SOUTH BRITISH INSURANCE COMPANY.

Auckland Star, Volume IV, Issue 1191, 17 November 1873, Page 2

SOUTH BRITISH INSURANCE COMPANY.

The hah- 7early meeting of the above company was'bei'J % 8 afternoon, W. 0. Daldy, Esq., in the cLU 1?. The (.Manager, A- Boardman, Esq., then read the report and balance-sheet. -

" The Directors ha re much pleasure in presenting to the shareholders their second half-yearly report and balano^-sheet. " During the past half-yea? the shareholders, at an extraordinary genei'.^meeting resolved to increase the capital of tii° Company by the issue of 12,500 new sbu^s of L2O each, and to offer them at a premium of 155., the amount received for peiaiums tobe carried to reserve fund.

"The operation was entirely successful. The whole of the new issue was disposed of at the above premium, and the sum of £9,3/5 so received has been carried to the xeserve fund. " The receipts during the past half-year, for fire and marine insurances, amount to £17,933 3.) Gd, being an increase of £~931 13s lid, or 28 per cent, on the preceding half-year's premiums. '' The losses for the half-year have been heavy. Including £1,131 13s lid incurred, but not paid before 31st August, they amount to £9,551 Is Od. '' The balance carried forward to profit and loss new account, after transferring £625 to reserve fund to make that £10,000, is £11,941 12s lid. Total assets, £51,198s 6s lOd.

"The remark in the last; half-yearly report in reference to the amount carried to profit and loss new account is applicable at the present time ; the bulk of the business done havhig, of course, been on yearly policies, which only begin to expire after the close of the first year of the company's operations. •' The propiiety of making a call to provide more capital, iv view of the steadily increasing business of the company, was referred to by shareholders at the last half-yearly meeting, and your directors then stated they would not lose sight of the subject. In their opiuion the time has now come when the capital should be increased in this way, and their successors and the shareholders will probably be of the same opinion." BALANCE SHEET. To Capital Account — Dr. £ s. d. " 37,500 shares at £20 each £750,000, paid up 15s per share 25.125 0 0 „ Uncalled capital (£721,575> ~ Reserve fund 10,000 0 0 ~ Losses not paid ...... 1,131 13 II ~ Branches credit 418 19 2 ~ Profitandloss new account 11,841 12 11 £51,017 6 0 Cr. By investments 43,220 2 C ~ Cash in Bank at Auckland and agencies 5,351 5 11 ~ Balances due by agencies 1,971 19 11 „ Sundry debtors 230 14 0 ~ Furniture, office fittings, stationery 543 3 8 £51,617 6 0 PROFIT AND LOSS ACCOUNT. Dr. £ s. d. To fire and marine losses ... 9,551 1 0 ~ commission and exchange 1,076 SlO ~ Salaries, rent, advertising, { printing, and general expenses ... 2,603 5 0 ~ Carried to reserve fund... 025 0 0 ~ Balance carried to new account 11,941 12 11 £20,397 7 9 Cr. By balance from last halfyear ... 7,564 9 8 ~ Premiums,received ... 17,933 3 6 ~ Interest and dividends ... S6O 9 7 ~ Transfer fees 39 5 0 £26,397 7 9

The Chairman spoke at length on the report and balance-sheet, which, considering their losses, shewed the company to be in a very favourable position. They had had some difficulty respecting the investment of money satisfactorily, and he had no doubt but that the directors would be able to place before the shareholders a much more satisfactory report and balance-sheet at their next meeting. He would now propose the adoption of the report and balance-sheet. Mr Pike seconded the proposition, which was carried unanimously. Mr. John Batger, on the part of himself and Mr T. L. White, begged to state that after a most careful examination of the affairs of the company he could vouch lor the accuracy of the balance-sheet, and their condition was in a most satisfactory state._ It was then moved by Colonel Balneavis, seconded by Stephen Hughes, Esq., ".That Messrs Albert Beetham, Henry Chamberlain, William Crush Daldy, William Earl, Joseph Howard, Stannus Jones be re-elected for the coming session." Captain Daldy thanked the shareholders in a brief speech on the part of himself and brother directors.

It was then proposed by W. C. Daldy, Esq., seconded by Thomas Morrin, Esq., and carried unanimously. "That the future half-yearly meetings of the South British Fire and Marine Insurance Company

he held on the 2nd day of April and October in future, in tho offices of the Company, within the city of Auckland. , / It was moved by Mr Hobbs and seconded Mr Hughes and carried, " That the thanks of the shareholders be erven to the directors, officers, and agents of the company." Mr Board man thanked the directors and shareholders on the part of himself, Mr Johnson, and the other officers of the company, and he was sure that they, as wed as himself, would always endeavour to do their best to serve tho interests of the company..