SOUTH BRITISH INSURANCE COMPANY.

Star (Christchurch), Issue 4771, 11 October 1893, Page 3

SOUTH BRITISH INSURANCE COMPANY.

Annual Meeting.

[Per Pbess Association.] AUCKLAND, Oct. 11. The South British Insurance Company's annual meeting adopted the report and balance-sheet. Messrs T. Peacock and John Batger were re-elected Directors. Some shareholders attacked the large salary paid to the General Manager (£1500), on the ground of economy, but the Chairman said that the Directors economised' as much as possible consistently with efficient management. The Chairman, in moving the adoption of the report, referred to the financial crisis in Australia and the silver crisis. He said that notwithstanding these drawbacks, they had the handsome net profit of £24,502. The premiums, .£202,135, showed an increase of £9201 on the previous year. The losses paid and outstanding amounted to £128,4fi8, being 4293 leas than last year. The revenue of interest from investments showed the satisfactory increase of ,51264, Bad debts amounted to £800, the bulk of which were due by the Queensland Company, now in liquidation. After making full provision for outstanding losses, and adding £7110 to the re-insurance reserve fund, which now stands at £66,000, this amply covered the unearned premiums on current risks^ It had been urged that a larger dividend than ten per cent could well be paid but the Board considered that the Company's interests would be best served by paying the usual amount and bringing the general reserve fund to £50,000, though they thought it maynotbe necessary hereafter to increase it at the same rate as in the last three yeara. -The i Company did not hold shares of any I suspended institutions', nor in any financial institution in which there was a penny of liability.

Committed for Trial.

♦ [Pbr Pbsss Association.! WELLINGTON. Oct.- 11. Two men, named John Morrison and Denis Driucoll, were committed for trial to-day on a charge of uttering counterfeit coin. *