MEETINGS.

New Zealand Herald, Volume XX, Issue 6758, 16 July 1883, Page 1 (Supplement)

MEETINGS.

AUCKLAND SOCIETY OF ARTS. The annual meeting of this society was held on the ISth June in the "Museum and Institute Building, Prinees-street, His Worship che Mayor (Mr. J. M. Clark) in the chair. The Secuexary (Mr. Josiah Martin) read the minutes of the last annual meeting also the annual report, which described the operations for the past year as highly satisfactory. After reciting the changes which bad taken place in the Secretaryship, it referred to the opening of the exhibition in April last by His Excellency the Governor. We take from the report the following statement in connection with the exhibition :— IKE LI AN COLLECTION. I In this department Of tho exhibition the magnificent collection of paintings, drawings, and sketches, the latest instalment of the Maekelvie gift, constituted the chief attraction. The educational value, from an art point of view, of thia munificent dona- ; tion has been thoroughly appreciated by our members. The importance of such a collection, as furnishing wolthy subjects for study by our young artUts, and as works of reference, cannot be too highly estimated. Your committeo would tender tho heartfelt thanks of the society to tho trustees and custodians of t'iese paintings, for their kindness in permitting the first public display of them to be made in connecton with our exhibition. I Besides tho Mackelvie pictures, a number of valuI able works of art woro kindly lent for the occasion by I many of our members and fellow citizens. The contributions (original) of our members comprised about 200 paintings in oil and water colour, besides numerous photographs, drawings, and dosigns. TUB COMPETITIVE EXHIBITS. This department, regarded as an adjunct to Art education, is of the highest value and iraportanco, and the very great improvem-nt which has taken place in this direction during the last fow years was apparent to every visitor to the exhibition. The Auckland School of Art was well represented by numerous studies from tho antique, while from the Girls' High School came exhibits in outline drawing. Tbo other pupils of Mr. Walkin, as well as those of Miss Tye, also contributed in this direction. The Canterbury School of Art forwarded a valuable set of 46 drawings, comprising outline and shaded studies of ornauueot and foliage, as well as some excellent specimens of water colour studies in flowers and still liie. These were unfortunately received too late for proper classification. Wellington was represented by a set of mechanical drawiugs by the pupils of Mr. i 2. Fraser Jones, a very admirable series of outline drawings from the flat were also received from the pupils of Mr. K. B. Fownall, of Whanganui, one of whom, It* B. Field, obtained the prize. Special prizes for froe-hand drawing had been offered to be competed for by the pupils of tho Auckland public schools, and it was gratifying to find the exhibits from this quarter so numerous and so exceli lent, affording as they do indisputable evidence of the eificient character of the work carried on under the auspices of the Board of Education. Mr. J. G. Tbvithick, drawing-master to the Auckland public schools, must feel satisfaction at the fact that the work exhibited by one of his pupils was of sufficient merit to obtain tho second prize in a competition open to all New Zealand. As compared with other competitors, the superiority of the public school pupils in boldness of touch and outline was especially noticeabic. Some of the specimens of work in this class, although of a moro elaborate description, were not free from the faults of patchy or painted lines, and imporfect or uncertain curves. Tho bold freedom of outline, which should be the special characteristic of g>iod, free hand drawing was, in the majority of theso cases, entirely wanting. ORIGINAL DESIGNS Formed a very numerous and popular section of the exhibition, and the competitors, with one exception, were all ladies, but souio of the designs and paintings upon wood seemtd almost too delieate for eveiy day use. The exhibits of hand-painted china and terra cotta were very artistic, and some were exquisitely finished. The necessity of producing a set of three articles of original design, debarred several exhibitors from competing; but in some instances, oven where tho design was copied, tho execution was of the highest I order of merit. LANDSCAPE STUDIES FKOH NATtUtE. Here, a decided advance upon the exhibits o? last year was noticeable, and the entries of fruit, foliage, and flowers wero very numerous. The judges foun it advisablo to subdivide this section into three, giv ing a pr ze in ench. This coursa was found to bo absolutely necessary, in order to do justice to all, where the exhibits were so numerous and good.

