COLONIAL INSURANCE COMPANY.

Globe, Volume XXII, Issue 1943, 17 May 1880, Page 3

COLONIAL INSURANCE COMPANY.

[Bt Telegraph.] WELLINGTON. May 15, The following is the Colonial Insurance Company’s second annual report and statement of accounts for the year ending 31st March, 1880, to be presented at the general meeting of shareholders in Wellington on Monday, May 17th :—lncome from premiums, £61,780 5s ; from interest on investments, £3764 18s 5d ; and from transfer fees, &c., £lO3 4s 8d ; making a total of £65,648 9a Id. The amount of premiums received is nearly double that of last year, and the amount received for interest on investments is three times that on the same period. The losses during the year have been heavy, and this company, like others, has had to bear its share of misfortunes, which in this line of of business experience has shown to be invariably attendant on great commercial depression. At the same time it will be seen chat the amount of these losses will compare favorably with those sustained by other companies, and the directors consider this may be fairly attributed to the careful manner in which the officers of the company have investigated the risks taken by them. After deducting losses £21,465 ; re-insurances, discounts, &0., £22,761 6s; and general expenses, £13,033 6s 4d; together, £57,258 13s 4d ; there will remain a sum of £8389 16s 9d, to be added to which is a balance of £6719 14s 4d brought forward from last year, thus making a total of £15,109 11s Id to the company’s credit. With the intention of carrying out the views expressed in their last report, the directors have passed £IO,OOO to the reserve fund, and they now recommend, from the balance of the above amount, the payment of a dividend at the rate of 10 per cent, per annum on the paid up capital of the company for the past year, which will absorb £4480, and leave £629 11a Id to be carried forward to profit and loss new account. Before deciding to recommend the payment of a dividend, the directors have taken care to assure themselves that the amount carried to reserve fund would more than reinsure all the company’s current risks. In January last the directors found it necessary to make a change in the London agency, and they considered it very desirable that the general manager should proceed to England without delay for the purpose of establishing the business there on a more satisfactory footing. Accordingly, at their request, Mr Graham loft New Zealand in February, and arrived in England on April sth. Sufficient time has not elapsed to admit of any communication being received from him, but there is every reason to expect that the business of the company will be largely benefittod by the arrangements which will thus be made. Should the dividend recommended bo sanctioned by the shareholders, it will be payable in Wellington on and after Tuesday, May 25th, 1880, and at the branches and agencies on receipt of advice.