SOUTH BRITISH INSURANCE

Sun (Auckland), Volume II, Issue 486, 16 October 1928, Page 12

SOUTH BRITISH INSURANCE

NET INCOME OF £1,164,198 INCREASED DIVIDEND A net premium income of £1,038,048 is shown m me report and balance sheet of tne isouth Britisn Insurance Company, Ltd., for the year ended August 31. 19z8. interest ami rents received and accrued, after payment of income tax, amounted to £126,i50, making a total oi £1,164,198. After maxing lull provision >for losses outstanding, there is a surplus in the underwriting account of £86,976 0s Id, which, with the income from interest and rents, £126,149 18s od, makes a total of £213,125 18s 6d. This has been dealt with in the following manner: To reserve fund, £75,000; sinking funds of leaseholds, £500; leaving available £137,625 18s 6d. Out of this an interim dividend of Is 2d a share was paid in April, absorbing £60,179, and the directors now recommend the payment, out of the balance of the profits of the year, of a dividend of Is 3d a share (making the total distribution for the year 2s 5d a share), which will absorb £64,477 10s, a total of £124.656 10s. This leaves £12,969 Ss. 6d, to which must be added the balance from August, 1927. less dividend paid in October. 1927, £180,342 Is Id, making to be carried to the new account £193,311 9s 7d. The retiring directors are Mr. J. IT. Upton and Mr. E. R. N. Russell, who offer themselves for re-election. Three Years’ Comparison Following is a comparison of the company’s results for the last three years: 1925-26. 1926-27. 1927-2 S. ££ ' £ Premium income .... 939,533 1,046,753 1,035,047 Expenses . . . 318,358 311,805 322,512 Ratio, p.c. . • 33.88 29.79 31.07 Losses .... 523,003 617,562 628,558 Ratio, p.c. . . 55,45 59.00 60.55 To risks reserve 18,000 34,000 Surplus . . . .£82,171 £83,386 £56,9<6 Interest & rent. 117,490 120,780 126,149 Brgt. forward . 155,335 167, tou 180,34Totals . . .£354,996 £371,901 £393,467 To Reserve . . 75,000 75,000 75,000 Sinking fund . 500 500 500 Dividend: rate 2s 2d 2s 3d -s 5a Amount .... 111,761 116,059 1-4,656 Carried for’d .£167,735 £180,342 £193,311 Guardian Trust A statement of the position of the Guardian Trust and Executors Company of New Zealand, Ltd., as at August 31. 1928, is issued with the report, it shows the amount at credit of estates under administration (and including amount due to creditors of trust estates) was -P4 316 830 14s Id. This was represented by’ the following investments and cash: Landed property. £1,131,349 16s 6d; mortgages. £1,507,514 7s 3d; shares, £883,118 17s 2d; debentures, £205,212 16s 9d; New Zealand Government securities, £154,439; sundry debtors, £54,962; partnerships and reversionary interests, £22 223 3s 3d; furniture, livestock, jewellery’ life insurance and sundry assets. £193,154 2s 9d; cash on deposit, savings bank balances and bills receivable, £l4l 965 3s 7d; trust bank accounts, balance at credit, £19,891 6s 6d. In addition the company holds debenture trusts, not included in the above, amounting to £3,228,732. . The annual meeting of shareholders is scheduled for October 25. N.Z. DAIRY PRODUCE GOOD NAME ABROAD MORRINSVILLE’S MAN’S IMPRESSIONS (From Our Own Correspondent) MORFvINSVILLE, Monday. The high favo\ir in which New Zealand produce is held among overseas buyers was commented on by Mr. J. E. Leeson, chairman of directors of the MorrinsviUe Dairy Company, in an address to the Morrinsville branch of the New Zealand Farmers’ Union. Mr. Leeson has just returned from an extended tour abroad. Tn the Smitlifield market, stated Mi. Leeson, New Zealand pork is spoken oi as the best offering and buyers think mat in a few years’ time it will have tne same reputation as Canterbury lamb. New Zealand’s name for good buttei was becoming more generally recognised in America, Vancouver and Honolulu, and the country had the goodwill of those handling this commodity. One of the largest retailers in England had summed up one of the reasons for this goodwill to Mr. Leeson in the words, “New Zealand butter never lets us down. He considered this a fine tribute from the The practice of the English i*etailer of selling New Zealand butter under his own trading name, or brand, was still being followed. This was done so that a regular good brand of butter womcl attract general customers to the shop or store. Thus the mass of the consumers did not know New Zealand butter, but some of them knew that “Smith’s Stores Butter” was something special. I Reverting to the wholesale side of the business, Mr. Leeson said there appeared to be no prejudice in England against the 561 b box, but in New York buyers preferred the butter in 701 b tubs.

NET INCOME OF £1,164,198

LONDON PRODUCE MARKET EGG PRICES HIGHER The Department of Agriculture has received the following cablegram, dated October 13, from the High Commissioner, London:— Tallow*. —The ‘ spot market continued firm with fair business doing for shipment. Present quotations for spot are, a cwt: Mutton, fine 45s 6d to 465; fair to good, 43s to 44s 6d; dark to dull, 41s to 41s 6d; beef, sweet and mixed, 44s 6d to 47s 9d; fair to good, 42s 6d to 44s 6d; dark to dull, 39s 6d to 41s; mixed fair to good, 42s to 435.6 d; dark to dull, 39s 6d to 40s 6d; gut, etc., 38s to 41s. Hemp.—Manila is more active and prices have advanced. “J” grade is now quoted for October-December shipments £34 2s The buyers’ output from January 1 to September 30 was 1,035,000 bales, against 974,400 bales for the same period last year. Stocks in Manila on September 30 were 160,000 bales, against 158,000; in Britain, 14,000 against 4,814. Sisal: The market is steady with a moderate demand. Business has been done in No. 1 at £35 5s to £35 10s for SeptemberNovember shipments. Nominal value of No. 2 is £34. New Zealand is in small demand for spot and close-at-hand shipments, but otherwise, very little business has been done. Sales reported: High points, £3l 10s; nominal closing values are unchanged. Eggs.—Prices are higher again, but trade is slow at present. Quotations are a long 100: English, 19s to 235; Dutch, 17s 6d to 21s, French and Danish, 16s to 20s; Australian, ISs to 18s 6d; SOuth African, 17s to 18s; Argentine, 15s to 15s 6d: Polish and Russian, 11s to 3 3s. Apples.—The market is quiet. Canadian Cox’s Orange are 14s to 17s a case: Mclntosh Red, 11s to 12s; Californian Newton, 9s to 10s; Jonathan, 9s to 13s; Nova Scotian Ribston Pippin, 22s to 24s a barrel; Gravensteins, 21s to 22s a barrel; Cox’s Orange, 24s to 30s a half barrel. Wool.—The Bradford top makers are reducing prices, and a better tone is apparent in Merino and low crossbred. Medium and coarse crossbred are still neglected, and users are adopting a waiting policy. Present quotations for tops are: Sixty-fours (Merino) warp, 3s lid a lb; average, 3s 10d: fifty-sixes (super halfbred), 2s lid; fifties, prepared, 2s 4d; forties, prepared, is 10Jd. The Danish cocksfoot crop is reported to be large, with buyers holding off, in anticipation of lower prices. The nominal value of 90 per cent, to 95 per cent, seed for October-November shipment is 62s e.i.f. New Zealand.

‘‘After you with the ‘Radium* Boot Polish” Is an expression heard every morning in many New Zealand homes Try it. 21.