COMMERCIAL.

Poverty Bay Standard, Volume III, Issue 428, 15 November 1876, Page 2

COMMERCIAL.

Report and Financial Statement of tin* National Fire and Marine Insurance Company of New Zealand submitted to Shareholders at the Half-yearly General Meeting of the Company on Monday last. The Total Receipts for the Half - year (including £6563 6s Id carried forward from previous £ s. d Balance have been ... 51,890 10 9 The expenditure for the same has been 38,461 17 1 Leaving for distribution the sum of 13,428 13 8 This sum the Directors recommended should be appropriated as follows : — To the payment of a dividend, at the rate of 20 £ B. d. per cent per annum ... 5,000 0 0 To be carried forward to next Half-year 8,428 18 8 Provision has been made in the Accounts for £7,756 14s 6d. unadjusted losses, also Re-insurances in , Marine Department, and all known liabilities al date of closing books, which have been duly carried to Profit and Loss Account. It will be noticed that, the aggregate of losses for the past Half-year has been unusually heavy, amounting to £25,461 10s 10d., as compared with £ 3,129 2s 4d. in the eonesponding half of last year. The Directors are therefore unable to recommend that any sum should be carried to Reserve Fund at this Balance. The dividend now recommended by the Directors, if adopted by the Shareholders, will be payable at the Company s Offices, Rattray Street, Dunedin, on Monday, the 28th November, and at the several Agencies on receipt of advice.