NATIONAL FIRE INSURANCE COMPANY.

Auckland Star, Volume XXIX, Issue 278, 24 November 1898, Page 8

NATIONAL FIRE INSURANCE COMPANY.

DUNEDIN, November 1

The directors of the National Insurance Company, in their annual report, state that the net revenue for the year was £100,988 8/5. After paying an interim dividend, there is a surplus of £3,019 1.1/6, v.-hich, with a balance from the previous year, amounts to £17,630 6/10. The directors now recommend a further dividend of 9d per share, making a total distribution for the year of 1/3, and leaving £10,277 10/7 to be carried forward.

DUNEDIN, November 17.

Mr Ritchie, presiding at. the National Insurance meeting, drew attention to the unusually heavy losses, which were over £12,000 in excess of last year's. The Melbourne confiagra^ tion and big fires in Auckland, besides minor tires, made the past year a disastrous one to insurance companies. In the Marine Department losses on the China and Mataura were special misfortunes. So far as the Rational was concerned they could congratulate themselves that at the end of the year their losses were only £1100 on underwriting. He defended encroaching on the reserve funds to pay a dividend, and explained that the Board looked on last year's losses as exceptional. Everything- pointed to~e» further reduction of interest, as .the rate was lower and investments "more difficult than ever. This was unfortunate, as he preferred to see the greater part of the dividend coming from investments rather than depending on fluctuating results of underwriting. Regarding State insurance, he said this was very unsettling and disquieting. That such legislation should be threatened yearly was not compatible with the Premier's shrewdness in matters of finance, seeing- that insurance companies contributed so largely to the consolidated fund. The National Company alone contributed £2200.