Tho following Is the Hat of prizes awarded rnizES. Class I.—(a) shaded study from the round, Miss V. Ansley (p), £2—E. Lonytiill (c); (b), outline study from the round, Miss V Ansley, £1 — Miss L. "White (c) ; (c) outline from the flat, F. R. Field (pupil of Mr. Pownall), £I—Nelly Havtll (A.P.S.); (d) architectural design, J. O. Sborland,£l. Pupils of Public Schools : Special extra. Miss Nelly Bavill (Mr. Trevithick, paint.); Ist, Athur Good, Graftonroad School, £1 10s; 2nd, Arthur Fellows, Onehunga, £1; certificates —Arthur Cook, Ponsonby; Kate Watson, Newton West; Margaret Kerr, Beres-ford-stroet; Caroline Wright, Weliesley-street; Francis Stuart, Nelson-street. Class 2.—Original Designs: (a) hand painted door panels, Miss Bleazard- Miss Baker (c); (b) set of tiles. Miss Ridings; (c) set of decorated waro, Miss Ansley; (d) table top, Miss Bleazard—Miss Homo; (e) fan, Miss Ansley—Miss Harris (cert.); (0, (irapery, embroidered, Mrs. Hetley; (g), Christmas card, Miss F. Martin—Mr. R. Pownall (c>—Mies Ridings (c). - Class 3.—Studies: (a) Landscape in oil. Alias M. W. Home, £1; (b) water colour, C. W. Home, £1— M. W. Home (certificate); (c) monochrome. lie v. p. Walsh, £1; (d) foliage, Mrs. Hetley, £I—fruit. Miss Wliito, £1; flowers, Miss Stoddart, Canterbury, £1; certificate to Miss Ridings. Class 4 - -Miscellaneous : (a) Set of 0 photographs, Partington and Kincey; (b) set of 6 landscape photographs, A. B. Broomhall; (c) figure photograph finished in colour, Miss Stuart: (d) portraits in monochrome. Mr. G. Wbitmore; (e) carving in wood, Mr. R. Mitchell.

Tho report further set out that in future exhibits should be sent in a clear week before the opening. The proceeds from sales of pictures, including art union selections, were £272 17s, upon which the Secretary received a commission of five per cent. For admissions and season tickets £150 was received, to which £22 16s may bo added for sale of catalogues. The total number of members on the roll is 251, of which 112 are honorary and 139 working members. Of the latter 88 arc ladies, and 51 are gentlemen. The benefit to arc from the Costley legacy in connection with the Free Library would be considerable. The past year's prosperity might be considered as merely an earnest of the future prosperity that awaited the society. The Chairman (in moving the adoption of the report), after referring to the progress of the society, said : The amount to the credit of the society at the end of last year appeared to be. some £96. But, on the other hand, there were at that time some accounts to the extent of. £40 owing, which reduced the balance to £56. The balance now to-the gocd, including cash in bank and some subscriptions unpaid, amounts to £153, so that the society has added to its capital £97 during the year. (Applause.) One very satisfactory feature, looking again at the balance-sheet, is the amount of money paid to artists. The Secretary tells me it was £261, although I thought it was something more that. Still, that is highly satisfactory to those who study art ns an aid to income. Before concluding, I wish to make a few remarks about the prospects of art in Auckland. I think everybody will agree with me that its prospects were never brighter than they are at present. (Applause.) A great deal of. this prosperity is due to such gifts as Dr. Campbell, Mr. Mackelvie, Mr. Russell, aud others have bestowed on the public. The Auckland Corporation have decided to build, in connection with the Free Public Library when being erected, a Public Art Gallery— that is to say,- a room suitable for a collection of pictures, for the purposes of exhibition and the requisite class room for a School of Art. (Applause.) I would merely say this, that wherever the site shall bo fixed, I have no doubt that buildings will be crected which will be a credit to Auckland, and which will

