LIVERPOOL AND LONDON AND GLOBE INSURANCE COMPANY.

Akaroa Mail and Banks Peninsula Advertiser, Volume 2, Issue 190, 14 May 1878, Page 2

LIVERPOOL AND LONDON AND GLOBE INSURANCE COMPANY.

The forty-second annual general meeth ing of the proprietors in the Liverpool and I. London and Globe Insurance Company, v was held at the Company's offices, Liver- /> pool, on Friday, 22nd February last, when -the Annual Report was submitted as follows :— The directors have the pleasure of meeting the proprietors with a satisfactory statement of the results of the transactions of the company during the past twelve months. FIRE DEPARTMENT. The year has been marked by one of those extensive conflagrations which experience shows must be looked for occasionally in some part of the world, confirming the wisdom of the policy adopted by this company of building up ■out of the profits of good years a reserve fund that may protect its shareholders and insure from the probability of any great fires telling unduly upon them. In June last year the .city of St. John, New Brunswick, was almost entirely destroyed by fire, causing to this company a loss of £96,000.

The premium income, after deducting the sums paid for re-insurance of surplus risks, amounts to £1.052,465, and compared with that of the preceeding year -shows on increase of £62,709. The •losses (including that of St. John) amount to £572,373. The account, without the of interest, shows a surplus of £188,641, the total surplus, including interest bein_; £261,503.- These results have been arrived at notwithstanding the reduction in *tbe rates of premium which, through increased competition, is unfortunately continuing. With tbe exception of New Brunswick, each branch, both home and abroad, has contributed to the satisfactory results now reported.

In dealing with the surplus, +he board of direction bave carried £150,000 from the " profit and loss" account to the " general reserve and fire re-insnrance fund," which now amounts to £1,150,000.