SOUTH BRITISH INSURANCE COMPANY.

Taranaki Herald, Volume XXXVI, Issue 7994, 12 October 1887, Page 3

SOUTH BRITISH INSURANCE COMPANY.

THIS DAY. The annual meeting of tho South British Insurance Company was held in Auckland on Wednesda}', when Mr. W. 0. Daldy, the Chairman, presided. The following: report and balance-sheet were preseutod to tbe meeting:- - BEPORT. The Directors have the honor or! placing before the shareholders the statement of accounts and balance-sheet for the year ended 31st August last. The incoTie for last year is £243,631 4s Gd ; tho general expenditure is £235,038 Is 3d; tho balance to credit to Profit and Loss Account at the close of tha books was £8,593 3a 3J. V"our Directors recommend payment of a dividend at the rate of 4 per cent, for the last half year. Should the dividend as lecommended be sanctioned by tho shareholders, it will be payable at the head office on the 13th instant, and at tho several branches and agencies on receipt of advices. It wil' be the duty of the shareholders to elect three Directors in the place of J. Howard, Esq., and the Hon. H. Chumberlin, who retire in accordance with the Articles of Association, but who are eligible and offer themselves for re-election, and R. C. Barstow, Esq., who has resigned. The following gentlemen have given notice i that they are candidates for election to the directorate, R. 0. Barstow and T. Peacock, Esqs.; and to elect auditors in the place of J. Waymouth and J. F, Clarke, Esqs., who retire, but offer themselves for reelection. W. C. Daldy, Chairman. Auckland, 12th October, 1887. Statement of Accounts for the year ended 31st August, ISS7. PKOFIT AND LOSS ACCOUNT. Dr. £ s. d. To balance 31st August, 1886 9,348 12 0 Property depreciation for year 1886 4,871 1 10 £14,219 13 10 Fire and Marine losses, paid and outstanding ... 174,199 16 7 Agents' salaries, commissions, and other expenses 51,880 14 8 Advertising, printing, and stationery 4,440 1 9 Underwriters' Association and Fire Brigades ... 1,786 12 7 Government licenses, and rates and taxes 2,386 4 4 Amount written off office furniture 344 11 4 Balance 8,593 3 3 £243,631 4 6 Cr. £ s. d. By transfer from reserve fund, August, 1886 ... 9,348 12 0 Transfer from reserve fund August, 1886 4,871 1 10 £14,219 13 10 Fire and Marine premiums, less re-insurances ... 235,170 1 5 Interest received and accrued ... 8,461 3 1 £243,631 4 6 BALANCE SHEET. Dr. £ s. d. To capital paid up, £129,256; reserve fund, £80,000; profit and loss, £8593 3s 3d; investment fluctuation reserve, £2250 lls 3d 220,099 14 6 Unpaid dividends 80 0 0 Appropriation for unpaid losses 27,398 0 0 Outstanding accounts and deposits 15,796 7 10 £263,374 2 7 Cb. £ a. d. By landed properties and loans on mortgage, £105,586 10s5d;8tocks and debentures, £26,875 8s 3d; United States bonds, £13,112 Is 7d; fixed deposits with banks £36,380; cash on current account and bills of exchange in transitu, £9,485 Is 2d 191,439 1 5 Balances at branches and agencies t .. ... 59.625 15 1 Bills receivable 3,835 0 5 Outstanding accounts ... 5,974 5 8 Office furniture 2,500 0 0 £2.3,374 2 7 The report was adopted. Messrs. Peacock, Howard, and Barstow were returned unopposed as directors, Mr. Chamberlin withdrawing at the meeting.