UNION INSURANCE COMPANY.
—♦ Christchurch, July 6. The annual meeting of the Union Insurance Company was held to-day, the Directors’ report showing a profit balance of L 18,058 for the year, and recommending a dividend of ten per cent., absorbing L 7,500, and that L 5,000 be placed tc the reserve fund, and the balance carried forward. The report was unanimously adopted. Messrs. Joseph Palmer and Peter Cunningham were re-elected Directors. The Chairman of the Directors stated that as a matter of economy it had been decided to discontinue having a manager at Wellington, and only to have an agent there. They did not intend to ask the shareholders, as had been suggested, for power to declare interim dividends. Mr. Cowlishaw thought the policy of the directors had been rather too conservative, as the profits were not so large as they should be from the business done. J2e insurances appearing to have been too heavy, the meeting endorsed the action of the directors.
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