N.Z. INSURANCE COY.

Sun (Auckland), Volume II, Issue 420, 31 July 1928, Page 12

N.Z. INSURANCE COY.

INCREASED PREMIUM INCOME i Net revenue from fire. marine and accident premiums shown in the annual report of the New Zealand Insuiance Company Tor the year ended May 31 ■ i -rt-as ~ 1.150,232. The balance brought forward from 1027 was £190,903, of which a dividend of lid a share, paid in August, 1927, absorbed £6i>,7Do, leaving £131,243. The surplus on the years operations, after making full provision for all ascertained losses to May 31, depreciation of investments .and appropriation for taxation, was £80,521, to which is added the net income from interest and rents, £130,272, making- a total of £210,793, and with the balance brought forward, £342,037. . The interim dividend of lid a share paid last February absorbed £68,750, While £75,000 has been transferred to the reserve fund, leaving a balance of £l-98,287. It is proposed to pay a dividend of Is lOd a share, less the interim dividend of lid a share paid in February, which will absorb £68,750, leaving a balance of £129.537 to be carried forward. In 1927 the dividend was Is 9d a share, and in 1926 Is 8d a share. The balance sheet of the trust, executor and agency business of the company's trust branch shews a slight increase in the amount of business handled. Amount at credit of estates, trusts and clients represented by investments is shown at £2,595,517, compared with £2,246,099 last year; balance at credit of sundry clients and trust accounts in current accounts, £175,110, compared with £189,880 last year; debenture trusts, £2,600,540, compared with £2,555,540 last year. Government, municipal and other debenture securities held by the company are shown as follow: Great Britain, New Zealand and Australia. £1,514,234 12s 2d. Union of South Africa, £45,502 15s. Dominion of Canada, £10,825. United States of America, £183,413 0s 7d. South America, £63,477 14s. Japan, £19,293 15s. Debentures (not.' Government, or municipal), £19,056 15s 7d; total, £1,855,803 12s 4d. Following is a comparison of the company’s results for the last two years:—

NEWTON KING, LTD. DIRECTORS CONFIDENT OF FUTURE Confidence in the future of the company if a sound reconstruction scheme were adopted was expressed by the chairman, Mr. Truby King:, at the annual meeting- of Newton King-, Ltd., oh Saturday. About SO shareholders were present. In moving the adoption of the report and balance-sheet, the chairman referred to proposals for reorganisation and ie*capitalisation which had been foreshawowed in the directors' report. He stated he felt certain no shareholders would disagree with these proposals, for all recognised they were necessary for the future well-being of tlie company. He and the directors generally were emphatically of opinion that if proper steps were taken to meet the present -position, there was no reason why, with a reasonably good season s business, the company should not be put on a profit-earning basis. When the directors again met the shareholders at a special meeting, they hoped to be able, with the advice of expert accountants, to bring forward a* sound scheme of reorganisation. The meeting endorsed the directors* action m proposing reorganisation, and the report and balance-seet were adopted The retiring directors, Messrs. W Healey, T. J. Salmon, J. H. Ashton, S. E. Shaw and Truby King, were re-elected unopposed. COMMERCIAL BANK NET PROFIT OF £355,019 Net profits amounting to £355,019 are shown, in the report of the Commercial Lank of Australia for the year ended June 30, 1925. The amount brought forward was £ SI, 759. The directors have appropriated to reserve fund, £45,662; to reauction of bank premises, £30,000;’ to dividend on preference shares, , and on ordinary shares! ~SS,_SI, leaving a -balance of £230 4SS They propose to pay dividend for’ six months on the preference shares at 4 per cent, per annum, £42,347; dividends for six months or from the due dates of c instalments on the ordinary shares at f 15 per cent, per annum, £97,656, and to c carry forward £90,455.

In addition to the amount of £45,662 transferred from profits to reserve fund” £254,337, being premium received r, n .the new issue of shares, has been credited

to that account, thus increasing the reserve fund to £1,600,000. The'preference capital is £2,117,350 and the ordinary capital £1,436,038, an increase during the past year of £254,338. Deposits, other than Government, total £21,530,179, an increase of £1,225,981. while advances, at £ 15,331,201, are only £49,807 lower. Following is a comparison of the bank's results for last three years:

1026-27. 1927-28. Premium income . . £1,121,4 25 £1,150,232 Expenses ancl taxes 33S.5S8 361,367 Ratio per cent 30.10 31.41 Losses 664,684 694,344 Ratio per cent. . . 59.27 60.37 To risks reserve .. 2S.000 14,000 Surplus £00,152 £80,521 Interest and rents.. 125,358, 130,272 Brought forward . . 121,983 131,244 Total available . . £337,494 £342,038 To reserve . . .... £75,000 £75,000 Dividends— Rate .. Is 9d Is lOd Amount £131,250 £137,500 Carried forward.. £131,244 £129,5-38

Brought forward 1926. 1927. 1928. £82,570 £66.140 £81,759 Net profits 317,706 341,710 355,019 To reserve . . . £400,276 £407,850 £436,778 no.oss 66,671 Bank premises . Dividends— 20,000 25.000 30,000 Pref., 4 p.c. . 84,694 84,694 • 84,694 Ord., 15 p.c. . 119,359 149,726 185,937 Carried forward £66,140 £81,759 £90.485