The Colonial Insurance Co.

Poverty Bay Standard, Volume I, Issue 123, 5 May 1884, Page 2

The Colonial Insurance Co.

ANNUAL REPORT. [Per Press Association.] Wellington, May 3. The annual meeting nf the Colonial Insurance Co. has been held. The Chairman said :— In submitting to shareholders their sixth annual report and statement of accounts for the year ending 31st March, 1881, the. Directors regret that, owing to serious marine and tire losses, they are unable to recommend a dividend. It will bo seen the gross income for the year (including £1,658 6s. 2d. brought forward from last you ) amounts to £89,131 12s. 7d., and the expenditure under all headings, together with losses, amounts to £93,792 2s. 5d., leaving a deficit of £1,657 9s. 9d., to meet which the board has written back from the reserve f ind £5,000, carrying forward a balance of £312 10s. 2<l. to next year’s account. The 1i - f or the year have been exceptionally heavy, both in tire and marine, owing pi ii < v '■> <-/;i ions in the English Channel, foundering at sea, and tinusually heavy lire claims in Australia and Now Zealand. In (’) lober last the Chairman (the Hon. G. Ran lall John it >n, M.Ij.C.), having to visit Engl m ', wa ■ " anf I leavr of absence, but hi' ■u n may b■e <p sted shortly. Although the working of the year is disappoint ing, the l-v i>:■ -■i! - and increasing one, and the Directors look forward with confidence to the result of the ensuing year.