Page 1 Advertisements Column 4

Auckland Star, Volume XV, Issue 3734, 31 July 1882, Page 1

j Prospectus. piCTON COAL COMPANY (Limited), Capitai, <JGO,OOO In 60,000 Sharos of &l oaoh, of which only 30,000 ore at present offered to the Public, Tehms.—Ono Shilling on application, One Shilling and Hixponoo on allotment; tho balanoe by Callu un rcqulrud, not exooedlng Two Shllliugs and Sixpunoo at a time, and at intervals ot not losa than ono month. Aa tho Sharo List will oloso on the 31st August next, mid a Umitod number only havo boen BUuplied to oach district, caily application should ba mado. SFiiOiMENB of tho Coal oanboßCOn,nndooples of prospectus and forms of application for Shares obtained from JAMMS ST'ODAUT & SONS, lusuranco UutlctiuKS, Auokland, p I! OSPECTUS, THE MUTUAL FiRtE AND MARINE INSUIIANUE COMPANY OF MEW ZEALAND. Incorporated undor "Tho Joint Stook Companina Act, 1800." aud tho fmvoral Amendments tboroof. CAPITAL .. _ £200.000 Dividjcd into 200,000 Sharks of £1 Kaou. Payable as follows: Ono Shilling per Bharo upon applloftlion, Ono .Shilling por aharo upon alloimont. and Ono Shilling por sharo ou tho | olghth day of January, 18S3 (If requlrod), Dikkctoiib I John Huohanan, of Auckland, Morcbant William Huobanan, ot North Shoro, Gontloman William David Dallon, of Auokland, Mnnufaoturor Aloxandor Dowar, of Auckland, Mo'rohant Jnmos Dtokoy, ot Auokland, Ironmonger Waltor Dowdon, of Auckland, Auoiionoor Thomaa Hancock, of Auokland, Urowor Uonnld Hugh MclConzJo. ot Auokland, Merchant Jamoa MoQowan, of tho Thamoa, Morohant Klohard Monk, ot Auokland, Gontleman William Uonry Sklnnor, ot AuoSland, Uuildor 1 lASKina: Tho National Bank of Now Zealand, Limited. SOLICITOUS I Mossim Hoßketh and ltlohmond. Temporary Officbs : Canada Bulldinga, Qaeon-atreot. Tho objeota for whloh tho Company la established aro :— 1. To carry on tho business of Fire and Marino Insurance In all or snch ot Its br.inchon an tho Company Bhall from Umo to time deiormlne. 2. To putchaso or othorwleo acquire and tike ovor all or any part ot the buelneas property or liabilities of aty other Company currying iui Iflro and Marine Insuranco buaincss. 3. To purohaso, loaao, or othorwlsa acqnlro nny real or porsonal property wh(ob,may bo convotilont or nocosßary for tho purpose of tho Company. i, To aoll, domlso. mortgage, improvo inanaito, or utherwleo doal with any property of tho Company. 5, Tolnveßttho monica of tho Company in Booh seourltieß aa may from time to ttmo bo deoiEod expedient and without limiting tho gonorallty of this clause. To take or othorwlso acqulro and hold shares or Stock In any Company, or in nny partnership arrangemont transaction whloh may ba doomed dirootly or lndlrcotly udvantagooua to tho Company. 6, If doomed advisable, to borrow money cither with or wiihont security on all or any of the property of tho Company, or by idßuing debentures ohargod on all or any of tho Company's property (both prcseut and future), Including Its uncalled capital. 7, To do all Booh othor things aa aro inoldon tal or coaduclvo to tha advancement of tho above objects. Thta Company has nowbeon fully established, and without any appeal to tho public ovor Ten Tiiouaand i?baros have baon already applied for. in many Instances tho applications were repeated and tho number of shares doubled. The Company has benn established on prlnoiples different to thoao of tho other Insurance i ompaiiios now oxlßtlng in the colODy. Of these principles tho ohiot Is that known as the Mutual prinolplo. by whiob tho profile ot thß Company, nftor paying lntoroat at tho rate Of 8 ocr ocnt. to tho shareholders upnn tboir paid up capital, and alter moh deduotiona for the formation aud roplenlihniont of tho reserve fund and othor continueuci'Jß, are to bo divided Into two equal parti", ono part of which will bo dlvidotl between the lonurera in proDort'on to he premiums paid by them rt-Byectlvely to tho company during the last creceoing year, and the othor part will bo divided amongst tho Bharehol'Wa in proportion to ihe paid up capital on their sharea roarootlvoly. By theso mrai'B Lhareholdoia derive tho following benefits j — Ist They rooolve 8 por cent, yor winum upon their paid-up capital. 