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Prospectus. j a • - ■ ■■■ ■' * " PROSPEOTUiS or the i JSQUITABLE INSURANCE ASSOCIATION OF NEW ZEALAND, j FOR ITIRE, MARINE, LIFE, & FIDELITY GUARANTEE ASSURANCE. J Head Office, Dunedin. I Temporary Offices, Albert Buildings, 148, Princes street (opposite Post Office).! Capital ... ... ••• £1,000,000, In 500,000 shares of £2 each. First issue, 200,000 shares, in respect of which there shall be payable 6d on application and 6d on allotment, and two calls of 6d each, payable at intervalsiof three and six months after allotment, beyond which it is not intended to make any further calls, but if any call be required, it shall not exceed 6d at one time, and three months’ notice shall be given. Provisional Directors (With power to add to their number); Dunedin : Messrs John Bathgate, M.H.R. E. B. Cargill Geo. Esther, of Esther and Low James Gore, Mayor Wm. Gregg, of W. Gijegg and Co. D. Grant, of Granton W. Batman, of P. Hayman and Co. James Hazlett, of Mackerras and Hazlett John Hislop James Hogg, of Hogg, Howison, Nicol, and Co. Allan Holmes Francis MbenaN O. S. Reeves _ j James Robin, of J. Robin an Go. A. Scoullar, of North and Scoullar James Seaton, M.H.R. Job Wain, Jun. James Wilkie, of J. Wilkie and Co. T. M. Wilkinson, of Wilkinson and Pettit James Wilson, of J. Wilson and Co. J. Maitland Jones, of Proctors, Jones, and Co. J, Paterson, of Paterson and McLeod J. Speight', of J. Speight and Co. Charles Zielb Invercargill : , Messrs W. Bullied, of Price and Bullied A. Black, of Rogers and Co. T. Fleming, of Fleming and Gilkson , ' ■ P. L. Gilkson, of Fleming and Gilkson ; • ' Joseph Hatch J. Kingsland, of Kingsland and Sons A. Mair W. S. Moir, of Moir, Johnston and Co,. W. J. Moffett H. E. Osborne W. Paisley J. G. Price, of Price and Bullied W. Pinkikbt, of Pinkiert and Newman W. Sloan, of Sloan and Sons H. Wilson, of Cowper and Wilson O amaru :

Messrs J. Allan : J. Barkaclodgh ! J. M. Brown J. Craig, of J. Craig and 00. G. Dalgleish, of M'Callum and Co. S. Gibbs A- J. S. Headland J. Hood, of Hood and Shennan J<shn M'Combb T. Mi'.ek, of J. and T. Meek W. H. S. Roberts i S. E. Shrimski, M.H.R. , 1 Dk Wait Ashburton : Messrs Donald Williamson . John Orr, of Orr and Co. Andrew Orr W. W. Gunory Robert Alcorn 1 Frkdk. Pavitx Who shall hold office for not longer than one month after allotment of; the shares, when a meeting of shareholders will be convened for the election of Directors for the first year. Names of Provisional Directors in other centres will be added in future advertisements. ; ‘ Bankers : The Colonial Bank of New Zealand, j Solicitors : Messrs Bathgate & Meeson. Brokers : S. E. Poyntz, of Poyhtz &Co. Inrerim Secretary : W. 0. Kirkcaldy. FIRE AND MARINE DEPARTMENT. There exists among Insurers in this colony a feeling of dissatisfaction with the present-system of Fire Insurance, i Rates are deemed too high by Insurers, but are affirmed by Insurance Offices to be no higher than is dictated by prudence. ' The only solution of the difficulty is the introduction of a principle whereby the Insurers may receive a share of the profits by the issue of bonus policies. • Every Insurer may thus obtain a direct interest in the business done, and while the premiums are maintained at a rate which will afford sufficient stability to the Company in the event of extraordinary losses, the Insurers really reap a benefit as they share in the profits earned. Tne profits will be applied in the first instance to the payment of interest to the shareholders at the rate of 10 per cent, on the paid-np capital, and the profits beyond the amount required for such payment will.be applied as follows:—After making suitable provision for a Reserve Fund, and for an amount to carry forward, a moiety of the balance will be reserved for the formation of a Bonus f- und for distribution among .the owners of bonus policies on whose risk there shall have, been no loss, and the remaining moiety at the disposal of the shareholders. The advantages of this system are obviouc,aa every Insurer, having a direct Interest in the welfare of the Association, will no doubt be induced thereby to exercise, greater caution, and use his influence to bring as much sound business to the Company as possible. A large number of shares has already been applied for, but Done will be allotted till all applications have been received,-as it. will be the policy of the Directors to allot the shards as widely as possible among probable! Insurers. ECONOMY and CO-OPERATION- wiH be made leading features in the management of the Association, and these are principles which cannot fail -to ensure a marked’ ‘success, especially .as the Fire business will be confined to the Colony of New Zealand, ' and therefore under the immediate control of the Directors. LIFE DEPARTMENT. The want of a local Life Assurance ComEny has long been flet, and this want has en only partially supplied by the. Government scheme ; while the scale of! premiums .chargeable by foreign Companies also-doing business in less healthy regiobls Is slightly higher than that which eould with safety be adopted in our own more tempers te climate. This branch of the Association’s business will be conducted solely on the mutual principle—that is the whole of the net profits will go to the policy-holders on a system at once safe and equitable, whils the Shareholders, are benefited as the jeomJnnstion of the two branches of the.bnsipsss is conducive to economy in manage- »

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http://paperspast.natlib.govt.nz/newspapers/AG18821106.2.21.1

Bibliographic details

Page 4 Advertisements Column 1, Ashburton Guardian, Volume IV, Issue 786, 6 November 1882

Word Count
929

Page 4 Advertisements Column 1 Ashburton Guardian, Volume IV, Issue 786, 6 November 1882

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