suit the purposes of art and of a society such a3 this is. (Applause.) When it was made public that Mr. Mackelvie had decided to send his handsome donation and present of pictures, the question rose where they were to be hung. At that time one gentleman offered £500 as a contribution towards erecting a suitable building. -Another gentleman offered a like sum, and there were others to follow. Now that we have a prospect of getting a suitable building without calling on these gentlemen for their contributions, I hope we will make an effort to secure a subscription from them for the pprpose of ' clothing the walls" of such plice. I think our efforts in that direction might be crowned with success. JUr. Pctkchas seconded the motion, and congratulated the society on the success of the past year, and suggested that the Art Gallery, the Free Public Library, the Museum, and the University should occupy one block of ground, or be as near together as possible. The motion was> carried unanimously. ELECTION" OP OFF.CEJiS. The following ladies and gtntlemen were elected the officers of the society for the ensuing yiar President: James McCosh Clark.- Vice-Presidents: The Right Kev. the Bishop of Auckland, Sir G. M. O'fiorke. M.H.R., Speaker of the House of Represeusentatiws, His Honor Mr. Justice Gillies, R. C. Barstow, Esq., Rev. David Bruce, T. Budiile, E q., Dr. J. L. Campbell, J. C. Firth, Kf(j., F. D. Fenton, Esq , N. Heath, J. T. Mackelvie, Esq., G. P. Pierce, Esq, Rev. A. G. Purchas, S. Percy Smith, Esq., E. K. Tyier, Esq. Committee: Mrs. J. McCoth Clark, Miss Home, Mr. T. Ball, Mr. C. BlomSeld, Mr. J. L. Holland, Mr. J. G. irev; thick, Mr. I\, Watkins, Mr. E. A. Mackechnie. Secretary : Mr. Josiah Martin. Honorary Treasurer: Mr. Albin Martin. Auditor : Mr. J. H. Upton. SPECIAL PRIZE. Mrs. Clayton offered a prize of £5 for the best shaded drawing from the round by pupils of the Government District Schools, the only stipulation being that the prize must be competed for in a room to be decided upon, and unJer the supervision of Mr. Kennett Watkins. (Applause.) TUE ANNUAL KXIIIBITIOX. Mr. Collie moved that the date of the annual exhibition should be a fixed date every year. After tome discussion the motion was put and negatived. ANNUAL MEETING. Mr. Collie also moved that the annual meeting be held within a month after the exhibition each year, the date to be fixed by the committee. The motion, after discussion, was put and negatived. BLACK AND WHITE. Mr. Collie moved that au interim exhibi tion of *' black and white" and monochrome be held each year about October or November. The Secretary explained that the committee had full power for this purpose. The prizeholdet'3 were called to the table, and received their certificates of merit. Mr. Tkevithick's admirable picture (the special prize) was much admired. It is in hia b=st manner, and an excellent work of art. INDUSTRIAL AND PROVIDENT PERMANENT BUILDING, LAND, AND INVESTMENT SOCIETY OF AUCKLAND. The half-yearly general meeting of this society wan held on Wednesday, June 20, in their offices, Quoen street, Mr. A. G. Horton (Vice-President) in tho chair. The minutes of the preceding general meeting were read and confirmed. The report for the halt-year was read as follows : —

Report of the Board of Management, to bo Presented to tho Me.nbers at the Half-yearly Meeting, to be held on Wednesday, the 20th June, 1883 —In presenting their report for the half-year, ending the 31st of last, your directors have much pleasure iu stating that the business of tho society continues to mako satisfactory pcozress- Your directors have aimed at giving the business a sound an*i steady character—first, by placing the society upon a pound financial basis; and second, by exercising a judicious care in accepting securities for advances. These efforts on the part of tho directors have been entirely successful, and have gained the confidence of the public. By arranging tho finances in such a manner as to have as little as possible of the funds lying idle and unproductive, loss of interest has been avoided, and at the same timo larger profit insured for members. The Paid-up Shares of the Society: Those the directors cannot too highly recommend. They aro glad to state that a number of investors havo already availed themselves of the advantages these shares offer. They are safe, free from all trouble in the collection of interest, and are equally valuable for the purposes of investment, endowment, or annuity. Members and depositors have the option of convertin? the sums at their credit into these shares at their -pleasure, and without any cost. Loans: Up to tho 31st of 3farch last the total snm lent by the society, on • mortgage, was £26,927. Of that amount, part, of course, has been paid off from time to time, and re-inve3ted in fresh securities. It is found that, as the liberality of the society and its easy terms become known, intending borrowers are induced to apply to us for advances. It is unfortunate, however, that many persons, instead of borrowing from the society and securing by this means a home for themselves and families, still prefer the usual system of peipotual mortgage. This