Page 4 Advertisements Column 6

Ashburton Guardian, Volume IV, Issue 983, 30 June 1883, Page 4

SIXTH REPORT AND BALANCE SHEET OP THE UISION FIRE ANE> MARINE Insurance compact of new ZEALAND, For the Twelve Months ending May 31, 1883. Head Office: Hereford street, Christchurch. Capital £2,000,000.. Directors: Hon. J. T. Peacock, M.L.C., Chairman G. G. Stead, Esq., Deputy-Chairman J. Anderson, Esq. P. Cunningham, Esq. W. Montgomery Esq., M.H.R. Joseph Palmer, Esq. W. Reeves, Esq. H. R. Webb, Esq. Bankers: The Union Bank of Australia, Limited. General Manager: W. Devenish Meares. Report and Balance-sheet to be submitted to Shareholders at Sixth Annual General Meeting of the Company, to bs held at their offices, Hereford street, Christchurch, on TUESDAY, 3rd July nest, at 12 noon. Tour Directors have pleasure in submitting to the Shareholders the Statement of the Company’s business for the year ending 31st May last. It will be seen from the annexed balance-sheet that the revenue for the year (including £8,771 8s brought forward) amounted to £150,290 11a 2d ; and the expenditure (after making ample provision for unadjusted losses) to £122,955 4s, leaving an available balance of £27,335 7s 2d, which amount your Directors recommend be dealt with as follows i

To payment of Dividend... £8,125 0 0 To transfer of. Reserve Fund (which will then stand at £50,000) ... 10,000 0 0 Leaving a balance to be carried forward of ... 9,210 7 2 £27,335 7 2 The dividend proposed to be paid will, with the interim dividend declared in January last, be equivalent to 10 per cent, on the paid-up capital of the Company for the past twelve months, including the last calls. It will be seen from the balance-sheet that the business of the Company shows considerable progression. The Directors have arranged to take over the business of the Mutual Fire and Marine Insurance Company of New Zealand. This arrangement was entered into on 31st May, but as it did not receive the formal confirmation of Shareholders of the Company named until 25ch instant, the business does not appear in the accounts now submitted. Mr John Studholme having resigned his seat on your Board, in consequence of his intended lengthened visit to England, your Directors appointed in his stead Mr JL R Webb. ‘ Mr A. Morton Ollivier, having resigned his position of'Auditor to the Company, your Directors appointed in his stead Mr C. Hood Williams, It will devolve on the meeting to elect two Directors in lieu of Messrs Joseph Palmer and P. Cunningham, who retire by rotation, but are eligible for re-election, and who have been nominated accordingly. No' other '■ shareholders have been nominated for 'he vacancies. It will also be necessary to elect two Auditors in lieu of Messrs F. E. Wright and 0. Hood Williams, who retire, but are eligible for re-election. The Dividend, if sanctioned by the Shareholders, will be payable at the Head Office at the close of the meeting, and at Branches and Agencies on receipt of advice.

J. T. PEACOCK, Chairman. Christchurch, June 26th, 1883. Profit and Loss Account, May 31st 1883. £ s. d £ s. d. To fire and m a rine 1 o a s es , paid and in process of adjustment... 68,799 19 4 iLess amount propriated last year for u nadjusted losses... 7,000 0 0 - 61,799 4 ~, Fire and marine re-in-surances 33,760 8 1 ~ Stationery ... ... 1,327 14 3 ~ Government taxes ... 849 13 5 ~ Agents’ commission, expenses of management, and sundry charged 24,711 2 1 ~ Amount written off premises and furniture accounts 506 6 10 „ Interi m d i v idendjde elated in January , 1883 ... 3,750 0 0 Balance ... 23,585 7 2 £150,290 11 2 £ s. d. By balance from 31st May, 1882 (after payment of dividend and appriation to reserve fund) 8,771 8 0 ~ Fire and marine premiums ... ... 132,968 3 3 ~ Interest and rents ... 8,532 7 5 „ Transfer fees 28 12 6 J

£160,290 11 2 Balance Sheet. Liabilities. £ s. d. 0 a p ital account— -100,000 shares, at 20s a share... 100,000 0 0 Less ca 11 s unpa i d 2,223 12 6 Reserve fund Unclaimed dividends Appropriation for unadjusted losses... Sundry creditors Balance to profit and loss 97,776 7 6 40,C00 0 0 620 8 6 10,000 0 0 11,809 19 10 23,585 7 2 We have examined the above BalanceSheet and Profit and Loss Account, to-