SOUTH BRITISH INSURANCE COMPANY.

Star (Christchurch), Issue 3896, 12 October 1880, Page 3

SOUTH BRITISH INSURANCE COMPANY.

[Bt Telegbaph.]

WELLINGTON, Oct. 11:. Captain Daldy, Chairman in moving the adoption of the report, said :. We will endeavour as concisely as possible to compare the results of our business in the past half-year with 1879. The increase in receipts of premiums is £7200 j this is a large sum,, but wheu we remember the reduction of rates in many of our large agencies, ifc represents a larger increase than that merely shown by the figures. At the same time the neb increases and receipts are only £9000 over, re-insurances being £6300 in excess of the amouni Bhown in August, 1879. This is occasioned by the policy your Directors are carrying out of lessening the amount held in any single risk, both in marine and fire. For instance, we used to hold £5000 and sometimes £6000 on English ships ; our present limit is £4000. With a liko reduction on other lines and charges on this account, there is a small increase of £300, arising mainly from the increase of business and the efforts jour Directors are making for its extension. Insurance, like every other business requires outlay to promote it in tho first instance, and this has been the case with us. In Victoria during the paßt year, where our business is extending, and I trust will be a profitable one, investments show a decrease of £5100, but fchis is met by a decrease of £7900 in the Company's liabilities. Interest on investments naturally sho wsadecreaße from reduction of investments; it is £560. In connection with this I am glad to inform you that our landod property is increasing in value and rents are improving. Losses— The amount paid ia £30,100 i but this sum covers tho large number of 300 policies, besides partly assured losses, proving that our risks are well spread. Our heaviest losses havo been on first-class risks, such as the Calypso, Scottish Knight, and others." Mr John Lamb seconded tho adoption of tho report, v/hich was carried unanimously. The Hon H. CLamberlin and Mr Strode were elected Directors. Votes of thanks to Directors, officers, and agents were unanimously carried ; also to Mr A. Boardman for his pasfc services to tho Company.