institution, as you all know, was designed and established for the benefit and assistance of the thrifty, the encouragement and cultivation of provident habits in its members, and to enable those who desired to do so, to place themselves in a position of comparative comfort and independence, by acquiring homes of their own. In respect to the past, the benefits which have already accrued to members of tho society by saving money and acquiring freehold or leasehold property has been very considerable, and this fact should stimulate the present members to urge on their friends the advantage or joining it. In aco-operative society of this kind, a constant accession of new blood is necessary for supplying funds for investment, equalising and maintaining a l beral bonus, and insuring reciprocity of advantages. In reference to tho futuro, the directors have the utmost confidence. co-operation of members, joined to continued pruJenc-3 and liberality of management, cannot fail in producing satisfactory and profitable results. In conclusion, tho directors believe that these anticipations will be fully confirmed, when the accounts are made up, at the end of the current financial year, endiug September next. —A. G. Horto.v, Vice-President.

The Chairman read the following statement of receipts and expenditure :— Receipts.—Cash in hand September 30th. 2552, £69 s sd;- investors' subscriptions, £0480 5&6 d; borrowers' repayments, £33: ; 9 10s Gd ; deposits, £7245 lis 4d ; entrance fees, £54 33 Gd ; survey fees, £35 Ms Cd ; books, £4 Gs 6d ; interest, £4 19s 3d'; fines, £16 ICj 7d ; rents, £78 ; borrowers' general accounst, £79 ; bank overdraft, £1672 9s Bd. Expenditure.—Overdraft from bank 31st September, 1882, £3002 2s 5d ; loans advanced, £6605 is ; shires withdrawn, £BGG 17s 7d ; deposits repaid, £7235 ; interest paid deposits, Ac., £210 lis 7d ; rents and rates, £189 15s ; offices, £3 14s ; returned, £15 8s 6d ; survey fees and expenses, £35 15s; miscellaneous : Directors's honorarium charges, stitionery, printing, £230 19s 2d; personal accounts, £27 2s6d; cash in hand, £4915s lid. The Chairman said : 1 have much pleasure in moving the adoption of this report and balance-sheet. I think it should be satisfactory to all of us to find that the society is making 6teady progress. We are not going along by leaps and bounds; we are growing steadily and surely. The directors, as far as I know, bave been extremely cautious—accepting only the beat kind of security they can get. The demand of borrowers has been greater than the society eould meet—that is to say, the income is not yet equal to the demand upon it. But we hope to arrive at thatstage by increase of deposits and increase of subscribers. I have taken some figures showing the progress of the society during the past half-year as compared with the corresponding period of 18S2. In the corresponding period ot 1882 there were investors' subscriptions, £2732 4s Id, as compared with £GIS9 5s 6d in ISS3. The borrowers' repayments were, in the corresponding period of 1882, £1208 17s lOd, as compared with £3329 10s 6d this half-year. The deposits last year were £3500, as compared with £7245 this year. I think yon will find that these figures indicate a very satisfactory growth, and promise progress in the future. As you are aware, this is only a by. meeting, and the statement of accounts is merely one of receipts and expenditure, not an ordinary balance-sheet giving the working of the society in every detail. I therefore move the adoption of the report and bahlncs-sheet. Air. Graves Aickin seconded the resolution. He thought the shareholders might look forward to the next as a still more profitable half year. Already, Bince the financial half year, the society had lent £■1000. There were inclinations of an increased amount of borrowing, from which might ba anticipated a considerable margin of profit. The effect of that will be to declare a more liberal bonus. He considered Building Societies more conducive to thrifty habits than Saving Binks, because greater interest was given, and money was drawn out with lias facility. Then the advantages were greater, frcra the faut that interest in the fund was mutual. Savings Banks gave but 5 per cent., the Government office only •U per cent., but Building Societies gave 7, S, or even morn per cent. He had much pleasure in seconding the adoption of the repoit and balance-sheet. Tbe resolution was pat and c.irried unanimously. A vote of thanks was passed to the Chairman, and the meeting separated.

