H.—6

2

Revenue Account of the State Fire Insurance Office for the Year ended 31st December, 1905.

Examined and found correct, subject to the following remark : — There is no provision in the Act for oharging the Revenue Account for the period in which the preliminary expenses are incurred with less than the whole amount of such expenses. It is, however, a business practice to spread this expenditure over a term of years, and the term of four yeass proposed in this account appears reasonable. J. K. Wabbubton, Controller and Auditor-General.

Balance-sheet of the State Fire Insurance Office on the 31st December, 1905.

Examined and found correct. J. K. Wabhubton, Controller and Auditor-General. Approximate Cost of Paper.— Preparation, not given; printing (1,500 copies), £1 14s. By Authority ; John Mackay, Government Printer, Wellington.—l9o6. Price 3d.]

£ s. d. £ s. d. | £ s. d. £ s. d. s. Premiums after deduc- Balance brought forward from tion of reinsurances .. 13,127 11 9 1904— Other receipts— Preliminary expenses 1,026 6 8 Interest .. .. 8 7 9 Office furniture .. 67 16 7 13,135 19 6 i 1,094 3 3 Preliminary expenses to be charged during Preliminary expenses .. .. .. 1,510 13 7 next three years .. .. .. 1,902 15 3 \ Losses by fire (after deduction of reinsurOffice furniture, less depreciation of 10 per ances) .. .. .. .. 2,417 19 7 cent. .. .. .. .. 669 17 3 ; Appropriated to reserve for unearned premiums .. .. .. .. 4,375 17 3 Interest on capital raised, guaranteed by Government .. .. .. 71 0 8 Commissions .. .. .. .. 927 18 0 . ; Salaries .. .. .. .. 2,964 1 4 ! Expenses of management — £ s. d. Travelling expenses .. 164 5 0 Advertising .. .. 25 0 5 Printing and stationery 133 5 3 Rent .. .. 376 3 4 Exchange .. .. 13 13 9 Postage and telegrams and sundry charges 476 16 2 Furniture .. .. 676 9 3 1,865 13 2 Amount of Fire Insurance funds at end of year .. .. .. .. 481 10 2 £15,708 12 0 £15,708 12 0 J. W. Beindley, General Manager.

Ijiabilities. lapital authorised by •'The £ s. d. State Fire Insurance Act, 1903" .. 100,000 0 0 jess not raised .. 98,000 0 0 £ s. d. Assets. teserve for unearned premiums 'ire Insurance funds, as per Revenue Account >ther funds — Premiums and other deposits lutatanding fire losses Ither sums owing by the office- £ s. d. Interest on capital .. 12 1 8 Rent .. .. 214 12 3 Board fees .. .. 48 7 9 Reinsurance premiums due ..' .. 1,070 5 2 2,000 0 0 4,375 17 8 481 10 2 222 7 9 425 0 0 Agents' balances— £ s. d. £ s. d. Head Office .. 100 7 2 Auckland .. .. 59 3 6 Christchurch .. 128 4 3 Dunedin .. .. 35 8 1 :— 323 3 0 Outstanding premiums .. .. 1,515 8 10 Cash .. .. .. .. 4,438 17 8 Other assets— Preliminary expenses reserved .. 1,902 15 3 Office furniture .. .. .. 669 17 3 1,345 6 10 £8,850 2 0 £8,850 2 0 23rd August, 1906. J. W. Beindley, General Manager.