South British Insurance Company.

South Canterbury Times, Issue 6384, 27 November 1890, Page 2

South British Insurance Company.

(By Telegraph.)

AUCKLAND. Nov. 26,

At a meeting of the South British Insurance Company a resolution was carried that .the capital of the company be reduced to £1,900,000, divided into .100,000 shares of £l9 each, by cancelling paid-up capital lost or unrepresented by available assets to the extent of £1 per share upon 64,628 shares issued, and by reducing the nominal amount of all shares in the company’s capital from £2O to £l9 per share. The chairman in moving the adoption of the resolution said it was intended to take from the reserve fund and investment reserve, which at present stands at £80,488, a sum of £6OOO as a reinsurance fond sufficient to reinsure the whale of the company’s business, and which from time to time will be kept proportionate to that business. Then of the £64,628 capital to be written off, part will bo applied to write off an amount of £44,682 standing to the debit balance-sheet, and which included the cost of retirement from America. The remainder of the capital written off, £19,946, and balance of reserve fund, £20,483, making together £40,434, is available to meet expenses of retiring from England and the Continent. Any balance of that sum not required for that purpose will form tbs nucleus of a reserve fund, as distinct from the reinsurance fund,