SOUTH BRITISH INSURANCE COMPANY.

Globe, Volume XXIII, Issue 2223, 12 April 1881, Page 3

SOUTH BRITISH INSURANCE COMPANY.

AUCKLAND, April 11,

The half-yearly meeting of the South British Insurance Company was held to-day. The report showed an income from fire and marine premiums of £65,872; from interest and transfer of fees, £5185. Total, £71,057. This added to £11,971 brought forward from the previous half-year, makes an aggregate total of £83,029. The total expenditure has been— From fire and marine losses paid and outstanding at the close of the books, £32,830 ; re-insurance, £14,288j agents’ commissions, salaries, rents, &c., £13,461; advertising, printing, stationery, £794; Underwriters’ Association and fire brigades, £597 ; Government licenses, £424; making £62,398, together with £SOOO dividend paid, leaving a balance of £15,633 at the credit of profit and loss accounts, from which the directors recommend payment of a dividend of ’ 10 per cent., dividend to be payable at the head office of the company on April 12th, and at the branches on receipt of advices. In moving the adoption of the report, Captain Daldy, the chairman ofjdirectors, said he was glad to be able to meet the shareholders with a balance-sheet even so favorable as the one just read. They would see that the total amount of losses bad exceeded £52,000, but he might state that this amount covered 267 losses, 130 being fire and 137 marine. This would show that they were not running a muck, but they were taking a large number of small lines instead of doing alarge business. The re-insurance had been the same as last half-year, and he believed they were getting good exchange. It would be seen that during the half-year just closed they had received £4636 in excess of the amount for the corresponding previous halfyear. To his mind this increase was very remarkable. It was not simply an increase of business to the extent of £4636, but really of about £IOOO, because, as shareholders were aware, the premiums had decreased to such an extent that £IOOO might be fairly taken to illustrate the increase in the business of the company. Their business was steadily increasing : it had extended to Australia, and he hoped it would also extend to many other parts of the world. The net profits for the underwriters were £3478, and, considering the sharp competition and low rates ruling, he thought they should be thankful. The unpaid losses, it would be seen, were small, and included all claims passible to the present time. During the last half-year, Mr Johnston had visited nearly all the principal agents in New Zealand and Australia, with the object of becoming personally acquainted with the agents. His report was highly favorable. It was now proposed that Mr Johnston should pay a visit to San Francisco, in order to investigate the business there. He was glad to say that their business at that place had been a profitable one during the last half-year. He moved the adoption of the report. Mr Hughes seconded. Mr Taine said that it appeared to him that the expenses for agents, commission, &c., were very large, more in fact than other companies were called on to pay. The Chairman stated that the expenses amounted to twenty per cent, of the gross receipt. Then they were carrying on a business in America, where commissions were high. He believed their expenses were lower than other companies’. The report and balance-sheet were adopted. Messrs White and Batger were re elected auditors.

On the vote to the officers being proposed, Mr Nancarrow spoke in support. He said that shareholders in the south were perfectly satisfied with the management.