1907.] 



Co-operative Horse Insurance. 



277 



In 1900, a portion of the available balance and the reserve 

 fund was credited to members in a further allotment of shares. 

 In the following year the directors determined to make a final 

 allotment of shares out of the balance of profit in proportion 

 to the amounts paid in by members, when all members having 

 a fractional part of £1 to their credit, after allotment of share 

 or shares, were entitled to either pay the difference to make 

 up a full share, or have such fractional sum paid over to them. 

 The paid-up capital thus rose to £647, at which it remains. 



In 1902, the directors were able to pay a bonus of 10 per cent, 

 to policy holders, as a rebate on their premiums. This was 

 repeated for 1903, and was increased to 20 per cent, for 1904 

 and 1905. At the close of last year, however, owing to the 

 losses being the heaviest so far experienced, the bonus was 

 reduced to 5 per cent. 



The losses from year to year have been as follows : — 



The balance sheet just issued shows : — Assets : £697, cash 

 on deposit in local bank ; ditto, on current account, £121 6s. id. 

 Liabilities : Capital, £647 ; reserve fund, £115. Profit and 

 loss account, £56 6s. id. During the year £208 5.9. yd. was 

 received in premiums on account of 183 horses insured, £1 5s. 

 from entrance and transfer fees, £4 ys. 6d. from sale of carcases, 

 and £19 19s. $d. interest from deposit account. In addition 

 to the sums distributed as interest on capital, and in payment 

 of bonuses, £21 was paid in directors' fees, £22 12s. went to the 

 secretary and collector, £2 2s. to the auditor and £60 lis. lod. 

 to the veterinary surgeon. 



Since the formation of the Association as a Company, £41 19s. 

 has been paid as income tax, which would have remained to 

 augment profits had the members in 1898 registered under 

 the Industrial and Provident Societies Act. An association 



Average Payments Made. 



1898 

 1899 

 1900 

 1901 

 1902 

 1903 

 1904 



1905 

 1906 



Six 



One 



Five 



Six 



Six 



Five 



Four 



Two 



Seven 



£ s. d. 

 13 4 o 

 1560 

 1000 

 960 

 10 3 o 

 13 o o 

 9 5 o 

 928 

 9 10 o 



