HALF-YEARLY MEETING SOUTH BRITISH INSURANCE COMPANY.

New Zealand Times, Volume XXXII, Issue 5006, 10 April 1877, Page 3

HALF-YEARLY MEETING SOUTH BRITISH INSURANCE COMPANY.

BY TELEGRAPH. Auckland, Monday. The ninth half-yearly meeting of the South British Insurance Company was held to-day. The report is as follows:—The directors have pleasure in presenting to the shareholders the following report and statement of accounts for the half-year ending February 28th, 1877. Sum received on premium account, £57,908 16s. lid; interest received (accrued), £3790 12s. 2d ; transfer fees, £l7 15s, Losses and re-insurance account, £37,019 13s. 2d. ; agents’ commission, salaries, printing, general, expenses, £10,103 12s. 7d. ; amount standing to credit of investing account, £110,841 lls. lOd. Balance standing to credit of profit and loss account at close of bodies, .including interest, and the amount brought forward from last half-year, was £20,962 Is. .‘3d. Insurance companies being constantly liable to extraordinary losses, your directors feel that it is necessary gradually to strengthen the reserve fund, and have therefore carried to reserve £IO,OOO, making £40,000. This leaves a balance of £10,962 Is. 3d., from which the directors recommend the payment of a dividend of 2s. per share, being at the rate of 10 per cent, per annum on the paid-up capital of the company. The shareholders will be glad to learn that the new offices of the company at Dunedin are completed, and the business of the agency is now transacted therein. It is a handsome and commodious building, in a firstclass position. Plans for the office of the company at Christchurch have been approved, and the erection of the building will be shortly commenced. The company are much indebted to the Dunedin and Christchurch boards of directors for the trouble taken in regard to securing excellent sites and offices. The Brisbane offices, it is expected, will be completed and occupied before the close of the present half-year. The report was adopted, and votes of thanks was passed to the Dunedin and Christchurch directors. _ The retiring auditors were re-elected. Dividend payable to-morrow.