SOUTH BRITISH INSURANCE COMPANY.

Globe, Volume XXIV, Issue 2499, 11 April 1882, Page 3

SOUTH BRITISH INSURANCE COMPANY.

IPBBBS ASSOCIATION THLEGRAMj AUCKLAND, April 10.

At tho half yearly meeting of the South British Insurance Company, Mr Daldy, chairman of the directors, presiding, the reports show d a statement of acoountg to February 28th last, and that tho income from premium, interest, and transfer fees, including balance brought forward from the last halfyearly meeting, was £102,825 15s BS. The gonerul expenditure was £78,946 17a 6d, and the balance to the credit of profit and loss acoount at the oloso of tho books was £22,878 18* 2d, from which the directors carried £IO,OOO to the rejorve fund, and of the remaining balance, £13,008 18s 2d, recommend the payment of a dividend at the rate of ten per oent. The chairman, in moviug the adoption of the report and balanoe-sheet, said the balance-sheet was the most favorable one submitted for two years. The premiums were £85,883, being £20,000 in excess of those for the corresponding period Inst year, despite the intense competition in fire business. The companies, however, were now combining to establish better rates. The losses had been £SOOO more than those of the corresponding period. Thoy numbered 375, making an average of £IOO. The re-insurances showed an increase of £BOOO, while £15,000 had been spout in reorganising and opening up new branches. £IO,OOO has been carried over to the reserve fund, leaving a balance of £13,878, or only £2558 less than last halfyear. The reserve fund now stood at £BO,OOO. By the sum of £6345, a-sple provision was made for all known ar.d anticipated losses. Laudatory references were made to Mr Johnstone's visit home. The directors were stated to be steadily purjuiug a policy of extenuon wherever legitimate insurance could bo safely done, the latest branch opened being one in South Africa. The ohairman, in conclusion, suid he had never felt greater confidence in tho sucoess of the company than he did now. Mr J. Batger seoended the motion, which was carried. Messrß T. G. White and J. Batger wero re-elected auditors. Votes of thanks to the direotors and officers followed, and the meeting then resolved into an extraordinary general one, when the ohairman moved in accordance with notice that subsection 4 of article 90 of the articles of association of the oompany be altered by striking out all the words after the word " manner" in the said subsection, and in lieu thereof inserting tho words following, viz., " and in and upon or in any case of real estate, stocks, funds, debentures, shares, or Beourities upon such terms as they may think fit, and may from time vary investments." He said the objeot of it was to validate the directors aotiDg in carrying their business into the American market. An amendment of motion was necessary in order to re-* ict investment to the limited oompsi;-.:-', but it would have been made formally. Mr B. O. Baretow secanded. Mr B. Lamb then moved an indicated amendment, viz., that the words '■ in limited oompany" should be inserted after the word "shares." The amendment was seconded by Mr Howard and carried.