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L During the latter part of the year the Fire Rating Schedules of the Office were redrafted with a view to simplifying ratings and applying the underwriting experience of recent years to the mam classes from which the business of the Office is derived. ' , The effect on premiums of the new schedule, plus rebates, will be to give pohcyholders, in addition to all previous reductions, an average reduction on their 1943 premiums of 22 per cent. Some policyholders will get less, others more, than 22 per cent. It will be recognized that the work of re-ratmg risks insured under more than 150,000 policies will be no easy task under wartime conditions, when so many experienced officers are absent on service with the Forces. 5 Daring the year the Office continued to administer the Marine Insurance (War Risks) Emergency Regulations 1942 and the Detention Allowances for Captured Seamen's Fund. Also the General Manager and the Secretary of the Office continued to devote part-time service to the War Damage Commission as Deputy Chairman and Secretary respectively. 6 As this is the last occasion upon which I shall make the annual report, it is a suitable opportunity to express my warm thanks to the Managers and staff of the Office for their able and willing co-operation during the twenty-one years I have been General Manager. From every aspect, I believe there is justification for regarding the Office as a particularly successful example of competitive State enterprise. J. 11. Jeeram, General Manager. Revenue Account of the State Fire Insurance Office for the Year ended 31st December, 1943 £ s. d. £ s - d - Premiums after deduction of reinsurances .. 225,037 9 8 Bonus rebate to policyholders .. .. 47,127 11 9 Other receipts- £ I. d. Losses by fire and earthquake (after deduction of Interest, commission, and rent 68,228 i 8 reinsurances) I 7 sit n in Less land and income tax Income-tax .••.., 10421 182 £38 200 Is. Bd., and national National and social security tax .. .. I and social security tax £7,779 45,979 1 8 Commission ».477 17 o 22,249 1 0 Salaries .. .. •• •• •• «.»17 0 A Contribution to Public Service Superannuation Fund .. .. •• •• ■• 457 19 3 Contribution to Fire Boards under the Fire Brigades Act, 1908 .. •■ ■• 16,144 8 0 Expenses of management — £ s. d. Travelling-expenses .. .. 1,020 611 Printing, stationery, and advertising . . . • • • 875 I A Rent 2,480 19 6 Exchange .. .. • • 44 14 9 Postages, telegrams, cablegrams, and sundry charges .. 4,547 16 10 * 6 8,969 0 2 Office equipment .. .. •• •• 207 11 H Office premises : Depreciation .. .. 5,482 0 0 Reserve for unearned premiums .. •■ 1>289 10 8 202,347 14 5 Office premises : Written off .. .. •■ 21,000 0 0 Amount of fire-insurance funds at end of year .. 23,938 Iβ 3 £247,286 10 ~8 £247,286 10 8 Balance-sheet of the State Fire Insurance Office on the 31st December, 1943 Liabilities £ £ s. d. Assets £ s - d. Capital authorized by the State Fire Government securities _ nt'lll 10 Insurance Act, 1908 .. .. 100,000 Local-authority securities Z w'?22 ?/ Less not raised 100,000 Rural Advances bonds .. •• 14,1/5 0 _. Nil Fixed deposits and at short call .• ■• 110,000 0 O Bad Debts Reserve 1,500 0 0 Land and buildings .. .. •• 216,140 2 3 Reserve Fund 780,963 6 5 Outstanding premiums .. .. 15,124 15 7 Investments Fluctuation Reserve Fund .. 85,000 0 0 Interest accrued but not due .. .. 017919 fi Reserve for unearned premiums .. .. 112,518 14 10 Rent accrued or due •• ■• •■ e,w*n Bonus Rebate Reserve .. .. ■■ 122,578 17 0 Cash in Reserve Bank of New Reinsurance Reserve Fund 140,000 0 0 Zealand at Wellington, or in £ ■•«• Premium and other deposits 2,54112 9 transit to Wellington .. 184,280 111 Outstanding fire and earthquake losses .. 2,499 0 0 Imprest Account balances : Head Government taxes 193,818 19 0 Office and branches .. 3,192 6 1 q Sundry creditors .. .. •■ .. .112,245 18 3 e>• Other amounts owing by the Office — £ s. d. Reinsurance premiums due .. 9,958 10 10 Commission .. •• 2,276 13 3 Printing, stationery, and advertising .. • • 12 8 9 Postages and sundry charges .. 2,363 0 4 Fire-insurance funds, as per Revenue Account .. 23,938 16 3 £1,592,215 17 8 £1,592,21 d 17 8 J. H. Jeeeam, General Manager. ,R. H. Newbold, Deputy General Manager. 31st May, 1944. I hereby certify that the Revenue Account and Balance-sheet have been duly examined and compared with the relative books and documents submitted for audit, and correctly state the position as disclosed thereby.— Cyeil G. Collins, Controller and Auditor-General.

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