Page 1 Advertisements Column 4

Auckland Star, Volume XV, Issue 3724, 19 July 1882, Page 1

-'rospectus. T3KOSPECTUS, THE MUTUAL FIKK AND MARINE INSURANCE COMPANY OF NEW ZEALAND. . Incorporated under "Tho Joint Stook Companies Aot, 1800," and tho aovoral Amondmonts thereof (whoroby tho liability of a shareholder 1b unlimited). CAPITAL .. _ TT .. .. £200,000 Dividisd into 200.000 Shares of HI Kaou, Payable as follows: Ono Shilling por share upon application, One Shilling por nharo upon nllotinout, and Oiw StilUln? par share on tho eighth day of January, 1883 (If required), Directors t John Buchanan, of Auokland, Merchant William Buohanan, ot North Shore Gentleman William David .Dalian, of Auokland, Manufacturer Alexander Dowar, of Auokland, Alorohant Jnmos Dlakoy, o( Auckland, Iromnooger Walter Dowden, of Auokland, Auctioneer Thomas Hanoook, ot Auohland, Brewer Donald Hugh MoKonzlo, of Auckland, Morohant James MoHowun, of tho Thames, Merohant RloharJ Monk, of Auckland. Gon Human William Honry Skinnor, of Auckland, Balldor Uankkhh : * Tho National Bank of Now Zontond, Limited. Bouoitors : Muaors Uoßkoth and Rlelimond, Tbmpouary OirFicra: Canada Buildings, Queen-street. Thoobjnottjfor whloh tho Compnny la ostablished are !— 1, To carry on tho baulmss Of Flro and Marine Inanranoo in ull or snoh ot its br.iichoii as tho Company Bhull from tlui» to tlmo tleturniluo. 2, To putohase or otherwiso apaulro nnd tnko ovoc all or nny part ot the Uinl^cas proporty or Uabllltios of any ottoar uompnny oarrying on Firo and Mivrlnu Insuranoo business, 3, To purohaßo, loase, or othsrwlso ncqulro any roa: or personal property which, may bo oohvonlent or nacosaary for tho purpose of the Company. i. To soil, domlaa. mortgage, improve, manage, or atherwisa deal with uny proporty ot the Company. 5, To invest tho moulon ot the Company in Buoh sooorlties bb may from timo to time bo deemed expedient and without limiting the generality of this clause. To take or otherwise acquire and hold shares or Stock in any Company, or in any partnership orraDgnment transaction whloh may be deemed dirootJy or Indirectly aclvantagooaa to the Company. 0, IC doomed advisable, to borrow money either with or without security on all or any of the property of tho Company, or by issuing debentures Ohargod on all or any of the Company's property (both, present and future), including its uuoalled oupltttL 7, To do all ruch other things as are inoidental or conducive to tho advancement of tho above obioots. This Company has now been tally established and without any appeal to the publlo over Ton Thousand chores have been already appliod for. mm any in b tun cob the applications wero repeated and tho cumber of shares doubled. The Company has been established on' principles diil'orent to thoae ot tho other Insuranoe uumpanioa now e-lnting in tho colony. Ot these principles tho chiet Is that known hu tho Mutual principle, by which tho proilts ot tht Company, attar paying interest at tho rate of 8 per cent, to the slum-holders uppn their paid np capital, and aftor tuoh deductionu for the formation and replenishment of tho reserve fund and other oontlneenclof, aru to bo divided Into two equal paru. one part ot which wLU be divided between tho Insurers in proporfon to the premiums paid by them respectively to the company during tho lost preceding year, and the other part will bo divided amongst the shareholders in proportion to the paid up capital on tboir shnroa respectively. By these means Shareholders derive the following benefits :— Ist. They rcool vo H por cant, por annum upon their paid-up capital. 2nd. They receive as a bonus or dividend one-halt of the balance of profits distributed in proportion to the amount ot their pstld-uu capital, whilo Insurers recelvo as a bonus or dividend the otborhalf ol bxlanoo of profits, distributed in proportion to the premium ■> paid by them during tho last prbcaoing year. If a person oso'iplos the doublo position o Shareholder and Insarei-, then ho partakes of both nots ot benefits. Another featura In connection with tho undertaking ia that Shareholders only aro liable 'or loseos. The advantages derivable from an undertaking, baaed on snoh prlnclplss, must at onoe appear clear to evry inttlllgent mind; for the Shareholder and Insurerare stimulated alike to advance tho Interest of tno Company and prevent loßKso—First, by directing basineßß to the company, gooond, by exercisiDK caution In the selection of ilefca whloh they bring; and. Third, by using extra prfieanllnng