FARMERS' INSURANCE.

Sun (Christchurch), Volume I, Issue 167, 20 August 1914, Page 7

FARMERS' INSURANCE.

MEETING OF ASSOCIATION. The aunual meeting of the Farmers' Co-operative Insurance' Association of New Zealand was held yesterday afternoon in the Farmers' Co-operative land sale-room. Mr Robert B. Holdsworth presided. The annual report stated tliat 4 the revenue, including a balance of £9lO 7/6 carried forward, was £16,673 12/11, and the expenditure £7,616 14/11, leaving £9,056 18/- to be dealt with. "After providing a sum of £2500 to reinsure current risks, a balance of £6556 18/- was available for distribution, out of wlrleh the directors recommended the payment of a dividend' of 7 per cent, on paid-up capital, the usual bonus of 10 per cent, to shareholders who had not benefited by the reduction of 33 1-3 per cent, on fire premiums, and the transfer of £ISOO to the reserve fund. The directors retiring by rotation were Messrs R. Blunden, A, R. Bloxam, R. B. Holdsworth, and H. H. Pitman.

The Securities Inspection Committee reported that the position of securities was ..very, satisfactory, showing a safe margin.

The Chairman, in moving the adaption of the report and balance-sheet, referred with deep regret to the death of Mr W. B. Howell, Mr F. D. S. Neave, and Mr R. Blunden. He paid a • tribute t6 the sterling qualities of these gentlemen. In regard to the-year's work, he considered that it wa» very -satisfactory. The late strjJre had had an indirect effect on the business of the association. --The association had been fairly fortunate in ;rigard to losses, the amount, being £llOO less than the previous year. The directors proposed that the safe lines of the past should lie followed. The payment of £ISOO to the reserve fund ■jytuld bring that up to £23,500, so that "within another year the reserve should be brought .up to more than half the subscribed capital. He referred also to the effect of the war, and the way in which all parts of the Empire had responded to the call on their loyalty. The association would be asked to contribute to the Patriotic and Liverpool Funds, and that matter could best be dealt with by the shareholders.

Mr John Talbot seconded the motion. He said that the dividend of 7* per cent, was a very satisfactory one. There was, perhaps, a time of trouble ahead, and it was therefore very gratifying to see such a strong reserve fund. The business of the association was of a somewhat restricted nature. It was impossible to foresee what would be the outcome of the war, but they could await the time with confidence, in the hope that its effects would fall heaviest on tke aggressor. It was very satisfactory to note that the routine business of the country had been so little disturbed.

33Me Hon. D. Buddo also congratulated tlie association on a successful year's work. It was not losing any ground, and the association could meet the present position nyth every confidence. He suggested, in regard to a patriotic con* tvibution, that the first call on them should be the Empire and Liverpool Funds. The State would provide for every man >£rom the time he leff until he came back. If a man were maimed he would get a pension, and the relatives of those who did not return would be provided for. He strongly deprecated the allocation of any funds in the meantime except for the purpose of sending men to th» front. The report and balance-sheet were adopted. Messrs A. K. Bloxnm, K. B. Holdsworth, Henry H. Pitman, and John Eennie were re-elected directors. Messrs W. M. Ollivier and A maud McKellar were re-elected auditors at a remuneration of 20 guineas each. After some discussion it was decided to authorise the directors to vote £75 to the Empire Fund and £25 to the Liverpool Fund.