DIVIDEND DECLARED

Sun (Auckland), Volume 1, Issue 106, 26 July 1927, Page 3

DIVIDEND DECLARED

N.Z. INSURANCE CO. PROFIT OF £215,510 THE directors of the New Zea- •*" land Insurance Company propose this year a dividend of 1s 9d, as against 1s 8d last year. It has also been decided to recommend the transference of £150,000 from the reserves to capital, thereby reducing the uncallled capital by 2s a share. The annual meeting of the shareholders will be held on Tuesday. The directors’ report for the year ended May 31 states that the net revenue from fire, marine and accident premiums was £1,121,424 15s 3d. The balance from 1926 was £121,983 4s 7d. The surplus for the year’s operations is £90,152 11s 2d. This is after making full provision for all losses to May 31, depreciation of investments and appropriation for taxation. To the balance is added the net- income from interest and rents, £125,358 Os 7d, and with the balance brought forward makes a total of £337,493 j6s 4d. i sum of £62,1300 was absorbed last February when the interim dividend of lOd a share was paid. The reserve fund received £75,000, thus leaving a balance of £199,993 16s 4d. When the proposed dividend of Is 9d is PaW Vl? 8 year a balance of £131,243 16s 4d will be carried forward. Following is the company’s balance sheet: LIABILITIES

£2,744,277 4 3 The retiring directors, Messrs. Henry Horton, Charles Rhodes and Alfred S. Bankart, offer themselves for re-election at the annual meeting Messrs. H. Gilflllan and F. C. Buddie again offer their services as auditors.

Subscribed capital— £ S. d. 1,500,000 shares, £1 each Lifess uncalled capital— 1,500,000 0 0 1,500,000 shares, 6s each 450,000 0 0 Reserve fund 1,050,000 0 0 Reserve nr unexpired risks Investment fluctuation and 561,000 0 0 continffenc;’ account.. . Provision for taxation .. 20,000 0 0 tained losses.. .. Sundry creditors and un207,641 0 0 earned premiums Balance 145,697 199,993 15 16 10 4 £ 2,744,277 4 3 ASSETS Investments— £ s. d. Mortgages Shares 33,966 9,955 13 4 Company's freehold office premises and other properties Bonds and debentures .. Fixed deposits 48,174 6 6 Accrued interest and rents Branch and agency bal2,347,428 39,896 14 17 9 6 Remittances in transit . . Cash in bank and in hand 2^500 0 0 at head office and branches 144,690 14 2