MUTUAL FIRE AND MARINK INSURANCE CO. OP -NMV ZEALAND. The first annual general meeting o£ this company wa3 held on June 25, in the large room of the New Zealand Insurance Buildings. There was an excellent attendance/

and Mr. Wm. Buchanan, Chairman of directors, presided. The Chairman read the notice convening the meeting, after which the Secretary (Mr. Eobert Dobson) read the report and balance sheet. The report is as follows :— la submitting to the shareholders the statement oj the company's business for seven months ending April 30th, 1883, your directors regret that the result u unsatisfactory. In the lace of tho extreme competition and low rates now existing, jour directors deemed it advisable to cease busi/ ess. Accounts are in preparation, and will be sabmitted to the extraordinary general meeting, showing the probable 1053 to shareholders. This, it is estimated, will not exceed mnepenca per share.—William Buceuxa-V, Chair* mas, 12th June, ISS3. The profit and loss account showed Dr.! To charges, £.2201 4s 2d; discount and brokerage, hre and manne, £411 133 4d: commission to agents, £374 Is lOd ; re - insurance?, £15*38 133 £ln 3 £ d » bala °CO, £2140 9s 5d : total, 7-iis , ? r ' : Bjr premiums, fire and marine, a./-.14 103, interest on investments. £214 l*,s 9d * tnnaier fees, £117, od-£7431 6s 3d. ' forW* tion expenses, £1363 7s lid; balance, £777 Is 6d. Cr.. By balance, £2140 9s sd. BAXAJfCB-SHEET. Liabilities.— Capital, 100,000 share? at 3s, £15 000* less calls in arrear, £3033-£11,962; re-insurance premiums owing, £164 18s ; appropriation for un>ettled loss, £170 ; sundry creditors, £171123 ; profit anaJOS3, as per account, £777 Is 6d : total, £13 °45 lis od. ' assbis.—lnvestments : .On mortgage and other securities, £6909 10s; filed deposits at bankers. £1500 Office furniture, £50; accrued interest, £149 Is 7d ; outstanding premiums, after deducting all discounts com.i issious, £7S*l 163 sd; cash at bankers. £3331 12s 3d ; cash in hand at head office, in agents' hands, and in course of transmission, £455 lis 3d - duty stamps, £15: total, £13,2-45 lls6d. There was an additional balance-sheet, bringing down the receipts and liabilities to the 31st of May. This showed the liabilities to bo £1ti,202 ISs Bd. Capital, at 3s a share, £14,623 10s: to biiance, £1591 16s 3d; compen-ation to manager for cancellation of agreement, 4U166 13s id. Total estimated loss, £uol fls 7d; estimated loss per share, 7(1. The Chairman, in moving the adoption of the report and balance-sheet, said : Gentlemen, —It was not my intention in moving the adoption of the report and balance-sheet to extend my remarks so as to embrace the business of the extraordinary general meeting, but at the risk of repetition it will be better that I should not confine myself only to the business of thie meeting. You are aware that your directors have made a conditional Bale of your business and securities to the Union Insurance Company, and the most important business which will ba brought before you will be a resolution which I will move, asking you to confirm the sale. The present meeting is our first general meeting, and is held in accordance with our articles of association, which require that the first meeting of the company shall be held in June. The business of this meeting is to confirm the report and balance sheet, a copy of which has been sent to each shareholder, aud should have been in your hands some days ago. The account, as placed before you, is very clear and is from October Ist, when the company opened for business, to the 30th of April, a period of seven months. I will now call your attention to the profit and tosa account. Our gross premiums amount to £7214 los, less discounts and brokerage £411 13s -Id and re-insurances £IS6B 13s 9d, leaving our net premiums £4934 7s lid. To obtain this result we have spent £2575 Gs; this sum consists of charges as detailed in th i balancesheet and commission to agents; so that 52 per cent, of our net premiums have been absorbed in carrying on our business. If we deduct charges £2575 6s, and lossos £435 3s 9d, from our net premiums of £4934 7s lid, we have a profit on our seven months' business of £1923 ISs 2d ; from this we have to deduct preliminary expenses amounting to £1363 7s lid, which reduces our profits to £560 10s 3d. If to this sum wa add the interest accrued, £214 13s 9rl, and transfer fees, £1 17s 6d, we get the sum as ithown for our seven months work —that is, £777 Is 6d. This is the business so far as the balance-sheetshows (including interest accrued on investments, which sum can not be included in underwriting prolit, but our risks are all current, and have to be kept covered until the expiration of our policies. To effect this by reinsuring those current risks it will cost ns £2175. This will leave a debit balance of £1368. I nay litre point out that all new companies ought to have fewer losses during the first year, and, as a rule, must have more ' losses in subsequent years. To illustrate this : We opened for business in October, and the risks taken by us during that month have still five months to run, from the time our balance-sheet was made up. Those taken in .November have six months to run ; December, seven months. Those takcu in January have eight months ; those in February, nine months ; those in March, ten months; those in April, eleren months to run. Although the whole of the premiums paid for the year on each policy have been received, and are shown in the balance-sheet as profit, and with an increasing business, the premiums would be greater in April than October. On the oth of June a fire occurred at Christchurch, and a claim of £400 arises upon one of our policies, which the Union Insurance Company pay in the meantime, pending your decision in reference to confirming the sale made by your directors. There is another it.'m in the balance-sheet I will refer to, £3038, calls in arrears, spread over about one-half the shareholders in the company. I have no doubt many of those shareholders had, in the face of the keen competition for insurance business and the reduced rates, lost confidence in our chance of success. When we first started this company, I think shareholders were influenced by the success of similar institutions in the other colonies. In the first place those companies have large centres of population to deal with. Consequently their working expenses are small as compared with the expenses required to work the scattered towns and population of New Zealand, which necessitates agencies in each, greatly increasing the cost and materially affecting the efficiency of supervision. Their success also is accounted for in that they have built up a reserve fund in better insurance times. It appears to me Mutural Insurance Companies are organised for the purpose of protecting insurers against high rates of insurance, and can only succeed in New Zealand under those circumstances, or when the cities are of sufficient size /for a company to confine its operations to one city. I may state that some of your directors felt uneasy for some time past in reference to the future of the company, and the" trust you had reposed in them in being directors of a qompany with unlimited liability of its shareholders, with no reserve fund and small capital, amongst strong and powerful companies keenly competing for business. So that when the manager's report waß laid before us, which you have all read, a3 a copy has been sent to each shareholder, to me it was conclusive, and I think the directors felt generally that to keep on might mean serious disaster, with no probability of doing any good for the shareholders by continuing to run the company. The manager in his report mentions the fact that all insurance companies registered in New Zealand are by Act of Parliament compelled to register as unlimited companies. As you are aware, this means that every . shareholder is liable to his last penny for all losses that the company may make or incur. Personally, I think this law perfectly right ; the provident have a right to be thoroughly protected. Bat what does appear to me singular is, that companies registered out of this colony can establish branches in New Zealand and compete with local offices, although they are registered as limited liability companies, i.e., each shareholder is only required to pay