AUCKLAND ENTERPRISE IN AUSTRALIA.

Te Aroha News, Volume VI, Issue 311, 27 October 1888, Page 4

AUCKLAND ENTERPRISE IN AUSTRALIA.

An Adelaide telegram in the Melbourne "Argus'" htatcs thai negotiations have been concluded between the directors of the Adelaide Marine and Fire Insurance and the South British and New Zealand Companies ior the purchase of the business and goodwill of the Adelaide Company by 1 lie South British Company. The information ib not concct in &o far as the inclusion of the name ot the New Zealand Company is concerned, and it is also somewhat premature to bay that negotiations have been concluded. Such negotiations havo been in process between the South British and Adelaido Marino and Kiro Assurance Company, and thoy may perhaps have reached a successful ist>ue by this time. The subscribed capital of the Adelaido Company is £400,000, in 40,000 shams of .CIO each, and the head ofKce ot the institution is in King William-street, Adelaide. It has also directorates in Melbourne and London, and agencies in Sydney and throughout South Australia. The statement of accounts of the Company for the year ended June lash showed a credit balance of £8,187 as the result of the year's transactions. Ten per cent, on the capital was paid for the year, absorbing £5,000, hi^e a balance of £3,187 was carried forward. The balance-shoot submitted at the annual meeting in August showed : — Liabilities : To capital stock, C 50,000 ; marine and fire losses* unsettled, £4,201 ; sundry creditors, C 3,48 1; reserve fund, £40,000 ; i einsurancefund, £16,868 ; revenue account, £5,687 : Total, £120,239, Assets : By loans on mortgage, £59,814 : (Jovernment and corporate securities, £27,444 : landed property, £5,092 ; cash in bank and on hand, £4,099 ; sundry debtoio, £20,090 ; Melbourne premises, £2,630 ; oiiice furniture, £1,066 : Total, .1,120,239.