to prevent -res. by which their bonna or dividend would, be absorbed. In this wsy both Shareholders and Insurers work together for ore and the b«ido object, each being stimulated tv make the bnslceaa of the Company bb large as possible, ana so produce a large bonus or dividend, in wbloh they each equally participate. This samp result Or objeot klbo aots aa a preventive to tha ocourrence of fires and losses, In tbls way each ect of beneflolaires his a special ana partloular interest in the welfare and prosperity ot tho undertaking, and it is this principle which forms tho company's strongest safegutrd and proteotlom Tho larger the number of Sharehodera and Insurers, the further th-s Bafi guard anrl protection id extended: for, aa paoh fools tho prosperity ot the Company, BO each feels its reverses, though both are leu in diil'orent degrees. ah to tho noußßßlty for such an undertaking, it ia quite oloar th»t it is called for. Tho bustnets of Fire and Marina Insurance has bier, and still Is Increasing throughout the colony, and especially is thla ho in the Auckland Provincial Dlatriot. The vast returns which have been obtained by our local companies demonstrate bnyond a doubt that a business ot very great magnitude in being transacted year after year, and that these enormoup reenlts are produced upon a Tory small amount of called-up capital. None of these extraordinary results, however, are produced by Companies formed upon the mutoal principle, by which every additional Insurer, by insuring, lessons the cost of insurance, and creates a powerful protection against that oarolesßneßi from which fires are chiefly due—a prlnoiple -which induces groater care and cautiO'i in all hourehelds and plaoeß of businesa. Buildirg and population, too, are both on the increase, and tbere ia every proapent of tbls continuing* All the Fire and Marine Insurance Companies in New Zealand are baeed npon the ordinary prinoipieß. by wblcb profit* aro divided amongst Shareholders osLY,and such regard to' Insurers as IB now proposed finds no place In their constitution. It Is reasonably concluded, therefore, that a wide field lies open to the Company now introduced to the public, and a prospect or auceoau certainty as groat, if not gieator, than tbat htberto aoaompllehed by similar institutions la now presented for acceptance As to the Company's projeota— The snecosn which has foliowod the different Australian Mutual LUo Associations mnstbe well lciown, and the increasing numbers ot euch institutions augurs well that the principle ot mutuality Is the key to this vast measure Of BUCCCBS. It SUCCCS3 follows that principle when appliod to risks of such an uncertain nature as life risks, it is impossible to advance any sound argument against the like results being obtained in applying tho like principle to the leas hazardous undertaking of Firo and Marino Insurance. One Mutual Fire Society in Australia has been in existence nino years up to May, 1881, and for the last eight years it has paid 20 per cent, bonus dividend equally between Shareholders and Insurers, besides 8 per cent, interest to Shareholders upon their paid-up capital, and in May 1882 (the ond o£ Its tenth year), it had in invested funds tho handsomo amount of £15,000. What is more remarkable Btill is that these results havo all been produced from acallcd-up capital of only Six thousand two hundred, and fifty pounds. Forms of application for Shares can be obtained at the Company's offices, Canada Buildlnga, Auckland, or from any Branch of tho National Bank of New Zealand, where the same will be received np to the 10th August noxt. If no allotmont is made, the deposit will bo roturned-without deduction, and when the number of Shares allotted is lea 3 than the number applied for tho surplus will be credited in reduction of tho amount payable on allotment; Copies of the Memorandum and Articles of Association of the Company may be inspected at the office of the Company's Solicitors. Agonuiea Will t>o established throughout tho Colony as soon as practicable. Dated at Auokland, this"eighth day of July, Board ana -tesmence. YOUfl© WOMEN'S INSTITUTK AND EOARDDSfG-HODSS. QUZ3323*i7rKK]ZTa Open daily from 10 tun. till B.SO p.m, Dinner and Luncheon from 12 to 9 pant Tea com 6 to 7 p.m. Boardlng-housa for Young Ladles' who are occupied, during the dsy. Tenna on application ' to the Hon. Secretary. ' y.W.O. A. Meeting every Thursday, J,SO p.m. Govemeso" Agency. Servants' Kigiatry, and le&Ung idorwy Ui connection wltfi tba Initi-