SOUTH BRITISH INSURANCE COMPANY.

Taranaki Daily News, Volume L, Issue 60, 11 October 1907, Page 2

SOUTH BRITISH INSURANCE COMPANY.

Per Press Association. Auckland, Thursday. At the meeting o£ the South British Insurance Company the chairman said that the year opened satisfactorily, but during the second halt they had experienced a cycle throughout Australasia which affected the year's results, while fire and marine business went indifferently. The accident department had justified its creation The experience of the leading fire insurance companies of the world ;in 'the past twelve months tended to Bhow how important alike to public and shareholders it was that reserve funds should be large enough to meet any emergency. It would be the policy of the directors to augment the reserve fund on every possible occasion, lie regretted that Are business in New Zealand was still unsatisfactory, the condition of the rates being quite insufficient to cover losses and expenses, and leaving no margin for conflagrations. [ The contributions imposed on companies for the upkeep, of lire brigades would cost them something like ten per cent, of their revenue in the Fire Board districts. In tlie Auckland fire district companies' contrU>utioni would amount to B'/ 2 per cent, on their revenu- —a most oppressive charge. He expressed the hope that it would be possible, to secure such improvement in fire rates as to give companies not only some margin over losses and expenses, but h reasonable provision for conflagration contingencies. The. ¥eport iandjibidancc-slieet were adopted, together with resolutions conSieging the <jQnjp#ny 'into a limited company.