COLONIAL INSURANCE COM PANY.

Globe, Volume XXIV, Issue 2524, 11 May 1882, Page 3

COLONIAL INSURANCE COM PANY.

Fpbsbs association thiboram 1 WELLINGTON, May 10. Tho following is the report o£ tho director!) of tho Colonial Insurance Company for presentation at the fourth annual general meeting of shareholders, to be hold on Wednesday, 17th May : In submitting to the shareholders their fourth annual leport and statement of aecf-.un.tß for the year ending 31st March, 18S2, your dircotora regret that, owing to oerious fires and marine losses, thoy are unable to recommend payment of a dividend. The income from premiums, interest, transfer fe:°, &3., including the balance brought forward from last year, is £73,863 Os lid ; and the expenditure, including £470 15s Id written off office furniture, is £81,061 19s 43, leaving a deficit of £7198 18s 6d, to meet which your directors have written back from the reserve fund £7SOG, carrying forward a balance of £3Ol Is 7d to the new aooount. The losses for the past year have been exceptionally heavy, owing to the tempestuous weather on the coast of Great Britain and elsewhere, and to the disastrous fires in first class brick buildings in the Australian Colonies and New Zealand. Your directors expect to be able to aifjrd substantial evidence tit tho end of tho coming year of the advantage of the company's steady increase of but inees and g-rowing and valuable connection acquired by its various agencies."