THE NATIONAL FIRE AND MARINE INSURANCE COMPANY OF NEW ZEALAND.

South Canterbury Times, Issue 2809, 25 March 1882, Page 3

THE NATIONAL FIRE AND MARINE INSURANCE COMPANY OF NEW ZEALAND.

" The 'following article appeared in . t' Tbe Review,” a high class periodical published in London “The report and balance-sheet of this Company have just reached us, and from the examination thereof, we are ; able to make the following comments pa': the business as shown by these .accounts, and upon the manner in which these; accounts are pre-

tented for public inspection. It will be j; remembered that we have upon many occasions felt it our duty to remark upon the hazy system which seems to obtain amongst - fire and marine , offices, and more especially colonial ' 'institutions, of preparing their accounts. It is somewhat satisfactory to observe that id those of the National Fire and Marine Insurance Company of New Zealand the principles laid down by us as being correct havo been adopted, with thp result that ihe accounts are simple, ' and Show at a glance the. exact position of the office. According to the revenue and expenditure account for the year September 30, 1891, the nett fire premiums were £54,988, and the net marine premium £39,285. On the debit side the fire losses amounted to £38,676, and the marine losses to £1T,025. With the object of placing the profit and loss .'iccount before the, public in a proper ‘Saildbet,' the directors Kaye determined to transfer from their reserves the sum of £28,000 info this profit and Joss account.; .This they hays decided; upon doing in order to show therein that the •mount set aside' has been required to cover all unexpired risks at the 30th Sep- 1 rember,lßßl. After making: this transfer the balance to the credit of the Company £18,787. The amount applied to meet what is called, the unexpired risks is sufficient to provide for 40 per cent of the net fire premiums, 100 per cent of all marine voyage risks not run off, and the 'unexpired part of alt marine time risks. Tbe directory feel that as this Company is now competing for business over a very .widespread area the fullest 'information should be, afforded to the public as to the institution under their ; guidance.**; ■