SOUTH BRITISH INSURANCE COMPANY.

New Zealand Times, Volume XXXIV, Issue 5638, 25 April 1879, Page 3

SOUTH BRITISH INSURANCE COMPANY.

Auckland, April 14,

At the South British meeting to day, the Chairman said the balance-sheet and report were of a much better character than was anticipated, considering the numerous losses of the past ; and it was clear, under all adverse circumstances by which they had been surrounded, that the company had made good progress. The Chairman went over various items, including the financial statement, and was pleased to state they were in a position to offer a dividend of 15 per cent., to be paid on the 15th April. Mr. Boardmau had visited agencies in this colony, and his report was very satisfactory, and he (the Chairman) had seen many of their agents in Melbourne and other towns in Australia, and he found them to be without exception a highly respectable body of men.

The report was adopted. The Star, commenting on the South British report, says : —“Our local insurance companies are being tried by the test-of small cutting rates, numerous fires, and marine losses. It is satisfactory to find them presenting so good a report on the operations of the past year as that presented at the South British meeting to-day. The fire and marine premiums are shown to have been just sufficient to cover all losses, re-insurances, and cost of carrying on the business by the company. Figures were as follows Premiums, £66,720; losses, £38,681; re-insurances, commissions, salaries, &c., £23,597 ; balance to profit, £1442. The advantages of the system adopted in the early days of the company in allowing profits to go to a reserve fund are proved by the stability which has been given to the institution. The interest from this source (£5965) has enabled the company to pay its customary dividend of 15 per cent., notwithstanding an exceptionally unprofitable season.”