegraphed on Saturday.