COLONIAL INSURANCE COMPANY.

Globe, Volume XXIII, Issue 2247, 11 May 1881, Page 3

COLONIAL INSURANCE COMPANY.

[PRKSa ASSOCIATION TELEGRAM-] WELLINGTON, May 10. The third annual meeting of the Colonial Inaurance Company ia to be held on the 18th hist. The following is the report of the diroctors :—The income from premiums is £67,598 8j Id, being an increase upon that of last year of £5618 3s Id ; from interest on investments, £4496 Os 4,3, being an morease upon that of last year of £731 Is lid j and from transfer fees, etc., £254 19s Id, being an increase upon that of last year of £lsl 13s sd. The year ia reported to have been marked by large losses all over the world on both fire and marine branches, more especially tho latter, and our company has had to bear its full share in these losoea. Nevertheless, after deducting these, which amount to £23,241 4s 2d ; reinemances, discounts, &c, £23 339 lis lOd ; and general expenses, £! 4.964 14i 3d j there remains a sum of £11,234 17s lid, oat of whi h the directors have placed £SOOO to the reserve fund, thus increasing it to £15,000; and they recommend the payment of a dividend at the rate of 10 per cent,., which w.ll abporb £SOOO, end leave £1234 17a lid to be carried forward to profit and loss new account. In February last year the general manager proceeded to London, which branch ho hiss reorganised, and on his way out availnd himself of the opportunity to visit and inspect the Indian and Australian branches of the company. The directors are of opinion that tho results of his visit will be highly favorable to the future progress of the company. The seats at the Board of Messrs O. J. Pharazyn and E'. W. Mills have become vacant, and Messrs J. B. Harcourt and W. H. Levin have been appointed directors in their places.