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FIRE AND INLAND MARINE INSURANCE COMPANIES.   265

NORWICH UNION—Concluded.

 

last, and a further dividend of £2 per share has now been declared by the board. The directors have also decided upon this occasion, in order to mark the successful completion of the first century of the society's existence, to declare a special centenary bonus of £1 per share, which will be paid, together with the £2 final dividend, on the 3rd of June.

The undivided balance is £197,508, of this £20,000 has been added to the reserve fund, which is thus increased to £520,000, and £1,000 to the clerks' superannuation and benefit fund, leaving £176,508, to be carried to next year's credit.

The directors desire to point out that the reduction of premiums is due to the shrinkage in ,Russian reinsurance business, which has arisen through the pressure brought to bear on the Russian companies by the authorities of that country : otherwise the premium income of the society shows a fair increase.

The percentage of losses on premiums is 62.26, as against 58.20 in 1895 and 55.14 in 1894.

REVENUE

 

£

s.   d.

Premiums    

872,115

10   2

Interest    :   

36,536

7   9

Transfer fees    

39

0   0

Profit on sale of investment   

444

14   1

 

£   909,135

12   0

ACCOUNT.

£   s. d.

Losses by fire    542,990 17 10

Commission    175,999 0 10

Expenses of management, &c   112,562 9 1

Balance   77,583 4 3

£ 909,135 12 0

PROFIT AND LOSS ACCOUNT.

 

 

£

s.

d.

£

Balance disposable, 1895   

252,324

2

0 Dividends and bonus to proprietors ..

49,500

Reserve on current policies, 1895...   .

302,254

'5

11 Clerks' superannuation and   benefit

 

Increased value of investments   

1,552

8

6   fund    

1,000

Balance of revenue account    

77,583

4

3 Reserve fund   

40,000

 

 

 

Reserve on current polices, 1896   

290,705

 

 

 

Balance disposable    

252,508

 

£633, 714

0

8   £633,714

BALANCE SHEET AT 131ST 4.IABILITIES.

£   s.

Paid-up capital   132,000 0
Fire insurance fund

Reserve fund . . .£500,000 0 0

Reserve on current

policies   290,705 3 5

Balance disposable 252,508 17 3

1,043,214 0

Reta'ned for losses outstanding   60,694 5

Expenses unpaid, estimated at   -_ 3,0111 0

Bills payable    15,551 18
Clerk's superannuation and benefit

fund . . ..   17,600 10

Unclaimed dividends   lm 9 12

£1,272,070 6 4

s.   d. 0 0

0 0 0 0 3 5 17 3

0 8

DECEMBER, 1896. ASSETS.

d.   £   s. d.

  • British government securities    122,625 0 0

Bank of England stock   96,900 0 0

Railway debenture stock   59,362 10 0
Colonial Government railway and

other securities    103,471 0 0

Uni ted States Government securities   82,125 0 0
8 U.S. Railway and municipal securi-

1   ties    284,593 18 4

  • European Government securities   28,834 19 6 6 South American Government securi-

ties    7,921 19 10
1 South African Government securi-

  • ties    5,425 0 0 Investment funds, municipal stock,

&c   82,011 5 0

Mortgage. ..   .   8,000 0 0

Real estate   36,400 0 0

Leasehold property    289 1 5

Salvage corps building funds   5,339 2 1

Interest accrued    10,586 19 l

Bills receivable    14,003 8 6

Bankers' balances, English    55,601 8 5

do   foreign and col-

onial   142,387 8 2
Premiums in course of collection

(since collected), less commission   65,631 7 0

Agents' balances    60,460 19 0

Cash in office   IOU 0 0

£1,272.070   6   4


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