28 APRIL 1939, Page 48

WORLD AUXILIARY INSURANCE THE 20th ordinary general meeting of the

World Auxiliary Insurance Corporation, Limited, was held on April 25th at Winchester House, E.C.

Captain the Right Hon. C. C. Craig, D.L. (the chairman), said that with regard to the Fire account the fund brought forward from last year amounted to £49,184. To that was added interest amounting to £2,459 and net premiums £87,524. After trans- ferring £8,000 to profit and loss account they had left a fund of £49,805, equal to 56.7 per cent, of the net premiums received during the year. In the General Accident and Miscellaneous account the fund brought forward was 1,126,60o, and after trans- ferring Li o,000 to profit and loss account there remained a fund of £120,945, which was 165.3 per cent, of the premium income compared with a fund of 161.3 per cent, brought into the account.

With regard to the Marine account, the income showed no material alteration but claims showed the unfavourable trend of Marine business. Competition had developed to such an extent that concessions in. hull conditions and reductions in rates had brought the business of Marine underwriting to an uneconomic level.

As to the profit and loss account, after paying sundry charges and reserving £1o,000 for Government taxation, there remained a balance of £175,987, from which the directors recommended a divi- dend of 71 per cent., free of income tax.

The report was adopted.