The Annual Meeting At the 3Séth annual general meeting of shareholders in the General Accident, Fire & Life Assurance Corporation, Ld., held" at the head office, Perth, on April 21, the Chairman, Mr. William Low of Blebo, said in part:—
I believe it will be found that this company is exceptional in being able to present a statement showing an increase in premium income as well as a most satisfactory profit and loss account for the year 1921. The statement must have proved a pleasant surprise to shareholders, for it is well known that the past year has been a most trying one for all engaged in commercial or financial undertakings.
The reduced values of produce and raw materials (averaging from 30 per cent. fo 50 per cent.) are reflected in the reduced income from fire premiums, while the pay rolls under the. employers liability department were—in the case of staple industries, owing to stoppage of works—greatly reduced. These remarks specially apply to our Home business, the profit from which, although substantial, is smaller than it has been for many years, We are fortunate, however, in having our business spread all over the world, and the falling off in Home business and profits for last year, was more than compensated for by the god results of our operations abroad.
Ample provision is made for all contingencies, and no credit taken for sums which it is possible we may receive in-discharge of the very considerable claim we have against Germany in connexion with the previous heavy loss under our Belgian branch.
After full provision is made for depreciation of property, taxes, bad debts, directors' fees, ete., there remains a balance of £241,- 776, out of which it is proposed to set aside £20,000 to form the nucleus of a staff pension fund, a scheme which I am sure you will all approve. of. For provision of dividends, £49,100 is required, leaving the very substantial sum of £172,671 to be carried. forward to next year's account. The directors are glad to be able to recommend, that the dividend be increased to 2% per cent.
The report and statement of accounts, with the directors' recommendations, were adopted. The report stated that interim dividends of 2} per cent. on the preference and 5 per cent. on the ordiaary shares had been paid and it was proposed to pay a fina] dividend of 24 per cent. (making 5 per cent. for the year) on the preference shares and a final dividend of 20 per cent. (making 25 per cent. for the year) on the ordinary shares. ion prohibited without permission.
Text read from the printed page and cleaned; old type leaves the occasional error.