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FIRE AND INLAND MARINE INSURANCE COMPANIES.   255

NORTH BRITISH AND MERCANTILE—Continued.

 

GENERAL BUSINESS STATEMENT FOR THE YEAR ENDING 31ST DECEMBER, 1896.
FIRE BUSINESS.

 

In 1896 the premiums received amounted to    £ 1,819,444 18 2

Deduct reinsurances    356,009 13 7

 

Net premiums    £ 1,463,435 4 7

In 1895 the premiums received amounted to   £1,815,368 3 0

Deduct reinsurances    336,953 15 11

Net premiums    1,478,414 7 1

From the statement of the fire account (No. 1) it will be seen that the fire business of 1896 has resulted in a gain of £187,129 18s. 3d. which is carried into the profit and loss account (No. 2), and there remains a balance at the credit of that account, including the balance brought forward from 1895, of £372,976 10s. 2d.

DIVIDEND.

 

At 31st December, 1896, the balance at the credit of profit and loss

was    :   £ 372,976 10 2

There has been carried to dividend account    165,000 0 0

Balance to be carried forward    £ 207,976 10

After crediting the above £165,000 to the dividend account, there

stood at the credit of that account   £ 317,500 0 Out of this sum the directors recommend :

  1. That a dividend shall be declared of £1 per share, free of income tax, the one-

half of which dividend shall be payable on the 15th May and the other half

on 11th November, 1597, making the sum of   £110,000 0 0

  1. That a bonus of 10s. per share shall be declared payable on the

15th May    55,000 0 0

165,000 0 a

Leaving at credit of dividend account a balance of    £ 152,500 0 0

After providing for the dividend and bonus, the total fire, life and annuity funds, including the paid-up capital, amounted at 31st December, 1896, to £12,789,532 14s. Sd.


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