2nd. They receive aa a bonus or dividend one-balf of tho balanoo of profits distributed In proportion to tbo amount el their p&ld-up capital, while Insurers rsoeive as a bonua or dlvldond the Othor half of bnlanco of prollta, distributed In proportion to the premlnma paid by them durlng tho laßt preceding yoar. If a person occupies tho double position o Sharoholdor and Insurer, then ho partakes' of both rets of benefits. - •Another featnro In conneotlon with tho undertaking is that Shareholders only aro liable lor losses. Tho advantages derivable from an undertaking, based on su^h principles, mustatonoo appear clear to uwry intelligent mind; for the Shareholder and Insurer aro stimulated alike to advance the interest of too Company and prevent losses—First, by directing business to the company. Seoondi by oxerolsing caution In the selection of risks whloh they bring : and, Third, by using extra precautions to prevent fires, by which their bonua or dlvldond would be absorbed. In thla w*y both Sbareholdera and lneurera work together for one and tho Bamo objeot, '■ oach bolng stimulated to mafto tho bualneaa of the Company as large aa possible, and so produce a large bonns or dividend, in whloh they ench equally participate. This same result or objeot also sotß as a preventive to the ooourrenco of fires and losses, In this way oaoh set of baneflolaires has a special ana particular Interest in the welfare < and prosperity ot the undertaking, and it Is this prinoiplo which forms the company's strongest safeguard and protection! The larger tho number of Shareholders and Insurers, the further ths safeguard and protection is extended: for. as each feels tho prosperity of the Company, so each feela its reverses, though both are felt In different degrees. Ab to tbe neoesslty for Buoh an undertaking, it ia qnite clear that it la called for. Tho bnsinees of Fire and Marine Inanrance has b»on, and still is increasing throughout the colony, and especially is thla so in the Auokland Provincial District. ■ The vast returns whloh have boen obtained by our local companies demonstrate bfiyond a doubt that a basinesß ot very great magDltude la being transacted year after year,'and that those enormonp resultß are produoad upon a very small amount of called-up capital. None ot thnae extraordinary renults. however, are produced by Companies formed upon tho mutnal principle, by whloh every additional Insurer, by insuring, lessens tho cost of inBurance, and croatea a powerful protection against that carelessness from whloh flroa are chiefly due—a principle whloh induces greater oare and caution in all households and plaoes of buaioes?. Buildirg and population, too, are both on the increase, and there is every prospent of this continuing. All ihe Fire and Marine Insurance Companies In New Zealand are bused upon the ordinary principles, by whlob proflta aro divided amonsßt Sharehold era o.vLv.and such regard fo' Insurers as is now proposed finds no place in their oonBtltutlon. it Is reasonably oonolnded, therefore, that a Wide Held lies open to the Company now introduced to the public and aproapectotßUCoesa certainly aa great. It not greater, than that hitherto aooomcllahed by similar institutions^! now presented Tor aoceptanqo. As to the Company's projeots— The success wbioh has followed the different Australian Mutual Life Associations niuat|be well known, and the Increasing numbers of such Institutions augurs well tfcat thp principle of mutuality is the key to thla vast measure of success. . If success follows that principle when applied to risks of sucb an uncertain nature as life risks, it is impossible to advance any sound argument ni?ainst tho like results being obtained in applying tho ljßo prinpiplp to tho less hazardous undertaking of Fire and Mat me Insurance. One Mutual Firo Society in Australia has been in existence nine years up to May, 1881, and for the last eight years it lias paid 20 percent, bonus dividend equally between Shareholders an.d Insurers, besides 8 per cent, interest to Share--1 olders upon their paid-up capital, and in May ISB2 (tho end of its tenth year), it had in invested funds the handsome amount of 4^.000. What is more remarkable still ia that these results havo all been produced from acalled-up capital of only Six thousand two hundred and fifty pOWHplt Forms of application for Shares can be obtajnod at the Company's offices, Canada BuildicgS, Aickjand, or from any Branch of tho National Bank of New Zealand, where the pa mo wiil be received up to the 10th August nost. If no allotment Is made, the deposit will be returned without dedue'lon, and w|ien the number of Shares allotted is less than the number applied for the surplus will be credited in reduction of the amount payable on allotment. Copies ot the Memorandum and Articles of Association of the Company may be Inspected at tho office of the Company's Solicitors. Agonoiea will bo established throughout tha Colony aB soon as practicable. Dated ftt Auckland/this eighth day of July, 1883, -, : , ■