NEW ZEALAND INSURANCE CO.

Auckland Star, Volume XXVIII, Issue 17, 21 January 1897, Page 8

NEW ZEALAND INSURANCE CO.

The annual meeting of shareholders in the New Zealand Insurance Company; (Limited) was held on January 13th ab the Company's office, Dr. J. L. Campbell (Chairman of directors) presiding. The report and balanco-sheeb were presented as follows:—'••----EEPORT ___> BALANCE-SHEET. The Directors have pleasure in presenting to the Shareholders the Accounts of the Company as at the 30th November, 1896. £ s. d. The Fire and Marine Premiums, after deducting Returns and Reinsurances, amount to £283,973 lis 2d, being an increase for the year of .-. .. ■~ •• 16,05b 1. 5 The profiton the year's transactions, after making full provision for all ascertained losses to date of balance, amounts to .. .. 29,096 18 2 The balance brought forward from 1895, after payment of dividend in January, 1896, was .. .. 12,562 13 11 £41,659 12 1 Deduct interim dividend paid in .„- July last .. . : . ~. *. 500 0 0 And there is an available balance at Profit and Loss Account on 30th November, 1896, of ...29.1.9 12 1 From which, your directors recommend the following appropriations:— ! Payment of a Dividend at the rate of 2s 6d per share .. ..£12,500 0 0 Payment of Bonus to Shareholders of 6d per share .. 2,503 0 0 Balance carried forward to New Account 14,159 12 1 £29,159 12 1 Messrs A.G. Horton, Thomas Russell, and Rol<jrt Rose retire from the Board, as provided for by the Articles of Association, and are eligible for re-election. Messrs A. Boardman and H. Gilfillan, junr., again offer their services as Auditors. I For the Board of Directors. ; J. Logan Campbell. Chairman.

statemext of accot. Nts for the year Ended 30th Mo .ember, 1896. Pkofit and Loss. Dr. . £ s. d. £ s. d. To Dividend for the half - year ended 30t_- November, 1895 .. •- 1.500 0 0 Bonn, for the year ended 30ch_.o.e_iber. 1895 .. .. 2,500 0 0 Dividend for the half - year ended 31st May, 1896 .. 12,500 0 0 27,500 0 0 Commissions, salaries, and other expenses.. .. 70,017 7 4 Government taxes and payments to Fire and Marine Associations .. 5,717 14 9 75,735 2 1 Fire and marine lc.es and appropriation for unpaid losses .. 198,041 10 8 Balance 29,159 1 1 £330,436 4 10 Cb. £ s. d. By balance 30th XovemWr, 1.95 ... 27,562 13 11 Fire and marine premiums, less returns and re-insurances .. 283,973 11 2 Interest and rents .. .. 18,899 19 9 £330,436 4 10 Balance-sheet. Dn. £ s. d £ s. d! To capital .... 200.00G 0 0 Reserve .u_d .. 125,000 0 0 Re-insurance fund 110,000 0 0 • •■- ' ', — : — 23^,000 0 0 Investment Flue- ' , ; RiSITdiTA'C-count 1,986 18 6 Appropriation for . unpaid losses .. 31,679 0 0 ' Sundry creditors .. 11,197 5 6 Balance .. .. 29,159 12 1 £509,022 16 1 CR. By investments— .Mortgages and shaves •- •• 74,627, 6 5 Company's freehold • office premises, and other propertied .. .. 257.022 10 4 United States bonds 11,360 0.0. Cape of- Good Hope Government securities .. .. 10.C47 10 6 Transvaal Government bonds .. 5,725 15 6 Argentine Government securities .. 1,767 1 3 Debentures •• 13,776 3 4 Loans at call, short periods, and fixed Bank deposits .. 49,705 7 6 ■ 404,021 14 10 Auckland city leasehold .. .. 56,777 17 7 Less sinking fund already accrued.. 26,230 7 6 30,547 10 1 £434 569 4 11 Accrued interest and rents .. 2.b97 10 2 Branch and Agency balances .. 43,680 15 5 Cash in bank and in hand, at head office and branches .. 28,075 5 7 £509,02216 1 We have examined the books and accounts of the Company for the year ended 30th November, 1896, and have to report that tho balance-sheet now presented to the shareholders is a full and fair balance-sheet, and exhibits a true and correct view of the state of the Company's affaiis. A. Boardman, I a„.!..„„, H. Gil* illan, Juk., / AudltorsAuckland, sth January, 1897. The Chairman in moving the adoption of the report and balance-sheet said : Your directors have pleasure in again meeting shareholders and being able tv submit to them a satisfactory b&lance-cheeb for tbe past year. The figures are in themselves sufficiently explanatory, requiring very few remark.l. from the chair. The most gratifying feature is the increase of premuiiims amounting to £16.056 Mi sd, mainly duo-to extended operations outside of New Zauland, and in rent? and interent £^,5_2 7* 6d and decrease of;-expeni.es. Against thete items, however, we have to record heavy-losses,• notably on two first-class.ri. Its, the foundering of the Druminond Castle and the running down of the Siren in the Channel by a British gunboat. The Company's investments have again been most carefully revised, and now stand at an amount which will bear the clo.osb scrutiny. When addressing you last year, I alluded to the Council meeting of Underwriters to be held at Wellington in February, when ondeavours would be made to atlord relief in all cases where existing tariffs pressed unduly. The tariff then revised has boen working smoothly and satisfactorily. Various modifications were made, generally in favour of the public, and ab the meeting , convened for next month at Dunedin, fresh j suggestions submitted during bhe year are to receive due consideration. I may mention that after more than a year's working of these New Zealand tariffs our experience is that on the whole they have not beon the means of an appreciable increase to our revenue in the colony. Tbe increased rates ab centres where there has been undue competition have to a great extent been neutralised by reduction where tariffs bad been in force ab other places within bhe colony. It devolves upon the meeting to elect three direcbore, and the retiring members, Messrs A. G. fiorton, Thomas Russell and Robert Rose, oder themselves for re-election. Two auditors have also to be appointed. Having no further remarks to make I beg to move the adoption of the report and balance sheet.

The report and balance-sheet were agreed to unanimously. Mr S. T. George moved that the three retiring directors ,be elected. Messrs A. G. Horton, Tho3. Russell and Roberb Rose were accordingly unanimously reelected directors.

Messrs A. Bo3rdman and H. Gilfillan, junior, were re-elected auditors.