the sum that his share represents in the nominal capital of the company, and whatever losses may occur beyond that amount the shareholder are not required to pay. The law on this subject, I think, ought to be amended, and if it iii necessary that a distinction should exist, I would respectfully suggest that the order of position should be reserved. I will now lay before yon the terms agre;d upon by the Union Company and your directors. They are a3 follows :— The Union Company are responsible for all our outstanding risks. We pay to that company the proportion of premium for the unexpiied term that each policy has to run, less 20 per cent. Our mortgages are taken at par. Interest to accrue to the Union Company from June Ist, when the agreement was made. It has been stated that if it would pay the Union Company to give us 20 per cent, for our business, it would have paid us to keep it; but you must observe thai it cost us 52 per ctnt. to get this business, whereas the Union Company will do the enlarged business with the same stall', and will reduce the per cent, which it costs them to obtain their present business, which, I believe, is about 27 per cent. Your directors tried to make arrangements with the Union Company,. 8» as to be in the position to-day Of offering you shares in that company ; i'hte matter was diccunsed, and found iriipracticable. I may here statj that your direstors are unanimously of opinion tfcat Mr. Dobsoii's report was an honest one, and that he is a thoroughly competent -underwriter; and ■ in the report he stated 'his' convictions A3 ail honourable man; giving his ' directors and • shareholders the benefit of his views ,as to the future of the company.

Mr. D. if., McKeszu: seconded the motion, He explained bow tho preliminary expenses "were made up, and stated. that the four last companies floated in New Zealand had written OS ill the preliminary expenses in the hrst balance sheet which they presented to their shareholders. He concluded an elaborate speech by quoting from the speeches made bV directors at the Royal, and Commercial Union In-urance Companies, showwj; that competition would continue. >lr McGov,-a>" asked if all the directors were present when the decision was come to? The Cumbrian replied that two meetings were held, and they were two of the best meetings held since the company was formed. Several other questions were answered, after which the motion for the adoption of the report was pnt and carried. F.XTEAORDIKARY MEETING. I The extraordinary meeting was then held. The Chairman' moved, "That it is desirable that the Mutual Fire and Marine Insurance Company be voluntarily wound up. ' He fully explained the reasons wby this motion should be adopted. . He thought after they ha ; seen the manager s report, in which he told th'm they must do a larger business or lose money, that there could be no second opinion ou the subject, Mr. McKeszie seconded the motion, which was put to the meeting, and carried. The Chairman then moved, "That the action of the directors in selling the business and securities be confirmed.' He had, he sai l, already explained the terms on which the arrangement was made. Mr. McKexzie seconded the motion. Mr. McGovan said he had read Mr. Dobson's report, and must give him the credit of being a man who had the courage of his convictions ; but he saw nothing at all which should lead them to wind np the crmpiny. A wise directory could have conferred with him as to the best means of carrying on. Even now he could see a better feeling in respect to insurance companies thaa that which existed when Mr. Dobson's report was prepared J and he contended that the ar£'iuient3 put forward by the Chairman "and Mr. McKenzie were not good arguments for winding up the company. The Chairman having replied, the motion •was then put and carried. The Chairman said Mr. Dobson had suggested that Mr. Stevens m, local manager of the Union Company, as he had the boobs, &c., would be the. most suitable appointment as liquidator. He therefore moved "That Mr. Stevenson be appointed liquidator at a sum of £50." This motion wes seconded by Mr. C. B. SrosE, and carried. Tais concluded the business.