SOUTH BRITISH INSURANCE COMPANY.

Wanganui Herald, Volume XVI, Issue 4642, 13 April 1882, Page 3

SOUTH BRITISH INSURANCE COMPANY.

(PER UNITED PRESS ASSOCIATION.)

ArCKLAND, Apiil 10. At the half-yearly meeting of the South British Insurance Company, Mr Daldy, Chairman of Directors, presiding, the report showed statement of accounts to 28th Feb. last — Income from premium, interest, and transfer fees, including bnlancc brought forward from last half-year, £102, 525 liis Sd ; general expenditm-e, £78,940 17s 6d. The balance to credit of profit and loss account at close of the books was £23,878 18s 2d, from which the Directors carried £10,000 to reserve fund, and from the remaining balance, £13 878 18s 2d, they recommend payment of dividend at the rate of 10 per cent. The Chairman, in moving the adoption of the report and balance shoet, eaid the balance sheet was the most favorable oue submitted for two years. The premiums were £80,583, being £'20,000 in excess of those for the corresponding period last year, despite the intense competition in fire business. The companies, however, were now combining to establish better rates. The losses had been £4000 more than tho->e of the corresponding period. They numbered 375, nuking an average of £100. Reinsurance showtd an incr< aso of £SOOO, while £1500 had been spent in reorganising and opening up new branches. £10,000 had been cairied ov»»r to reserve fund, leaving a balance of £13,578, or only £255S less than lafct half year. The reserve fund now stood at £80,000, and by the sum of £6345 ampie provision was made for all known and anticipated losses. Laudatory references Mere made to Mr John&tone's vi-it Home, aisd the Directors were stated to be steadily pursuing the policy of extension wherever legitimate insui - a.nee could be safely done, the latest branch opened being one in South Africa. The Chairman, in conclusion, said he had never felt greater confidence In the success of the Company than he did now. Mr J. Batger seconded the motion, which was car ied. Messrs T. L. White and J. Batger were re-elected auditors. Votes of thanks to the Directors and officers v ere carried, and the meeting then resolved into an extraordinary general one, when the Chairman moved, in accordance with notice, That subsection 4 of article SO of Articles of Association of Company be altered by striking out all the words after the word ' manner ' in said subsection, and in lieu thereof inserting the words following — viz., ' and in or upon, or in purchase of real estate, stock, funds, debentures, share-, or securities, and upon such terms as they may think fit, and may from time to time vary investments.' He said the object of it was to validate the Directors' action in carrying their business into the Americau market. An amendment of the motion was necessary in order to restrict investments to limited companies, but it would have been made formally. Mr A. C. Barstow seconded this, and Mr K. Lamb then moved an indicated amendment, viz., that the words ' in limited companies' should follow after the word ' shares.' The amendment was seconded by Mr Howard, and carried.

Complete and utter failure will inevitably attend all attempts to rival Udolpho Wklfk's Schiedam Aromatic Schnapps. Thesecret agencies of this marvellous preparation are in the hands of the proprietors, and surely they entertain no ideaof giving to the world a knowledge which has made them masters of the greatest tonic, anti-dyspeptic stimulant, alterative, and restorative known to medical history. — Advt.

Siesta and Nonsense, with the rest of Mr Horsford's horses, were offered for sale by auction to-day, but withdrawn at 950 guineas each ; 700 gnine a was the highest offer in each case.