Rerirv of Uevieirs, 1/6/OS. 



Insurance l\oies. 



'^-9 



INSURANCE NOTES. 



The report and balaiicfi-sheet of tlie Bank of Aus- 

 tralasia for the lialf-year ended, October 16tli. 190o. 

 appears in these columns. The profit for the half-year 

 was £137,451. out ot which a dividend of 12 per cent. 

 iia.s paid, absorbing t'OG.IMO, £30.000 transferred to 

 reserve fund and £11,000 in reduction of cost of bank 

 premises. The reserve fund now stands at £1,'J-50.000 

 and capital at £1,600,000. Tlie deposits amount to 

 £16,329,o6o, showing an increase of £43,23o on the 

 previous six months. Bills receivable, advances, etc, 

 stand in the balance-sheet at £14,294,304, an increase 

 of £761,666 on the prior half-year, while liquid 

 securities iu the shape of cash and Government securi- 

 ties amount to the large total of £7,483,788. These 

 two items reflect the restricted enterprise in Aus- 

 tralia, and were referred to in tlie chairman's S|)eech 

 at the meeting of the bank Iteld in London on March 

 29th. He stated that while it wa,s a very strong posi- 

 tion to hold 7V millions of practically liijuid securities 

 against liabilities to the public of 19 millions, it was 

 too strong a position from a profit-earning point of 

 view, being out of all proportion to what was required 

 in the conduct of the business. General conditions in 

 Australia were improving, and it wa.s hoped that the 

 bank's money would shortly be wanted for these enter- 

 prrses. Tlie' directors referred to the appointment of 

 Mr. Amos Hellicar to the position of superintendent 

 in succession to Mr. John Sawers, and stated that he 

 had a long and varied experience in the bank's ser- 

 vice, and bad the entire confidence of the directors. 



Tlic report and balance-sheet of the Colonial Bank 

 of Australasia Limited for the half-year ended. March 

 31st last, which appears in these pages, is a very 

 gratifying one, and shows continued progress. The 

 profit is the largest to date of any half-year, and 

 amounts to £19.40o 2s. lid. Out of this a dividend 

 of > per cent, on preference shares and 5 per cent, on 

 ordiuai-y shares has been paid, a sum of £10,000 car- 

 ried to reserve fund, which is thu.* raised to £90,000, 

 and £4195 13s. lOd. is carried forward. Compared 

 with twelve months ago the reserve fund shows an in- 

 crease of £15.000. deposits an increase of £180.613. 

 and discounts and advances an iiicrea.se of £159,070 — 

 all very satisfactoiy movements. The directors are to 

 be conimended on their continuously adding to their 

 reserves instead of jiaying away larger dividends which 

 the profits would easily enable them to do. It is by 

 this means that the Colonial Bank is being placed on 

 such a solid basis. The bank is in a very strong posi- 

 tion, which will ensure a still larger support being 

 given to it. 



A serious collision occurred in Port Phillip Bay at 

 11 p.m. on the 27tli ult. between the A.U.S.N. Cxi.'s 

 ■Aramac" and tlie French barque 'Nantes.'" which 

 was anchored in the South Channel. Tlie nicht was 

 dark and squalls of rain were driving across the hay. 

 The ■ Arainac " was coming up the channel to ilel- 

 Ixiunie. and only noticed the barque's lights when it 

 lias too late to avoid a collision, and crashed into 

 the bow of the ship. A rent 14 feet in length was 

 torn in the "Arainac's side abov^e the water line. The 

 main deck started and the forecastle fittings smashed 

 to fragments. The ''Nantes" was very little in.iured. 

 Fortunately no loss of life resulted. 



A collision occurred in Sydney Harbour on 4tli inst. 

 between Howard Smith and Co.'s steamer "Bunin- 

 yong " and the barque " Griffle." by which both vessels 

 v.ere severely damaged. The night was clear, and the 

 cause of the mishap is unk^lown. The " Buninyong " 

 received the worst in.jury. and was soon found to be 

 taking in water rapidly. The passengers were quickly 

 transferred to boats and taken ashore without injury, 



CITIZENS' 



Life Assurance Company, Ltd. 



The Premier Industrial-Ordinary Life Office 

 of Greater Britain. 



HEAD OFFICE - - SYDNEY. 



The Company's Record for 1904 : 



Funds _ £1,346,606 



INCREASE IN FUNDS - - 201,346 



Income _ _ £436,326 



INCREASE IN INCOME ._ _ 26.774 



Paid Policyholders since Inception... ._ £891,590 



PAID POLICYHOLDERS in 1904... 108.931 



Profits, in the form ot Reversionary 

 Bonuses, Allotted to Policyholders 



since Inception £395,525 



PROFITS, in the form of Reversion- 

 ary Bonuses, allotted to Policyhold- 

 ers for 1904 61,075 



Expenses — 



DECREASE FOR YEAR ... .„ £12,131 



TXEK 



COLONIAL MUTUAL 

 . , FIRE . . 



INSURANCB COMPANY LIMITED. 



FIRE 



ACCIDENT ■ 



EMPLOYER'S 

 LIABILITY 



FIDELITY 



GUARANTEE 



PLATE-CLASS 

 BREAKAGE 



MARINE 



BURCLARY - 



y Insurance. 



OFFICES, 



MELBOURNE— 60 Markei Street. 



SYDNEY— 78 Pitt Street. 



ADELAIDE— 71 King William Street, 



BRISBANE-Creek Street. 



PERTH— Barrack Street. 



HOBART— Collins Street. 



LONDON— St. Michael's Alley, Cornhill, B.C. 



WM. L. JACK, 



Uanaobe. 



